As you may know, we’ve voted for the DAO funds diversification in IIP-6 to split the funds 50/50 between Ether and USDC:
We haven’t finished our incorporation yet so this proposal wasn’t executed.
It is scheduled to be processed once we have a legal entity.
Although it looks like it is not reasonable to expose ourselves to USDC stablecoin at current banking conditions.
USDC has depegged this month which shows that the conversion of DAO treasury to this coin may involve some risks.
That is why I propose to cancel the IIP-6 and keep the DAO treasury entirely as until further decision.
Here’s the proposal I will submit tomorrow:
“Override the decision taken in IIP-6 and do not convert Root Token Smart contract’s funds into USDC until further decision on that.”
Please comment on that.