In this week’s gov call, @Aymeric, @Avantgarde, and @kpk all joined to share a bit more about their proposals.
One idea that came up from delegates was the idea of doing a comparative analysis and @Defi_Foodie brought up that some ecosystems engage a separate third party to do a comparative analysis. I want to touch on this idea and to share some results from some chatGPT’ing.
Comparative Analysis Idea
If we are looking to include a vote for treasury managers in the Sept 1 voting cycle, we would need to move quickly. We can potentially do a small bounty for this, but my concern is timing and bandwidth for selection. This would almost definitely push the decision to Oct 1. We do need to prioritize making a good decision vs making a rushed decision so if this is what delegates want, please stress this ASAP and provide insights on the kind of process you want:
- Do you want to see an RFP for this? Might be overkill.
- Should we just open up a bounty (say for 500 SCR) and whoever gets the most positive feedback will win i?
- Are there suggestions in mind of qualified third parties who can do this?
- Do you have other suggestions?
The gov is a bit bandwidth constrained at the moment so it’s going to be tough for us to do this right now. If any delegates feel able to do this, please make that known ASAP.
ChatGPT results
Tagging @Aymeric, @Avantgarde, and @kpk to call out any hallucinations in the summary as it has NOT been reviewed.
| Criteria | 9Summits | Avantgarde Finance | kpk |
|---|---|---|---|
| Team / Background | Founded by Rémi; curates $85M in market-neutral strategies. Treasurer of Ethereum France (crypto treasury $0.5M–$2M). Conservative approach, focused on preservation. | DeFi-native firm, co-founders of Enzyme; team from BlackRock, Goldman, Genesis, Valour. Experience managing $50M+ for Nexus Mutual, Arbitrum, Gitcoin, Compound, etc. | Founded 2020, manages $1B+ non-custodial AUM. Treasury partner for GnosisDAO, Balancer, ENS, Aave, Arbitrum, Uniswap, Lido, Ethereum Foundation. Extensive DeFi policy + ops experience. |
| Core Proposal / Approach | Long-term strategy starting with audit, allocation plan, diversification to fund grants & ops, with focus on avoiding sell pressure. Conservative, sustainability-oriented. | “Holistic management” with multiple strategies: SCR diversification via covered calls (MYSO), formal asset allocation between stables & ETH, yield on idle SCR, Scroll-native protocol integrations (MYSO, Enzyme, Morpho), plus professional accounting/reporting. | Non-custodial management of ~40M SCR. Diversify via: (1) CEX gradual SCR→stable sales, (2) 20% covered calls, (3) 20% liquidity provisioning. Extend runway, reduce SCR volatility, build stables without abrupt selling. |
| Risk Management | Diversification, predefined rebalancing triggers, long-term focus. Uses Hexagate + in-house alerts for monitoring. | Portfolio constraints, risk tiering per protocol/token, automated monitoring, scenario modeling. Stablecoin diversification across USDC/USDT/DAI to mitigate depeg. Emergency unwind processes. | “Strict risk framework.” Automated bots for liquidation protection, alerts via Hypernative/Cyvers, emergency drills. Zodiac Roles-based permissions for non-custodial execution. Diversified strategies to limit concentration risk. |
| Tooling / Infra | Gnosis Safe + Zodiac Pilot modules; Hexagate for alerts; in-house risk tools. | Safe + Zodiac Roles Modifier (trust-minimized); Regen Financial for accounting; MYSO for options; Enzyme vaults; Morpho lending. | Safe + Zodiac Roles; custom Policy & Transaction Builder tooling; automated guardians; market-making execution engines for CEX trades. |
| Diversification Strategy | Conservative, gradual diversification across assets; details TBD after audit. | SCR covered calls (3–4% yield per tranche, stablecoins via MYSO). Strategic asset allocation (stables vs. ETH). Balance near-term liquidity with long-term growth. Yield on idle SCR (10–15% APY). | 60% SCR→stable over 12–18 months via CEX sales. 20% covered calls for premiums (yield). 20% liquidity pools on Scroll-native DEXs (SyncSwap, Maverick). Later diversify into ETH/WBTC. |
| Yield Generation | Conservative; not explicitly focused on yield beyond sustainability. | Covered calls, stablecoin yield (5–15%), ETH strategies, idle SCR yield (10–15%). | Covered call premiums (~$28k/month est.), LP fees, stablecoin yields. Goal: 18-month secured runway. |
| Ecosystem Synergies | General; no specific Scroll integrations beyond safe tooling. | Deploy MYSO on Scroll (new DeFi primitive), Enzyme vaults w/revenue share, Morpho vault ecosystem, Scroll-native liquidity bootstrapping. | Build SCR liquidity on Scroll DEXs, align stablecoin diversification w/ ecosystem health, create native loop of liquidity growth. |
| Reporting / Transparency | Monthly public reports. Community involvement in treasury decisions. | Regen Financial delivers monthly accounting + quarterly financials; income statements, runway analysis, etc. Full transparency. | Monthly reports + semestral reviews (as with Gnosis, Balancer, ENS). Public dashboards & performance reviews. |
| Pricing | Retainer + performance component (exact TBD after audit). | 0.5% mgmt fee (non-MYSO strategies). MYSO: 15% perf fee on premiums only (no added fee). Regen: $36k/year for accounting. | 0.5% mgmt fee + 20% perf fee on yield. Min $90k/yr. Paid in USDC. |
| Conflicts of Interest | None declared. | Active delegate in Uniswap, Compound, Velora, Rootstock. No direct conflicts w/ Scroll. | None declared. |
| Strengths | Conservative, proven risk management. Strong track record with Ethereum France. Simple + transparent. | Most comprehensive: full framework, yield strategies, integrations, accounting. Strong DeFi + TradFi experience. | Broadest DAO experience; large AUM. Practical plan mixing CEX execution with DeFi strategies. Strong risk + infra credibility. |
| Potential Weaknesses | High-level / general. Less detail on exact strategies, fees, or growth. | Complexity; multiple moving parts, could be heavy to manage. Some strategies depend on Scroll ecosystem maturity. | Heavy reliance on CEX sales (centralized). Performance fee (20%) relatively high. Some complexity in infra/legal wrapper. |