From what I understand, my thoughts on this actually come into place in the next phase (how should this be done?) even though they actually directly impact this phase (should this be done?)
To my thinking, there are two interrelated questions here:
- Should the DAO attempt to either bolster (or stabilize) the market value of BANK token?
- Should the DAO attempt to stabilize the market value of its treasury?
If we think about question 1 with respect to question 2, it becomes sort of obvious. The DAO will be much more capable of attaining its strategic objectives if the treasury value is somewhat stable and upward trending.
From the same perspective, any decision for the DAO to manipulate its own token value should be driven by its answer to question 2.
In effect… if the DAO passed a proposal to keep xx% of its treasury in ETH and yy% of its treasury in stablecoins, with rebalancing transactions required as part of every treasury spend, then it would automatically sell BANK when it is ‘expensive’ relative to ETH and USD, and buy BANK when it is ‘cheap’ relative to ETH and USD.
Since the initial action would be a sale of BANK (as the treasury currently sits at ~0% in ETH and stablecoins), any x and y values greater than 1 should be driven by revenue acquisition (some percentage of revenues stay in the tokens they are earned in and % of treasury held in those tokens is reset periodically to those levels in a stair-step fashion), which I think is where this proposal should actually come in - not as a standalone proposal, but as part of a broader treasury management framework.
And to that end… we should not snapshot individual pieces of the treasury management framework, but move forward with establishing the totality and snapshot the full framework proposal instead (including a view of how/why that framework might be changed).
Note: I have not been active in the Discord discussions in the last couple of weeks, due to personal circumstances, so if all of the above points have been discussed, hashed out, and discarded already then I apologize for that oversight.