The DAO's number 1 priority is to maintain the health of the protocol, while implementing community-voted and approved changes in a timely manner. Any opportunities present on ETH forks or other blockchains come secondary to the proper functioning of the protocol on the Ethereum blockchain.
The upcoming ETHPOW fork presents a small opportunity for the protocol to potentially capture some value on that fork and bring it to the ETHPOS mainnet Treasury. The ETHPOW "airdropped" to the Treasury address could be traded for ETHPOS (likely for cents on the dollar, exact amount won't be known until post-Merge) on an exchange and sent to the Treasury. The Treasury currently holds about $23mm worth of WETH in reserve and in LP pools; assuming ETHPOW is worth 1% of ETHPOS, the Treasury could acquire an additional 230k worth of WETH from that fork.
Summary of Actions
- Pre-Merge: make no changes to the current Treasury (Sushi -> Balancer migration continues as planned)
- Post-Merge ETHPOW chain: remove all ETHPOW liquidity, send ETHPOW to an exchange (how to do is TBD), trade all for ETHPOS, send to ETHPOS mainnet Treasury
- Post-Merge ETHPOS chain: receive additional ETHPOS from exchange, hold in reserve
Open Topics & Implementation Details
If this exchange is possible to do with the current limitations of the multisigs and trust assumptions with sending ETHPOW to a centralized exchange for the swap, the Treasury could acquire six figures worth of ETHPOS for extremely low cost (gas costs + CEX fees + potentially some dev work).
This may require a small amount of dev work in order to understand and execute on the forked chain (addresses should be the same but execution with Gnosis and on DEXes may be a challenge).
Specific topics to understand better is how to make the CEX swap / who could do it on behalf of the Treasury, and how the Treasury MS can queue up the transactions needed on the forked chain.
Please post high level thoughts and implementation concerns / questions!