It's been another busy month in the SPS world. One of the biggest projects this month has been researching the creation of an SPS Foundation and working with Dave and a few attorneys to help chart the best course forward for the DAO to establish its own legal entity. Since the vote to officially pursue this project has passed, we're going to continue to explore our options and will bring forth a proposal to the DAO when we're confident we've found the most viable path forward.
I worked with SushiSwap and their partners to execute our first SPS Bond Market. Even with the token price in decline, we still managed to bank over $20,000 of SPS and ETH into the v3 liquidity position on SushiSwap which is entirely DAO owned and will generate trading fees for the DAO. It's a good start, but there's still more work to do on expanding to new chains.
Speaking of that work, I spent an extensive amount of time auditing the SPS distributions over the last couple of months (with some help from the Splinterlands team) and I'm excited to say that I believe I finally have all of the information I need to compile a complete audit. I need to consolidate the info into an easily digestible format, so look for a post on this next week.
I've also been helping to communicate with Double Coconut about the launch of SoulKeep and ended up making a new proposal to rework the SPS rewards structure that was originally envisioned for the project. It's quite a bit different than what was originally proposed, but I think we've found a solid solution to burn DEC and return value to SPS over time. Hopefully that option will work for the DAO and if not I'm happy to help explore other options.
This report has already gotten quite long and I still need to work on the SPS audit report, so I'll go ahead and end this one here. It's worth noting that there's only 4 months remaining on my contract and we're going to have to figure out what we're doing in that regard before long. For now, it's back to work. Thanks for your time and consideration. Until next time...
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This month we ran 3 DAO Sponsored proposals so the DAO needs to burn 300,000 DEC. The proposals are linked below:
Convert ETH to USDC at Specific Price Targets
Establish a Newly Formed SPS Foundation and Elect Dave McCoy as Chair of the SPS DAO
Requesting the SPS DAO to release eighth monthly payment of 5000 USDT to Ethereum wallet:
0x256Bcb7A2Eb8Ee48a1E9F4b157eAAc6E5C83532e