The purpose of this proposal is to present the SPS DAO with an opportunity to expand it's DeFi presence onto a new chain and to potentially take advantage of Coinbase adding support for the BASE chain. Whether or not Coinbase does officially add support for BASE (which is expected to be announced on July 16th), having SPS on BASE still allows for a nearly zero fee solution for U.S. users to buy and sell SPS for USDC.
After speaking with several top stakeholders, many felt that the best way to secure liquidity for this new pool would be to close the DAO's position on ETH. Quite a bit of the volume on Ethereum is simply arbitrage balancing, which isn't bad per say, but is not being used as an on and off ramp for the token. BASE could be a better use of our resources, so it's up to the SPS DAO to decide how to proceed.
If this proposal passes:
