Introduction
Hi 1inch community, I’m King from Rethink Finance.
We are an asset management infrastructure provider working with and building on top of Safe Custody Contract, Gnosis Roles Modifier, and Open Zeppelin Governor, to make decentralized and delegated asset management more accessible and power the transition to decentralized and non-custodial asset management.
TL;DR
For DAOs like 1inch running a multi-sig, it’s a known fact that the process is not only annoying/operationally complex (because you need to coordinate at multiple people for every single action) but also not fully decentralized and will likely be regulated as CASP based on MiCA.
Here’s how we can make DAO treasury management more decentralized, non-custodial, and efficient:
Delegated scoped permissions (governed by DAO token or even multi-sig) for a manager in charge of executing certain transactions on behalf of the DAO
Ability to add direct governance execution of transactions or interactions with any protocol (governed by DAO token)
Connections with pro asset managers currently managing over $50m in DeFi (mostly for the DAO’s idle assets)
Ability to connect the community with additional capital if you choose to run your own generic strategy
Summary
This post is a temperature check for the 1inch DAO & community.
We would like to initiate discussion and find ways to make 1inch’s treasury management execution more decentralized and efficient.
Status quo is multi-sig. This is not only highly operationally complex (every transaction needs multiple signers, often at the same time), but also not fully decentralized and might even be facing regulatory risks (as CASP based on MiCA).
We are presenting 2 complementary but independent solutions:
- Decentralized Treasury Management
- Delegated Asset Management
Details
Decentralized Treasury Management
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Rethink Finance would partner with the 1inch community, to offer decentralized treasury management infrastructure governed by $1INCH token.
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$1INCH token holders above minimum threshold (TBD) may create proposals on allocating community resources.
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$1INCH token holders may vote on proposals themselves, or choose to delegate their voting power to trusted delegates (with the possibility to revoke delegation at any time).
Delegated Asset Management
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Rethink Finance would partner with the 1inch community, to offer its members the infrastructure to spin up multiple on-chain investment vehicles (OIVs).
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$1INCH token holders may choose to deposit idle assets from the community treasury to OIVs to achieve common goals, while isolating risk.
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OIVs may have managers who may execute any transaction (any asset and any protocol on EVM) on behalf of OIV, if they have been granted scoped delegated permissions to do so.
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OIVs may be fully governed by $1INCH token (token holders may create proposals or delegate voting power to trusted delegates, delegate scoped permissions, and approve valuation methods for OIV positions).
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Deposits and redemptions into OIVs are flexible and settled by a manager or through governance. Deposits into OIVs may be open to the wider community or gated by a whitelist.
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OIV managers may earn fees (performance, management, deposit, or redemption fees) for their service.
Background
Rethink is a layer that operates on top of Gnosis Safe contract structure, essentially operating as micro DAOs for depositors, where they delegate permissions to the asset managers.
Deployers create the fund strategies that people deposit into in the first place.
Managers then can make changes to said fund structure, within the parameters agreed upon by depositors.
We are utilizing the technology used by Gnosis, Arbitrum, Aave, Lido, ENS and Balancer to manage/execute treasury, making it more flexible for large-scale utility and adoption, and making it available to DAOs at large. We are presently talking onboarding with Mantle, Sushi, Stargate, Frax Finance, Radiant Capital, etc, with already $1M+ AUM.
We would love to have 1inch DAO as one of our pioneer adopters and help power the transition to decentralized, trustless, delegated, non-custodial asset management.
Here are our key resources:
- Website: https://www.rethink.finance/
- Docs: Welcome | rethink.finance
- Calendar: https://cal.com/rethink.finance/30min
Please let us know your thoughts and feedback on this so we can move forward with a ‘temperature check’ followed by a formalized proposal to be voted upon by the DAO.