Amend JBP-186 - Launch Treasury Management

Title: Amend JBP-186 - Launch Treasury Management
Author: filipv
Date: 2022-06-03

Thesis

Revoke JBP-186 and re-introduce treasury management, starting by exchanging 1,000 ETH for staked ETH and approving the exchange of 1,500 ETH for staked ETH in the future.

Motivation

Clarify outstanding ambiguities and move treasury management forwards, starting with ETH staking. Staking is a relatively safe way to utilize Juicebox’s treasury to generate yield. Staked ETH has high liquidity available should the DAO need to adjust its treasury allocation going forwards.

Risks

The redemption value of JBX will drop until a v2 treasury migration is complete and smart contracts which account for staked ETH when calculating redemptions are written.
Risks inherent to pool staked ETH including smart contract risk, slashing risks, and risks associated with Lido DAO, Rocket Pool Protocol DAO, and Oracle DAO. Other risks include coordinated oracle attacks and potential for a liquidity crisis (eventually mitigated by post-merge withdrawals).
Risks inherent to the ETH consensus layer merge, including bugs and the failure to reach required adoption levels.

Specification

Upon this proposal’s passing:

Distribute 1,000 ETH to the Juicebox multisig.
Exchange 500 ETH for stETH using 1inch or Uniswap.
Exchange 500 ETH for rETH using 1inch or Uniswap.

Once Juicebox DAO has migrated to a v2 treasury which supports pro-rata redemption that accounts for staked ETH:

Distribute 1,500 ETH to the Juicebox multisig.
Exchange 750 ETH for stETH using 1inch or Uniswap.
Exchange 750 ETH for rETH using 1inch or Uniswap.