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86 changes: 41 additions & 45 deletions public/GIPs/GIP-100.yml
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Expand Up @@ -2,7 +2,7 @@ id: gip-100-should-gnosis-dao-conduct-a-large-scale-buyback-program
gip_number: 100
url: https://forum.gnosis.io/t/gip-100-should-gnosis-dao-conduct-a-large-scale-buyback-program
title: Should Gnosis DAO conduct a large-scale buyback program?
body: "#### Category\n\nTreasury\n\n#### TL;DR\n\nI represent [Thanefield Capital](https://thanefield.capital/),\
body: "#### Category\n\nTreasury\n\n#### TL;DR\n\nI represent Thanefield Capital,\
\ a multi-strategy crypto fund; GNO is one of our thesis-driven investments.\n\n\
Currently, GNO is significantly undervalued relative to its book value. To address\
\ this, we propose initiating a large-scale buyback program. Our plan involves deploying\
Expand All @@ -25,50 +25,48 @@ body: "#### Category\n\nTreasury\n\n#### TL;DR\n\nI represent [Thanefield Capita
\ well-positioned to address this undervaluation as one of the most capitalized\
\ DAOs, holding over $630 million in assets and ranking second only to Mantle in\
\ terms of non-native marketable tokens. We propose initiating a substantial buyback\
\ program to correct this disparity. If approved by a DAO vote, [@Karpatkey](/u/karpatkey)\
\ will manage the execution of this program.\n\nIt’s important to note that this\
\ proposal operates independently but complements the vision outlined in [Gnosis\
\ DAO v3](https://forum.gnosis.io/t/introducing-gnosis-3-0/8252), which aims to\
\ establish protocol-owned liquidity between GNO and portfolio projects. If approved\
\ by the DAO, these initiatives should progress concurrently.\n\n#### Objectives\
\ of the program\n\n 1. Transfer value from sellers to long-term holders by acquiring\
\ GNO below its intrinsic value. The acquired tokens could then be utilized for\
\ treasury swaps, incentives, growth initiatives, and further investments.\n 2.\
\ Signal to the market a commitment to establishing a valuation floor for GNO that\
\ consistently exceeds its book value.\n 3. Drive attention to the products of\
\ the DAO. Given the attention-driven nature of the crypto market, where price often\
\ influences fundamentals, large-scale buyback program can elevate both market perception\
\ and fundamental value.\n\n\n\n#### Gnosis DAO assets breakdown\n\nThis discussion\
\ is centered on the marketable tokens and illiquid venture deals & investments\
\ in venture capital funds, specifically excluding other significant assets like\
\ Gnosis Chain, Gnosis Pay, and Gnosis Wallet.\n\n 1. Marketable tokens\n\n\n\n\
As of today, Gnosis DAO holds $631 million in tradable tokens, not including GNO\
\ (this number corresponds to the assets that belong to Gnosis DAO that we could\
\ program to correct this disparity. If approved by a DAO vote, @Karpatkey will\
\ manage the execution of this program.\n\nIt’s important to note that this proposal\
\ operates independently but complements the vision outlined in Gnosis DAO v3, which\
\ aims to establish protocol-owned liquidity between GNO and portfolio projects.\
\ If approved by the DAO, these initiatives should progress concurrently.\n\n####\
\ Objectives of the program\n\n 1. Transfer value from sellers to long-term holders\
\ by acquiring GNO below its intrinsic value. The acquired tokens could then be\
\ utilized for treasury swaps, incentives, growth initiatives, and further investments.\n\
\ 2. Signal to the market a commitment to establishing a valuation floor for GNO\
\ that consistently exceeds its book value.\n 3. Drive attention to the products\
\ of the DAO. Given the attention-driven nature of the crypto market, where price\
\ often influences fundamentals, large-scale buyback program can elevate both market\
\ perception and fundamental value.\n\n\n\n#### Gnosis DAO assets breakdown\n\n\
This discussion is centered on the marketable tokens and illiquid venture deals\
\ & investments in venture capital funds, specifically excluding other significant\
\ assets like Gnosis Chain, Gnosis Pay, and Gnosis Wallet.\n\n 1. Marketable tokens\n\
\n\n\nAs of today, Gnosis DAO holds $631 million in tradable tokens, not including\
\ GNO (this number corresponds to the assets that belong to Gnosis DAO that we could\
\ locate onchain). This figure serves as a foundation for valuing Gnosis DAO’s assets.\
\ It’s important to note that not all these assets are immediately liquid. For example,\
\ approximately half of the SAFE token allocation is yet to vest. Furthermore, a\
\ significant portion of both SAFE and OLAS tokens has been voluntarily placed into\
\ lock-up contracts to demonstrate commitment. The primary assets in the treasury\
\ include ETH and equivalents, SAFE, stablecoins, OLAS, and COW. In 2023, the treasury\
\ generated $10.2 million by engaging these assets in DeFi activities.\n\n![VPau_nVKOjhDRId2w8Tz2X8ttgofE5ZE6vNrVUcJeCMbr5ZWkB_6hWJWLSScpZi57gjA3aiCVSNo1cwUqXa7b-IfTzGCs8MrTu0CXtYLQqSOAAWidd2V_3-1VYPo](https://forum.gnosis.io/uploads/default/original/2X/7/73744391d6708b211cc8dc54e50788ac005a0829.png)\n\
\ generated $10.2 million by engaging these assets in DeFi activities.\n\n!VPau_nVKOjhDRId2w8Tz2X8ttgofE5ZE6vNrVUcJeCMbr5ZWkB_6hWJWLSScpZi57gjA3aiCVSNo1cwUqXa7b-IfTzGCs8MrTu0CXtYLQqSOAAWidd2V_3-1VYPo\n\
\nAdditionally, Gnosis DAO has a 50% stake in the Safe <> Gnosis joint treasury,\
\ which owns 5% of the SAFE token supply, valued at approximately $115 million currently.\
\ These assets are not included in the above calculation.\n\n 2. Illiquid venture\
\ deals\n\n\n\nAccording to the [list](https://forum.gnosis.io/t/introducing-gnosis-3-0/8252/3)\
\ published by Ernst on this forum, Gnosis DAO has made about 50 venture investments\
\ over the years either directly or through in-house Factor VC.\n\nInvestments that\
\ remain illiquid/are not located include:\n\nFlashbots, Matter Labs (ZKsync), Aztec,\
\ RISC Zero, IDEX, Succinct, Orca, Anoma, Zerion, POAP, ImmuneFi, WalletConnect,\
\ [Kinetex.io](http://Kinetex.io), Fileverse, NFTfi, [Li.Fi](http://Li.Fi), Hedgey,\
\ Azuro, Harbor, Snapshot, Diva, Phaver, Rated Network, [Mimic.fI](http://Mimic.fI),\
\ Sablier, Coinshift, Vibe.xyz, Parcel, Mean.finance, Collab, AMMalgam, Topos, Bootnode,\
\ Stablelab, Backed, Least Authority, Cypherock, Gateway.fm, Den, Mystiko, Shutter,\
\ Altlayer, Karpatkey (spinoff).\n\nAdditionally, Gnosis DAO is an LP in the following\
\ VC funds:\n\n1kx, Lightshift, LongHash Ventures, Seed Club Ventures.\n\nWhile\
\ it is challenging to precisely value these illiquid venture deals due to many\
\ unknown variables, this portfolio includes high-profile deals and ensures growth\
\ in Gnosis DAO liquid treasury as these tokens launch and vest, widening the discount\
\ at which GNO is currently trading.\n\n#### Gnosis DAO’s GNO holdings\n\nAccording\
\ deals\n\n\n\nAccording to the list published by Ernst on this forum, Gnosis DAO\
\ has made about 50 venture investments over the years either directly or through\
\ in-house Factor VC.\n\nInvestments that remain illiquid/are not located include:\n\
\nFlashbots, Matter Labs (ZKsync), Aztec, RISC Zero, IDEX, Succinct, Orca, Anoma,\
\ Zerion, POAP, ImmuneFi, WalletConnect, Kinetex.io, Fileverse, NFTfi, Li.Fi, Hedgey,\
\ Azuro, Harbor, Snapshot, Diva, Phaver, Rated Network, Mimic.fI, Sablier, Coinshift,\
\ Vibe.xyz, Parcel, Mean.finance, Collab, AMMalgam, Topos, Bootnode, Stablelab,\
\ Backed, Least Authority, Cypherock, Gateway.fm, Den, Mystiko, Shutter, Altlayer,\
\ Karpatkey (spinoff).\n\nAdditionally, Gnosis DAO is an LP in the following VC\
\ funds:\n\n1kx, Lightshift, LongHash Ventures, Seed Club Ventures.\n\nWhile it\
\ is challenging to precisely value these illiquid venture deals due to many unknown\
\ variables, this portfolio includes high-profile deals and ensures growth in Gnosis\
\ DAO liquid treasury as these tokens launch and vest, widening the discount at\
\ which GNO is currently trading.\n\n#### Gnosis DAO’s GNO holdings\n\nAccording\
\ to CoinGecko, the circulating supply of GNO tokens is listed as 2,589,589, which\
\ is valued at approximately $703 million. However, this figure does not include\
\ 1,050,884 GNO tokens owned by Gnosis DAO, many of which were acquired through\
Expand All @@ -95,10 +93,9 @@ body: "#### Category\n\nTreasury\n\n#### TL;DR\n\nI represent [Thanefield Capita
\n\n * Allocates $15 million;\n * Provides Karpatkey with full discretion to capitalize\
\ on the best opportunities.\n\n\n\n#### Assessment\n\nAfter the conclusion of the\
\ program, we should assess its results and consider whether to continue, modify,\
\ or end the buyback strategy going forward.\n\n6 Likes\n\n[Curia Delegate Platform](https://forum.gnosis.io/t/curia-delegate-platform/8279/3)\n\
\n[Staworth / jackgale.eth - Delegate Platform](https://forum.gnosis.io/t/staworth-jackgale-eth-delegate-platform/8770/2)\n\
\n**[next page →](/t/gip-100-should-gnosis-dao-conduct-a-large-scale-buyback-program/8556?page=2)**\n"
start: 1715950894
\ or end the buyback strategy going forward.\n\n6 Likes\n\nCuria Delegate Platform\n\
\nStaworth / jackgale.eth - Delegate Platform\n\n**next page →**\n"
start: 1715943694
end: null
state:
- phase-1
Expand All @@ -116,8 +113,7 @@ scores:
votes: null
quorum: null
funding:
amount: null
currency: null
confidence: null
error: 429 Resource has been exhausted (e.g. check quota).
model_used: none
amount: '30000000'
currency: USD
confidence: High
model_used: gemini-1.5-flash
2 changes: 1 addition & 1 deletion public/GIPs/GIP-101.yml
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Expand Up @@ -136,7 +136,7 @@ scores:
votes: 123
quorum: 75000
funding:
amount: 5,000
amount: '5000'
currency: GNO
confidence: High
model_used: gemini-1.5-flash
7 changes: 3 additions & 4 deletions public/GIPs/GIP-103.yml
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Expand Up @@ -9,9 +9,8 @@ body: "## Executive Summary\n\nThe USDC token on Gnosis Chain (currently availab
\ of growing the USDC bridged into Gnosis, and the ultimate goal of Circle taking\
\ over the token and converting it to native USDC on Gnosis Chain, we propose to\
\ create an incentives program of up to 8k GNO.\n\n## Specification\n\nIf this proposal\
\ is approved, Gnosis DAO will be incentivising the growth of [USDC.e](https://gnosisscan.io/token/0x2a22f9c3b484c3629090feed35f17ff8f88f76f0),\
\ which is compliant with the standard and that can be acquired by calling Deposit()\
\ on a [Transmuter](https://gnosisscan.io/address/0x0392a2f5ac47388945d8c84212469f545fae52b2).\
\ is approved, Gnosis DAO will be incentivising the growth of USDC.e, which is compliant\
\ with the standard and that can be acquired by calling Deposit() on a Transmuter.\
\ The swap of the old USDC to the new one can also be done through the bridge UI.\
\ New USDC bridged to Gnosis will automatically be USDC.e thanks to changes in the\
\ bridge UI.\n\nkarpatkey will define the allocation of the incentives, based on\
Expand Down Expand Up @@ -44,7 +43,7 @@ body: "## Executive Summary\n\nThe USDC token on Gnosis Chain (currently availab
\ which may result in the desired growth in a shorter time frame and/or with fewer\
\ incentives paid out. In this case, the surplus budget will remain unallocated.\n\
\n8 Likes\n"
start: 1718118995
start: 1718111795
end: null
state: []
author: null
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50 changes: 24 additions & 26 deletions public/GIPs/GIP-106.yml
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Expand Up @@ -6,29 +6,27 @@ body: "#### Category\n\nFunding - Rewards\n\n#### Executive Summary:\n\nThis pro
\ aims to revisit and restore the original reward policy for the GnosisVIP event.\
\ The event’s initial rules allowed participants to set up validator nodes across\
\ 104 countries, with the first 10 nodes in each country being eligible for rewards.\
\ The original rules can be reviewed [here](https://web.archive.org/web/20230922135332/https://www.gnosis.builders/post/introducing-gnosisvip).\n\
\nGnosisVIP is getting concluded due to the retirement of Builders Team which launched\
\ this event. However, the team that took over the reward distribution decided to\
\ cut down the rewards for participants who run more than one validators, citing\
\ concerns about farming. The announcement can be found [here](https://forum.gnosis.io/t/sunsetting-gnosis-vip/8054/8).\n\
\nSince there is no restriction in the rules against multiple validator nodes with\
\ unique IP addresses, and all those eligible validators contribute equally to geo-diversity\
\ in this event, this proposal seeks to ensure participants receive the full rewards\
\ as originally promised. This will maintain fairness and trust within the Gnosis\
\ community.\n\n#### Specification\n\nThe proposed reward program aims to restore\
\ the original terms of the GnosisVIP event:\n\n * Full Rewards for Eligible Nodes:\
\ All validator nodes that meet the criteria (first 10 in their respective countries)\
\ should receive their promised rewards according to their validating duration,\
\ irrespective of whether they are run by the same entity.\n\n\n\nThis approach\
\ will help the broader Gnosis ecosystem by maintaining predictability and trust\
\ within the Gnosis community.\n\n#### Rationale\n\nThe motivation behind this proposal\
\ is to uphold fairness and trust within the Gnosis community. The original rules\
\ did not prohibit running multiple nodes from different IP addresses, and participants\
\ should be rewarded based on those terms. Changing the reward policy retroactively\
\ undermines trust and can discourage future participation.\n\n#### Budget\n\nAccording\
\ to the [google sheet](https://docs.google.com/spreadsheets/d/1Ix4Cu2aiNr0XzwILqWSZqY3dcPiwQhMEMSF50QVvDrQ/edit?usp=sharing)\
\ in the [sunsetting announcement](https://forum.gnosis.io/t/sunsetting-gnosis-vip/8054/8),\
\ a total of 16 validators from 10 participants are affected by the reduced rewards.\n\
\ The original rules can be reviewed here.\n\nGnosisVIP is getting concluded due\
\ to the retirement of Builders Team which launched this event. However, the team\
\ that took over the reward distribution decided to cut down the rewards for participants\
\ who run more than one validators, citing concerns about farming. The announcement\
\ can be found here.\n\nSince there is no restriction in the rules against multiple\
\ validator nodes with unique IP addresses, and all those eligible validators contribute\
\ equally to geo-diversity in this event, this proposal seeks to ensure participants\
\ receive the full rewards as originally promised. This will maintain fairness and\
\ trust within the Gnosis community.\n\n#### Specification\n\nThe proposed reward\
\ program aims to restore the original terms of the GnosisVIP event:\n\n * Full\
\ Rewards for Eligible Nodes: All validator nodes that meet the criteria (first\
\ 10 in their respective countries) should receive their promised rewards according\
\ to their validating duration, irrespective of whether they are run by the same\
\ entity.\n\n\n\nThis approach will help the broader Gnosis ecosystem by maintaining\
\ predictability and trust within the Gnosis community.\n\n#### Rationale\n\nThe\
\ motivation behind this proposal is to uphold fairness and trust within the Gnosis\
\ community. The original rules did not prohibit running multiple nodes from different\
\ IP addresses, and participants should be rewarded based on those terms. Changing\
\ the reward policy retroactively undermines trust and can discourage future participation.\n\
\n#### Budget\n\nAccording to the google sheet in the sunsetting announcement, a\
\ total of 16 validators from 10 participants are affected by the reduced rewards.\n\
\nThe expected amount of rewards to make up is as follows:\n\nWithdrawal Address\
\ | Affected Validators | Duration | Affected Rewards | Notes \n---|---|---|---|---\
\ \n…6b20 | 1 | 9 Mo | 5.25 GNO | \n…4cd8 | 1 | 12 Mo | 10.5 GNO | \n…bc0c\
Expand All @@ -42,9 +40,9 @@ body: "#### Category\n\nFunding - Rewards\n\n#### Executive Summary:\n\nThis pro
\ the community. By honoring the original rules, we can ensure that all participants\
\ are treated equitably and avoid reputational risk for the Gnosis ecosystem. This\
\ proposal seeks the support of the GnosisDAO community to uphold the integrity\
\ of our events and promote a decentralized and robust network.\n\n2 Likes\n\n[Staworth\
\ / jackgale.eth - Delegate Platform](https://forum.gnosis.io/t/staworth-jackgale-eth-delegate-platform/8770/3)\n"
start: 1720191111
\ of our events and promote a decentralized and robust network.\n\n2 Likes\n\nStaworth\
\ / jackgale.eth - Delegate Platform\n"
start: 1720183911
end: null
state:
- phase-1
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