Thank you all for your proposals.
With LLM assistance I tried to turn all of these proposals into two tables, one for full-scope proposals, one for partial service providers. I organized it by what data I find useful. If there are categories you would like to see included, please comment.
Full Scope
| Proposal | A) Scope fit vs RFP | B) Team & legitimacy | C) Deviations / exclusions | D) Fees | E) Risk guardrails | F) Reporting & transparency | H) Accountability / switching | I) Custody & execution (concise) |
|---|---|---|---|---|---|---|---|---|
Re7 Capital  |
Claims full scope incl. GC liquidity, endowment, disbursements, governance | Institutional DeFi manager; audited track record; NDA foundation clients | Delegated committee & custody details not explicit | 1% AUM (deployed) + 15% perf; cap $1.5m; 50% GNO vested | 24/7 monitoring stated; limits not detailed | Live dashboard + periodic reports claimed | 12m term; 90d termination; KPI clause | Not specified |
| rethink.finance |
Full scope incl. GC liquidity, GNO buybacks, governance | Named team; Gnosis tooling + Safe/Zodiac experience | No forced vault usage; limited discretionary authority | $950k base + 15% perf; paid in GNO | Explicit policy-first limits, SLAs, kill-switches | Live dashboards; NAV + supply tracking | Not fully specified | DAO Safe custody; delegated execution via Safe/Zodiac; DEX/CEX/OTC |
| RockawayX |
Broad scope (asset mgmt + dashboard + governance) | Builder-investor; licensed entity | Dashboard may substitute parts of reporting | $25k/mo retainer + 10% perf; capped | Incident response defined; limits unclear | Transparency dashboard + monthly reports | 90d termination; KPI fast exit | Non-custodial; DAO retains assets |
| Noctua (Noca) |
Implied end-to-end treasury mandate | Limited detail beyond commercial framing | No fixed term; exclusivity elements | $1.0m base + 30% perf (uncapped) | 24/7 monitoring, alerts, emergency procedures | Real-time public dashboard | 90d termination; no fixed term | DAO Safe custody; delegated, revocable execution |
| EXA + Gauntlet |
Full scope via modular ops + risk split | EXA ops + Gauntlet risk credibility | No perf fee; refund mechanism instead | $850k fixed ($200k upfront + $54.2k/mo); refund if under benchmark | Explicit oracle, TVL, venue limits | Full dashboards, ETL, live monitoring | 90d notice; structured wind-down | DAO Safe custody; EXA executes DEX/CEX/OTC |
| Tulipa Capital |
Full scope with liquidity & treasury ops focus | Professional liquidity management firm | Less emphasis on governance layer | Flat fee + perf component (proposal-specific) | Liquidity risk controls, venue caps, rebalancing rules | Regular reporting; dashboard claimed | Standard termination (needs confirm) | DAO custody; delegated execution |
| Perseus & Mainnet |
Full-scope “co-manager” model: treasury strategy + execution + tooling | Mainnet (institutional crypto investment firm) + Perseus DAO infrastructure | Modular model; governance tooling emphasis may overlap with other bidders | Management fee + performance fee (details proposal-specific) | Institutional risk framework + onchain controls | Dashboard + structured reporting proposed | Term + termination framework proposed (details proposal-specific) | DAO Safe custody; delegated execution via Mainnet infrastructure |
| Edge Capital |
Full Scope (Liq + Endow + Gov + Insurance) | Institutional; $471M AUM; SEC/CIMA Regulated | Market Neutral; Confirmed DAO Safe compatible | 1% / 15% | Detailed: VaR limits, Drawdown triggers, Insurance | 3rd Party Admin (NAV Consulting) | Live Dashboard; Audited (Withum) | DAO Safe or Segregated Fireblocks/Fordefi |
| Hyperithm |
Full-scope claim | Global digital asset manager; quant focus | None explicit | 0% mgmt / 20% perf; cap $1.5m | General institutional controls | Monthly + incident reporting | 12m term | DAO-controlled on-chain wallets |
| MEV Capital + Lucidly |
Full scope incl. GC liquidity + governance | Licensed entity; ops-heavy team | None explicit | $180k base + 14% perf; cap $1.5m | Explicit triggers, SLAs, monitoring | Real-time dashboard + APIs + monthly | 90d termination | DAO custody implied; execution details limited |
| AlphaGrowth |
Full scope with liquidity-first strategy | DeFi growth-oriented team | Strong push toward structured liquidity | $800k base + 20% perf; cap $1.5m | Limits + drawdown playbooks | Monthly reports + dashboards | Pilot → scale phasing | DAO Safe custody; delegated execution |
| FIL Strategies |
Full scope framed around NAV + sustainability | CFA lead (ex-Stellar treasury $30M→$700M); Lund Ventures (Optimism gov); 1121 Law | Explicit options-based NAV convergence strategy; endowment sustainability focus | $1.2m cash + $300k GNO; no perf fee | IPS for DAO approval; zero-leverage default; concentration limits; 1-week post-mortem SLA | Strong NAV/GNO + independent accounting | 12m term; 6m review | DAO Safe custody; delegated execution; OTC/options focus (on-chain where appropriate) |
| Gami Capital + Stake DAO |
Full-scope: treasury management, GC liquidity | Gami: regulated asset manager; Stake DAO: established DeFi liquidity & governance operator | No explicit exclusions; conservative framing vs aggressive yield strategies | $1.2m flat; no perf fee | Explicit risk management approach described (diversification, conservative deployment, monitoring), though limits are high-level | Regular reporting + dashboard coverage proposed; less emphasis on bespoke analytics than some peers | 12m | DAO-controlled Safe custody; delegated execution leveraging Stake DAO’s DeFi ops and Gami’s asset management processes |
| K3 Capital & Sumcap |
Full scope; separated authority framework | Institutional desk (K3) + Research/Risk boutique (Sumcap) | Separation of execution (K3) and validation (Sumcap) | 0.5% AUM + tiered perf fee (hurdle); K3 co-investment | 3-tier control system; independent risk validation | Live dashboard (Real-Time/Daily); Quarterly reports | 12m term; 90d termination | K3 executes; Sumcap provides independent check |
| Impossible Finance |
Full scope; emphasis on Gnosis primitives (CoW, Mesa) | Impossible Finance team; strong ecosystem alignment | Excludes BTC mining; capped innovation pipeline | Three options: $1.1m fixed or ~$800k base + perf/innovation budget | Baseline-first; sleeve ring-fencing; 24/7 monitoring | Live dashboard + Monthly pack + Independent reporting option | 1y term; Quarterly reviews | Safe custody; CoW/Mesa execution; “Decision Markets” advisory |
| GFX Labs |
Full scope; “corporate treasury” model (reliability focus) | GFX Labs team; experienced governance contributors | No external treasury clients (no conflicts); rejects “hedge fund” model | $843k/yr fixed ($115k upfront + $60.7k/mo); no performance fee | Capital preservation focus; 24/7 monitoring | Live dashboard (MVP 60 days) + Monthly reports | 12m term; renewable | Ministerial execution at Gnosis direction; Safe custody |
| MAXYZ |
Full scope with ops + automation-first | Balancer governance contributors | De-prioritizes alpha optimisation in the first 6 months | $500k USDC + $500k GNO (2yr vest), no perf fee | 24/7 monitoring, alerts, pause modules, inhouse auditor, SLAs | Live public dashboards, monthly reports, GIP-146 aligned | open-source infra transferable without loss of function | DAO custody; on-chain automation |
Partial Scope
| Proposal | A) Scope fit vs RFP | B) Team & legitimacy | C) Deviations / exclusions | D) Fees | E) Risk guardrails | F) Reporting & transparency | H) Accountability / switching | I) Custody & execution (concise) |
|---|---|---|---|---|---|---|---|---|
| Avantgarde |
Endowment + governance + committee only | Strong DAO TM reputation | Excludes GC liquidity, buybacks, OTC/CEX | $450k flat | Monitoring/emergency ops mentioned | Monthly static; excludes major scope | Not specified | DAO Safe custody; Zodiac-based execution |
| Superform |
Productized vault model | Infra provider; open-source | Not a human TM; misses committee/OTC | ~5% of outperformance | Onchain governance + proofs | Real-time dashboards | 1y term; 90d termination | DAO custody via vault contracts |
| yields.digital |
Onchain reporting, risk scoring, yield optimisations | Deep TradFi, crypto & DeFi experience | No execution; needs partner | €45k/mo + 3% of the yield | Comprehensive risk scoring & alerting (Predictive risks to follow) | Dashboards + reports | Not specified | N/A |
| Regen Financial |
Independent reporting only | Accounting-focused team | Not a TM | Not specified | N/A | Independent verification | Reduces switching cost | N/A |
| SEEDLatam |
Governance support only (no asset mgmt) | SEEDGov; experienced governance delegates | No treasury execution/asset management | $75k fixed + variable (capped at $37.5k) | “Political Risk” monitoring | Voter alignment reporting; Rationale tracking | N/A (Service provider role) | N/A (Governance only) |
Notes for the treasury management applicants:
- If you feel I misrepresented your proposal, lmk, I’ll revise. I did not compile the tables manually and only checked for general correctness with random samples.
- I was already contacted by MANY community members who asked for a way to get in touch with individual providers. Please add some sort of contact for non-public communications.
Notes for the community
- I appreciate there’s a lot of detail here, I tried to pry apart the most important aspects in the table. Let’s make sure we make an informed choice!!
Process
I suggest we leave this week for multiparty negotiations. I expect that some proposals may be amended as a result. I would aim for closing this phase on Monday next week. If there is interest in a community call with all or a subset of the applicants, please let us know and we will try to set it up for later this week. Once this week has passed, the currently live vote on GIP-147 on using ranked choice voting for RFPs like this one will have resolved. Assuming the GIP passes, you’ll be asked to select the treasury manager following those new rules. You can read about and vote on the new process here.