RFC: Convert $489K DAI balance to stETH and deposit as sponsorship into stETH pool on Pooltogether

I agree with having more stETH, that’s perfect…

But I do think we are in a pretty bad moment to make that purchase…

Would feel way more comfortable with a lesser amount and for it to be spread out over the year, basically DCA’ing it completely instead of locking us into a buy right after a 22% jump YTD.

That’s my only concern but other than that the plan seems solid.

Hey @DenicioDelToro1,
the conversation moved here: PTIP-84- Increase ETH exposure while supporting the stETH pool

Here are my thoughts:

  1. I don’t love speculating on ETH price with treasury as we might need every stablecoin we have to survive the bear.
  2. I think staked ETH has a major role to play in the future of Pooltogether. It is the only sustainable yield source we have right now that provides decent yield (unlike Aave) and will continue to do so perpetually.
  3. I also think coupling pools with charity is a great experiment and could be a marketing driver.

As such, I support governance giving explicit support to the stETH pool through sponsorship. I think it’s good we’re swapping a small amount to stETH and I think we should use it all as sponsorship.

This should also be seen as a vote of confidence in the stETH pool (or future iterations of it) and promote it to an official pool that gets more marketing exposure and considered if there can be an easier way to find it through the PT app frontend.

I don’t have concerns with the sponsorship being large compared to current deposits, as 50% of yield gets donated anyway so it’s still higher return to not use the pool if that’s the only thing you care about.