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Treasury Management
The Treasury Management Fund is a 3/5 multisig held by the Treasury Management Team and two independent third-party signatories. Established on February 8, 2022 via proposal, the Treasury Management Fund aims to:
- 1.maintain a strong fiscal position for Tracer DAO operations;
- 2.and, subject to that, to support the growth of Tracer DAO by maximising risk-adjusted returns and optimising capital efficiency.
The Treasury Management Fund is managed by the Treasury Management Team subject to the oversight of the Treasury Management Council. Because Tracer is a community-led DAO, the Treasury Management Fund (and related bodies) operate in accordance with the Treasury Management Fund Remit (TMF Remit), as confirmed and amended, from time to time, by community vote.
The Treasury Management Team are serving a twelve month term from February 8, 2022, subject to renewal by the community. Each member holds a key to the Treasury Management Fund multisig.
Treasury Management Team member | ETH address |
|---|---|
Raymond (Co-founder) of Mycelium | 0x131ddFd1DC9133077C72800C60072374cF6C87Fb |
Dion Chu (core-contributor/advisor) of Tracer DAO | 0xA7c42330f96c158513c98B73989aE37aC8456fA5 |
Billy Welch (core-contributor) of Mycelium | 0x6BCAbF9f00F5583d38c2F30eF31f03B6bD9C9A11 |
The Independent Signatories are serving a twelve month term from February 8, 2022, subject to renewal by the community. Both members hold a key to the Treasury Management Fund multisig and are responsible for reviewing and approving Treasury Management Fund transactions in a timely manner.
Independent Signatories | ETH address |
|---|---|
Chris Berg (Co-founder) of RMIT BIH | 0x219BaD06180F4024A06C372d754E882D175Df098 |
Sinclair Davidson (Co-founder) of RMIT BIH | 0x06187EAA4EF0891571F0a78a2DDEf0d291555E09 |
A Treasury Management Council (TMC) is composed of the Treasury Management Team and two Independent Council Members. The Treasury Management Council has the authority to decide on certain Treasury Management Fund policies and matters that require a heightened level of scrutiny but fall short of requiring a full community vote. The members are serving a twelve month term (from February 8, 2022), subject to renewal by the community. Decisions will be made by a simple majority.
The Treasury Management Council are responsible for:
- 1.reviewing and monitoring Treasury Management Fund performance;
- 2.setting policies to mitigate risk (including, but not limited to strategy risk, market risk, smart contract risk, counterparty risk, legal risk, and token exposure risk);
- 3.set and monitor risk limits and concentration limits; and
- 4.whitelisting protocols and strategies available to the Treasury Management Fund, subject in each case to its community-proscribed remit (TMF Remit).
The Treasury Management Council deliver a quarterly report, uploaded via Discourse, reporting on:
- 1.the overall performance of the Treasury Management Fund;
- 2.portfolio composition and risk assessment; and
- 3.material changes to Treasury Management Fund policies.
Independent Council Members are available to meet and discuss policies as needed, attend Treasury Management Council quarterly review meetings, and approve the TMC quarterly report to the community. The members are serving a twelve month term (from February 8, 2022), subject to renewal by the community.
Independent Council Members | ETH address |
|---|---|
Chris Berg (Co-founder) of RMIT BIH | 0x219BaD06180F4024A06C372d754E882D175Df098 |
Sinclair Davidson (Co-founder) of RMIT BIH | 0x06187EAA4EF0891571F0a78a2DDEf0d291555E09 |
The following remit (TMF Remit V1) instantiated the Treasury Management Framework:
- 1.Scope of Remit — The transfer of Tracer DAO’s Visor LP position, 27,407 tToke position, 42.55 ETH and 2.77 WBTC received in consideration for proposal 14, 1,300,000 DAI (or other stablecoin), and 100,000,000 TCR to the Treasury Management Fund multisig to be deployed subject to the following constraints:
- 1.exposure to tokens (other than tokens transferred from Tracer DAO by this remit or received as staking or farming reward, or exposure arising from liquidity pools) will be limited to TCR and stablecoins approved by the Treasury Management Council;
- 2.concentration risk for each protocol will be limited to 33%, subject to more restrictive (but not expansionary) limits set by the Treasury Management Council;
- 3.maximum gross leverage ratios of 200% (across the fund as well as per position); and
- 4.all tokens to remain on Ethereum mainnet and Arbitrum.
- 2.The Treasury Management Council is directed to:
- 1.set policies and procedures to monitor and manage risk (including, but not limited to strategy risk, market risk, smart contract risk, counterparty risk, legal risk, and token exposure risk);
- 2.determine and whitelist acceptable strategies, vaults, farms, and protocols etc. subject to appropriate and reasonable risk assessments;
- 3.deliver a quarterly report, via Discourse, that provides a performance and risk assessment, as well updates on any material changes to risk guidelines and policies set by the Treasury Management Council. in each case, subject to the scope authorised in this remit.
- 3.The Treasury Management Team is directed to optimise capital efficiency and maximise risk-adjusted returns (and delegated authority to carry out the acts incidental to it, usually accompany it, or are reasonably necessary to accomplish it) subject to the policies and guidelines of the Treasury Management Council and the scope authorised in this remit.
- 4.The Treasury Management Fund assets are at all times subject to redemption by Tracer DAO as needed for operational expenditures. Any funds so redeemed for may be remitted back the Treasury Management Fund without further proposal.
The Treasury Management Team and Treasury Management Council are directed to reference the table below for further guidance on the scope of authority.
Decision | TMT | TMC | Governance Proposal |
|---|---|---|---|
Amendments to this framework | ------ | ------ | x |
Approve initial and any additional capital allocations to the Fund | ------ | ------ | x |
Whitelist investable tokens (non-stablecoin) | ------ | ------ | x |
Set maximum concentration/risk limits for each (non-stablecoin) investable token | ------ | ------ | x |
Approve L1s and L2s whitelisted for cross-chain bridging of any assets (if any) | ------ | ------ | x |
Approve maximum leverage ratios across the Fund and per position | ------ | ------ | x |
Anything else not listed below and not reasonably required to fulfill TMC duties | ------ | ------ | x |
Whitelist investable defi protocols | ------ | x | |
Whitelist investable strategies (e.g. lending, liquidity pools, strategy vaults, arbitrage) | ------ | x | |
Determine risk limits for each whitelisted strategy (e.g. limits to impermanent loss for LP, protocol risk limits for each defi product) | ------ | x | |
Determine concentration limits (protocols and strategies) | ------ | x | |
Allocate and rebalance fund subject to Community and TMC imposed constraints | x | | |
Actions incidental to defi yield-farming/staking (e.g. claiming rewards, swapping rewards for stablecoin, voting) | x | | |
Actions incidental or reasonably necessary to carry out whitelisted strategies and vaults | x | | |
Necessary actions to safeguard Fund assets, prevent exploits, or respond to security breaches | x | | |
Last modified 1yr ago