1. Background

Proposal 355 (“Lil Nouns Coffee Rave @ ETHDenver 2026”) was successfully passed and registered an $8,000 USDC obligation onchain via the Lil Nouns payer contract. At the time of execution, the treasury held insufficient USDC or ETH to satisfy the remaining payout, with the majority of assets held in stETH.

Because governance proposals cannot reliably execute time-sensitive swaps, a follow-up treasury operations proposal was required to convert existing assets into the correct execution currency while preserving governance intent and auditability.

Proposal 358 was introduced to enable that conversion using existing Lil Nouns infrastructure.

2. Objective

Enable completion of the already-approved payment from Proposal 355 by:

• Converting stETH held by the treasury into ETH

• Funding the TokenBuyer contract with ETH

• Allowing the payer contract to execute the ETH → USDC swap and complete the payout

This proposal was strictly operational and did not introduce new scope, budget, or discretionary spend.

3. Proposal Mechanics

Proposal 358 authorized:

Transfer of 10 stETH from the Lil Nouns treasury to a temporary 2/3 multisig

Multisig signers:

• Big Trav

• Satori

• lil 67

Transactions executed by Big Trav and Satori

• Conversion of stETH → ETH via the multisig

• Transfer of 10 ETH to the Lil Nouns TokenBuyer contract

• Use of TokenBuyer to swap ETH → USDC

• Refill of the payer contract so it could complete the remaining payout from Proposal 355

4. Why 10 stETH

The amount transferred (10 stETH) was intentional and served two purposes:

• Fulfill the remaining payout owed under Proposal 355 once converted and processed through TokenBuyer and the payer contract.

• Seed USDC liquidity for the DAO, ensuring the treasury would have USDC available for future member proposals and reducing the likelihood that similar operational steps would need to be repeated immediately.

This buffer approach improved treasury flexibility while staying within the bounds of the DAO’s original approvals.

5. Execution Workflow

Step 1 — Treasury Transfer

10 stETH was transferred from the Lil Nouns treasury to the temporary 2/3 multisig as approved by governance.

Step 2 — Swap Execution

The multisig signers (Big Trav and Satori) executed the conversion of stETH → ETH at prevailing market rates.

Step 3 — TokenBuyer Funding

The resulting ETH was sent directly to the Lil Nouns TokenBuyer contract.

Step 4 — Payer Contract Execution

Once TokenBuyer held sufficient ETH, it executed the ETH → USDC swap, allowing the payer contract to release the remaining USDC owed under Proposal 355.

Step 5 — Treasury Reconciliation

Any excess funds resulting from the conversion were retained by the DAO, leaving the treasury better positioned for future USDC-denominated obligations.

6. Why This Approach Worked

• Respected governance intent and existing approvals

• Used Lil Nouns infrastructure as designed (TokenBuyer + payer)

• Avoided execution failures from expiring swap quotes

• Maintained transparency and limited authority through a temporary multisig

• Improved treasury readiness for future proposals

7. Lessons & Best Practices

• Asset format matters: stETH-heavy treasuries require operational planning for obligations in other currencies.

• Operational follow-up proposals can be necessary even after successful votes.

• Clear scope and intent reduce voter confusion and speed execution.

• Buffering liquidity can reduce repeated governance overhead.

8. Conclusion

Proposal 358 successfully enabled the DAO to fulfill an existing obligation from Proposal 355 while also strengthening the treasury’s ability to support future member proposals. The process remained transparent, governance-aligned, and fully auditable, and can serve as a reference for future treasury operations involving asset conversion.

1. Background

Proposal 355 (“Lil Nouns Coffee Rave @ ETHDenver 2026”) was successfully passed and registered an $8,000 USDC obligation onchain via the Lil Nouns payer contract. At the time of execution, the treasury held insufficient USDC or ETH to satisfy the remaining payout, with the majority of assets held in stETH.

Because governance proposals cannot reliably execute time-sensitive swaps, a follow-up treasury operations proposal was required to convert existing assets into the correct execution currency while preserving governance intent and auditability.

Proposal 358 was introduced to enable that conversion using existing Lil Nouns infrastructure.

2. Objective

Enable completion of the already-approved payment from Proposal 355 by:

• Converting stETH held by the treasury into ETH

• Funding the TokenBuyer contract with ETH

• Allowing the payer contract to execute the ETH → USDC swap and complete the payout

This proposal was strictly operational and did not introduce new scope, budget, or discretionary spend.

3. Proposal Mechanics

Proposal 358 authorized:

Transfer of 10 stETH from the Lil Nouns treasury to a temporary 2/3 multisig

Multisig signers:

• Big Trav

• Satori

• lil 67

Transactions executed by Big Trav and Satori

• Conversion of stETH → ETH via the multisig

• Transfer of 10 ETH to the Lil Nouns TokenBuyer contract

• Use of TokenBuyer to swap ETH → USDC

• Refill of the payer contract so it could complete the remaining payout from Proposal 355

4. Why 10 stETH

The amount transferred (10 stETH) was intentional and served two purposes:

• Fulfill the remaining payout owed under Proposal 355 once converted and processed through TokenBuyer and the payer contract.

• Seed USDC liquidity for the DAO, ensuring the treasury would have USDC available for future member proposals and reducing the likelihood that similar operational steps would need to be repeated immediately.

This buffer approach improved treasury flexibility while staying within the bounds of the DAO’s original approvals.

5. Execution Workflow

Step 1 — Treasury Transfer

10 stETH was transferred from the Lil Nouns treasury to the temporary 2/3 multisig as approved by governance.

Step 2 — Swap Execution

The multisig signers (Big Trav and Satori) executed the conversion of stETH → ETH at prevailing market rates.

Step 3 — TokenBuyer Funding

The resulting ETH was sent directly to the Lil Nouns TokenBuyer contract.

Step 4 — Payer Contract Execution

Once TokenBuyer held sufficient ETH, it executed the ETH → USDC swap, allowing the payer contract to release the remaining USDC owed under Proposal 355.

Step 5 — Treasury Reconciliation

Any excess funds resulting from the conversion were retained by the DAO, leaving the treasury better positioned for future USDC-denominated obligations.

6. Why This Approach Worked

• Respected governance intent and existing approvals

• Used Lil Nouns infrastructure as designed (TokenBuyer + payer)

• Avoided execution failures from expiring swap quotes

• Maintained transparency and limited authority through a temporary multisig

• Improved treasury readiness for future proposals

7. Lessons & Best Practices

• Asset format matters: stETH-heavy treasuries require operational planning for obligations in other currencies.

• Operational follow-up proposals can be necessary even after successful votes.

• Clear scope and intent reduce voter confusion and speed execution.

• Buffering liquidity can reduce repeated governance overhead.

8. Conclusion

Proposal 358 successfully enabled the DAO to fulfill an existing obligation from Proposal 355 while also strengthening the treasury’s ability to support future member proposals. The process remained transparent, governance-aligned, and fully auditable, and can serve as a reference for future treasury operations involving asset conversion.