Profile of dominic in ApeCoin

Posts by dominic

• VonFrontin - Special Council Nomination 07/2024 by dominic - No Role
  Posted on: May 23, 2024, 3:27 p.m.
  Content: Great to see familiar faces running for the Special Council. Happy to support @VonFrontin, who is definitely the right person to bring ApeCoin DAO to the next level and push the necessary changes forward. Best of luck on your campaign! :saluting_face:
  Likes: 2 Replies: 0
  Likers: VonFrontin, Benny
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• Cryptosheep - Governance WG Nomination 07/2024 by dominic - No Role
  Posted on: May 23, 2024, 3:23 p.m.
  Content: I’m excited to support @Cryptosheep for the governance council! Looking forward to the fresh ideas and positive changes he’ll bring to the ApeCoin DAO. Best of luck on your campaign, ser! :saluting_face:
  Likes: 3 Replies: 0
  Likers: Cryptosheep, bigbull, Cuban
  No replies yet.
• AIP-389: Innovative Treasury Strategy: Generating Revenue through Covered Call Lending by dominic - No Role
  Posted on: Jan. 4, 2024, 4:10 p.m.
  Content: dear @alighier 92 many thanks for this insightful feedback, greatly appreciated! Let me address your considerations: Market Conditions: The success of covered call lending depends on market conditions. It’s essential to assess the current market environment and potential risks associated with the strategy, especially during periods of high volatility. Indeed, a crucial factor to consider is the volatility of the underlying asset (e.g. $APE). It’s worth noting that with increased volatility comes the potential for the treasury to earn a higher upfront premium. Needless to say that volatility fluctuates over time (and therefore the upfront premium). However, at present, the volatility appears to be quite favorable. image 715 × 141 37 . 8 KB Risk Management: While the proposed strategy has limited downside, it’s crucial to have a robust risk management plan in place. Define clear criteria for selecting lending opportunities and set appropriate risk limits to protect the ApeCoin treasury. Fully agree, all the parameters can be cusomized according to individual treasury preferences to optimally serve the community. In addition, there are solutions on the market where ApeCoin wouldn’t face any counterparty risk. This is because the borrower is required to post USDC collateral upfront, ensuring that ApeCoin never faces a situation where the upside cap price is not paid or the loaned $APE tokens are not returned. Community Feedback: As suggested, seeking community input through an AIP Draft is a positive step. Ensure that the proposal includes detailed information on the mechanics of the covered call lending, potential risks, and how generated revenue will be utilized for the benefit of the community. Definitely, this is meant to be an idea - happy to provide all details in a follow-up AIP Draft. Legal and Regulatory Compliance: Before implementing such a strategy, it’s important to consider legal and regulatory aspects. Ensure compliance with relevant regulations and seek legal advice to mitigate potential risks. ApeCoin would be matched with an institutional borrowers beforehand, so that when the loan offer is created the ApeCoin treasury can be certain that the borrower will take the loan offer within a few hours. Moreover, the whole lending process is fully transparent with full on-chain traceability. Transparency: Transparency is key in community governance. Clearly communicate the terms of the covered call lending, the expected returns, and the process for decision-making. This transparency will build trust within the community. Fully agree, that’s what this process is all about Please let me know if there are any other questions, happy to dive into those!
  Likes: 1 Replies: 0
  Likers: Evil
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• AIP-389: Innovative Treasury Strategy: Generating Revenue through Covered Call Lending by dominic - No Role
  Posted on: Jan. 4, 2024, 3:41 p.m.
  Content: Thank you for your valuable feedback, @Evil much appreciated. As I review the diverse range of AIPs, ideas, and various proposals coming our way, there seem to be numerous strategies for how the DAO can effectively utilize the USDC. With this in mind, establishing an income stream is undeniably essential for any DAO’s sustainability and success. But definitely more than happy to hear your thoughts on that as well!
  Likes: 2 Replies: 0
  Likers: Pope, Evil
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• AIP-389: Innovative Treasury Strategy: Generating Revenue through Covered Call Lending by dominic - No Role
  Posted on: Jan. 4, 2024, 10:50 a.m.
  Content: PROPOSAL NAME Innovative Treasury Strategy: Generating Revenue through Covered Call Lending PROPOSAL CATEGORY Ecosystem Fund Allocation TEAM DESCRIPTION MYSO is a decentralized lending protocol that allows users to borrow and lend with any ERC 20 token. The protocol currently holds a TVL of ~$ 1 . 7 m and is live on Ethereum, Arbitrum, Mantle, Evmos, and Neon EVM. The protocol originated from the ETH Global Hackathon in 2021 , where it was awarded as one of the winners. MYSO is also backed by several reputable crypto OGs, such as HashKey, Wintermute, and Nexo. MYSO has received several grants and has partnered with many top projects and DAOs in the space, including Mantle, Lybra, Pendle, and others. MYSO’s core team comes from a varied background of finance and engineering and has several years of professional experience in crypto. We have a deep understanding of both DeFi and TradFi (in particular financial derivatives), which allows us to synthesize concepts from both worlds. Aetienne, Founder & Developer Jamie, Lead Full Stack Developer Mykola, Senior Full Stack Developer Denis Golub, Growth and Research Matan, Designer dominic, Operations and Partnerships & Author of this proposal ABSTRACT During the recent election season, it became clear that sustaining a robust treasury is essential for the long-term prosperity and resilience of ApeCoin’s community. A noticeable trend in AIPs is their focus on spending rather than income generation, which over time, results in a depletion of the treasury. To address this, we propose utilizing idle treasury-owned $APE to engage in covered call lending using MYSO Finance. This would allow ApeCoin DAO to generate significant stablecoin revenue, diversify part of its treasury and earn cash upfront. In contrast to simply selling tokens, there’s no market impact. All loan execution happens through MYSO smart contracts and is trustless and fully transparent with full on-chain traceability. BENEFIT TO APECOIN ECOSYSTEM Idle $APE tokens can be used to generate immediate upfront USDC revenue Immediate revenue and liquidity for operational and developmental activities Diversification of the treasury into stables Tokens don’t need to be sold, thus there’s no immediate market impact Covered call parameters (e.g., duration, upside cap, size etc.) can all be fully customized Unlike conventional covered calls or market maker loan arrangements, there is no counterparty risk KEY TERMS Covered Call: A covered call is an investment strategy where the investor sells call options on assets they already own to generate income from the option premiums. Strike Price: The strike price is the set price at which the option can be excercised PLATFORMS & TECHNOLOGIES MYSO v 2 smart contracts (three comprehensive audits: Trail of Bits, Omniscia and Statemind) deployed on Ethereum. STEPS TO IMPLEMENT & TIMELINE We propose using $APE to engage in covered call lending, allowing the treasury to generate USDC income. In contrast to conventional lending, the USDC is earned upfront, eliminating the need to wait until the loan matures. All loan execution happens through MYSO smart contracts and is trustless and fully transparent with full on-chain traceability. The covered call lending parameters, such as loan duration and upside cap, can be customized according to individual treasury preferences to optimally serve the ApeCoin community. Unlike traditional CeFi-style covered calls which are oftentimes presented by market makers, this proposal allows ApeCoin to get access to a similar financial payoff but without any counterparty risk. This is because the borrower is required to post USDC collateral upfront, ensuring that ApeCoin never faces a situation where the upside cap price is not paid or the loaned $APE tokens are not returned. The upfront USDC income from lending ApeCoin can be immediately utilized for community needs. And unlike a simple token sale, covered call lending enables the treasury to diversify its holdings into stable assets without any immediate market impact. Example Scenario The diagram below shows indicative upfront premiums (as of 16 . January 2024 ) that the ApeCoin treasury could earn across various loan duration (Days to Expiry) and upside cap (Relative Strike Level) combinations. image 1460 × 719 101 KB For instance, ApeCoin treasury lends $ 500 k worth of $APE for 90 days at a 105 % upside cap. In turn, ApeCoin treasury gets approx. $ 42 k USDC upfront. If the $APE price remains below 105 % after 90 days, the originally loaned $APE is returned. If it exceeds 105 %, ApeCoin treasury receives $ 525 k USDC (and still keeps the initial $ 42 k USDC upfront). Start Date: March 1 Execution Phases: Through MYSO’s OTC network, the terms for the covered call can be discussed and matched with institutional borrowers beforehand, so that ApeCoin can be certain that the borrower will take the loan offer within a few hours (process to be facilitated via MYSO platform) Creation of a multisig with signers from the foundation, governance group, special council and MYSO. The respective members having the ability to opt in to participation. Once the loan terms have been agreed on, a lender vault needs to be created and funded w/ $APE token Creation of a loan offer according to the agreed terms, where multisig owners will be signing off the deals In case the borrower doesn’t execute the loan for any reason, ApeCoin can withdraw the funds at any time. Reporting and Transparency: Weekly updates on performance and progress will be transparently reported. OVERALL COST MYSO would recommend using $ 500 k worth of $APE to start writing covered calls. Regarding the overall costs, there are two main scenarios to consider at the expiry of the covered call. However, it’s important to highlight that $APE will receive the upfront premium in any case, no matter what happens at expiry of the option: If the price of $APE is below the defined strike price, ApeCoin will receive the $APE back, essentially incurring no costs If the $APE price is above the strike price, the $APE will be sold at the defined strike price and the ApeCoin DAO will receive USDC. This scenario also does not incur direct costs as $APE is sold at the strike price (without any slippage etc.)
  Likes: 3 Replies: 0
  Likers: Cryptosheep, Kinglo88, MisterHype
  No replies yet.
• @dominic - Governance WG Nomination 1/2024 by dominic - No Role
  Posted on: Nov. 24, 2023, 3:21 a.m.
  Content: thanks @buuvei very much appreciate your kind words! and also wishing you all the best for your special council election! :crossed_fingers:
  Likes: 0 Replies: 0
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• @Amplify - Governance WG Nomination 1/2024 by dominic - No Role
  Posted on: Nov. 24, 2023, 3:19 a.m.
  Content: I fully agree with the previous comments from @buuvei and @Halina.eth @Amplify 's genuine commitment, coupled with a deep understanding of ApeCoinDAO and its governance, sets him apart as a candidate with a unique and valuable perspective. He has been instrumental in pushing the DAO forward and I wholeheartedly support his candidacy.
  Likes: 2 Replies: 1
  Likers: Halina.eth, Amplify
  Replies:

  • Amplify: Thank you @dominic for your kind words!
• @dominic - Governance WG Nomination 1/2024 by dominic - No Role
  Posted on: Nov. 23, 2023, 12:22 p.m.
  Content: (Reserved for additional comments)
  Likes: 0 Replies: 0
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• AIP-363: Unlocking $APE’ potential: Building a credit market with MYSO Finance by dominic - No Role
  Posted on: Nov. 10, 2023, 2:22 a.m.
  Content: Absolutely, that could be another option to consider. I recently had a discussion with 0 xAmplify, and they suggested that the Governance Working Group might handle these loans. I’m curious about the advantages you foresee if a distinct entity were to manage this instead?
  Likes: 1 Replies: 0
  Likers: ELISAFLY
  No replies yet.
• AIP-363: Unlocking $APE’ potential: Building a credit market with MYSO Finance by dominic - No Role
  Posted on: Nov. 9, 2023, 2:58 p.m.
  Content: @secengjeff Yes, this is absolutely true and anyone claiming that there are no risks associated with smart contracts is not being truthful. However, at MYSO, we’re committed to maintaining the highest possible security standards for our code, ensuring that user funds are secure and that the platform is protected from different attack vectors. This is why our v 2 codebase has undergone 3 independent security audits with top teams from the code security space, including Trail of Bits, Omniscia and Statemind!
  Likes: 0 Replies: 0
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