#3: DeFi treasuries, with Hasu, MonetSupply, and Larry Sukernik

I Pledge Allegiance

English - November 16, 2021 16:22 - 1 hour - 82.8 MB - ★★★★★ - 12 ratings
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Previous Episode: #2: Aave Arc, with Michael Shaulov and Roshun Patel

Next Episode: #4: The Fei <> Rari Merger, with Joey Santoro, Jai Bhavnani, and Jason Choi

In this episode of I Pledge Allegiance, host Derek Hsue chats about DeFi Treasuries with Hasu, MonetSupply, and Larry Sukernik. Treasuries are a hot topic in crypto right now; they represent huge, largely unused pools of capital that can be productively deployed. We explore helpful mental models for treasuries, what projects should and shouldn't be spending money on, and how projects should be positioning their treasuries going forward.

Show notes and links included below.

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A New Mental Model for DeFi Treasuries - Hasu, MonetSupply

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Show Notes:

(0:1:00) - Hasu's motivation for writing this piece

(0:1:55) - On the difference between on-chain treasuries and traditional companies

(0:5:57) - Hasu on why projects should be more aggressively diversifying into stablecoins

(0:9:18) - MonetSupply on why lending protocol treasuries are unique

(0:15:00) - How projects should actually diversify

(0:20:39) - Once diversified, how should projects be deploying their assets?

(0:24:50) - Why VC-backed projects have a harder time deploying assets

(0:28:57) - Highest marginal rate of return, applied to treasury spending

(0:34:58) - On why Grants programs are a crucial starting point for all treasuries

(0:41:10) - Capital as a weapon to acquire talent

(0:45:43) - How compliance and regulations impacts project spending

(0:50:00) - Hasu's practical playbook for projects on how to manage their treasury

(0:56:44) - Why Yearn is a great case study for well-run treasury management

(0:59:49) - Why "diversifying" into other coins is ineffective

(1:04:30) - Hasu on why liquidity mining is very dumb

(1:08:21) - Why hierarchical DAOs will win over flat ones

(1:14:04) - How MakerDAO Core Units are structured

(1:16:37) - The most important Sub-DAOs to setup and scale

(1:20:52) - When Treasury Swaps do and don't make sense

(1:24:49) - Exploring various treasury primitives (UMA Range Tokens and Ribbon Treasury)