During times of extended market drawdowns, I find joy in taking stables out of my yield pools and then buying tokens. Would this be a prudent time to “reset” stable coin pools to their initial deposits and using the profits so far to buy back the MC token?
For example, trimming the UST pool from 10,100,000 → 10,000,000 and using that $100,000 for buyback purposes.
I would be happy to create a formal proposal that meets the standard set by other community members if there is encouragement from the active members here
Appreciate your post here on the governance forum. I noticed this post was briefly discussed by community members in various social channels and wanted to weigh in with some information from my end.
Currently, yield farming profits are subject to MIP-7 similar to any other profits generated by the DAO.
This morning, the UST position by the DAO was converted back to USDC (reason: risk/reward in shaky times isn’t worth it, the DAO could easily deploy UST back into Anchor if this situation changes again). The largest portion has been transferred back to the DAO multi-sig wallet already, the other portion ($2.5M) will be transferred tomorrow. The generated yield (~$200k) is to be transferred to the buyback wallet, where profits are usually sent to as per MIP-7.
That said, feel free to continue the conversation here in case you feel yield farming profits should be treated differently.
Thank you Marco for the reply! It seems like there is no need for me to continue this and I definitely agree with the UST conversion. Cheers!