Aye

Convert Part of DOT Assets to Stablecoins

inRoot

a year ago

Executed

This is a new referendum to gradually convert part of the Polkadot Treasury's DOT assets into stable coins (specifically USDT and USDC). Similar to referendum 457, it uses Hydration's DCA feature to sell a fixed amount of DOT per day. The allotted amount covers one year of conversions.

Unlike 457, rather than acquiring a fixed amount of USDT/C per trade, this sells a fixed amount of DOT per trade.

See the proposal doc for more details, methodology, and calculations.

Comments (9)

a year ago

I think we are doing it the other way around, in the bear market DOT is bought and in the bull market DOT is sold, what will happen to the previous proposal?

a year ago

strongly oppose it.

Wrong timing: The current dot price is very low, and selling it now is very uneconomical and will make the price even lower. Diversification into stablecoins should be completed during bull markets
The price increase of dot is the best medicine for everything, and the price increase depends on the precipitation of protocols. For example, we support our top dapp hydration more, and support its lending and stablecoin. On the one hand, the selling volume decreases, and the dot price increases. On the other hand, the casting of our own stablecoin is a better way

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Proposal Passed

Summary

Aye

Nay

Aye (79)0.0 DOT

Support0.0 DOT

Nay (13)0.0 DOT