Allocating $ldo $cream $gal from community fund to buyback $wnxm

The community fund holds approximately 107k $Lido, 1750 $Cream, 1,500 $GAL (combined worth approximately $225k as of July 24 2022), see https://etherscan.io/address/0x586b9b2f8010b284a0197f392156f1a7eb5e86e9

I propose to use these tokens to buyback $wnxm given it trades below book value and could be used in a more aligned way to compensate future contributions from the community vs paying those contributors in $lido, $gal or $cream. One could also argue that both Lido and Cream are on paper more overvalued than $wnxm, given $wnxm trades over 50% below its intrinsic value of $eth.

To improve execution compared to last time, i’d suggest to use 1inch gasless limit orders or cowswap, and to only pay up to 0.015 eth per $wnxm, and otherwise wait with buying back til it goes below this or a lower threshold.

Thoughts? Alternatively would suggest selling those tokens for stakedETH for the community fund to pay future contributors

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I think it’s a conversation worth having.

However, of that amount :

, $LIDO accounts for the extreme majority. It might benefit a lot from the Merge coming end of summer. Not sure if the time is right?

But overall I support this idea of : sell CF tokens → buyback $WNXM, since we are paying contributors with it.

maybe, one path could also be to dollar cost average sell during next 3 months (selling ⅓ of all tokens other than $wnxm per month)

Agree with Gauthier, majority of value is in the LDO tokens and tend to have some bias towards waiting until post-merge to see what happens with the token value. We don’t have any need for these funds immediately and can afford to wait a little if we think value will increase. But generally supportive of selling this within next few months when the community agrees LDO is fairly / over valued.

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