@turtlecostume the revenue right now is not consistent to $10M. Lite had significant revenue due to depeg of stETH this past month but that won’t continue. Fluid’s revenue is increasing every month.
From my expectation by the end of q1 we should hit $10M in consistent revenue that’s when the buyback can be started.
We are yet to develop the contracts around the whole buyback process but it should not take much time as the contracts will be simple.
Aave Protocol Embassy is in favour of divesting $MORPHO and believe option 2 - to swap for ETH or stablecoins is preferable. As stated by @samyak these can in future be swapped for $FLUID if desired. We will be voting FOR divesting from $MORPHO.
Now is the time to buy back $FLUID. There is currently a significant lack of liquidity on the buy side, which is detrimental to the project. Since $FLUID is being distributed as a reward for growth, this will likely exacerbate the rapid price decline. In summary, I prefer option 1.
After having a brief discussion with Morpho team, they suggested selling the tokens via Wintermute to reduce price impact. The proposal will move to the Snapshot with the following voting options:
The purpose of the proceeds will be subject to a separate governance proposal.
The Snapshot for the above discussion is live
Do Vote🏛️