Profile of Chiefer in ApeCoin

Posts by Chiefer

• How Can We Setup A Treasury Management Team? by Chiefer - No Role
  Posted on: July 4, 2022, 11:13 a.m.
  Content: Putting a treasury management firm in place is the anthesis of having a DAO. So we just give a treasury management firm full autonmy to do whatever they want with the APE Treasury. Makes zero sense. The lack of decision make to diversify has cost the APE treasury hundreds of millions of dollars. In reality treasury diversification is pretty simple there should we like 15 %USDC 15 %ETH 15 %BTC and 55 %APE. In my proposal I recommeded stETH over ETH as the trasury would earn 4 %+ on that ETH which compounds over time. I kind of gave up though due to the lack of visiblity into how the “special council” makes decisions. Kinda of a waste of time putting together a very nice proposal for the council to shut it down without refining the proposal or asking questions.
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  Likers: Abr123
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• AIP-42: Stake Ape Dao Treasury with Lido Finance - Ecosystem Fund Allocation (REVISION DISCUSSION) by Chiefer - No Role
  Posted on: June 9, 2022, 10:43 p.m.
  Content: This discussion is in regards to AIP - 42 which was denied by the special council due to wanting a treasury management firm before diversifying out of APE. Please see proposal here: AIP- 42 : Stake Ape Dao Treasury with Lido Finance - Ecosystem Fund Allocation My two main concerns with this denial are: How many trustworthy Treasury Management Firms are there in web 3 ? By the looks of it I see one or two firms at most. Can the DAO trust these firms with millions of dollars? Since this is a nascent industry how can we measure their performance? How long do we wait until a trustworthy treasury management firm gains credibility and is able to be hired? Do they custody the DAO’s money? Feels like lot’s of unknowns here that may take years to solve. How much lower will the treasury go if we stay 100 % entrenched in APE COIN? We are obviously in a bear market now and ALT coins notoriously underperform ETH/BTC during bear markets. APE also earns no yield. It feels like any treasury management firm would recommend longing ETH since it is at the center of web 3 . . The special council should reconsider this AIP at a lower percentage. 5 % of the treasury is diversified in stETH? Would love to understand the community’s thoughts and a reconsideration from the special council at a lower percentage of the DAOs treasury.
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• AIP-42: Stake Ape Dao Treasury with Lido Finance - Ecosystem Fund Allocation by Chiefer - No Role
  Posted on: May 6, 2022, 1:08 p.m.
  Content: Totally. Any portfolio, especially an organizations, should be diversified.
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  Likers: Amplify, PPMan
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• AIP-42: Stake Ape Dao Treasury with Lido Finance - Ecosystem Fund Allocation by Chiefer - No Role
  Posted on: May 4, 2022, 6:46 p.m.
  Content: So with Lido you don’t need the 32 eth requirement, hardware or software to run a validator. The 32 eth requirement is from the Ethereum network and you need to have your own hardware and run the software if you want to operate your own validator. Running it is adds another security level to the ethereum network. Lido has a many trusted validators that are already being ran as a service for it’s customers so anyone can take any amount from . 1 eth and UP and stake with Lido which the eth gets spread amongst it’s trusted validators to secure the network. Did that answer your question?
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  Likers: jeffalomaniac
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• AIP-42: Stake Ape Dao Treasury with Lido Finance - Ecosystem Fund Allocation by Chiefer - No Role
  Posted on: May 4, 2022, 6:38 p.m.
  Content: Ya totally depends on the Risk Curve of the DAO. Lido being Safe but lower yield. However stETH, since a derivative can be used in a plethora of ther defi protocols like Curve, Aave, Yearm to further earn yield if the DAO wanted to do so. Nice think about staking Eth is its not complex so a management service isn’t needed and can swap immediately to USDC or ETH if needed without unwinding a bunch of stuff.
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  Likers: jeffalomaniac
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• AIP-42: Stake Ape Dao Treasury with Lido Finance - Ecosystem Fund Allocation by Chiefer - No Role
  Posted on: May 4, 2022, 11:23 a.m.
  Content: @jeffalomaniac thanks for the response! I think it’s super important to A) Understand what the protocol you are staking with actually does and how it derives its yield and B) Understand how safe that protocol is. Lido Finance can be compared to the BAYC of Defi https://defillama.com/. Lido has over 18 billion in assets staked. What does it mean when you “stake” your assets with Lido finance? The Ethereum network allows you to run a validator which verifies the transaction that we constantly put through the system. In order to run a validator you need 32 ETH to do so plus the hardware and technical software capabilities to do so. This is limiting to many users. When a validator is being ran the Ethereum network pays rewards to those validators in the form of Eth for the service they provide which is ultimately decentralizing and securing the network. Lido strips the 32 eth requirement and hardware/software requirements away and creates a service where Lido spreads the Eth staked with the protocol across many trusted validators. SO TLDR know where APR comes from! APR from Lido comes from decentralizing and securing the Ethereum network. As far as Babylon I see they have 22 mil staked with them and looks like they are a defi profit sharing club that splits ROI from their investments. A treasury management solution. I do not know enough about them to comment any further. With such a well known brand like Ape Coin it’s important to earn SAFE yield from well known defi protocols. As far as increase liquidity within another ecosystem. This is actually increasing liquidity within APE DAO. Ape already (I believe) holds Eth. Ape can either hold Eth which doesn’t earn yield or hold stETH which earns ~ 4 % APR which on millions of dollars can easily pay DAO salaries etc. Check out the above Nounsdao use case for Lido. I’ve included a couple links to a podcast with Kevin Rose and our founder and a Bankless article if you’d like to dive into it more. Feel free to ask any additional questions! Lido Finance Founder on Kevin Rose Podcast Modern Finance Apple, Google, etc podcasts Lido Finance Bankless Article newsletter.banklesshq.com Is Lido Undervalued? A deep dive on Lido and the LDO token
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  Likers: jeffalomaniac, PPMan
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• AIP-42: Stake Ape Dao Treasury with Lido Finance - Ecosystem Fund Allocation by Chiefer - No Role
  Posted on: May 3, 2022, 9:59 a.m.
  Content: Abstract Two or three sentences that summarize the proposal. As DAOs become more mature there is a need to start operating as a business which can sustain economic growth and provide value back to the DAO and community. Successful companies invest and effectively deploy capital from the corporate treasury. Likewise, community run Decentralized Autonomous Organizations (DAOs) share a similar imperative. DAOs that put in place a treasury management strategy early will reap the benefits in the future and mitigate risks of low funding or bankruptcy. Diversifying the treasury ensures APE DAO can reduce volatility of holding 100 % ApeCoin. Diversifying into stETH specifically will help to achieve long term capital appreciation and minimize risk in order to support growth and development of the APE Ecosystem. Motivation A statement on why the APE Community should implement the proposal. APE Dao should diversify it’s treasury from holding 100 % ApeCoin to converting approximately 20 % of ApeCoin equating to 26 , 000 , 000 ApeCoin of it’s available treasury in stEth. Reducing the volatility of holding one coin in it’s treasury. By holding stEth as a treasury asset, APE DAO will start earning yield on their treasury providing immediate income that can be used for operational expenses or invested back into the DAO and/or community. Creates sustainable and predictable income for the DAO. stETH has deep liquidity and network of integrations for additional treasury management strategies. Encourages decentralization of the Ethereum network with minimal additional effort. Educates NFT users about the fundamentals and power of decentralized finance. Rationale An explanation of how the proposal aligns with the APE Community’s mission and guiding values. Holding stETH aligns directly with growing and developing the APE ecosystem by earning yield on Eth in the treasury. APE DAO can utilize yield to help pay for expenses and infrastructure to support the DAO. Key Terms (optional) Definitions of any terms within the proposal that are unique to the proposal, new to the APE Community, and/or industry-specific. stETH = Staked ETH on Lido Finance Specifications A detailed breakdown of how to convert APE to stETH Since APE DAO holds 100 % ApeCoin in treasury we need to convert ApeCoin to stETH with minimal impact to the price of APE. There are two recommendations to make this conversion happen with the least impact on APE price: Utilize an OTC Market Maker, i.e. Wintermute or Jump Trading. A professional Market Maker will know the economics behind this conversion and most likely provide the best rate and least impact on ApeCoin. Spread the conversion of ApeCoin->stETH across 3 months. Similar to how the Covid Relief fund sold SHIB after Vitalik donated 50 Trillion tokens or ~$ 1 billion. That would look like: Month 1 30 % ApeCoin sold Month 2 50 % ApeCoin sold Month 3 20 % ApeCoin sold updates.cryptorelief.in What happened to the $SHIB donation made by Vitalik? Vitalik Buterin, Co-Founder of Ethereum, donated 50 Trillion $SHIB tokens to India Crypto Covid Relief. Steps to Implement | The steps to implement the proposal, including associated costs, manpower, and other resources for each step where applicable. Go to stake.lido.fi and stake ETH Or work with Lido BD for more white glove treatment (no cost) About Lido Finance Information about the protocol Eth would be staked on. Lido is liquid staking provider that allows users to stake Eth tokens through Lido Finance, helping secure the Ethereum network, and receive a yield bearing derivative token called stEth that can further be used in defi protocols. Lido is the second largest defi protocol and largest liquid staking service provider in the web 3 space with ~ 18 bil total value locked across multiple chains (Ethereum, Solana, Polygon, etc) Largest liquid pool in DeFi - $ 5 BN for stETH/ETH Stable peg price of ETH/stETH Timeline Relevant timing details, including but not limited to start date, milestones, and completion dates. There is no lock up period. ETH can be staked at any time and stETH can be swapped to USDC or ETH at any time. Overall Cost The total cost to implement the proposal. There is no cost to the DAO for staking ETH with Lido Case Study Nounsdao stakes 1500 eth with Lido A 16 Z stakes with Lido
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