Oh no, no, no.
This is the worst response I can imagine.
Comparing a new offer of $1.5m/yr to your previous $6m+ isn’t a show of good value, it’s a show of how disgusting your extraction has been to date, how little you really care about GnosisDAO, and how easy it is for your own interests to take centre stage.
Karpatkey charge based on a $520 million treasury, when 1/3 of that is just uncirculating GNO which could just as well be burned. They then barely keep pace with even the most basic benchmarks of wstETH + sUSDS.
The extraction needs to stop.
I invite the Gnosis team to step in by implementing a routine annual governance vote on this topic where GNO holders can express their views, so as to not create a circus where external holders are so dissatisfied that they are creating their own scathing governance proposals to offboard the treasury manager.
We should be moving all assets to wstETH and sUSDS/sUSDE. Karpatkey cannot and will not outperform them, and they are neutral, low risk yield sources. As we have seen, Karpatkey’s management is clouded by their relationships elsewhere and puts us at greater risk.
Let me be abundantly clear: this is not an issue that will recede without a governance vote for GNO holders to decide whether the relationship continues.