This proposal defines and solidifies the Treasury Council with 4 Treasury Operators. It supersedes WIP 15 which originally defined TO roles. The Treasury Manager, Trading Teams, and Advisory roles are permanently obsolete with this proposal. We have a large community of capable people readily available to fill TO roles and do not need investments for the DAO to be determined by one person.
This proposal also introduces one new role, Risk Officer, to do due diligence on investments, directional exposure, and deployment of DAO funds into DeFi protocols. The Treasury Council submits their ideas which pass voting there to the RO, who may either veto and reject the idea, or submit it to the multisig for execution.
Previous guidance in WIP 15 not amended by this proposal remain unchanged.
Proposed structure of Treasury Council:
4 elected TO positions that have a range of capabilities. Current elected Team will fill seats as needed if 4 TOs are not elected.
TO duties include finding good farms and liquidity markets for stables, directional exposure, options and other hedging strategies, and sourcing deals.
Each TO votes on proposed strategies with a majority needed to submit to the RO.
Compensation is unchanged from WIP 15 except TO members can choose equivalent stable payment instead of wMEMO if they choose. As a reminder, each member receives 0.15 wMEMO at the beginning of each month and can earn an additional 2% of profits for each successfully passed proposal. Other Council members assisting with developing, negotiating, or otherwise helping in a meaningful way as determined by majority vote can earn an additional 0.5% of profits.
Reference WIP 15 for further details on compensation and removal of inactive or bad actors.
TO members submit their successfully passed proposal with the following information to the RO:
- The capital allocation’s target (farm, coin, etc)
- The sizing
- Conflicts (if any)
This role requires a deep knowledge of DeFi. They are required to evaluate the risks of deployment into farms on a host of possible protocols, vet sourced deals, and other strategies. They should also be wary of WL having too much exposure to any particular protocol or directional position. All passed proposals from the Treasury Council are forwarded to this role to evaluate. They may veto and cancel deployment, return a proposal back with instructions (e.g. reduction of exposure), or approve deployment. Approvals are sent to the multisig to execute the transaction.
The RO can always be voted out through governance.
Compensation for RO:
This is a high skill requirement role, but it should not be time consuming. Therefore a good salary, but not exorbitant is suggested: 20k per quarter paid in a reasonably pegged (>99.8%) stablecoin the Treasury has available.