Distributed Autonomous Organization narxDAO

Arbitrum's plan to reinvest some of its Ethereum holdings in yield-bearing opportunities has run into a snag, with some delegates opposing the recommendations of its three-member Growth Management Committee (GMC). The GMC recommended that 7,500 ETH from Arbitrum's treasury be deployed to three decentralized finance protocols, none of which are Arbitrum-native. The committee proposed investing 5,000 ETH in liquid staking protocol Lido, in exchange for 5,000 wstETH (staked ETH) tokens, then investing the 5,000 wstETH in Aave V3 on Arbitrum to encourage borrowing and benefit from a planned incentive program involving Lido, Aave, Renzo, and Kelp. The final 2,500 ETH would be deployed to lending protocol Fluid's Arbitrum platform. The committee settled on the recommendations after reviewing proposals from 45 protocols, including Arbitrum-native protocols such as Dolomite, GMX, and Camelot. The GMC expects the wstETH deposits to generate 4.54% yield, with the Fluid allocation generating 1-2% native ETH yield and generating liquidity for the Arbitrum ecosystem. GMC members did not respond to requests for comment by publication time. "While the GMC wanted to venture further down the risk curve in order to increase yield, help bootstrap up and coming protocols, bolster Arbitrum native/aligned protocols, among other desires, it determined that a strong/conservative foundation for the DAO’s treasury strategy made the most sense until the DAO becomes more capable of actively managing positions," Entropy Advisors wrote in the proposal. #ARB #ArbitrumBOLD

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