Convert 25% of Goonz Stash Community Wallet to USDC Stablecoin

Hey there Goonz,

I’m bk, or robotbear.eth, one of the Cryptoon Goonz team members as well as a Cryptoon Goonz holder and fan of NFTs, Sean’s amazing art, Jesse’s incredible engineering, and so much more.

  • Goonz #6079, among others


I am proposing that we convert a minimum of 25% of the ETH balance from the Cryptoon Goonz Community Wallet to a stablecoin such as USDC.

There is currently a balance of 144.2527 ETH in the community wallet at a value of $333,949.32 USD at the time of this posting.


I propose that we convert a minimum of 25% of the 144.2527 ETH to a stablecoin such as USDC. You can learn more about USDC at Centre | USD Coin. USDC is founded by Coinbase & Circle. From their website:

“Centre stablecoins are issued by regulated and licensed financial institutions that maintain full reserves of the equivalent fiat currency. Issuers are required to regularly report their USD reserve holdings, and Grant Thornton LLP issues reports on those holdings every month.”

25% of 144.2527 ETH is 36.063175 ETH.

| Asset | Balance     | Value                                  |
| ETH   | 108.189525  | ~$251,705                              |
| USDC  | ~$83,878.89 | ~$83,878.89 (USDC is linked to to USD) |

The above table shows how the balance would be reflect if we move forward with this proposal.

The funds will still be available to the community, they’ll simply be held as USDC until the market stabilizes and someone writes a proposal to convert back to ETH or to use the funds another way. This simply allows us to secure a nest egg for the community wallet while we “weather the current market conditions”. In addition, one thing to note is that USDC can earn interest at varying rates - ranging from 0.15 and up, I’ll have to look into if that can be done while it’s stored in the Gnosis Safe. (Again, you can see the community wallet here: Gnosis Safe)

With the price of ETH rapidly pulling back due to market uncertainty, we (the Goonz community) are losing buying power for items that need to be purchased with fiat currency such as US dollars.

For example, if the Goonz community wants to use funds towards hosting some community IRL events, those will be paid for using US Dollars or British Pounds, or whatever the local fiat currency is. If the price of ETH continues to fall over the short term, the wallet can do less for the community.


Very interesting take, my only concern is that if we were to vote on this and proceed. Would we be subjective for a loss if we’re to make the swap if prices were to stay at the current price (2.3k usd at time of writing) or below in the coming weeks if we’re to concur on the proposition?

@JesseFriedland @bk on the pre-set algorithmic liquidation Psychedelics Anonymous has been running here:

  • Voltura Labs Pty Ltd has been liquidating small amounts of ETH each time we see a 5-6% gain on the ETH price in amounts between 50-150 ETH. This is a Dollar Cost Averaging strategy out, which we are utilising to protect ourselves from market volatility.

For a future discussion, but setting an algorithmic model for the Goonz team to act on triggering price movements may remove latency issues and any sentiment risks

1 Like

Thanks for sharing this! I really like this idea. On the company side we have been already been strategizing ways to protect the company from market volatility and I think we need to implement ways to do that here because it’s equally as important.