Ethereum will have the upcoming merge and move to proof of stake, it’s anticipated that there will be a proof of work fork similarly to Ethereum classic in the past that everyone with $ETH (POW) will get airdropped, including VitaDAO.
VitaDAO also received an approximate 20k $SAFE airdrop, which isn’t live yet, but given VitaDAO would benefit from liquidity to fund upcoming research proposals I’d propose that we sell up to half of the airdrop based on market cap and conditions for DAI stable coins if that is necessary for funding upcoming research funding proposals, and re-consider what we do with the other half a few months later. Given VitaDAO’s interest in SafeDAO as a user of Safe, we will strongly consider whether this sell is necessary to generate liquidity for funding longevity research.
I propose we wait until after the merge and observe how other DAOs handle the execution of a sell, especially players such as Nexus Mutual or Gnosis with large Ether holdings and sophisticated treasury teams.
If the possibility and liquidity exist we should explore selling the $ETH (POW) through our operations multisig. And if it won’t trade on decentralized exchanges with sufficient liquidity we should explore to grant a 3rd party (most likely someone from the multisig) the ability to send the forked $ETH (POW) funds to a centralized exchange for execution of a sell and sending back the proof of stake ether. We will remain extra diligent because there is a high amount of phishing and fake ETH POW getting airdropped, so we’ll rather wait and observe until we have clarity on the best steps to benefit the DAO from this fork.
The proof of stake ether generated in this sell would be used for our mission and purpose of funding longevity research.
- Agree with revisions (please comment)