Gnosis DAO Faces Massive Treasury Redemption Proposal, "Treasury Raiders" Return

marsbitPublicado a 2026-05-08Actualizado a 2026-05-08

Resumen

A group of activist investors, often labeled as "treasury raiders," have submitted proposal GIP-150 to Gnosis DAO, calling for a one-time, voluntary, and proportional treasury redemption. The proposal would allow participating GNO holders to claim a share of the over $220 million in DAO reserves. Proponents argue this addresses the persistent and widening discount of GNO's market price relative to the treasury's net asset value. Despite recent DAO funding to Gnosis Ltd., the discount has increased. The current vote, closing May 12th, shows 65% opposition among early votes. The redemption would value each eligible token around $170, a ~30% premium to the current $131 market price. GNO held by Gnosis Ltd. is excluded. DeFi community reactions are mixed. Some commentators acknowledge the "risk-free value" (RFV) arbitrage logic but criticize the proposal as a short-term cash grab lacking legitimacy, as Gnosis never promised treasury backing for the token price. Others oppose it due to Gnosis's contributions to ecosystem infrastructure (Safe, CoW Swap, etc.). Founder Sebastian Bürgel lamented the targeting of respected builders. Aragon's team, previously targeted in similar RFV campaigns, called for better mechanisms to align incentives. This follows a pattern of 2023 RFV-style actions against projects like Rook and Aragon. Recently, Beefy Finance implemented a buyback to preempt such pressure. The proposal's author, Wismerhill, expressed past admiration for Gnosis but now sees...

A group of activist investors (or "treasury raiders") is targeting GNO token holders with a proposal for a treasury redemption plan.

GIP-150 proposes a one-time, voluntary, pro-rata treasury redemption. If passed, participating holders would share proportionally in a portion of Gnosis DAO's treasury reserves, which exceed $220 million.

The proposal comes less than six months after Gnosis DAO voted to remove its former treasury manager, KPK. The proposer, Wismerhill, stated that the market price of GNO has long been trading at a discount to Gnosis DAO's net asset value, and this discount has been widening.

He added that despite the DAO recently allocating $22.5 million to Gnosis Ltd, the discount of the token relative to net assets has only increased further, with GNO capturing minimal value accretion.

Voting on the proposal is now open and will close on May 12. Although support initially led by a significant margin, of the roughly 330,000 votes cast so far, 65% are currently against.

The redemption amount would be calculated pro-rata based on 1.3 million eligible GNO tokens, excluding tokens held by Gnosis Ltd. The proposal justifies this by stating that this entity already receives long-term financial support from the DAO.

Based on this calculation, the redemption value per token would be approximately $170, nearly 30% higher than GNO's current market price of $131.

Reactions from the DeFi Community

DeFi commentator and GNO holder Ignas admitted, "There's some logic to this RFV narrative," but also pointed out that "this is purely an arbitrage play, hardly an ethical one." He has voted against the proposal. (Note: RFV stands for risk-free value.)

Ethereum Foundation DeFi Lead ivangbi holds a similar view. Since Gnosis never marketed its treasury assets as a backstop for the token price, holders have no ethical right to claim a share of the treasury.

Many others, considering Gnosis's contributions to the ecosystem, also disagree with the proposal. Gnosis is the entity behind key infrastructure projects like Safe, CoW Swap, Gnosis Pay, and Gnosis Chain.

Gnosis founder Sebastian Bürgel asked pointedly, when did the ecosystem's most respected builders become targets for hedge fund harvesting? Jito ecosystem lead Nick Almond directly characterized the proposal as a blatant treasury dump-and-run.

Anthony Leutenegger, representing the Aragon team which faced a similar attack in 2023, offered a more nuanced perspective. He called for the industry to improve mechanisms for programmatic token holder rights to better align incentives and resolve such disputes.

Previous RFV Attack Cases

This group launched several similar treasury arbitrage campaigns in 2023, earning them the label "RFV raiders" in the industry, a term the group itself rejects.

Projects targeted that year included Rook, FEI/Tribe, and Aragon. Aragon was ultimately forced to restructure its treasury usage, converting it into an ecosystem grant funding program.

Just recently, when Beefy Finance's token BIFI fell below its treasury net asset value in April, the DAO quickly launched a buyback mechanism precisely to avoid a surprise arbitrage attack by RFV forces.

Regarding the current Gnosis situation, the proposer Wismerhill previously stated that he has always admired Gnosis DAO and predicted that after removing KPK, Gnosis would make more commercially-driven decisions.

This ongoing vote will ultimately test whether GNO holders value short-term commercial arbitrage gains or long-term ecosystem building value more.

Preguntas relacionadas

QWhat is the primary objective of the GIP-150 proposal for Gnosis DAO, and how does it work?

AThe GIP-150 proposal aims to launch a one-time, voluntary, pro-rata treasury redemption scheme. If passed, participating GNO token holders would receive a proportional share of a portion of the over $220 million in Gnosis DAO's treasury reserves, based on 1.3 million eligible GNO tokens at a calculated value of about $170 per token.

QWhy are the proposal's supporters, like Wismerhill, advocating for this treasury redemption?

ASupporters argue that the GNO token price is trading at a persistent and widening discount to the net asset value (NAV) of the Gnosis DAO treasury. They believe the token captures minimal value from the DAO's assets, and recent funding to Gnosis Ltd has exacerbated this discount, justifying a direct distribution of treasury funds to token holders.

QWhat is the 'RFV' label mentioned in the article, and which other projects have faced similar proposals?

A'RFV' stands for 'risk-free value,' a term used to describe proposals where groups target DAOs to extract treasury value for token holders when tokens trade below NAV. In 2023, similar initiatives targeted projects like Rook, FEI/Tribe, and Aragon. Recently, Beefy Finance implemented a buyback mechanism to preempt such an attack.

QWhat are some of the key counterarguments from the DeFi community against the GIP-150 proposal?

AOpponents argue it is a purely speculative arbitrage trade with no moral justification, as Gnosis never promised to back its token price with treasury assets. Others oppose it due to Gnosis's contributions to the ecosystem (Safe, CoW Swap, etc.), viewing the proposal as a 'treasury dump and run' that harms long-term builders for short-term gain.

QHow does Anthony Leutenegger from Aragon suggest the industry address conflicts like the one at Gnosis DAO?

AAnthony Leutenegger advocates for improving programmatic token holder rights mechanisms. He believes better-designed systems can better align incentives and resolve such disputes, referencing Aragon's own experience where it adapted its treasury into a grants program after a similar challenge.

Lecturas Relacionadas

The Value Distribution of Stablecoins

**Summary: The Value Distribution of Stablecoins** The article argues that stablecoins are evolving from mere trading tools into broader channels for dollar access. It divides the stablecoin ecosystem into four layers to analyze how value is distributed: 1. **Issuance Layer:** Mints stablecoins, holds reserve assets, and captures the spread between reserve yield and user costs (e.g., Tether, Circle). This layer currently earns the largest profit margin. 2. **Infrastructure Layer:** Connects stablecoins to the traditional financial system, handling fiat on/off-ramps, banking integration, compliance (KYC/AML), and asset management (e.g., Bridge, BVNK). This is the "unglamorous" but critical work, building the essential bridges between crypto and real-world finance. 3. **Acquiring/Distribution Layer:** Integrates stablecoins into merchant systems, manages payment flows, and provides enterprise financial software (e.g., Stripe, Coinbase). They act as the access point for businesses. 4. **Application Layer:** The end-users and businesses that ultimately use stablecoins for payments, settlements, or as a store of value. They benefit from convenience but have little pricing power. The core thesis is that while the issuance layer currently dominates profits, the often-overlooked **infrastructure layer holds significant long-term potential**. The real challenge and barrier to mass adoption is not the on-chain transfer of stablecoins (which is simple), but the complex "last mile" integration into existing business workflows, banking systems, and regulatory frameworks across different countries. Companies in this layer are currently in a "land grab" phase, investing heavily to build networks, secure bank partnerships, and establish compliance pathways. While their position is currently pressured by the profitable issuers above and distribution platforms below, the article suggests that if stablecoins become a default financial rail for businesses, the infrastructure providers who have done the hard work of integration will ultimately gain strong pricing power and become entrenched, essential players.

marsbitHace 1 hora(s)

The Value Distribution of Stablecoins

The Value Distribution of Stablecoins The article argues that stablecoins are evolving from a mere trading tool into a broad "dollar channel." It analyzes the industry's value chain through four layers: 1. **Issuance Layer (e.g., Tether, Circle):** The top layer that mints stablecoins, holds reserve assets, and captures the thickest interest rate spread. 2. **Infrastructure Layer (e.g., Bridge, BVNK):** Connects stablecoins to the traditional financial system, handling critical but complex "dirty work" like fiat on/off-ramps, banking integration, compliance (KYC/AML), and cross-border settlement. 3. **Acquiring/Distribution Layer (e.g., Stripe, Coinbase):** Embeds stablecoins into merchant systems, manages payment flows, and integrates with enterprise software. 4. **Application Layer:** End-users and businesses that ultimately use stablecoins for payments, settlement, or storing value. The author posits that while the issuance layer currently captures the most profit, the most overlooked and potentially critical layer is infrastructure. The core challenge for stablecoin adoption isn't the on-chain transfer (which is simple), but bridging the gap between blockchain and the real-world financial system. This involves solving practical problems for businesses: fiat conversion, reconciliation, tax handling, and user onboarding. Infrastructure companies are currently in a difficult "land-grab" phase—building networks, securing banking relationships, and achieving compliance country-by-country. They face pressure from both the profitable issuance layer above and distribution platforms below. However, the author suggests this layer is building a crucial moat. Once stablecoins become a default business rail, the infrastructure players who have done the hard work of integration may gain significant, durable value and pricing power.

链捕手Hace 1 hora(s)

Why Is Nvidia Borrowing $20 Billion When It's Not Short of Cash?

Nvidia's recent announcement to issue at least $20 billion in senior notes, despite holding a strong cash position with over $48.6 billion in free cash flow last quarter, is not a sign of financial need. Instead, it represents a strategic move to leverage its high credit rating (recently upgraded to AA by S&P) to secure low-cost, long-term debt. This capital will support long-term AI infrastructure investments, data centers, R&D, supply chain prepayments, and strategic investments, while allowing the company to continue aggressive shareholder returns through stock buybacks and dividends. The decision reflects a mature capital management strategy: using debt to finance long-term growth assets is more efficient and less dilutive to shareholders than equity financing. It signals that Nvidia, like other tech giants (Alphabet, Meta, Amazon), is entering a new phase of heavy AI capital expenditure, shifting from a pure growth story to a story about capital allocation, credit strength, and long-term ecosystem positioning. The key question for investors is whether Nvidia can maintain its high cash flow generation and ensure that returns from these AI investments justify the cost of capital over the long term. The bond issuance amplifies its expansion capabilities but also ties its valuation more closely to the broader AI investment cycle's sustainability and profitability.

marsbitHace 1 hora(s)

Why Is Nvidia Borrowing $20 Billion When It's Not Short of Cash?

marsbitHace 1 hora(s)

Liberland Fires Tech Secretary After Alleged Blockchain And Website Takeover Attempt

Liberland's congress has voted to remove Technology Secretary Dorian Stern Vukotić, following a resolution accusing him of attempting to hijack the Liberland.org domain, removing administrative multisig protections, blocking the president from voting, and launching unauthorized tokens. The incident serves as a case study in blockchain governance, highlighting risks that go beyond smart contracts to include control over domains, admin keys, and off-chain authority. For the crypto industry, it underscores the need to scrutinize decentralization claims against operational realities, where a small group can still compromise governance. The story reflects a broader market shift where infrastructure security and governance are becoming as critical as price action. Editorial framing should treat the development as a verified information signal about governance risks, avoiding overstatement of Liberland's legal status and leaving room for follow-up evidence.

bitcoinistHace 2 hora(s)

Liberland Fires Tech Secretary After Alleged Blockchain And Website Takeover Attempt

bitcoinistHace 2 hora(s)

How to Do Research Well: Deliberately Practice the Real Skills That Matter

No one truly teaches you how to do research. You're often given a desk, a pre-selected problem, and vague instructions to "create something new." Consequently, many people reverse-engineer the job based on visible outputs—papers, posts, announcements—learning only how to *appear* like a researcher rather than how to *become* one. True research capability is built from stacking small, trainable skills, nearly all of which can be developed through deliberate practice. **Pick Your Own Problem:** Most researchers absorb problems from advisors or trends, lacking the underlying reasoning. Choosing a problem you genuinely care about, as John Schulman advises, leads to original work. Develop "taste" like a muscle: predict experiment outcomes, guess paper results from methods, and track which findings remain important over time. **Upgrade Your Inputs:** Relying on shared reading lists (arXiv hot lists, filtered group chats) leads to unoriginal conclusions. Undervalued old literature often holds crucial insights (e.g., MoE, LSTM, backpropagation). Richard Sutton's "The Bitter Lesson" or Claude Shannon's 1952 talk on creative thinking are more predictive than lengthy modern surveys. Breadth matters as much as depth: draw from neuroscience, mechanism design, hardware knowledge, and honest statistics. Read papers directly, especially appendices and limitations sections. **Write Everything Down:** As Paul Graham noted, writing exposes flaws in seemingly mature ideas. Writing is the cheapest defense against self-deception. Following Feynman's principle, Darwin programmatically wrote down facts contradicting his theory to combat memory bias. Maintain a detailed log of hypotheses, setups, predictions, results, and updated understandings. Reviewing past logs fosters essential humility.

marsbitHace 3 hora(s)

How to Do Research Well: Deliberately Practice the Real Skills That Matter

marsbitHace 3 hora(s)

Trading

Spot

Futuros

Artículos destacados

Cómo comprar DAO

¡Bienvenido a HTX.com! Hemos hecho que comprar DAO Maker (DAO) sea simple y conveniente. Sigue nuestra guía paso a paso para iniciar tu viaje de criptos.Paso 1: crea tu cuenta HTXUtiliza tu correo electrónico o número de teléfono para registrarte y obtener una cuenta gratuita en HTX. Experimenta un proceso de registro sin complicaciones y desbloquea todas las funciones.Obtener mi cuentaPaso 2: ve a Comprar cripto y elige tu método de pagoTarjeta de crédito/débito: usa tu Visa o Mastercard para comprar DAO Maker (DAO) al instante.Saldo: utiliza fondos del saldo de tu cuenta HTX para tradear sin problemas.Terceros: hemos agregado métodos de pago populares como Google Pay y Apple Pay para mejorar la comodidad.P2P: tradear directamente con otros usuarios en HTX.Over-the-Counter (OTC): ofrecemos servicios personalizados y tipos de cambio competitivos para los traders.Paso 3: guarda tu DAO Maker (DAO)Después de comprar tu DAO Maker (DAO), guárdalo en tu cuenta HTX. Alternativamente, puedes enviarlo a otro lugar mediante transferencia blockchain o utilizarlo para tradear otras criptomonedas.Paso 4: tradear DAO Maker (DAO)Tradear fácilmente con DAO Maker (DAO) en HTX's mercado spot. Simplemente accede a tu cuenta, selecciona tu par de trading, ejecuta tus trades y monitorea en tiempo real. Ofrecemos una experiencia fácil de usar tanto para principiantes como para traders experimentados.

181 Vistas totalesPublicado en 2024.12.11Actualizado en 2026.06.02

Discusiones

Bienvenido a la comunidad de HTX. Aquí puedes mantenerte informado sobre los últimos desarrollos de la plataforma y acceder a análisis profesionales del mercado. A continuación se presentan las opiniones de los usuarios sobre el precio de DAO (DAO).