Thanks to the @Avantgarde team for this detailed proposal. I’ve shared some thoughts below, as well as a link to my broader thoughts on both investment allocations on @Rei’s post about how we manage the Snapshot signalling votes for these two RFCs.
Comments on the Stakewise RFC
- It’s worth noting that AaveDAO has proposed an allocation to Stakewise, as well, so other large protocols are making allocations to Stakewise. The flexibility that Stakewise offers is a definite plus, imo, and the lower fees will be beneficial for the Mutual in the long run.
- A lot has changed since 2022, though Stakewise does offer a flexible infrastructure of the Mutual to manage our staked ETH with preferred node operators and negotiate rates. As with any investment, members have always preferred waiting to deploy investment assets until a protocol has been live for at least six months AND where the Mutual wouldn’t represents an outsized share of a protocol’s TVL. Stakewise has grown to the point where this isn’t a concern anymore, so the current discussion is happening at just the right time.
- Any allocation of the idle ETH held in the Mutual’s Enzyme vault will ultimately be deployed via Enzyme. This allows the Foundation Engineering team to focus on work that can contribute to cover sale growth. It’s been a pleasure to work with the Enzyme team to date.
Overall, I’m supportive of this investment allocation. While the potential yield is less, there’s less stacked risk here and the Mutual has greater flexibility and lower fees with Stakewise via the Chorus One staking pool.
For my broad thoughts on potential allocation as it relates to the upcoming signaling vote, see my comment on Rei’s Suggested Governance Approach for June ‘24 Investment Proposals post 