Buidler DAO 国库资金管理讨论 - ETH部分

Ideas and Open Discussion
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1

国库中存有35.66 ETH的资产，当前这部分资产仅放置在多签钱包内未进行额外的配置。

基于ETH本身生息资产的属性，且考虑到DAO当前没有计划对这部分eth进行波段买卖操作，财务团队建议将将这部分ETH配置购买相应的生息资产或存入生息协议。

当前可选方案包括：

  1. 存入Lido
  2. 存入Restaking协议
  3. 存入Aave等借贷池
  4. 存入Pendle流动性池
  5. 其他

上述可选方案的年化与潜在风险均不相同，财务团队希望综合收益与风险的考虑进行国库Eth的配置。

补充：我们会对上述方案的年化与潜在风险进行后续补充，同时欢迎大家在本帖内进行讨论与建议。

2

As discussed with experts in Research Guild, we have come up with an investment plan of ETH in DAO Treasury.

Current there are 35.68 ETH (value at 136,190) in DAO Treasury; We plan to use these ETH to participate in Defi Protocols to earn a passive income.

Half of the ETH (17.5 ETH) will be staked into Lido (Largest ETH Liquidity Staking Protocol): The current APY is 3.2%, and the risk at lido is minimal compare to other Defi protocols and applications.
Lido Website: https://lido.fi/

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Other half of the ETH (17.5 ETH) will be used to buy “PT” at Pendle (TRS Yield Defi Protocol): We are planning to buy the “PT” token (fixed APY) for pufETH pool ended on 26 Sep 2024, the current APY is 19.7%, and is expected to maintain an average APY of 21% throughout the period. The risk is supposably higher than the ETH staked in Lido, but comparably the risk at Pendle is still very low.
Pendle pool: Pendle

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The un-used ETH will stay in the Treasury; and all earned yield will go inside the Treasury as well.

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3

希望研究公会的专家能更清楚解释下Pendle 的 APY 底层组成比例，为什么高出 Lido 这么多。

4

Lido收益来源为以太坊POS质押收益，该收益较为稳定且固定；

Pendle收益本质为收益互换（类似于TRS），PT Holder通过放弃了浮动利率（YT）来换取更高的固定收益。
Puffer本身即为Restaking相关流动性协议，具有高于Lido的收益；同时其存在发币预期，使得潜在收益率进一步提高；PT/YT收益率为双方买盘博弈后的结果（类似于AMM的x*y = k）。
当前Puffer的PT收益率为20%左右，综合风险与收益考虑财务团队觉得适合投资。

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