9a7c9e0064848ed8f34da5737bddc38269cbabcd@78646071
The Proposal
This proposal is for the DAO to use the current USDC BUSD and USDT reserves to purchase DEC (approximately $286k at the time of this proposal). This swap will be handled by the DAO management team in a way that minimizes fees and slippage as much as reasonably possible. The max purchase price for DEC is $0.95 per 1k DEC (95% of peg value).
Edit: This proposal has been changed in the pre-proposal stage from USDC to USDT and BUSD. This will leave the $358k USDC available for the upcoming Rebellion proposal mentioned by Matt on the town hall.
The Reasoning
It has been stated many times that getting DEC to par value and activating the "flywheel" is one of the most important things for the Splinterlands economy. This is a chance for the DAO to contribute towards that goal while also increasing the value of the treasury. Activating the flywheel will create a large use case for SPS (burning SPS to mint more DEC) that can help drive more demand for the Splinterlands governance token. While this buy alone will not activate the flywheel, it will get us closer towards that step.
Take Two
This proposal was tried once and barely fell short of passing. In response to feedback from the first vote, it is being tried again with a smaller percentage of the DAO stable reserves.
Knights of Praetoria
A huge, mega thank you to the Knights of Praetoria guild for providing the burn fee for this proposal. The guild is not specifically in favor of or against the proposal, but they would like the community to have the option available to them.
