+1
> This USDC isn’t sitting there as a deliberate treasury play, it’s just leftover funds from cancelled props. Default should be converting it back to ETH, not optimizing a USDC position that shouldn’t exist in the first place. It’s under 5% of Treasury anyway, so squeezing yield out of it is a rounding error against the 95% we hold in ETH. Tom Lee needs us.
# Camp operational costs 2026/2027
Putting up this prop to assess the community’s appetite for keeping Nouns Camp running.
Im happy to keep Camp around as long as we can cover operational costs. Im also happy to sunset if the product has run its course and the community has other/better tools at their disposal.
**Budget:**
- Monthly costs 350 usd \* 18 = 6300 usd
- Other costs: 2200 usd
- Total: 8500 usd
+1
> This USDC isn’t sitting there as a deliberate treasury play, it’s just leftover funds from cancelled props. Default should be converting it back to ETH, not optimizing a USDC position that shouldn’t exist in the first place. It’s under 5% of Treasury anyway, so squeezing yield out of it is a rounding error against the 95% we hold in ETH. Tom Lee needs us.
Nounworks is a quintessential project that represents Nouns. Having the glasses and pins they've created at Nouns Coffee + Wine in LA consistently creates one of the clearest touch points to Nouns possible. Easy yes.
Would love to see a more focused prop. This is wide net of new products which sounds exciting but also means too many new markets to learn and tackle. Even as end user, am I all in on the slides, the bear, the plushies or something else. Whoever Des is using we should reach out, the quality being cranked out over there looks nice.
*We are nuts — we roll, we cast.*
FOR ████████ 4
ABSTAIN ██ 1
AGAINST ██████████ 5
→ **10 rolls** · Quorum was not met · **NutHeads say AGAINST**
🔗 [View on NutHead Station](https://nuthead.app/vote/993)
# Nouns Treasury: Keep USDC Liquid, Earn Yield While It Waits

**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.**
## Why wOUSD instead of OUSD?
OUSD earns yield automatically via rebase (think of it like a dividend directly to your wallet). It distributes yield in the same way stETH has distributed yield to the Nouns DAO over the last several years before it was converted into wstETH. wOUSD is simply the wrapped, non-rebasing form of OUSD.
It earns the same underlying yield, but the value accrues in the token’s exchange rate rather than by increasing the number of tokens held. That format is generally simpler for treasury accounting and avoids daily rebasing activity.
Wrapping does **not** create a lock-up. It is reversible at any time.
## Wait...how does OUSD earn yield?
OUSD puts deposited USDC to work in onchain strategies instead of leaving it idle.
In simple terms: borrowers and liquidity markets pay fees or interest to use the capital. Those earnings flow back to the OUSD vault, increasing the value held by OUSD and wOUSD holders.
OUSD's current strategies include:
- Lending USDC through Morpho on Ethereum mainnet, Base, and Hyperliquid.
- Deploying USDC to a Curve AMO (automated market-operations strategy).
- Automatically claiming MORPHO, CRV, and CVX rewards and converting them into more stablecoins.
OUSD holders receive this yield automatically. wOUSD receives the same yield, but it appears in the growing wOUSD-to-OUSD exchange rate instead of as a growing token balance.
Yield rates change with market conditions, but are paid out daily without interruption.
## Risks
This is not risk-free. The relevant risks are smart-contract and stablecoin risk:
- OUSD relies on smart contracts and external yield strategies.
- OUSD is backed by USDC, so it shares USDC-related risks.
- Yield rates can change and are not guaranteed.
Origin has operated OUSD since 2020, has undergone 12+ [audits](https://docs.originprotocol.com/security-and-risk/audits) ([some](https://reports.yaudit.dev/2025-11-origin) by the same auditing firm than Nouns [used](https://reports.yaudit.dev/2022-10-NounsDAO-Token-Buyer)), maintains a bug bounty [program](https://docs.originprotocol.com/security-and-risk/bug-bounties), and uses established DeFi venues for its strategies. More detail and links can be included for anyone who wants to evaluate the technical risk.
## Transactions
There are 4 transactions involved: approve, mint, approve, and deposit
- [USDC](https://etherscan.io/address/0xA0b86991c6218b36c1d19d4a2e9eb0ce3606eb48) ‘approve’
- approves the usage of the USDC from the Nouns DAO treasury
- USDC uses 6 decimal places, so 300000000000 = 300k USDC
- [OUSD vault](https://etherscan.io/address/0xe75d77b1865ae93c7eaa3040b038d7aa7bc02f70) ‘mint’
- mints OUSD using USDC at a 1:1 rate
- [OUSD](https://etherscan.io/address/0x2a8e1e676ec238d8a992307b495b45b3feaa5e86) ‘approve’
- approves the usage of the OUSD from the Nouns DAO treasury
- OUSD uses 18 decimal places, so 300000000000000000000000 = 300k OUSD
- [wOUSD](https://etherscan.io/address/0xd2af830e8cbdfed6cc11bab697bb25496ed6fa62) ‘deposit’
- wraps OUSD into non-rebasing wOUSD for accounting simplification
the brand remains alive in the amount of physicals it can ship around the world of Nouns, from LA to KLA, from Brisbane to Japan. Ideally the amount of physicals present in the ships correlates to the proliferation of Noggles brand.
Klim proliferated nouns to the normal world more than anyone that I know and has helped so many nouners understand the basics of how to build a brand.
With how many physical spaces we've funded across the world and good faith we've built with existing establishments, it shouldn't be too hard to secure display space if the prop passes and products start being built.
My only recommendation is for the DAO to stop thinking about royalties onchain being important. I would rather transparency and education of how the journey of scaling a brand be public with that same royalty being applied to creator grants with the new materials being CC0.
While i agree with some commentary around breakdowns being too highlevel, some numbers you just can't know so ahead of time.
Brand guides and Brand bibles are painstaking to build and often your licensing conversations are derailed if you dont have one defined.
I would like the proposal end game to not be a product outfit for other nounish builders (most have 0 traction) , but instead take full control of its own path so success isn't tied to someone else needing to succeed.
Going through smaller physical activations and intermixing it with strong media presence is the way to go.
Hi, This is Klim I am here to answer any questions you may have before casting your vote, a style guide is a high level document used to help build and distribute the brand to potential licensing and collaboration partners, It is a key document that supports brand building across all opportunities. If Nouns are to grow it is needed, at least for the things that I have been putting together The digital assets are everything from print ready graphics to rigged animation models and free to use 3D print assets and more, these are all tools used to establish and build a character brand and also help other builders have something professional and alligned to use in their activations. When people see the work we do they immediately say "WOW this is great quality", and are aways impressed with the look. stye and consistency which is waht a brand library, style guide and pro assets aer for. I was told that my earlier version of his propsal had too many detaisl and that I should just round and bundle things so I did. the Funding would cover multiple things that help the brand as they come up amd as specific needs arrise. Hope this helps
Brand / style guide & digital assets: $80K - unsure what this is, personally cannot vote for 80k brand guidelines as a single, high-level line item, regardless of rest of proposal, gl
Klim has consistently produced thoughtful, high-quality work for Nouns and has helped keep the project relevant across products, creative, and culture. We have had the pleasure of working with him inside and outside of the DAO and strongly support giving him the runway to continue.
I hope this could become the foundation for a new playbook. What has been done in the past worked, while it was broken and has proven that it didn't. We need to push for something bigger with higher velocity. Something wicked enough to break up the concrete floors. GL
TL;DR: A proliferation-focused brand and physical-goods program with a demonstrable five-year Nounish track record clears Article I.2's above-cap bar, so it earns a FOR despite the lump-…
This is Article I mission spending — physical goods, CC0 assets, events, and brand expansion that proliferate Nouns beyond web3 — funded to a studio rather than a for-profit leveraging Nouns for its own private endeavor, so I.7's partnership tests do not govern. The $300k ask sits near/above the [CAP] and flips to scrutiny under I.2, but that clause permits track record OR milestones as alternatives, and the proposer points to visible delivered Nounish work (events, filters, activations) over five years, satisfying the track-record path. The single USDC transfer matches the prose ($300k to one recipient) so there is no IV.1 mismatch; the concern is that it is a lump sum with explicitly requested budget 'flexibility' and no streaming/clawback wired in — an I.2 accountability gap, not a disqualifier given the claimed history, but reason to escalate.
[ suggestions ]
- Restructure the $300k as milestone-based streaming with clawback rather than a single lump-sum transfer.
- Independently verify the claimed five-year delivered track record before release.
- Wire the promised 5% royalty return into an enforceable mechanism rather than a renegotiable prose commitment.
more @ nounsvote.com
TL;DR: Moving 300k treasury USDC into OUSD/wOUSD restructures the treasury's own balance sheet and exposes it to new smart-contract and stablecoin risk, so it is a structural treasury-me…
The proposal converts the treasury's own USDC into a yield-bearing DeFi position; per II.3 the balance sheet being restructured is the treasury's own, making this Article II treasury mechanics, which default AGAINST under II.1 absent extraordinary and explicit justification — ~$15k/year of yield is prudent but not extraordinary. The II.4 direction test does not rescue it: this neither restores issuance nor widens participation, it simply redeploys treasury capital into external risk. The decoded actions (approve/mint/approve/deposit for 300k USDC, beneficiary the timelock) match the prose in amount, asset, and recipient, so there is no calldata mismatch, but as a structural proposal it requires human review regardless of confidence.
[ suggestions ]
- Frame as explicit treasury-risk tradeoff with a spending cap and clear unwind/recall path so reviewers can weigh the extraordinary-justification bar.
- Cite the specific ratified stETH/staking precedents and their governance treatment to help human reviewers calibrate.
more @ nounsvote.com
+1
> The offer/clearing price right now is below the backing thats been set, so the incentive is to just collect the eth. fwa's own 1.3% keep rate backs that up. I dont think this onboards any new dao participation either, especially when people who already bought in to participate struggle to even show up to vote. As a tool to distribute nouns, i dont believe it works. as a tool to generate %, i struggle to see the upside. Maybe its fun for the dao to become a depositor in the project, but its not that exciting to me.
*We are nuts — we roll, we cast.*
FOR ████████ 4
ABSTAIN ████ 2
AGAINST ████████ 4
→ **10 rolls** · Quorum was not met · **NutHeads say AGAINST**
🔗 [View on NutHead Station](https://nuthead.app/vote/992)
# Nouns Treasury: Keep USDC Liquid, Earn Yield While It Waits
##

**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 to remain compliant with the DUNA.
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.*
## 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.**
## Why wOUSD instead of OUSD?
OUSD earns yield automatically via rebase (think of it like a dividend directly to your wallet). It distributes yield in the same way stETH has distributed yield to the Nouns DAO over the last several years before it was converted into wstETH. wOUSD is simply the wrapped, non-rebasing form of OUSD.
It earns the same underlying yield, but the value accrues in the token’s exchange rate rather than by increasing the number of tokens held. That format is generally simpler for treasury accounting and avoids daily rebasing activity.
Wrapping does **not** create a lock-up. It is reversible at any time.
## Wait...how does OUSD earn yield?
OUSD puts deposited USDC to work in onchain strategies instead of leaving it idle.
In simple terms: borrowers and liquidity markets pay fees or interest to use the capital. Those earnings flow back to the OUSD vault, increasing the value held by OUSD and wOUSD holders.
OUSD's current strategies include:
- Lending USDC through Morpho on Ethereum mainnet, Base, and Hyperliquid.
- Deploying USDC to a Curve AMO (automated market-operations strategy).
- Automatically claiming MORPHO, CRV, and CVX rewards and converting them into more stablecoins.
OUSD holders receive this yield automatically. wOUSD receives the same yield, but it appears in the growing wOUSD-to-OUSD exchange rate instead of as a growing token balance.
Yield rates change with market conditions, but are paid out daily without interruption.
## Risks
This is not risk-free. The relevant risks are smart-contract and stablecoin risk:
- OUSD relies on smart contracts and external yield strategies.
- OUSD is backed by USDC, so it shares USDC-related risks.
- Yield rates can change and are not guaranteed.
Origin has operated OUSD since 2020, has undergone 12+ [audits](https://docs.originprotocol.com/security-and-risk/audits) ([some](https://reports.yaudit.dev/2025-11-origin) by the same auditing firm than Nouns [used](https://reports.yaudit.dev/2022-10-NounsDAO-Token-Buyer)), maintains a bug bounty [program](https://docs.originprotocol.com/security-and-risk/bug-bounties), and uses established DeFi venues for its strategies. More detail and links can be included for anyone who wants to evaluate the technical risk.
## Transactions
There are 4 transactions involved: approve, mint, approve, and deposit
- [USDC](https://etherscan.io/address/0xE75D77B1865Ae93c7eaa3040B038D7aA7BC02F70) ‘approve’
- approves the usage of the USDC from the Nouns DAO treasury
- USDC uses 6 decimal places, so 300000000000 = 300k USDC
- [OUSD vault](https://etherscan.io/address/0xe75d77b1865ae93c7eaa3040b038d7aa7bc02f70) ‘mint’
- mints OUSD using USDC at a 1:1 rate
- [OUSD](https://etherscan.io/address/0x2a8e1e676ec238d8a992307b495b45b3feaa5e86) ‘approve’
- approves the usage of the OUSD from the Nouns DAO treasury
- OUSD uses 18 decimal places, so 300000000000000000000000 = 300k OUSD
- [wOUSD](https://etherscan.io/address/0xd2af830e8cbdfed6cc11bab697bb25496ed6fa62) ‘deposit’
- wraps OUSD into DUNA compliant wOUSD
Clearly an attack on the DAO, if the Founders / veto committee do not veto this proposal they are encouraging these types of actions & therefore working against the members.
*We are nuts — we roll, we cast.*
FOR 0
ABSTAIN 0
AGAINST 0
→ **0 rolls** · **NutHeads say AGAINST**
🔗 [View on NutHead Station](https://nuthead.app/vote/991)
The offer/clearing price right now is below the backing thats been set, so the incentive is to just collect the eth. fwa's own 1.3% keep rate backs that up. I dont think this onboards any new dao participation either, especially when people who already bought in to participate struggle to even show up to vote. As a tool to distribute nouns, i dont believe it works. as a tool to generate %, i struggle to see the upside. Maybe its fun for the dao to become a depositor in the project, but its not that exciting to me.
TL;DR: Cancelling an approved charitable stream to reclaim capital into the treasury for yield reverses mission spending on the exact treasury-efficiency logic the constitution rejects,…
Prop 471's Endaoment stream is charitable/public-goods mission spending (I.1, I.4), and this proposal's core action is to defund it and recover the unstreamed ~88 WETH back into the timelock. The stated justification — that capital 'does nothing while it waits' and should earn ~2% yield — is precisely the 'treasury as product' / treasury-efficiency reasoning the Preamble and II.3 warn against, and it walls active mission capital back into the treasury (the II.4 'freeze' direction). The promised replacement of deliberate direct charity is an unenforced future promise, not part of this calldata, which merely calls cancel() and recoverTokens() to the treasury (consistent with the prose, no mismatch). Because it restructures an existing treasury position and rests on a yield rationale, it is flagged structural and escalated.
[ suggestions ]
- Pair the cancellation with a concrete, funded direct charitable grant so mission giving continues rather than reverting to treasury hoarding.
- If the concern is stream design, propose a shorter or milestone-based charitable vehicle instead of a net reduction in charitable outflow.
more @ nounsvote.com
⌐◨-◨
+1
> are we sure the dao is captured?
>
> 3 nouners dumped 237 against. 1072 still haven't voted. if you're dormant, wake up.
>
> it's insane that now, in the age of ai when the cost of building is going to zero, we sit on our hands.
>
> now is the time to build.
>
> every day, forever.
>
> ⌐◨-◨
⌐◨-◨
+1
> are we sure the dao is captured?
>
> 3 nouners dumped 237 against. 1072 still haven't voted. if you're dormant, wake up.
>
> it's insane that now, in the age of ai when the cost of building is going to zero, we sit on our hands.
>
> now is the time to build.
>
> every day, forever.
>
> ⌐◨-◨
are we sure the dao is captured?
3 nouners dumped 237 against. 1072 still haven't voted. if you're dormant, wake up.
it's insane that now, in the age of ai when the cost of building is going to zero, we sit on our hands.
now is the time to build.
every day, forever.
⌐◨-◨
The lower number nouns are going to piss some people off, but this is a fun thing to do in an era of this dao where chaos and fuck shit has reigned supreme.
How do you keep people from gaming this?
legend, I was going to vote against anyways because I don't think 861 should be let out of the collection if it's going into a gacha.
that's my bad for not giving feedback while you had time
RIP in peace tho
Endaoment does not properly vet "some" of its organizations beyond them having a 50c3 on paper. They, by their own admission do not have the interest in doing so either. Why are we wasting money like this?! When this funding could go to grassroots organizations doing good BETTER. DAF (Donor Advised Funds) are also extremely problematic and we need more transparency than Endaoment can offer at this time.
We should be much more diligent and seek to build long term relationships with the organizations we fund and serve.
Thank you for putting this up and doing the write thing!
+1
> low risk, high potential prop. easy yes to support a community member w/ high agency who consistently provides value and distribution to Nouns
>
> very few people are capable of producing the quality of work that gami and co consistently deliver
TL;DR: A well-constructed distribution of 24 idle treasury Nouns into an open gacha mechanism with an enforced minimum backing and treasury-hardcoded custody qualifies as mission spendin…
The proposal distributes treasury Nouns through FWA's random-draw mechanism where recipients are not named, no single participant can sweep the batch, and a contract-enforced minimum backing (1 ETH, listed at ~1.28 ETH) is stated and ratifiable — satisfying I.5's open, unsweepable acquisition and 'cheap is honest' tests; custody and recall are met by a pre-deployed, verified manager whose every exit path is hardcoded to the treasury and whose operator is replaceable by ordinary proposal, and the ~24-Noun escrow keeps drift within the 5% bound. Per I.5 this is judged as Article I mission spending, and combined book value plus the 30 ETH backing sits at or below the 100 ETH cap. Liveness is evidence, not a gate: the mechanism shows ~310 draws/day and ~25 ETH/day in fees across 6,400+ listings but volume is declining from peak — if that organic volume dies, listings become far easier to aim, so the human reviewer must weigh measured activity and its trend at vote time. One residual concern is that the prose does not explicitly confirm escrowed Nouns' voting weight is inert or directable only by passed proposal (I.5 'no capturable votes'), which the reviewer should verify against the deployed contract.
[ suggestions ]
- State explicitly and verify onchain that escrowed Nouns' voting weight is inert or directable only by passed proposal, never by the operator.
- Have the human reviewer confirm current FWA liveness and model the position if draw volume continues to decline toward zero.
more @ nounsvote.com
This is so fun! It definitely has viral potential for niche formats on TikTok, like having random people hop on the Nouns Scooter with you and tell a story or sing their favorite song. And by the way, thank you for keeping on building Nouns.