This guy treasury manages. 
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Excuse me guy I am not so smartā¦ but why we need to do that ? It will drop the price no ?
If I want go out and I sell my bag at the actual Price I got more than the backing price for redemption.
Thankās for your answers for a Frog like me
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I think you got it the wrong way around,
Buybacks will be give a temporary a boost followed by a big sell off, we have been doing buybacks and got to 33k and went down back to 23k!!! , now I know you can say well the market dump etc and thatās why people sold off for whatever reason, IF there was a redemption in place people still would have sold but in a much smaller numbers knowing that there is a redemption at a higher price.
Redemption will keep the price close to backing year round because any price action below the backing will be bought up by the smart frogs that can redeem it at a later date, you can already see the effects off this.
If we buy spell, then spell 10x and there is no redemption system then you wonāt be able to take advantage because the market price could be anything.
Counter that treasury maxis, continue to acquire value in the treasury for what, so you can look at it and feel good? Or would you rather have an option to say: YES, Iām ready to get my share.
I think this should coincide with financial quarters, q1 q2 q3 q4, So redemption dates or whitelist dates of Jan 1, April 1, July 1, and October 1.
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I think whitelist dates occur less 10 days for example, and the redemption date is the first 3 days of the month of the new quarter for example.
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I agree with all your points.
I believe Ethereum should be avoided at all costs - this is added hurdle/money spent in aggregate by WL/wMEMO holders for nothing. Avalanche and Fantom are the way to go.
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Agree with proposal and Option 1.
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Iāll bring a new point into the discussion
Personally I donāt like the snapshot method in order to decide the backing price. I could vote for the redemption and only redeem my wMemo if the price drops in the next days, that bought back wmemo at market price. In the end I would have more wMemo. This is a bad behavior for the protocol as it damages the holders
There should be an oracle backing price for the redeeming phase not a fix price
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I like it if itās USDC. In the future I think we should consider USDT as USDC can be frozen if WL were to suddenly be targeted. Holding USDC at all for a DAO is a risk. All it takes is for the SEC to demand Circle (a subsidiary of Goldman Sachs last I checked) and Coinbase to freeze USDC held by the DAO.
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@ruian USDT recently depegged, and not all of their assets are liquid so there is risk on both sides. Personally, I find USDC less risky.
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This is a good point, especially with current market volatility/sentiment.
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Iām sure we donāt want to go with DAI right?
Rank of Preferential Redemption Asset (ex BSGG, other illliquid):
- USDC (until futher notice)
- USDT
- MIM
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What we want to do is to add value to the treasury rather than to make it smaller. Whoever wanted out at first place already left. To act like a company doesnāt mean to buy back shares like those done on stock market. We should unite and keep digging to find more profits from external crypto world.
STRONGLY AGAINST THE REDEMPTION PROPOSAL.
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Not if buybacks are a constant process ā¦ If you are utilizing a certain say daily buyback ā¦ $100k a day, it will create some demand, it will also slowely bring the price closer to the liquid backing price. One you get up to the liquid backing price (or within x% of it) the buybacks can stop.
Itās no different than companies that maintain an approval for an open market buyback tender.
I think youāre forgetting that redemption is going to be OTC, no sell pressure on the chart which means that the price should stay close to backing and has a chance to go above.
@TheSkyHopper Could you give your opinion on a regular daily buyback limit of 100k?
In my opinion they would be predictable to trade against.
Automated daily buybacks to $100k are different than what Iām proposing but for the sake of discussion, I think its better to let the TM do buybacks at his discretion. He can do them at the best possible price, creating the most profit/increasing the backing more. Also automated buybacks can create more opportunities for arbitration.
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I think randomization is better on buybacks as they may depend on price (including buffer, market conditions), etc.
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I might be a broken clock here - as I believe Option 1 is the best choice:
Iād propose that the redemption proceeds are exchanged to redeemers in the following:
- USDC (and if needed MIM or USDT) &
- A Redemption Token (r1wMEMO for example) which will/can be staked into a BSGG revenue share farm specifically for redeemer and the farm emissions can be linear daily (for the BSGG portion redeemed - the 25% Deal4412 notes) for 6 to 12 months.
- The 25% BSGG mentioned above placed into the farming contract.
There will be limited immediate impact from redemption related selling in BSGG.
TM will be determining (and announce a time range) for prices of WBTC, WETH, MATIC, CVX that will be applicable (and hedge accordingly).
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Regarding USDC, it seems almost everyone agrees here that it is the best option for payout. The staking BSGG token is a nice concept and will prevent immediate price dilution. I would like to hear some input from holders as to whether they would be on board with this concept before we move to WIP. Also I imagine it would require additional scripting/dev work to make this viable. I also want to know how we make option 1 future proof when we have other farms in the future if we decide to go that route. Would it be at your discretion SkyHā¦how do you propose we accomplish this?
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Well, we already have the rev share farm for wMEMO. I think its a copy pasta of this pretty much?
I guess once the BSGG inside the copy paste smart contract, then thereās nothing anymore, and everyone just leave it there as it is (having done its job?)
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