The recently passed Approve New DXD Token Model created a DXD Monetary Policy Committee to meet monthly and go over the execution of the DXD token model.
Proposals in grey have not yet gone through. With those counted, DXD supply would contract by 8,616 to 26,455, in return for $6m of treasury assets. This translates to an increase of $68 per DXD share of 70% of Treasury NAV.
As part of the new token model, DXdao is now providing its own liquidity on Swapr ($300k), which has helped on-chain volume. The bigger increase, however has come from “on-chain extra” which is mostly 1inch limit orders
The only major policy discussion was on the Liquidity Weight Ratio for some treasury assets. As the buybacks and member balancer redemptions occur in stablecoins and ETH, the treasury is gradually increasing its share of “non-core” assets (ENS, SWPR, GNO) increased from 2.53% of treasury assets to 3.17%. At the moment, all of these contribute 25% of their current value to Treasury NAV.
Potential changes:
Lower SWPR liquidity ratio to 10%
Raise ENS liquidity ratio to 50%
Be on the lookout for a vote on these.
Discussion on long-term model
The second half of the meeting was focused on implementing the long-term model through inverse bonds. Full deck here, some highlights below
