Nouns Treasury: Keep USDC Liquid, Earn Yield While It Waits
proposed by 0xcc4f…0aed sponsored by 0xedc1…e7e1
The proposal did not pass: quorum not met, For not ahead, voting ended. It needs both quorum and more For than Against.
Quorum
The For votes a proposal needs before it can pass
65 / 204 For votes of the quorum
31.9%
Closed 139 more For votes short of quorum
Request size
Moves treasury funds without spending them.
Vote result
Which side is ahead
Turnout
172 / 1,361Nouns
12.6% cast
Proposal end
Voting period ended
Ended
48d 5h ago · Defeated
Opened
block 25,912,636
Closed
block 25,941,436
TL;DR
Nouns has 484,743 USDC sitting idle.
This proposal moves 300,000 USDC into OUSD so the USDC can earn a yield while waiting to be used for other proposals, while still remaining fully accessible to the DAO. It also wraps it into the non-rebasing wOUSD to simplify treasury accounting.
OUSD is a fully liquid stablecoin - converting USDC to OUSD does not lock up any funds, so there is no opportunity risk of funding other proposals with these tokens by converting some USDC to OUSD.
- No funds are locked.
- No funds are spent or given to a third party.
- The DAO can convert OUSD → USDC at any time.
- wOUSD and OUSD are fully liquid.
- 184,743 USDC remains in native USDC immediately after execution.
- If a future proposal needs more USDC, the DAO can redeem any or all of this position first. This proposal does not prevent, delay, or compete with future spending proposals.
At the current estimated yield of ~5.15% APY, 300,000 USDC would generate roughly $1,287/month (~$15,450/year), while the DAO keeps fully control and liquidity.
This proposal was modeled after recent staking proposals that the DAO ratified.
Scope and rationale
This is a limited treasury-mechanics change, not a grant or a change to Nouns’ auction or governance rules. In this proposal the DAO is allocating 300,000 USDC (4.4% of the treasury) to a DAO-controlled yield-bearing stablecoin. Its purpose is not to make treasury management the DAO’s product, it is to let a portion of idle stablecoin reserves contribute variable yield toward future Nouns funding while 184,743 USDC remains natively available. This proposal authorizes only this capped position. Any increase beyond 300,000 USDC, or any future use of the position, would require a separate DAO proposal.
What this proposal does
Think of this as moving part of the DAO’s idle cash from a checking account into a yield-bearing version of the same cash. Like converting the DAO's ETH into stETH !
Why do this?
Idle USDC earns nothing. This proposal lets the DAO earn yield on a portion of that balance without sacrificing the ability to fund future ideas.
The expected yield can help fund: future proposals, operating costs, purchases of additional ETH, direct donations to charity, or simply increase the DAO’s USDC balance over time.
Most importantly: if a better use of OUSD funds appears tomorrow, Nouns is free to use the funds tomorrow - because OUSD is fully liquid.
4 transactions · converts 300,000 OUSD and 300,000 USDC · approves up to 300,000 OUSD and up to 300,000 USDC
1Approve the OUSD vault to spend 300,000 USDC300,000 USDCApproval
0xa0b8…eb48USDC0 ETH
approve(address,uint256)
Calldata (64 bytes) 0x000000000000000000000000e75d77b1865ae93c7eaa3040b038d7aa7bc02f7000000000000000000000000000000000000000000000000000000045d964b800
2Mint OUSD with 300,000 USDC through the OUSD vault for the treasury300,000 USDCConversion
The amount is USDC deposited. The vault transfers the USDC from the treasury and mints OUSD to the treasury.
0xe75d…2f70the OUSD vault0 ETH
mint(uint256)
Calldata (32 bytes) 0x00000000000000000000000000000000000000000000000000000045d964b800
3Approve wOUSD to spend 300,000 OUSD300,000 OUSDApproval
0x2a8e…5e86OUSD0 ETH
approve(address,uint256)
Calldata (64 bytes) 0x000000000000000000000000d2af830e8cbdfed6cc11bab697bb25496ed6fa62000000000000000000000000000000000000000000003f870857a3e0e3800000
4Wrap 300,000 OUSD as wOUSD for the treasury300,000 OUSDConversion
The amount is OUSD deposited, not wOUSD shares. Shares are calculated at execution and sent to the named recipient; this call sets no minimum share amount.
0xd2af…fa62wOUSD0 ETH
deposit(uint256,address)
Calldata (64 bytes) 0x000000000000000000000000000000000000000000003f870857a3e0e3800000000000000000000000000000b1a32fc9f9d8b2cf86c068cae13108809547ef71
Estimated spendTreasuryAnnual staking yield
Spending is priced the same way the Coffer prices the treasury: today's prices, today's balances. Moving money between the DAO's own wallets, setting approval limits and swapping one asset for another do not count as spending. NFTs and calls whose effect is unknown are left unpriced.
The yearly staking yield takes what is staked right now at its current rate for one year. It leaves out auction income, price moves and any change to the balances or rates.
A current treasury and staking-yield benchmark is unavailable.
- Proposer
- 0xcc4f…0aed
- Sponsors
- 0xedc1…e7e1
- Created
- block 25,891,036 · transaction 0x5df359…f705
- Vote snapshot
- Voting power is read at block 25,912,636
- Quorum
- 204 For votes. Every Against vote raises this floor, up to a cap. Reaching it is not enough on its own: For also has to beat Against.
- Turnout
- 172 of 1,361 Nouns cast · 12.6%
- Executor
- The treasury
- Governor
- the Nouns governor on Etherscan
Schedule
- Editable untilblock 25,909,036
- Voting opensblock 25,912,636
- Voting closesblock 25,941,436
Times are shown in your time zone.
How a proposal moves through the governor
The proposer can still edit for a short while after posting. Then it waits for voting to open. Voting runs for a set number of days. If the result flips near the end, an objection period opens where only Against votes are allowed.
To pass, a proposal needs two things at the close: at least as many For votes as the quorum, and more For than Against. The quorum is not fixed. It starts at a minimum and rises with every Against vote, up to a cap, so a contested proposal needs more support than a quiet one.
A passed proposal waits in a timelock, then anyone can execute it until its grace period runs out. The proposer can cancel any time before that. The vetoer can veto a malicious one.
Votes & reasoning16
For
65Nouns · 37.8% · 7 wallets
Abstain
4Nouns · 2.3% · 2 wallets
Against
103Nouns · 59.9% · 7 wallets
Signals count wallets, not Nouns, and are not votes.