Gnosis Community Update
An update on our work at Gnosis since the mandate passed in mid-February.
Treasury Dashboard
First of all we’d like to share our treasury dashboard, which has been a priority on our dev front over the past months. It’s now live and aims to serve as a reference point for the community and tokenholders.
See it live at: gno.now
Operational
Our priority over the past months has been on the operational side, ensuring Gnosis products remained unaffected throughout.
Alongside the Gnosis Chain team, we worked on the Balancer exploit recovery, preparing the recovery payloads, recovering the funds, deploying the claim contract, and bringing the full claim system live for affected users.
We also managed a graceful exit from Spark, pacing withdrawals to keep utilisation in optimal ranges and incentivise remaining depositors to exit. Beyond that, we’ve unwound redundant positions and consolidated overall treasury and operational liquidity positions, which simplifies the overall footprint.
We have been working together with the Monerium team to initiate a migration to EURe v2, gradually moving liquidity across. v2 is a new version of v1 yet they both share the same state, which means the migration touches every place v1 is currently in use. We’ve been coordinating with the relevant teams including the CowSwap team to resolve order-routing issues between the two tokens, with Aave where v1 is listed, and with Gnosis Pay which also runs on v1. Part of this work has also seen us work together with the Curve team to launch FX pools on Gnosis Chain, a new pool type targeted at FX pairs.
GNO Market Buys
We executed $1.58M of GNO market buys over the quarter, acquiring 12,597 GNO at a volume-weighted avg of $125.75, or 0.0626 ETH per GNO.
Obligations
We processed the HOPR OTC trade as per GIP-122, paying out $1.2M in exchange for HOPR tokens. tx/0xfb04
We entered into a loan agreement with TheDAO loaning them 600 ETH, at premium to market terms, to help kickstart their security fund grants: thedao.fund on X: "TheDAO Security Fund’s first round is out! We’re kicking things off with a broadly scoped Ethereum Security quadratic funding round on Giveth as the first move in our bottom-up distribution strategy. Why QF? Because we wanted the first round to do more than just allocate" / X
Governance
Under the mandate, voting power for any non-GNO governance tokens held in treasury is delegated to NOCA. No material votes occurred on delegated positions this quarter.
OPSEC
In light of recent exploits across the space, we’ve dedicated significant effort to operational security. We’ve consolidated Safes into a smaller, actively-monitored set, and all NOCA signers use dedicated hardened devices used exclusively for signing.
OPSEC is an ongoing effort. We’ll keep tightening and reviewing it on an on-going basis.
What’s Next
As we move into Q2, we’ll keep streamlining operations on the Gnosis Chain side while turning our attention to the endowment. We’ve been in touch with counterparties and have started internal DD on the options. Capital remains passively deployed in low-risk positions as we begin deployments.