Discussion: Should Shutter DAO 0x36 Swap USDC into ETH?

Shutter DAO 0x36
1

Context & Motivation

Shutter DAO 0x36 currently holds approx $460,000 in USDC (not including LP positions).

Shutter DAO 0x36 currently distributes approx $107K in grants per month.

If Shutter DAO 0x36 does not acquire more non-SHU treasury assets * and also continues to distribute grants at the current pace, then Shutter DAO 0x36 will deplete its non-SHU treasury assets in 22 months (April 2028).

* Shutter DAO 0x36 may be able to acquire more non-SHU treasury assets via revenue/fees from Shutter en/decryption services and/or selling Shutter Tokens (SHU).

The price of ETH is currently $1,550 - $1,600.

Shutter DAO 0x36 may consider selling USDC for ETH. If the price of ETH later rises, Shutter DAO 0x36 may consider selling ETH for USDC - thus increasing the Shutter DAO 0x36 runway.

This post is intended as an open discussion - not a proposal.

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Shutter DAO 0x36 Treasury Assets

See: Shutter DAO 0x36_Assets and Expenses_22 June 2026 - Google Sheets

Potential Benefits & Downsides

Potential Benefits

  • Upside participation if ETH appreciates

  • Diversification away from purely yield/stables strategies

Potential Downsides

  • Increased volatility in treasury value

  • Reduced stable capital buffer for grants

  • Opportunity cost vs. yield-bearing stable assets

Executing Swaps

Until 10 July 2026, Shutter DAO 0x36 can conduct tokens swaps on CoW Swap directly via the Decent “Explore dApps” transaction builder - without relying on a trusted intermediary.

Key Questions for Shutter DAO 0x36

1. Should We Swap USDC stablecoins into ETH at All?

  • Do we want ETH exposure in the treasury?

  • What strategic objective would this serve?

  • Is now an appropriate time from a risk perspective?

2. If We Want to Swap … How?

  • Which token should we swap?

  • How much should we swap?

  • At what ETH price should we swap?

  • Do we establish an “optimistic case” rebalance rule (i.e. - swap back all or some ETH to sUSDS or USD stablecoins if ETH exceeds a certain price)?

  • Do we establish a “pessimistic case” minimum sUSDS or USD stablecoins reserve rule (i.e. - swap back all or some ETH to sUSDS or USD stablecoins if Shutter DAO 0x35 sUSDS or USD stablecoins fall below a certain amount, regardless of ETH price?

  • Is it acceptable to propose swaps outside of the usual voting periods? Market conditions make timing important.

Discussion Goals

This thread aims to surface:

  • Strategic intent

  • Risk appetite

  • Governance preferences

Once there is clear sentiment, the next steps could be:

  1. Draft a concrete parameterized proposal

  2. Run a Snapshot temperature check

  3. Propose a swap via Decent (if Snapshot temperature check passes, and if prerequisites for the swap are filled)

Looking forward to discussing this topic with Shutter DAO 0x36 members.

Brainbot Update for June 2026
2

Thanks for opening this discussion. I agree Shutter DAO 0x36 should be thinking more actively about runway, treasury composition, and how to manage non-SHU assets over time.

One point I’d like to add: before the DAO focuses only on whether to swap USDC into ETH, I think we should also discuss whether Shutter DAO 0x36 would benefit from a clearer legal/entity structure to expand the DAO’s treasury management options.

If Shutter DAO 0x36 wants to become more intentional about runway, diversification, yield, and risk management, then it may be worth exploring whether a legal entity structure would allow the DAO to access additional options that are difficult or unavailable to an unwrapped DAO.