Wonderland holds 1,120,469 CVX tokens in its treasury.
Wonderland and Abracadabra are parts of the MIM ecosystem, but also independent protocols.
Wonderland has used its CVX tokens to help Abracadabra with a vote on magicCRV curve pool. This pool is very important for MIM/Abra ecosystem. However, CVX votes can be selling on the open market for a decent revenue.
This brings up the question about future utilization of the Wonderland treasury assets: How should wonderland use its CVX votes or other funds in its treasury?
Proposal: Future CVX bribes need to be paid in SPELL tokens from Abracadabra to Wonderland, otherwise Wonderland will not use its votes to incentivize magicCRV pool.
How should Wonderland use its treasury assets or other funds in its treasury?
Given the price movement in hindsight, I think it would be easy for me to just say I would have sold it. I would have considered the bribe rate of return as well, but even then I’m not sure.
As an aside, I have been selling both Curve and Convex into ETH with the staking rewards so far.
(So you can have a good idea probably what I’d do with Convex left to my own devices)
Honestly, I think where there might be a conflict of interest - by any position of power within this DAO who are appointees - that actions pertinent such as Convex votes in this case, should be reverted to the DAO. As the TM, for these actions, I would execute at the behest of the DAO.
It seems your advocating for this to go to a vote and if it was voted in you would support it versus making the determination yourself. Is that correct? Per WIP #8 (if it passes) I think that would be defined as “unilateral usage of funds” if you disagree with it.
There are some loopholes on WIP8, while in principle the points you raised in theory should cover.
The main issue is:
“Use of the treasury should not be made without the Treasury Manager’s consent. If the case of a disagreement with the Treasury Manager, if no compromise can be reached, further consultation should be done with the rest of the team members (if required).”
Team members is undefined here and in WIP6, the Mods are not authorized in scope to be consulted.
Thus - by default - this would be an exercise of simply myself making the community aware of Convex votes being used towards a certain matter, as the extent of my “enforcement” as TM.
We would then simply come back to this exact topic to close this loophole. Thus we should just close it now.
I think we need to decide if we want to do a merger/acquisition as a DAO first. How can we make a decision about CVX if we don’t know what we want in terms of a merger/acquisition? Not sure it’s in our best interest to burn something to the ground we plan on owning in the future…
We need to expand your direct “team” so you have an “inner circle” to seek advice from when necessary in circumstances such as this. Going to the general DAO should be last resort, as too much dirty laundry in the air is not appealing.
