Hi Elliott,
Thank you for sharing this. Can I ask why March and April reports had to be combined? And why use end-of-april GTC prices but a latest transfer date of May 18th 2022 (slide 4)?
This GTC price decision significantly changes the treasury outlook from having $40.4M to $23.7M (a >40% reduction).
Could you also share more details about why the treasury diversification into stables could not occur in April or sooner? Llama’s first post about treasury diversification (proposing swapping $15M of GTC into stables, which was at the time 24% of the treasury and is now 63%) is from January 13th. Based on the thread, perhaps it has been a slow search for institutional partners. I am confused why ‘institutional partners’ are needed at all to swap GTC into DAI or USDC (this may be my ignorance). An earlier diversification could have resulted in a much better treasury outlook than we now face.