memoscan

0xf790…1365

All memos sent from and to 0xf790…1365.
0xc7ccec52…7d87sent to0xf790a5f5…1365·#25,921,291·0xe3b6304c…df4066
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.
0xf6e7501d…6aa9sent to0xf790a5f5…1365·#25,912,690·0x594edfa0…4cd751
sunsetting-camp?TL;DR: Camp is governance tooling that lowers the cost of participating, so funding to keep it running is squarely mission-aligned — but this draft states no concrete ask yet. Camp is transparency/participation infrastructure, which Article III.1 defaults FOR, and the stated cost (~$350/month) is a trivial, reversible experiment under I.3. However, this candidate is a discussion post that asks for feedback rather than defining a spend or execution, so it needs a concrete funding request and calldata before it is truly ballot-ready. The single zero-address action is a normal draft placeholder, not deception. [ suggestions ] - Convert the open question into a concrete funding ask (e.g. a defined monthly or annual amount) with a recipient address. - Wire the intended transfer into the calldata so the DAO ratifies an actual spend rather than a discussion. more @ nounsvote.com
0xc6a39e2f…96e4sent to0xf790a5f5…1365·#25,891,203·0xf254e642…ccdef5
sunsetting-camp?what's the move 5Gram? circumstances like these are why I backed a Nouns Cloud so hard https://camp-nouns-camp.vercel.app/proposals/889 --- I've forked Camp, ran it through Codex to speed up loading times 2-5x, swapped the back end to use Berry's subgraph, made the treasury modal accurate, added a few new pages & transaction templates: https://camp-nouns-camp.vercel.app Running costs for Berry/ Camp v2 are ~$60-100/ month, not including AI costs. Some months have been much run higher due to high traffic and/or unoptimized databasing that has since been corrected. - Vercel Pro (Site Hosting): $20/mo - Railway (Berry Subgraph/ Indexer): $20-25/mo - Alchemy (RPC Provider): $20-30/mo Not awful but enough to notice. No timeline for shutting these down but no promises to keep them up either. Agreed with Krel here, running a client is unsustainable without some subsidy from the DAO, either as client incentives or by running our own shared Subgraph & RPC infrastructure that members can bootstrap frontends on top of.
0xa8688227…9e63sent to0xf790a5f5…1365·#25,887,943·0x241f1700…aeb38a
# Sunsetting Camp? Hi, Since client incentives dried up its too costly for us to keep Camp running indefinitely. Give or take, keeping Camp operational costs us about 350 usd per month. I would be happy to keep Camp running if we can cover these costs via personal donations or passing a proposal with the DAO. Im also happy to sunset if the community has other equal/better tools at their disposal and Camp has become redundant. Let me know what you think is the best path forward. Thank you!sunsetting-camp?
0x41e8dfb7…7e04sent to0xf790a5f5…1365·#25,881,787·0xd05fe8b8…b944bd
Klim has provided the Nouns community with high quality products that have been distributed across the world. His funded proliferation endeavours have been highly successful over the years.
0x2feb329b…ed6asent to0xf790a5f5…1365·#25,875,699·0xad725930…0d7ed7
# Freak Monday ![](https://images.hive.blog/DQmcUEfHL4nBVf9mAKdAkBMzrgTVGRN2fiy2joom9Di4jMn/Captura%20de%20Tela%202026-08-31%20a%CC%80s%2010.53.01.png "⌐◨-◨") *gm dear community.* for those who don’t know me, I’m [zimardrp](https://www.instagram.com/joaoparmagnani), a builder here in Nouns, working on [nogglesboard](https://www.nogglesboard.wtf/) and supporting other projects across the ecosystem. I’m also building within Gnars, with the goal of creating a space where culture, art, sustainability, technology, and sports can intersect. I’d love to invite you to check out our [new website](https://www.gnars.com/) and see a little of what we’ve been building over there. :) this thread was inspired by something that started as a promotional coupon day at [ARDRP,](https://www.instagram.com/airdrop.culture) the surf brand I had the opportunity to build. Before a major swell or a significant tide shift, we would drop collections on [Mondays](https://www.instagram.com/reel/C3ge6UarDYn/), and over time, that became part of the culture, alongside “Fuck it, it’s Friday.” so, since today is Monday, and we’re going through a strong El Niño period, I thought it would be a good moment to start this thread. **the idea is simple:** a space /topic where Nouns builders can share thoughts, POVs, feedback, experiences, ideas, and even constructive frustrations about the DAO and the broader ecosystem, including Lil Nouns, Gnars, other DAOs, and everything around us. especially during periods with less traction on Discord and fewer meetings, maybe this thread can help us organize ideas, spark conversations, connect builders, and create new synergies. transparency is the goal, not friction. This isn’t meant to create conflict or confusion, but rather to open space for honest communication and collaboration between different points of view. ***sometimes, blind pride can kill the best "ideas"*** and to keep this aligned with the culture we built around Airdrop Culture: 🌊 **let’s keep this thread alive on Mondays only *(Fresh week, fresh thoughts, fresh energy)*** drop your thoughts, feedback, POVs, ideas, or constructive rants below. p.s.: all Nouns holders get 50% off any product I develop through Airdrop Culture. :)freak-monday
0xcc4fd6e3…0aedsent to0xf790a5f5…1365·#25,873,116·0x6dce2115…0dc928
# Nouns Treasury: Keep USDC Liquid, Earn Yield While It Waits ![](https://i.ibb.co/Mx8FQDy0/exec-9aa6515b-d9da-451c-855e-7c7721a9d180.png "Nouns <3s OUSD") **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 nouns-treasury:-keep-usdc-liquid,-earn-yield-while-it-waits-1
0xcc4fd6e3…0aedsent to0xf790a5f5…1365·#25,850,734·0x3edfb484…a530f0
# Nouns Treasury: Keep USDC Liquid, Earn Yield While It Waits ## ![](https://i.ibb.co/Mx8FQDy0/exec-9aa6515b-d9da-451c-855e-7c7721a9d180.png "Nouns <3s OUSD") **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 total treasury) to a DAO-controlled yield-bearing stablecoin position. 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 DUNA compliant wOUSD nouns-treasury:-keep-usdc-liquid,-earn-yield-while-it-waits-update-2
0xcc4fd6e3…0aedsent to0xf790a5f5…1365·#25,849,610·0x2e95c12b…07484b
# Nouns Treasury: Keep USDC Liquid, Earn Yield While It Waits ## ![](https://i.ibb.co/Mx8FQDy0/exec-9aa6515b-d9da-451c-855e-7c7721a9d180.png "Nouns <3s OUSD") **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 nouns-treasury:-keep-usdc-liquid,-earn-yield-while-it-waits-update-1
0xcc4fd6e3…0aedsent to0xf790a5f5…1365·#25,849,595·0x561a46de…c1ef7d
# Nouns Treasury: Keep USDC Liquid, Earn Yield While It Waits ## ![](https://i.ibb.co/Mx8FQDy0/exec-9aa6515b-d9da-451c-855e-7c7721a9d180.png "Nouns <3s OUSD") **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 wOSUD 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. The DAO would allocate 300,000 USDC (4.4% of the total treasury) to a DAO-controlled yield-bearing stablecoin position. Its purpose is not to make treasury management the DAO’s product, but 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 DUNA compliant wOUSD nouns-treasury:-keep-usdc-liquid,-earn-yield-while-it-waits-update
0xf6e7501d…6aa9sent to0xf790a5f5…1365·#25,841,830·0xe52897d1…185246
nouns-treasury:-keep-usdc-liquid,-earn-yield-while-it-waitsTL;DR: Moving 300k treasury USDC into a wOUSD yield position restructures the DAO's own balance sheet, which is structural treasury mechanics that default AGAINST absent extraordinary ju… The proposal deploys treasury USDC into an OUSD/wOUSD yield strategy — this restructures the treasury's own positions and is Article II treasury mechanics, not Article I proliferation, since it creates no Nouns things and does not widen participation or restore issuance (II.3, II.4). Under II.1 the default is AGAINST absent extraordinary and explicit justification, and 'earn yield while it waits' is treasury management, not mission spending. The decoded actions (approve USDC→vault, mint OUSD, approve OUSD→wrapper, deposit wOUSD to the timelock) are internally consistent with the prose; note the prose mislabels the USDC contract link but action 1 targets the correct USDC address. As a structural proposal this requires human review regardless of confidence. [ suggestions ] - Frame and justify this explicitly as a treasury-mechanics change with the extraordinary rationale Article II requires, including counterparty and smart-contract risk analysis for OUSD. - Correct the USDC contract link in the description, which currently points to the OUSD vault address. more @ nounsvote.com
0xcc4fd6e3…0aedsent to0xf790a5f5…1365·#25,841,388·0xfaa36789…ed31f1
# Nouns Treasury: Keep USDC Liquid, Earn Yield While It Waits ## ![](https://i.ibb.co/Mx8FQDy0/exec-9aa6515b-d9da-451c-855e-7c7721a9d180.png "Nouns <3s OUSD") **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 nouns-treasury:-keep-usdc-liquid,-earn-yield-while-it-waitsadded 2 links - Fun fact, Origin's 2025 audit and 2026 audit were completed by the same auditing firm that completed the NounsDAO Token Buyer audit in 2022
0xfc538ffd…6183sent to0xf790a5f5…1365·#25,839,650·0x99f9dcb1…a1c57e
Captured in a 'total vote' sense, no.. in a active voter sense, easily -- (BEM didn't all vote yet either, nor will they unless they have to).. The inactive voters aren't sitting here watching our prop threads (besides the anon's & dusk)... So post this cry for help in an actual public place or no one is 'waking up' to vote. Voter apathy is through the roof for a year+ now. Go get em back, big dawg!~ You're our only hope -- no one else can seem to do it or has even really tried. Where are the Founders? Where are all the folks we gifted free nouns to? Where are all the folks with nouns who have taken big bucks from the dao? sad. +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. > > ⌐◨-◨
0xfc3c962f…1774sent to0xf790a5f5…1365·#25,836,281·0x4d0051d6…90b416
@0xc6a3...96E4 (biased) I mean if everyone keeps voting no on every proposal none of the nouns will ever go anywhere worth trying an experiment and every yes vote counts, reconsider if this is the only reason you're voting against > 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
0xf6e7501d…6aa9sent to0xf790a5f5…1365·#25,835,072·0x5ea6df61…37aec4
withdraw-client-incentives-balance-to-treasuryTL;DR: This candidate withdraws 26.09 WETH from the client-incentives contract to the treasury, a change to auction/participation infrastructure that defaults AGAINST under Article II ab… Client incentives are participation infrastructure the constitution favors under III.1, and draining that pool to the treasury restructures auction/incentive machinery, which is Article II structural territory and defaults AGAINST without extraordinary justification (II.1). The prose itself is undecided — 'either reclaim this pool, or distribute to still active clients' — so there is no concrete mission-aligned deliverable to weigh, only a fund consolidation. As a structural proposal it can never be auto-ratified and requires human review (II.2). [ suggestions ] - State a single, definite purpose for the reclaimed WETH rather than offering two alternatives. - Justify why removing the client-incentive balance does not undermine future participation infrastructure (III.1). - Confirm the decoded amount (26.09 WETH) and recipient match the intended treasury timelock before promotion. more @ nounsvote.com
0xc6a39e2f…96e4sent to0xf790a5f5…1365·#25,834,908·0x38635976…3e44b9
# Withdraw Client Incentives Balance to Treasury This proposal withdraws the 26.09 WETH balance from the Client Incentives contract to the Treasury Client Incentives function as a percentage of trailing auction revenue over a ~35 day minimum period. Trailing 90+ day revenue is 0, client incentives are effectively halted Before wrapping the cancelled stream's WETH + the treasury's existing WETH, we may as well either reclaim this pool, or distribute to a pool of still active clients based on some criteriawithdraw-client-incentives-balance-to-treasuryyield farming DAO
0x0081e6f9…0389sent to0xf790a5f5…1365·#25,830,438·0xe1ed7c4a…72de18
@0xa47f...eC67 Yes, Indonesians definitely love free things 😂 So I think this has a lot of potential to go viral! Thank you so much for your support! 🙏🏻 > > > 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. >
0xcc4fd6e3…0aedsent to0xf790a5f5…1365·#25,828,121·0x77041c29…3727af
# Nouns Treasury: Keep USDC Liquid, Earn Yield While It Waits ## ![](https://i.ibb.co/Mx8FQDy0/exec-9aa6515b-d9da-451c-855e-7c7721a9d180.png "Nouns <3s OUSD") **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), 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 nouns-treasury:-keep-usdc-liquid,-earn-yield-while-it-waits
0xcc4fd6e3…0aedsent to0xf790a5f5…1365·#25,828,058·0xa1117532…33e610
# Nouns Treasury: Keep USDC Liquid, Earn Yield While It Waits ## ![](https://i.ibb.co/Mx8FQDy0/exec-9aa6515b-d9da-451c-855e-7c7721a9d180.png "Nouns <3s OUSD") **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 control and liquidity. *This proposal was modeled after* [936](https://nouns.wtf/vote/936) and [991](https://nouns.wtf/vote/991) *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, 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), 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 nouns-treasury:-keep-usdc-liquid,-earn-yield-while-it-waits
0xcc4fd6e3…0aedsent to0xf790a5f5…1365·#25,828,027·0x327814ea…4f3c0c
# Nouns Treasury: Keep USDC Liquid, Earn Yield While It Waits ## ![](https://i.ibb.co/Mx8FQDy0/exec-9aa6515b-d9da-451c-855e-7c7721a9d180.png "Nouns <3s OUSD") **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 control and liquidity. *This proposal was modeled after* [936](https://nouns.wtf/vote/936) and [991](https://nouns.wtf/vote/991) *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. The DAO swaps: > 300,000 USDC → OUSD → wOUSD The DAO still controls the tokens in its own treasury. There is no manager, counterparty custody, fixed term, withdrawal request, or lock-up period. The OUSD can be spent in the same way as USDC is spent. If Nouns later passes a proposal that needs USDC, the DAO can simply reverse the process: > wOUSD → OUSD → USDC Unwrapping takes the treasury back to USDC. A position of OUSD is not a commitment of funds to a project, grant, or multi-month budget. It is simply a way to extend the DAO's runway without giving up control or usage of the funds. ## Treasury after execution | Asset | Amount | Availability | | ---------------------------- | ----------------------------- | -------------------------------------------------------------------------------------- | | Native USDC | 184,743 USDC | Immediately available | | wOUSD | 300,000 USDC worth at deposit | Can be unwrapped back to OUSD, or redeemed back to USDC at any time, or spent as wOUSD | | Total treasury USDC exposure | 484,743 USDC | Remains under DAO control | ## 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, 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). 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), 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 nouns-treasury:-keep-usdc-liquid,-earn-yield-while-it-waits
0xcc4fd6e3…0aedsent to0xf790a5f5…1365·#25,827,951·0xa7efbf90…2ab457
# Nouns Treasury: Keep USDC Liquid, Earn Yield While It Waits ## ![](https://i.ibb.co/Mx8FQDy0/exec-9aa6515b-d9da-451c-855e-7c7721a9d180.png "Nouns <3s OUSD") **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 control and liquidity. *This is almost 3x the amount Nouns is generating on the ETH* currently *staked through wstETH, mETH, and rETH. This proposal was modeled after* [936](https://nouns.wtf/vote/936) and [991](https://nouns.wtf/vote/991) *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. The DAO swaps: > 300,000 USDC → OUSD → wOUSD The DAO still controls the tokens in its own treasury. There is no manager, counterparty custody, fixed term, withdrawal request, or lock-up period. The OUSD can be spent in the same way as USDC is spent. If Nouns later passes a proposal that needs USDC, the DAO can simply reverse the process: > wOUSD → OUSD → USDC Unwrapping takes the treasury back to USDC. A position of OUSD is not a commitment of funds to a project, grant, or multi-month budget. It is simply a way to extend the DAO's runway without giving up control or usage of the funds. ## Treasury after execution | Asset | Amount | Availability | | ---------------------------- | ----------------------------- | -------------------------------------------------------------------------------------- | | Native USDC | 184,743 USDC | Immediately available | | wOUSD | 300,000 USDC worth at deposit | Can be unwrapped back to OUSD, or redeemed back to USDC at any time, or spent as wOUSD | | Total treasury USDC exposure | 484,743 USDC | Remains under DAO control | ## 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, 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. 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), 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 nouns-treasury:-keep-usdc-liquid,-earn-yield-while-it-waits
0xcc4fd6e3…0aedsent to0xf790a5f5…1365·#25,827,899·0x53dfd6a8…c3e22f
# Nouns Treasury: Keep USDC Liquid, Earn Yield While It Waits ## ![](https://i.ibb.co/Mx8FQDy0/exec-9aa6515b-d9da-451c-855e-7c7721a9d180.png "Nouns <3s OUSD") **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 control and liquidity. *That is almost 3x the amount Nouns is generating on the ETH* currently *staked through wstETH, mETH, and rETH.* ## 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. The DAO swaps: > 300,000 USDC → OUSD → wOUSD The DAO still controls the tokens in its own treasury. There is no manager, counterparty custody, fixed term, withdrawal request, or lock-up period. The OUSD can be spent in the same way as USDC is spent. If Nouns later passes a proposal that needs USDC, the DAO can simply reverse the process: > wOUSD → OUSD → USDC Unwrapping takes the treasury back to USDC. A position of OUSD is not a commitment of funds to a project, grant, or multi-month budget. It is simply a way to extend the DAO's runway without giving up control or usage of the funds. ## Treasury after execution | Asset | Amount | Availability | | ---------------------------- | ----------------------------- | -------------------------------------------------------------------------------------- | | Native USDC | 184,743 USDC | Immediately available | | wOUSD | 300,000 USDC worth at deposit | Can be unwrapped back to OUSD, or redeemed back to USDC at any time, or spent as wOUSD | | Total treasury USDC exposure | 484,743 USDC | Remains under DAO control | ## 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, 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. 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), 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 nouns-treasury:-keep-usdc-liquid,-earn-yield-while-it-waits
0xc6a39e2f…96e4sent to0xf790a5f5…1365·#25,826,131·0x2bb92efc…c192a0
# Cancel Prop 707 the Musical's Stream? while we're cancelling streams, it's been several months since there's been any updates, $115k clawed back pays for another year of DAO OpEx, etc etc I could go either way on this one For reference: https://berryos.wtf/camp/proposal/707cancel-prop-707-the-musicals-stream
0xb875badb…3309sent to0xf790a5f5…1365·#25,820,017·0xa62d93c5…b65e77
fey---trade-with-superpowers@0xc6a3...96E4 I love you too ❤️ > @0xB875...3309 > > lol'ing reading this, so confidently incorrect about the entire premise while I'm sitting on a positive mid-5 figure PnL from a hyper liquid trading agent I developed 5 months ago > > "dilute the rest of us." you've never bought a noun or contributed to the DAO in such a way that you've been gifted one, who is the us you're talking about here? > > when we need an opinion on being broke and shoving hot dogs down our throat, we'll ask bro. until then just put the fries in the bag > > > > > > > I’m against this $360k ask. While Wiz and Sam have history in Nouns, the structure, tech premise, and risk profile of this proposal are bad deals for the DAO. > > > > The proposal promises 30% of trading fees to buy up to $540k of Nouns at auction. That isn't paying back the treasury. They take $360,000 of our liquid funds to build a private business, and then use platform fees to buy Nouns accumulating governance power for themselves while diluting the rest of us. If this were a real payback, the USDC/ETH would go back directly to the treasury, not into buying them more votes. > > > > LLMs do not think nor do they understand real time market liquidity or macro risk. They are probabilistic next token predictors. Expecting an LLM to buy the selloff, not a falling knife by reading charts and news in a prompt window will lead to hallucinated trade setups and wrecked user portfolios. Calling raw LLM outputs trading superpowers encourages retail users to risk real capital on statistical text predictions, which creates massive reputational risk for Nouns when trades go south. > > > > They explicitly state they are not providing a fixed budget line item for this $360k ask, it's essentially a blank check for startup runway. Furthermore, building automated AI trading tools for perps and prediction markets without regulatory registration puts severe legal exposure on the DAO. > > > > We’ve seen prior treasury allocations dead end without generating sustainable revenue for the DAO(see Federation https://nouns.wtf/vote/229). We shouldn't be handing over $360k in unitemized cash for an unsafe tech premise with a repayment model that just buys the founders more votes. > > > >
0xc6a39e2f…96e4sent to0xf790a5f5…1365·#25,819,825·0xddc222e4…248724
fey---trade-with-superpowers@0xB875...3309 lol'ing reading this, so confidently incorrect about the entire premise while I'm sitting on a positive mid-5 figure PnL from a hyper liquid trading agent I developed 5 months ago "dilute the rest of us." you've never bought a noun or contributed to the DAO in such a way that you've been gifted one, who is the us you're talking about here? when we need an opinion on being broke and shoving hot dogs down our throat, we'll ask bro. until then just put the fries in the bag > > > I’m against this $360k ask. While Wiz and Sam have history in Nouns, the structure, tech premise, and risk profile of this proposal are bad deals for the DAO. > > The proposal promises 30% of trading fees to buy up to $540k of Nouns at auction. That isn't paying back the treasury. They take $360,000 of our liquid funds to build a private business, and then use platform fees to buy Nouns accumulating governance power for themselves while diluting the rest of us. If this were a real payback, the USDC/ETH would go back directly to the treasury, not into buying them more votes. > > LLMs do not think nor do they understand real time market liquidity or macro risk. They are probabilistic next token predictors. Expecting an LLM to buy the selloff, not a falling knife by reading charts and news in a prompt window will lead to hallucinated trade setups and wrecked user portfolios. Calling raw LLM outputs trading superpowers encourages retail users to risk real capital on statistical text predictions, which creates massive reputational risk for Nouns when trades go south. > > They explicitly state they are not providing a fixed budget line item for this $360k ask, it's essentially a blank check for startup runway. Furthermore, building automated AI trading tools for perps and prediction markets without regulatory registration puts severe legal exposure on the DAO. > > We’ve seen prior treasury allocations dead end without generating sustainable revenue for the DAO(see Federation https://nouns.wtf/vote/229). We shouldn't be handing over $360k in unitemized cash for an unsafe tech premise with a repayment model that just buys the founders more votes. > >
0xb875badb…3309sent to0xf790a5f5…1365·#25,819,323·0x0c429de4…ba2d56
fey---trade-with-superpowers I’m against this $360k ask. While Wiz and Sam have history in Nouns, the structure, tech premise, and risk profile of this proposal are bad deals for the DAO. The proposal promises 30% of trading fees to buy up to $540k of Nouns at auction. That isn't paying back the treasury. They take $360,000 of our liquid funds to build a private business, and then use platform fees to buy Nouns accumulating governance power for themselves while diluting the rest of us. If this were a real payback, the USDC/ETH would go back directly to the treasury, not into buying them more votes. LLMs do not think nor do they understand real time market liquidity or macro risk. They are probabilistic next token predictors. Expecting an LLM to buy the selloff, not a falling knife by reading charts and news in a prompt window will lead to hallucinated trade setups and wrecked user portfolios. Calling raw LLM outputs trading superpowers encourages retail users to risk real capital on statistical text predictions, which creates massive reputational risk for Nouns when trades go south. They explicitly state they are not providing a fixed budget line item for this $360k ask, it's essentially a blank check for startup runway. Furthermore, building automated AI trading tools for perps and prediction markets without regulatory registration puts severe legal exposure on the DAO. We’ve seen prior treasury allocations dead end without generating sustainable revenue for the DAO(see Federation https://nouns.wtf/vote/229). We shouldn't be handing over $360k in unitemized cash for an unsafe tech premise with a repayment model that just buys the founders more votes.
0x21389361…d95bsent to0xf790a5f5…1365·#25,815,504·0xb571f626…79c562
fey---trade-with-superpowers **This is one of the cleanest, most aligned proposals I’ve seen in a long time.** Sam and Wiz aren’t asking Nouns to fund a vague idea. They’re offering a live product that’s already in private beta, built by people who have actually shipped inside this ecosystem (WizardsDAO, Federation, nouns.gg, open-weight Noggles models, etc.), and they’re structuring the deal so the DAO only wins if FEY wins. $360k for runway → 30% of all trading fee revenue forced to buy Nouns (capped at $540k) + default Noun pfps + permanent “Funded by Nouns” branding. That’s not charity. That’s a revenue-sharing flywheel with real economic skin in the game and organic distribution baked into the product itself. The timing is also perfect. Agentic interfaces are about to become the default way people interact with markets. Giving a frontier model a live trading environment, portfolio context, and the ability to act within user-set limits is exactly the kind of ambitious, forward-looking experiment Nouns was designed to fund. Half upfront / half streamed over 6 months keeps the risk asymmetric in the DAO’s favor. If they execute, we get Nouns accumulation + brand presence inside a product that could grow with the explosion in onchain perps, prediction markets, and RWAs. If they don’t, the downside is contained. I’m in. Ship it.
0xae4705dc…5fedsent to0xf790a5f5…1365·#25,811,389·0x028bc4fc…6c70d6
personally not keen on putting in ID #11 + not sure if there is issue with giving out the nouns that haven't sold, feel like duna admins mentioned some tax implications there vs using nouns from the forks. other than that looks good to me if the manager contract is secure glhf
0x13eef4ef…da33sent to0xf790a5f5…1365·#25,810,778·0xdcd26054…766694
⌐◨-◨-|-fund-the-agentic-dao:-nouns-collaboration-for-the-open-standard-for-how-daos-govern one does not simply just slap on AI and call it a day. this requires more understanding of how governance works to be valuable
0x13eef4ef…da33sent to0xf790a5f5…1365·#25,810,748·0x2d0ebc03…ca6b7e
fake-world-assets 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
0x387a161c…fffdsent to0xf790a5f5…1365·#25,809,623·0xd07f80b6…d64efa
# Fake World Assets ![](https://i.imgur.com/iYD3j6m.png) ## ⚡️ TLDR Quick summary: - Send 24 treasury Nouns into [fwa.fun](https://fwa.fun), the onchain gacha machine - Each backed with ~1.28 ETH so a winner nets exactly the same whether they keep the Noun or take the ETH - No discounts, no giveaways. Anyone who keeps a Noun turned down its exact cash value to do so - Every listing earns an equal share of every draw fee in the protocol, paid to the treasury - In expectation, a listing earns back its own backing in fees before it is ever drawn (math below) - Nouns and ETH move through a reusable manager contract whose every exit is hardcoded to the treasury *Throughout this proposal, "the treasury" means the Nouns DAO treasury, the timelock at [nouns.eth](https://etherscan.io/address/0xb1a32FC9F9D8b2cf86C068Cae13108809547ef71). Full details below...* --- ## 🙋 Background I'm gami, Nouner since the early days (Nouns 13 and 189) and founder of [Gnars](https://gnars.com), which got started with 69 ETH from [Prop 51](https://nouns.wtf/vote/51) in April 2022 and has been proliferating Nouns ever since. You've seen my proposals before. They tend to bring voters out of the woodwork. Bring them. In July 2026 I forked FWA onto Robinhood Chain as [StockRip](https://stockrip.com): 74,000+ draws, 1,700+ ETH of volume, 900+ players ([live stats](https://stockrip.com/secretdash)). So I know this machine from both sides of the glass, because I run one. I've also fed FWA a Noun of my own: [Noun 1382](https://nouns.wtf/noun/1382), backed with my own ETH, priced too low, gone in three hours, lol. That mistake is where this proposal's pricing rule comes from. ## 🎰 Why The treasury holds 613 Nouns and gains one every day. Since the reserve went to 2.8 ETH in April, 101 of the 102 auctions through mid-August ended with zero bids: 26 Nouns burned, 75 swept into the treasury, one single winner. The treasury's ~4,000 ETH is mostly staked and earning. Its 604 Nouns earn nothing. FWA is doing ~310 draws and ~25 ETH in draw fees a day across 6,400+ active listings as of 2026-08-22, down from a ~2,900-draw peak as post-emissions volume settles (measured onchain, methodology at the bottom). Nouns is already whitelisted as collection #17. The machine is running either way. This proposal puts 24 of our idle Nouns inside it, earning, and in front of people. ## ⚖️ The true decision Each Noun is listed with backing set to floor ÷ 0.9 (~1.28 ETH at time of writing, set precisely at listing time). FWA pays a winner 90% of backing if they hand the NFT back, so at this level the choice is perfectly balanced. Draw one and you choose: - **Keep the Noun.** You just turned down ETH worth exactly what the Noun fetches at floor. You want this. - **Take the ETH.** Same value, none of the hassle of selling. The Noun goes straight back to the treasury. Flippers press the ETH button. Believers keep the Noun. And while they wait to be chosen, all 24 earn draw fees for the treasury. ## 📊 The numbers Everything here is measured from FWA's contracts onchain (latest: a full 24-hour sample ending 2026-08-22). Volume has kept settling since emissions ended, so the timeline numbers move with it; the key result in bullet three does not. Verify it, please. - ~310 draws/day at an average price of ~0.08 ETH. 98% of every draw fee splits equally across active listings, which works out to **~0.0038 ETH per listing per day** at current volume, or ~0.09 ETH/day across our 24 (a week ago this was 4x, at the emissions peak 10x: these scale with volume) - Draw odds scale with 1/backing. At 1.28 ETH backing, each Noun's expected time in the pool is **~11 months** at current volume (it was ~75 days a week ago; the timeline moves inversely with volume, in either direction), roughly one draw event across our 24 every couple of weeks - The part worth checking twice: the draw fee is the pool's harmonic mean × 1.025, and draw odds are 1/backing. Those cancel, so **a listing's expected fee income before it is ever drawn ≈ its own backing**, independent of volume and of what everyone else lists - Per-Noun branches, in expectation: - *Winner keeps the Noun:* ~1.28 ETH earned in fees + backing returned (minus 1% protocol cut). Treasury up ~1.3 ETH, one new Nouner who chose a Noun over cash - *Winner takes the ETH:* ~1.28 ETH earned in fees, 1.28 ETH of backing paid out. Roughly ETH-neutral, Noun back in the treasury - Expectation is not a guarantee. A Noun drawn on day 2 earns less than its backing (ask me about Noun 1382). A Noun that sits earns more. That variance is why this is sized at 30 ETH and not 300 - Not modeled, pure upside: $FWA depositor rewards (30% of the protocol's fee-funded buybacks accrue to depositors) - For calibration: across all of FWA in the sample window, winners kept the NFT in ~1.3% of settlements, because most listings are cheap NFTs backed above their value. Ours are the opposite. Keeps will still be the minority, and that's fine: a keep is a new Nouner who wanted in, a buyback is a round trip that paid us fees ## 🖼 The 24 Hand-picked from the treasury and shaped like a pyramid: the oldest Noun we have at the top, three from the early days, six from the middle years, fourteen from the no-bid era that were minted straight into the treasury. All 24 heads are different, all 24 accessories are different, and Noun 1980 is the only Noun in the entire treasury wearing the Gnars accessory. ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/11.png) **11** ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/26.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/82.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/89.png) **26 · 82 · 89** ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/279.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/408.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/548.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/559.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/801.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/861.png) **279 · 408 · 548 · 559 · 801 · 861** ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1914.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1917.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1929.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1933.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1942.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1950.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1954.png) **1914 · 1917 · 1929 · 1933 · 1942 · 1950 · 1954** ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1957.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1958.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1969.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1980.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1983.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1988.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1989.png) **1957 · 1958 · 1969 · 1980 · 1983 · 1988 · 1989** ## 🔧 The middleware The treasury can't act inside FWA's 24h settlement windows, so a small manager contract sits in between. It's the only new code in this proposal and it's deliberately boring: - Every exit path is hardcoded to the treasury: withdrawn Nouns, returned Nouns, reclaimed backing and earned fees can go nowhere else. The operator manages listings but cannot redirect a single wei - I'm the operator at launch. The treasury can replace the operator at any time by proposal, and the role can be opened up further later (even permissionless keeper functions) if that's where we want to take it - It's reusable. If this experiment earns its keep, a future proposal can load more Nouns into the same audited contract without deploying anything new - Governance stays safe: 24 Nouns in escrow shift quorum by roughly 2 votes, quorum snapshots at proposal creation so no live vote is affected, and the impact only shrinks as Nouns supply grows - Already deployed and [verified on Etherscan](https://etherscan.io/address/0x89ec417Fa93F02926bF9c28316dA4E7d0F28089b#code): `0x89ec417Fa93F02926bF9c28316dA4E7d0F28089b`. What you audit is what executes Attached transactions send the 24 Nouns and ~30 ETH from the treasury to the manager. I then list each one at floor ÷ the live buyback rate (90% today), priced at listing time; the contract enforces a 1 ETH minimum backing on me, and every listing tx is public and checkable against the formula. ## 🔎 Check my work Don't trust the claims above, verify them. Everything is public in [the repo](https://github.com/0xigami/fwa-middleware): - **[27 mainnet-fork tests](https://github.com/0xigami/fwa-middleware/blob/main/contracts/test/NounsListingManager.t.sol)**, including one that replays these exact four proposal actions with all 24 Noun ids against forked mainnet state. Anyone with an RPC can run them - **[Security audit](https://github.com/0xigami/fwa-middleware/blob/main/audit-report.md)**: a 222-item checklist walk on top of two earlier review rounds and external review by dev friends. Zero critical, high or medium findings. The one confirmed finding from the adversarial round was fixed before deployment (`pull()` skips ids a concurrent proposal may have moved, so nothing can brick execution) - **[A live mainnet dry-run](https://github.com/0xigami/fwa-middleware/blob/main/docs/DRYRUN.md)** of the same bytecode, done with my own ETH and NFT against the real FWA before this proposal went up. Load, list, earn a real fee from a real third-party draw, claim, withdraw, return, sweep: every transaction linked, every wei accounted for, every exit landing at the hardcoded treasury address - **[The four transactions themselves](https://github.com/0xigami/fwa-middleware/blob/main/docs/TRANSACTIONS.md)**, pre-encoded with a pre-flight checklist, so what you vote on is byte-for-byte what runs One Noun, every day, forever. But somebody has to want one. Let's find out who. ⌐◨-◨ --- *Methodology: draw counts and fees from `AcquisitionRequested` events, outcomes from `NFTKept` / `DepositorBidAccepted` events on FWA core `0xB276F62DB0ce8CA2Ca5bc522695bE604521eAc1c`; listing count, total weight and fee parameters read from the same contract; treasury and auction figures from the Nouns token, auction house and treasury. Ask = 30 ETH ≈ 24 × the ~1.28 ETH backing. Backing is priced at listing time; if the floor drifts up before listing, the tail of the pyramid lists as the first backing refunds cycle home, and every unlisted wei is sweepable only to the treasury.* fake-world-assetsremove stale treasury % figure
0x387a161c…fffdsent to0xf790a5f5…1365·#25,809,590·0x12fea6c2…616518
setApprovalForAll(address,bool)# Fake World Assets ![](https://i.imgur.com/iYD3j6m.png) ## ⚡️ TLDR Quick summary: - Send 24 treasury Nouns into [fwa.fun](https://fwa.fun), the onchain gacha machine - Each backed with ~1.28 ETH so a winner nets exactly the same whether they keep the Noun or take the ETH - No discounts, no giveaways. Anyone who keeps a Noun turned down its exact cash value to do so - Every listing earns an equal share of every draw fee in the protocol, paid to the treasury - In expectation, a listing earns back its own backing in fees before it is ever drawn (math below) - Ask is ~30 ETH, 0.7% of the treasury - Nouns and ETH move through a reusable manager contract whose every exit is hardcoded to the treasury *Throughout this proposal, "the treasury" means the Nouns DAO treasury, the timelock at [nouns.eth](https://etherscan.io/address/0xb1a32FC9F9D8b2cf86C068Cae13108809547ef71). Full details below...* --- ## 🙋 Background I'm gami, Nouner since the early days (Nouns 13 and 189) and founder of [Gnars](https://gnars.com), which got started with 69 ETH from [Prop 51](https://nouns.wtf/vote/51) in April 2022 and has been proliferating Nouns ever since. You've seen my proposals before. They tend to bring voters out of the woodwork. Bring them. In July 2026 I forked FWA onto Robinhood Chain as [StockRip](https://stockrip.com): 74,000+ draws, 1,700+ ETH of volume, 900+ players ([live stats](https://stockrip.com/secretdash)). So I know this machine from both sides of the glass, because I run one. I've also fed FWA a Noun of my own: [Noun 1382](https://nouns.wtf/noun/1382), backed with my own ETH, priced too low, gone in three hours, lol. That mistake is where this proposal's pricing rule comes from. ## 🎰 Why The treasury holds 613 Nouns and gains one every day. Since the reserve went to 2.8 ETH in April, 101 of the 102 auctions through mid-August ended with zero bids: 26 Nouns burned, 75 swept into the treasury, one single winner. The treasury's ~4,000 ETH is mostly staked and earning. Its 604 Nouns earn nothing. FWA is doing ~310 draws and ~25 ETH in draw fees a day across 6,400+ active listings as of 2026-08-22, down from a ~2,900-draw peak as post-emissions volume settles (measured onchain, methodology at the bottom). Nouns is already whitelisted as collection #17. The machine is running either way. This proposal puts 24 of our idle Nouns inside it, earning, and in front of people. ## ⚖️ The true decision Each Noun is listed with backing set to floor ÷ 0.9 (~1.28 ETH at time of writing, set precisely at listing time). FWA pays a winner 90% of backing if they hand the NFT back, so at this level the choice is perfectly balanced. Draw one and you choose: - **Keep the Noun.** You just turned down ETH worth exactly what the Noun fetches at floor. You want this. - **Take the ETH.** Same value, none of the hassle of selling. The Noun goes straight back to the treasury. Flippers press the ETH button. Believers keep the Noun. And while they wait to be chosen, all 24 earn draw fees for the treasury. ## 📊 The numbers Everything here is measured from FWA's contracts onchain (latest: a full 24-hour sample ending 2026-08-22). Volume has kept settling since emissions ended, so the timeline numbers move with it; the key result in bullet three does not. Verify it, please. - ~310 draws/day at an average price of ~0.08 ETH. 98% of every draw fee splits equally across active listings, which works out to **~0.0038 ETH per listing per day** at current volume, or ~0.09 ETH/day across our 24 (a week ago this was 4x, at the emissions peak 10x: these scale with volume) - Draw odds scale with 1/backing. At 1.28 ETH backing, each Noun's expected time in the pool is **~11 months** at current volume (it was ~75 days a week ago; the timeline moves inversely with volume, in either direction), roughly one draw event across our 24 every couple of weeks - The part worth checking twice: the draw fee is the pool's harmonic mean × 1.025, and draw odds are 1/backing. Those cancel, so **a listing's expected fee income before it is ever drawn ≈ its own backing**, independent of volume and of what everyone else lists - Per-Noun branches, in expectation: - *Winner keeps the Noun:* ~1.28 ETH earned in fees + backing returned (minus 1% protocol cut). Treasury up ~1.3 ETH, one new Nouner who chose a Noun over cash - *Winner takes the ETH:* ~1.28 ETH earned in fees, 1.28 ETH of backing paid out. Roughly ETH-neutral, Noun back in the treasury - Expectation is not a guarantee. A Noun drawn on day 2 earns less than its backing (ask me about Noun 1382). A Noun that sits earns more. That variance is why this is sized at 30 ETH and not 300 - Not modeled, pure upside: $FWA depositor rewards (30% of the protocol's fee-funded buybacks accrue to depositors) - For calibration: across all of FWA in the sample window, winners kept the NFT in ~1.3% of settlements, because most listings are cheap NFTs backed above their value. Ours are the opposite. Keeps will still be the minority, and that's fine: a keep is a new Nouner who wanted in, a buyback is a round trip that paid us fees ## 🖼 The 24 Hand-picked from the treasury and shaped like a pyramid: the oldest Noun we have at the top, three from the early days, six from the middle years, fourteen from the no-bid era that were minted straight into the treasury. All 24 heads are different, all 24 accessories are different, and Noun 1980 is the only Noun in the entire treasury wearing the Gnars accessory. ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/11.png) **11** ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/26.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/82.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/89.png) **26 · 82 · 89** ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/279.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/408.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/548.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/559.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/801.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/861.png) **279 · 408 · 548 · 559 · 801 · 861** ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1914.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1917.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1929.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1933.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1942.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1950.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1954.png) **1914 · 1917 · 1929 · 1933 · 1942 · 1950 · 1954** ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1957.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1958.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1969.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1980.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1983.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1988.png) ![](https://raw.githubusercontent.com/0xigami/fwa-middleware/main/docs/img/1989.png) **1957 · 1958 · 1969 · 1980 · 1983 · 1988 · 1989** ## 🔧 The middleware The treasury can't act inside FWA's 24h settlement windows, so a small manager contract sits in between. It's the only new code in this proposal and it's deliberately boring: - Every exit path is hardcoded to the treasury: withdrawn Nouns, returned Nouns, reclaimed backing and earned fees can go nowhere else. The operator manages listings but cannot redirect a single wei - I'm the operator at launch. The treasury can replace the operator at any time by proposal, and the role can be opened up further later (even permissionless keeper functions) if that's where we want to take it - It's reusable. If this experiment earns its keep, a future proposal can load more Nouns into the same audited contract without deploying anything new - Governance stays safe: 24 Nouns in escrow shift quorum by roughly 2 votes, quorum snapshots at proposal creation so no live vote is affected, and the impact only shrinks as Nouns supply grows - Already deployed and [verified on Etherscan](https://etherscan.io/address/0x89ec417Fa93F02926bF9c28316dA4E7d0F28089b#code): `0x89ec417Fa93F02926bF9c28316dA4E7d0F28089b`. What you audit is what executes Attached transactions send the 24 Nouns and ~30 ETH from the treasury to the manager. I then list each one at floor ÷ the live buyback rate (90% today), priced at listing time; the contract enforces a 1 ETH minimum backing on me, and every listing tx is public and checkable against the formula. ## 🔎 Check my work Don't trust the claims above, verify them. Everything is public in [the repo](https://github.com/0xigami/fwa-middleware): - **[27 mainnet-fork tests](https://github.com/0xigami/fwa-middleware/blob/main/contracts/test/NounsListingManager.t.sol)**, including one that replays these exact four proposal actions with all 24 Noun ids against forked mainnet state. Anyone with an RPC can run them - **[Security audit](https://github.com/0xigami/fwa-middleware/blob/main/audit-report.md)**: a 222-item checklist walk on top of two earlier review rounds and external review by dev friends. Zero critical, high or medium findings. The one confirmed finding from the adversarial round was fixed before deployment (`pull()` skips ids a concurrent proposal may have moved, so nothing can brick execution) - **[A live mainnet dry-run](https://github.com/0xigami/fwa-middleware/blob/main/docs/DRYRUN.md)** of the same bytecode, done with my own ETH and NFT against the real FWA before this proposal went up. Load, list, earn a real fee from a real third-party draw, claim, withdraw, return, sweep: every transaction linked, every wei accounted for, every exit landing at the hardcoded treasury address - **[The four transactions themselves](https://github.com/0xigami/fwa-middleware/blob/main/docs/TRANSACTIONS.md)**, pre-encoded with a pre-flight checklist, so what you vote on is byte-for-byte what runs One Noun, every day, forever. But somebody has to want one. Let's find out who. ⌐◨-◨ --- *Methodology: draw counts and fees from `AcquisitionRequested` events, outcomes from `NFTKept` / `DepositorBidAccepted` events on FWA core `0xB276F62DB0ce8CA2Ca5bc522695bE604521eAc1c`; listing count, total weight and fee parameters read from the same contract; treasury and auction figures from the Nouns token, auction house and treasury. Ask = 30 ETH ≈ 24 × the ~1.28 ETH backing. Backing is priced at listing time; if the floor drifts up before listing, the tail of the pyramid lists as the first backing refunds cycle home, and every unlisted wei is sweepable only to the treasury.* fake-world-assets
0x0c66d954…5e70sent to0xf790a5f5…1365·#25,805,208·0x550b9c1a…f6ca6a
happy-nouniversary!@0x6fB5...83b0 Thanks man! everything is going great, excited to publish this manga asap. Hope you are doing good as well 🫡 > hope you're doing well messhup, thanks for the update
0x073f0dc5…2e63sent to0xf790a5f5…1365·#25,800,397·0xe5dbae70…bd5a77
The fact that we have a proposal up at Nouns to cancel a donation stream and we are prioritizing this before going after people who have stolen from the DAO is mind blowing to me. We are supposed to be a DAO focused on public goods and we want to cancel a donation stream, what a fall from grace
0xb2a6ad0c…e5acsent to0xf790a5f5…1365·#25,799,855·0xb9852ac8…4e3dfd
# ⌐◨-◨ | Fund the Agentic DAO: Nouns collaboration for the open standard for how DAOs govern # ⌐◨-◨ Fund the Agentic DAO **ARC · SMARTDAO INTELLIGENCE** — powered by ARC · [smartdao.io](https://smartdao.io) **40,000 USDC · single payment** · ≈0.6% of the \~$7.2M treasury · 12-month phase · Phase One of a gated program ![SmartDAO Today view — proposal intelligence, outcome forecasting, and treasury signals in one place](https://smartdao.io/proposal/nouns/01-today-view.png) *The live platform, co-crafted for Nouns — the Today view brings proposal intelligence, forecasting, and treasury signals into one place.* ## TL;DR Nouns can be the DAO that **builds the tools every other DAO governs with**, with clear paths to both commercial licensing and a free CC0 core. We're asking for **40,000 USDC, about 0.6% of treasury**, to run a public pilot: harden the platform for its Nouns launch, open-source the agentic-governance core, stand up the charity and research-grant rails, and publish the first open research on the autonomy and verifiability of on-chain governance. The DAO 2040 research is public today at [smartdao.io/research-paper](https://smartdao.io/research-paper), and the platform is live at [smartdao.io](https://smartdao.io), so you can read the thinking and see the product before you vote. A small, de-risked first ask on purpose. A single 40,000 USDC payment funding one complete phase, with every dollar mapped in the capital allocation below. Prove the model, hit the metrics, then scale to later phases through separate proposals, gated on results and built alongside our research program. And it pays Nouns back. **15% of all future IP revenue flows home**, with 60% going into more open research and 40% into Nouns-ecosystem charity and public-good initiatives, all routed and audited on-chain. We're also registering SmartDAO as a Nouns client, so governance activity through the platform earns client incentives — and we route those rewards into the same pools. One grant, an asset that keeps working. ⌐◨-◨ ## Who we are ARC builds privacy-preserving, verifiable AI infrastructure: AI that can act inside a system while staying confidential and provable. SmartDAO is one of our first showcase products, and we built it for Nouns. We're incubated and backed by Athena X, and we work in the open, to Nouns' values. This isn't new ground for us. Our co-founder Savant was one of the original DAO participants, holding over 1,000 ETH in 'The DAO', the first DAO ever created, before the 2016 fork that split Ethereum and Ethereum Classic. We have been thinking about how DAOs should govern since there were DAOs to govern. Our vision is a world where DAOs run on agents you can actually trust: software that does the reading, drafting, and analysis that a part-time community can't keep up with, without ever becoming a black box that quietly takes the decisions away from people. **The verifiable and sovereign path, not the opaque one.** To showcase that vision, our platform, co-crafted for Nouns, 'SmartDAO', is live. It does proposal intelligence, outcome forecasting, autonomous drafting, and on-chain plus real-world open-source intel, in one citation-grounded, privacy-preserving system. The research it's built on, our DAO 2040 report, is public today (linked below). This proposal turns the SmartDAO pilot into a CC0 public good. It also builds a revenue engine that pays Nouns back, and funds the research arm that measures how autonomous and verifiable on-chain governance actually becomes. > *Figures below are grounded in live data (treasury was about $7.2M on August 20, 2026 — ETH plus staked ETH plus stablecoins across the treasury and Payer). ETH moved roughly 17% in the twenty-four hours before this draft, so treat every dollar figure as a snapshot: the in-product agent pins exact amounts, percentages, and the passed proposals it cites at draft time.* ## Motivation Governance is becoming a part-time job that nobody has enough time for. Proposals go unread, treasuries drift, and good ideas die in Discord and Farcaster. The bottleneck was never capital or code. **It's human attention at scale.** Our DAO 2040 research maps where this goes, and it's live today (read the 2026 to 2030 scenario at [smartdao.io/research-paper](https://smartdao.io/research-paper)). The work of governance is becoming agentic, and by 2030 it forks. One path is opaque automation that quietly concentrates power. The other is a Constitution: verifiable agents that do the reading while humans keep the deciding. Most "AI for DAOs" is being built for the first path. **Nouns can fund the second, and author the standard everyone else adopts.** Nouns has always funded the builders and public goods that push the meme forward. 1,000 ETH seeded the open-source Nouns Builder Protocol (prop 167). 570 to 600 ETH funded Prop House protocol development (props 183 and 105). 416 ETH went to the NounsAI Pod (prop 214), 230k USDC funded the private-voting research sprint (prop 216), and Camp — the governance client most Nouners use today — was funded for all of 2024 (prop 463). The full comparable set, every one of them executed, is in the Precedent section below, pulled from SmartDAO's indexed Nouns corpus. This is that work leveled up. Instead of a grant that spends and disappears, this one builds an engine, opens it CC0, and points the revenue back at the treasury. Proliferation isn't only stickers and statues. It's **Nouns becoming the operating system other DAOs run on.** ⌐◨-◨ everywhere. ## Receipts: the drawdown this system was built to catch This isn't a hypothetical about some future crisis. It happened to Nouns this year, and every number below is verifiable — on-chain, in the public price record, or timestamped in our production database. | Receipt | Number | How to verify | | ------------ | -------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------- | | The exposure | \~2,916 ETH-equivalent (81.5 ETH + 2,134 wstETH + 163 rETH) + \~$0.6M USDC | On-chain, block 25,487,885 (July 8, 2026). \~90% of treasury value rides on the ETH price. [TK: re-read holdings at a current block] | | The high | \~$8.9M | Same holdings at ETH's December price ($3,065 on Dec 15, 2025 — public price record). | | Today | \~$6.6M | Same holdings at \~$2,250 (August 20, 2026). Nothing was spent or bought — every move is unhedged price exposure. | | The forecast | $4.5M crisis-path at 90 days (5th percentile: $3.4M) | Generated July 7, 2026 by smartdao-treasury-forecast-1, timestamped at generation and pinned in-product. [TK: re-run before posting and pin the current figures] | When we posted the topic version of this proposal on June 19, the treasury was about $7.3M. By early July it was about $5.6M. As of August 20, 2026, with ETH around $2,250, the same holdings are worth about $6.6M — roughly $7.2M including the USDC position, and still about 27% below the December high. In the last twenty-four hours alone that figure moved by about $1.2M, on holdings nobody touched. That volatility is the point: the number in this paragraph was wrong yesterday and will be wrong tomorrow. The engine runs eleven scenarios at 30, 90, and 365-day horizons against live holdings and re-forecasts on every move, which is why the in-product agent pins the exact figure at draft time rather than trusting a number typed into a document. **What members would have seen.** Live on the platform, every holder and delegate gets the fan chart, the scenario table, and an alert the moment the projected path crosses a threshold the community sets — in the Today view and the Signals feed, not buried in a dashboard nobody opens. ![Treasury intelligence — the fan chart, scenario table, and threshold alerts](https://smartdao.io/proposal/nouns/02-treasury-intelligence.png) *Treasury & opportunity intelligence — eleven scenarios across 30/90/365-day horizons, re-forecast on every move, with threshold alerts.* **What that's worth.** If an alert at ETH's December level had led the DAO to rotate even half its ETH exposure into stables — one proposal, on the same TokenBuyer rail this proposal uses — the treasury would be roughly $2M larger today. We can't promise members act on every alert. We can promise nobody gets to say they didn't see it coming. One catch like that is worth many multiples of this entire ask — and the calibration record is public, so you can hold the model to it. ## What we're building Commercially licensable and open-source (CC0) tools for DAO operations and agentic management, shipped in public, with the research live today and the platform opening to Nouns in week one of the phase: - **The platform, live for Nouns.** Proposal intelligence, outcome and quorum forecasting, treasury and opportunity intelligence, on-chain and real-world open-source intel, autonomous drafting and assessment (proposals pressure-tested against what actually passes), and ANIMA, a governance analyst on call. You can see [smartdao.io](https://smartdao.io) and read the research paper at [smartdao.io/research-paper](https://smartdao.io/research-paper) today. Not a deck. The full platform is offered commercially, which generates revenue that funds future research and public goods, alongside a free CC0 core. ![A proposal brief — every proposal pressure-tested against what actually passes](https://smartdao.io/proposal/nouns/03-proposal-brief.png) *A proposal brief — outcome and quorum forecasting with proposals pressure-tested against what actually passes.* - **CC0 agentic tooling for every member.** The open-source core is free forever and forkable by any DAO from day one, so Nouners and the wider ecosystem can build on it without asking permission. - **Free for Nouns, for a year.** Every Nouns holder and delegate gets a full year of the platform at no cost, with gated community access, all included in this phase. The people governing with the tools are the people who get them first. - **A registered Nouns client.** We're registering SmartDAO for a client ID on the Nouns Rewards contract, so proposals, votes, and bids made through the platform are attributed on-chain — and any client incentives earned are routed into the research and charity pools below, not kept. Governance activity through SmartDAO becomes another way the flywheel pays Nouns back. - **Built with the community.** Live feedback rounds run through the phase. Nouners help set product direction and decide what the research should focus on and what the Autonomy Index measures. You are in the loop on what we build next, not just shown it after. - **Growing the network.** Part of this phase funds the outreach and onboarding for the other DAOs we're already canvassing. More DAOs on the platform means more commercial-license revenue, and that revenue is what fills the charity and research pools. Funding the outreach now is how the flywheel actually starts turning. - **Charity and research grants, on-chain.** Rails that route charitable contributions and research grants into and through Nouns. Transparent, auditable, Nounish. - **The Autonomy Index (the research arm).** Open research and analytics measuring how autonomous and how verifiable on-chain actions and agentic workflows inside DAOs are becoming. It's a public benchmark that grades agentic governance from assisted to autonomous, with a calibrated scoring record the agent is held to. The first piece, our DAO 2040 report, is already public. - **The IP flywheel.** Commercial licenses are optional and the CC0 core stays free. 15% of all license revenue is captured on-chain to the Nouns treasury, split 60% research and 40% charity and public goods. - **The trust layer.** Confidential, verifiable, and sovereign by design. Inference runs in a hardware-secured enclave (TEE), member-private deliberation never leaves it and never trains a public model, and outputs are attestable. **You can't run governance on a black box, so we didn't build one.** ![ANIMA — a governance analyst on call](https://smartdao.io/proposal/nouns/04-anima.png) *ANIMA — a citation-grounded governance analyst on call, running on confidential, attestable infrastructure.* ## Why ARC The product is the de-risking factor. - **It's built, not hypothetical.** SmartDAO is live at [smartdao.io](https://smartdao.io), running against real on-chain governance and treasury data, and the DAO 2040 research behind it is public today. Most proposals ask you to fund a promise. This one asks you to scale a product that's already built. - **The hard part is already solved.** ARC builds privacy-preserving, verifiable agentic infrastructure. Confidential, attestable AI is our core competency, not an add-on bolted onto a chat wrapper. - **We authored the research it stands on.** The DAO 2040 report this proposal is built on is public today and you can read it before you vote. We're not guessing at where governance goes. We mapped it. - **Backed, and building in the open.** We're incubated and backed by Athena X, and proud to be part of the Nouns ecosystem. We're building with Nouns, in the open, to Nouns' values. There's more about us at [www.arcterminal.ai](https://www.arcterminal.ai). ## Precedent: what Nouns already funds We pressure-tested this ask against Nouns' own history using SmartDAO's indexed corpus of every proposal the DAO has ever voted. Every comparable below passed and executed — Nouns routinely funds open-source infrastructure, AI teams, governance research, public goods, and legal structure, most of it many multiples of what we're asking: | Prop | What Nouns funded | Amount | Why it's comparable | | ---- | ---------------------------------------------------------------------------- | ------------------ | ------------------------------------------------------------------------- | | 167 | Nouns Builder Protocol: seed an open-source public-good protocol | 1,000 ETH | Nouns funds open-source public goods at scale | | 105 | Prop House Protocol, "Public Infrastructure by Nouns DAO" (ops + dev runway) | 600 ETH | Direct analogue: public governance infrastructure | | 183 | Prop House Mainnet: 6 months of protocol + client development | 570 ETH | A dev funding round for governance clients | | 463 | Camp: governance client funding for 2024 | 396k USDC + 50 ETH | The governance tooling analogue — Nouns funds the clients it governs with | | 214 | NounsAI Pod: 6-month extension | 416 ETH (\~$624k) | Nouns already funds AI teams | | 216 | Private Voting Research Sprint (mandated round) | 230k USDC | Nouns funds governance research at multiples of this ask | | 108 | Protocol Guild: Ethereum public-goods pilot | 500 ETH | Public-goods funding precedent | | 662 | Nouns DUNA (Wyoming): legal entity + year-1 ops | 458 ETH (\~$1.42M) | Precedent for IP and legal structure spend | | 926 | DUNA Reserve Compliance Administrator (Satori) | 60k USDC | The closest comp: similar service work, executed in 2026 | | 962 | Nouns x 501c3 Study | 1 Noun + 20k USDC | A small, staged study funded this spring | | 795 | Nouns infra & dev tooling revamp + bounty pilot | \~$18k / 3 mo | A small, discrete tooling pilot | | 861 | U. of Oregon Intelligent Futures Lab: DAO-governance research grant | $10,000 USDC | Funding academic governance research, like the Autonomy Index arm | Against builder, infra, and AI rounds of 400 to 1,000 ETH, a **40,000 USDC first phase (well under 1% of treasury) is a modest ask** — and unlike every proposal above, this one is designed to route revenue back. *Amounts are as stated in each proposal body, and the in-product agent re-pins exact figures and links at draft time.* ## Capital allocation Phase One is a single payment of **40,000 USDC, about 0.6% of treasury**. Every dollar is mapped below: | Use of funds | Amount | Share | What it covers | | ------------------------------------ | ----------- | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | | Platform hardening + Nouns launch | 9,000 USDC | 22.5% | Final hardening and the live launch for Nouns. Includes one year of free access for every Nouns holder and delegate, plus gated community access, at no extra cost to the DAO. | | Open-source CC0 core release | 8,000 USDC | 20% | The first forkable CC0 release, the agentic delegation system, free for any DAO from day one. | | Ecosystem outreach + DAO onboarding | 6,000 USDC | 15% | Business development and onboarding for the DAOs we're already canvassing. This is what bootstraps the commercial-license pipeline that fills the charity and research pools. | | Autonomy Index v1 + research program | 6,000 USDC | 15% | The first public benchmark of agentic governance, with the research agenda set together with the community. | | Charity + research-grant rails | 5,000 USDC | 12.5% | Build and deploy the on-chain routing and the 15% revenue-share split (60/40 research and charity). | | Reporting, audits + coordination | 4,000 USDC | 10% | Monthly updates, third-party review, and the public ledger. | | Community feedback rounds | 2,000 USDC | 5% | Live rounds through the phase on product direction and what the research should aim at. | | Total (Phase One) | 40,000 USDC | 100% | ≈0.6% of the \~$7.2M treasury | A word on the outreach line, because it is the engine. More DAOs on the platform means more commercial-license revenue, and 15% of that revenue flows back to Nouns, split 60/40 into research and charity. Funding outreach in Phase One is how those social-good and research pools get something to fill them, rather than waiting for revenue to appear on its own. ## Payment **One action, at execution — 40,000 USDC.** A single transfer to ARC's multisig Safe, through Nouns' native USDC rail (the Payer/TokenBuyer contracts, prop 172) — the same path the IF Lab research grant (prop 861) used. Execution is clean and Nounish. The gating is at the phase level. Nouns funds one small, complete first phase, allocated exactly as mapped above. Then, based on the KPIs and outcomes below, Phase Two and everything after come back as separate proposals, alongside the research program we've designed. **Fund a little, see real results, then decide on the next phase.** ## Timeline & deliverables A twelve-month phase. The platform opens to Nouns in week one, and delivery runs across the year as follows. - **Month 1: platform opens to Nouns.** Every Nouns holder and delegate gets access, free for a year, with gated community access open. SmartDAO registers its Nouns client ID. The business-development pipeline for onboarding new DAOs starts, and the second research study gets underway (the first being the DAO 2040 report, already public). - **Month 2: first CC0 deliverable.** A progress update, plus the first open-source CC0 release: the agentic delegation system, forkable by any DAO. - **Months 3 to 6: build and operate.** Continued development and deployment of enhanced features (including the charity and research-grant rails and the first Autonomy Index), ongoing platform management, and monthly analytics reports. - **Months 6 to 12: access, review, and Phase Two planning.** Continued platform access for the community, and a full review of Phase One's objectives, KPIs, and goals to prepare and plan Phase Two against the milestones and gates set out in the DAO 2040 research. > Future funding (deeper releases, expanded DAO coverage, and the full revenue flywheel at scale) comes back to the DAO as separate proposals, alongside the research program, and only once Phase One's success metrics are met. **Small first phase, proven results, then scale.** ## Success metrics - **One CC0 release shipped** in the pilot, forkable by any DAO from day one, with a public adoption report covering forks and integrations. - **One year of free access** live for every Nouns holder and delegate, with gated community access open, reported by uptake. - **At least one new DAO onboarded** from the outreach, with a named pipeline of others, the first turn of the commercial-license flywheel. - **Community feedback rounds held in public**, with product direction and the research agenda shaped by Nouners on the record. - **Charity and research-grant rails live on-chain**, with the 15% revenue share (split 60/40 research/charity) deployed and auditable. - **SmartDAO registered as a Nouns client**, with attributed governance activity reported and any client rewards routed into the research and charity pools. - **Autonomy Index v1 published**, building on the DAO 2040 report that's already public, the first open benchmark of how autonomous and verifiable Nouns' on-chain governance is (and its peers'). - **Forecast calibration on the record.** The agent's predictions are scored against realized outcomes and published, with no cherry-picking. ## Team & track record ARC builds privacy-preserving, verifiable agentic infrastructure, incubated by Athena X. Our co-founder Savant was one of the original DAO participants, holding over 1,000 ETH in 'The DAO' before the 2016 fork. The DAO 2040 research is live today at [smartdao.io/research-paper](https://smartdao.io/research-paper), SmartDAO is live at [smartdao.io](https://smartdao.io), and there's more about us at [www.arcterminal.ai](https://www.arcterminal.ai). - Jesse Jarvis — [linkedin.com/in/jessejarvis](https://linkedin.com/in/jessejarvis) - Khalil Kassam — [linkedin.com/in/khalilkassam](https://linkedin.com/in/khalilkassam) Funds are received by ARC's multisig Safe (address in the proposal actions). Reach out at [contact@arcterminal.ai](http://contact@arcterminal.ai/). ## Reporting & updates Monthly updates in the forum, an open Q&A at each deliverable, and a public ledger of IP revenue and the 15% reinvestment (60/40 research/charity), so the flywheel is auditable by anyone, anytime. We'll also complete any grantee compliance steps the DUNA administrator requires. --- **Why this one is different.** Most grants are one-way: fund, spend, gone. This one is a loop. Fund Phase One, the phase makes CC0 tools and research, the tools make optional IP revenue, the revenue funds more open research and feeds Nouns charity, then it repeats. It starts as one small, complete first phase, so the DAO risks well under 1% to find out if it works before funding the rest. **The first 40,000 USDC doesn't get spent. It gets planted.** ⌐◨-◨ --- ⌐◨-◨ ARC · SMARTDAO INTELLIGENCE · [contact@arcterminal.ai](http://contact@arcterminal.ai/) · [smartdao.io](https://smartdao.io)⌐◨-◨-|-fund-the-agentic-dao:-nouns-collaboration-for-the-open-standard-for-how-daos-govern
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