I’ve not been as active as I should be . However, I’m seeing multiple proposals ( CRV, MVI, active NFT trading, NFTX liquidity, Buyback-and-burn, ILV staking ) about the honeypot and I think we need an overall strategy.
All of these ideas have merit and are worth considering, but I think we need to step back.
The Honeypot is a great resource for the DAO, it gives us capital to spend on various initiatives, it can create income, it can pay Bears who contribute, it can be given to others who are working on things we support.
I don’t think that the community has a shared goal at this time (and if we did, it would likely change over time). Some potential goals could be:
- building a network of friends around the world so we can meet IRL for a coffee.
- Advocating for relaxation of drug laws.
- Selling great merchandise
- Getting hilariously rich due to Bear trading.
- Donating money to Bear and Bea charities.
- Grow the adoption of DAO’s and NFT’s
All of these are possible, and we can do all of them to some extent.
When we look back in 3 years time, what do we want BuzzedBearHideout to look like?
Our vision for the Hideout is a very important consideration when we think about the honeypot.
Personally, I would say at this early stage the treasury should be focused on avoiding losses and growth. Then as income grows (from Bear sales & our investments) we can work out what we spend it on (which will depend on the Bear’s objectives).
So some questions?
- What do we want the honeypot to look like in 12 months?
- What currency do we want to work in (EUR / USD / ETH / Bears)?
- How much time do we want to devote to the honey pot?
- How much income do we expect from oncoming Bear sales?
A couple of comments from me:
- 245 ETH / $750,000 sounds like a lot, but it’s not that much as a long term portfolio for an individual (let alone a DAO).
- I would suggest that the honey pot should aim to be pretty passive with limited positions (maybe 10 excluding the active NFT vault).
I would say that the following could work:
- Discussion on the short term (6 month) goals of the honey pot. Create a few options passive / active / spending /… and do a snapshot to agree a general strategy.
- Once we have an agreed strategy, we can work in the forums to discuss / sentiment poll on different allocations. For example we could be looking at:
- aa% ETH
- bb% income-generating ETH
- cc% Stable coins
- dd% Passive investments in NFT / metaverse projects
- ee% Long term investment in blue-chip NFTs (Punks/fractions of BAYC etc)
- ff% Active NFT trading pool
- gg% BTC
- hh% Floor sweeping BuzzedBears for long term reserve
- ii% Buy Buzzedbear and create NFTX liquidity.
- jj% seed liquidity for merchandise
- kk% ETH reserve for paying contributors
- ll% Donations to charities / gitcoin
There are lots of options! But I think we could come to a consensus in the forum.
- Have a snapshot to demonstrate agreement on our approach.
Then we need to work out the details and put them in place.
One final comment; being 100% cold ETH for the next 6 months is a perfectly acceptable strategy. Having an agreement on it will make life easier.