Profile of moss in ApeCoin
Posts by moss
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AIP-242 Working Group Charter - Treasury Discussions
by moss - No Role
Posted on: Aug. 1, 2023, 12:09 p.m.
Content: Hi all, this is @moss from Avantgarde, one of the authors of AIP- 242 AIP- 242 Working Group Charter - Treasury
Some key points that emerged from yesterday’s Twitter Spaces with @Moca_Bond_ 007 and Apecomms.
This AIP does NOT give to Avantgarde the control over the Treasury WG, it only approves the initial Treasury WG Charter (i.e. gets the ball rolling in the right direction for the DAO)
After this AIP, there is going to be the election of 3 WG stewards, which will follow the standard procedures, as seen for AIP- 239 for example.
Once the Stewards are elected, they will be granted a max AUM of 5 % of the ecosystem fund, which is approx 20 m. By no means is it the whole Apecoin treasury.
Specific yield strategies, burn rate analysis, reporting & transparency standards, KPIs etc are NOT part of the scope of AIP- 242 . They will be fleshed out by the Stewards after the election is over. However, one of the key goals for the WG would be - at least - to cover for the overhead that the organization is bearing.
Little known fact about the treasury: currently Apecoin pays about $ 2 m/year in custody fees to Coinbase. (See transparency report) Another goal of the WG should be to find ways to minimize that burden to free up runway for grants & community initiatives.
In conclusion, you should vote YES to AIP- 242 if:
You believe having a treasury management function is important for the sustainable growth of the Apecoin community.
You believe that being inclusive of ideas & contributions from external experts is a great way to foster a healthier and scalable network effect.
You can still vote here → Snapshot
Special thanks to @Amplify and @Waabam for their help in shaping up this AIP and @Gerry for suggesting the best way to get this message out there.
@moss out :microphone::pray::orangutan:
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AIP-242: Working Group Charter - Treasury
by moss - No Role
Posted on: April 20, 2023, 11:28 a.m.
Content: Thanks @amplify.Admin, we are content with the current feedback and do not currently wish to extend the community discussion for 7 more days. We would like it to go to draft stage asap.
@br 00 no thanks for your feedback. Yes there will be a subsequent budget proposal that will outline things in further details. I don’t have all the answers to your questions, especially the ones directed to Apecoin, but from our side we are definitely keen to implement a treasury management practice based on the fundamental principles of on-chain transparent real-time reporting, protocol due diligence (incl. audits) and non-custodial asset control.
Likes: 3
Replies: 1
Replies:
- br00no: Thanks, @moss
moss:
from our side we are definitely keen to implement a treasury management practice based on the fundamental principles of on-chain transparent real-time reporting, protocol due diligence (incl. audits) and non-custodial asset control.
Great. Why not put this in writing in the AIP then?
Only audits from qualified, neutral, 3rd-party entities including comments in plain English re: risks, bad practices, related parties, regulatory concerns, etc. are oversight. Nothing else. Transparency is nice, but that leaves it up to people to take an interest and possibly sound the alarm. As can be plainly seen, if anyone gets around to doing so it’s generally ignored.
Human nature works that way. More so when everything is remote, anon, decentralized, requiring effort and esoteric knowledge.
Everyone wishes they’d noticed they bought a home below the water line in a notorious flood plane after the destruction… but by then it’s too late, even though those facts were transparent, and even though they were probably keen to maybe get around to it depending on which randos were elected, with or without relevant knowledge or qualifications, to propose a budget for looking into it to maybe do it eventually.
I’d emphatically told people how much they or their kids could learn about self-governance by joining this DAO. I wasn’t wrong, but the irony is that despite best intentions all they’ll learn is copying the worst of IRL just results in a meta-version of IRL governance and the fiscal boondoggles that go with it.
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AIP-242: Working Group Charter - Treasury
by moss - No Role
Posted on: April 14, 2023, 3:38 a.m.
Content: This first comment is reserved for the changelog and recap of the most important feedback from the community.
Edit # 1 : Wrong link to WG 0 AIP replaced for the correct one, which is WG 0 AIP
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Replies: 0
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AIP-242: Working Group Charter - Treasury
by moss - No Role
Posted on: April 13, 2023, 9:22 p.m.
Content: Proposal Name
Working Group Charter - Treasury
Category
Process Proposal
Authors
Mona El Isa CEO and founder of Avantgarde Finance
@moss, Business Development Lead at Avantgarde Finance
WG 0 Stewards: @adventurousape, @Amplify, @badteeth, @Halina.eth, @Lost, @Vulkan, @Waabam
Working Group Zero (WG 0 ) is the working group mandated with proposing Working Group guidelines and transitioning DAO operations into the hands of the community.
Avantgarde has been the core contributor to the Enzyme protocol since it was decentralized in Feb 2019 . Enzyme has a four year track record on chain as the first decentralized asset & treasury management protocol.
Avantgarde also runs an asset management business which currently manages more than $ 30 m in assets for its clients. Customers include Nexus Mutual, ADEX Protocol and others. References can be provided upon request.
Abstract
As indicated in this AIP, the following Treasury Working Group Charter outlines how a Treasury Working Group would operate within the ApeCoin DAO in order to oversee decentralized ownership of assets with a mandate of exploring options for sustaining the daily operations of the DAO.
Introduction
The goal of this proposal is to establish the ApeCoin DAO Treasury Working Group. The Treasury Working Group’s mandate is to: “Explore legal and governance structures that would enable the DAO to sustain operations and Initiatives in perpetuity. The Treasury Working Group would also request a grant from the foundation, exploring ways to deploy it thoughtfully on-chain while promoting a non-custodial environment.”
Working Groups enable a sustainable community-led infrastructure that further decentralizes the DAO, creates operational efficiency, and is flexible enough to adapt to any opportunities that may arise. The guidelines for how this Working Group will function are proposed in AIP- 239 .
Motivation
The ApeCoin DAO is going through an important restructuring with the recent effort to create several dedicated Working Groups. There is clear support for a more professional and transparent treasury management evidenced by the recent Transparency Report and the WG 0 AIP.
The fragmentation of the $APE reserves on a plethora of scattered wallets and the hefty fees paid by the DAO for centralized custody services are examples of foundational aspects that need to be tackled and can be improved upon with time.
Rationale
The recent activity in the community shows that the direction of the ApeCoin DAO is to favor increased and developing automated solutions.
The first step towards decentralizing the management of DAO assets would be to explore the legal and governance structures for an “enDAOment” Initiative for the ApeCoin DAO in order to ensure sustainable operations forever.
The second step would be to request a budget from the DAO and increase the level of transparency and accountability for those assets. In a third step, the Working Group would be planning for future on-chain non-custodial management of these assets.
Key Terms
Working Group Charter: A document published to the Discourse category relevant for each Working Group, which outlines a Working Group’s mandate, scope, and reporting requirements.
Funding Window: The final 15 days of February and August each calendar year in which Working Group Leads propose Working Group Budget Proposals.
Specifications
Treasury Working Group Charter
Treasury Working Group Mandate and Scope:
The Treasury Working Group is responsible for exploring legal and governance structures that would enable the DAO to sustain operations and Initiatives in perpetuity. The Treasury Working Group would also oversee a portion of the ApeCoin DAO’s assets, received by the Treasury Working Group as a grant from the DAO, exploring ways to deploy them thoughtfully on-chain while promoting a non-custodial environment. This includes but is not limited to:
Researching and consulting on legal and governance structures which can support the activities of an “enDAOment” Initiative in order to sustain the daily operations of the DAO;
Exploring ways to implement a soft deployment of an on-chain ApeCoin DAO Treasury;
Researching and implementing a risk assessment and management framework;
Researching and implementing a monitoring framework to give community transparency;
Defining the reporting requirements and future practices for the treasury; and
Considering any regulatory implications for individuals involved;
OKRs to complete before August 2023 Funding Window:
Deploy a Gnosis Safe multisig for the Working Group.
Develop a comprehensive risk assessment criteria for asset management and allocation.
Research and design an on-chain treasury management strategy.
Given the delay in this AIP being pushed to vote and the fact that the Aug 2023 funding window is rapidly approaching, these OKRs will be completed on a best-effort basis and may not be finalized by the Aug 2023 funding window.
Treasury Working Group Reporting Requirements:
The Treasury Working Group will report to the DAO semi-annually on asset allocation, risk profile and budget expenditures.
Treasury Working Group Stewards:
All three Stewards of the Treasury Working Group will be elected by the Ape Assembly. The election process is outlined in AIP- 239 in the Working Group Guidelines & Process section.
Treasury Working Group Budget until August 2023 Funding Window:
This AIP serves as a general temperature check for incorporating this Working Group. The three elected Stewards will propose an initial budget 1 - 3 weeks after being onboarded.
–End of Charter–
Steps to implement
Approve the formation of a Treasury Working Group.
Hold an election to elect three Stewards who will oversee this Groups’ operations.
Establish a budget and set of guidelines for the Treasury Working Group to follow.
Engage the community to surface new ideas and contributions.
Provide regular updates to the DAO community on the group’s operations and decisions.
Timeline
1 - 3 weeks after Stewards sign onboarding documents: Establishment of budget and guidelines.
Within 45 days of the Stewards onboarding: Treasury Working Group begins operations.
Overall Cost
$ 0 . This AIP serves as an initial framework to establish this Working Group. The three elected Stewards will propose a budget 1 - 3 weeks after being onboarded.
Disclaimers
Avantgarde Finance is the core contributor to the Enzyme protocol (formerly known as Melonport). Avantgarde has been developing purpose-built treasury management infrastructure since 2019 and wants to be an integral part of the Treasury WG and one of the objectives is to help Apecoin DAO deploy capital onto Enzyme. However, as the value of sound risk management is clear, Avantgarde is also open to providing asset management service outside the natural infrastructure of choice.
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Replies:
- br00no: moss:
Overall Cost
$0. This AIP serves as an initial framework to establish this Working Group. The three elected Stewards will propose a budget 1-3 weeks after being onboarded.
Then… is there a vote to approve the budget? What if it isn’t approved?
There is no worse way of appointing people to important positions than elections. Will the elected Stewards undergo proper background and criminal checks? Will they be tested for any related knowledge or experience?
There isn’t a word in this proposal about audits. Lots of talk of budgets and operations and decisions, but no true oversight or proper reporting proposed. Same with the other Working Groups.
There isn’t a single instance of the word “audit” on ApeCoin.com and only one instance of the word "oversight’ which - spoiler alert! - isn’t related to finance / treasury / distributions.
Who are ApeCoin Foundation’s auditors? Where are the audits token holders can look over, along with the auditor’s comments and opinions about risks and any (many) improper / lack of standard processes, etc.?
Who is getting paid by the DAO currently, for how many things, how much, when, and for how long? How many AIPs are being given money without any ending to the payment or accountability, and how much? Has Guy Oseary done anything with the fantastic amount he was given?
Anyone’s welcome to answer, if anyone actually can.
- CEOofWeb3.0: A Quick addition I’d like to add :
As someone who tracks the conglomerate of wallets that makes up our Treasury and how they expand over time. I do this to track the net cashflow with regards to our treasury : Ape Coin Tracker
I’m of the impression that we should streamline the process, the fees associated with coinbase’s institutional arrangement while being not that much wrt the Txn amount still add up considering we have burned through 50 + wallets (yes I mapped them manually, Yikes )
Here’s the pdf for the wallets which I tracked and where those funds are sitting rn :
Treasury.pdf (1.7 MB)
If you want to see these for yourself, lmn and I’ll send you my credentials to access the closed beta. (if you don’t already have access ofc)
BTW i have more assets which you might find interesting, just hmu
We almost burn through wallets daily, we’ll have to ask ourselves if that’s sustainable right? It’s inconvenient, just like stubbing your toe.
I’m on the lookout for a better implementation and have a couple of things in mind which I’d like to share
There’s also a case to be made for and against the fractionalisation of community funds across (much better than having 150 wallets imo) various entities and the ramifications that entails.
That’s a valid point we’d have to address, I think that’ll be all for now.
A tad bit late to the party but still Let’s get this through, Have an awesome day
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AIP-239: Working Group Guidelines & The Governance Working Group Charter
by moss - No Role
Posted on: March 17, 2023, 2:43 p.m.
Content: Hey hey @Amplify and other Bored Members of the Council :grinning:
Super exciting to see this come to life. We have been following the evolution of WG 0 and we think that it’s definitely a great step ahead in the right direction for the DAO. Great to see so much participation from the whole community as well.
Things we like
The proposal sounds comprehensive of the current needs of the DAO and it exhaustively covers all the areas that matter.
The organizational approach strikes a great balance in terms of efficiency and decentralisation, as it allows Working Groups to take independent and specialised action while ensuring the right degree of overall alignment and oversight.
We like that it envisions a series of steps towards further decentralization, which is definitely an organic process rather than an on-off switch.
Things that could be improved
It’s not yet clear how external contributors (who are willing to become more and more insiders :slightly_smiling_face:) can effectively build on these ideas & guiding principles but we assume it’s just a matter of time before it all becomes apparent in the weeks to come. So we stay tuned!
Where we can contribute
We thought of several ways that the Apecoin DAO could benefit from our long standing expertise in onchain asset management and would love to take an active role in shaping the future Treasury & Grants Working Group.
We would love to present our high-level ideas in one of the next open fora that are dedicated to the initial development of those core WGs. We believe in radical transparency and are open to listening to the community and receiving extensive input from the DAO.
Let’s start building the future of the Greater Metaverse, today. :slightly_smiling_face:
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