Is there a price where the DAO would be willing to buyback MNGO?
Some thoughts:
The book value is currently ~.06/MNGO. I’d like to think we never get the chance to buy there, but is there a price at which the DAO supports buying?
The MNGO ICO was at ~.14/MNGO. The DAO buying at any level below there would effectively be averaging down the cost for all MNGO holders.
I would recommend using only protocol revenues (currently ~$700k) for the buyback, and not necessarily all of it.
I don’t think DAO funds should be used for speculating; however, this seems like a use of funds that is in line with a long term vision for the protocol/DAO.
Because of the slow moving nature of a DAO, the best buying opportunities in crypto (i.e., liquidation cascades) will likely only be accessible to the extent the DAO has resting bids in place.
Ultimately, I think this could serve as an interesting proof of concept for managing the DAO treasury. If this were to have support, I would be in favor of placing bids up to around 2x the book value (i.e., .12/MNGO).
Just curious how did you compute the book value? also in general it makes sense to buy protocol tokens back when they are cheap and sell when they are expensive, but I am unsure how much use the buying would be when Circulating Supply << Total Supply
I wanted to share a very brief slide deck ahead of the meeting this week. The slides provide more information regarding the Volume-Weighted Average Price (VWAP) token repo program I mentioned during the last call. I can answer any questions during the call.