This proposal is to outline my statement in running for one of the 3 board seats for calendar year 2024. Below, I will cover both my brief background and also information requested in the proposal seeking Truefi Foundation Board of Directors.
I am currently a interim board director of the Truefi foundation and since the creation of the foundation, have been acting in the capacity of the board member to transition Truefi to this point in terms of the governance infrastructure. Concurrently, I am acting as a founder & investor-partner in Bastion Trading, who have prior to the FTX crash which turned the trading firm unsecured lending ecosystem upside down, have been a long time borrower on this protocol from early 2021 (Bastion Trading Group Borrowing Request). It may go without saying, however, Bastion Trading had returned all creditor funds as they came due to date.
My own background originally is from traditional finance, having started as a convertible bond trader at UBS, and an stock options trader at JP Morgan through the Lehman crisis period. Between leaving JP Morgan and starting Bastion Trading, I have had worked at a multi-strategy equities (stocks) focused hedge fund. You can get some insight at least to what I say on some Youtube videos I’ve done such as this one: https://www.youtube.com/watch?v=ceik5uuADMg
In terms of the crypto space, one highlight I can mention recently have included being the treasury manager of Wonderland between April and July 2022, and working to transition away from the Olympus-Rebase ecosystem price crash in early 2022 and strengthening the DAO governance infrastructure despite the Luna-Terra market downturn.
(i) How you’d contribute to the Foundation, the TrueFi Protocol, and the TrueFi community
For the Foundation:
To execute necessary off-chain actions as voted by the Truefi DAO.
To assess the legality or if necessary, risks such as reputational damage of off-chain actions that are voted to be executed for the DAO, and work as a control function in this capacity.
Liaising with ongoing service providers on ongoing project such as those with Archblock (specifically on recovery efforts on the USDC and BUSD pools), and with Wallfacer Labs on technology development progress.
Maintain an onchain multi-sig to veto certain governance transactions if deemed necessary.
(ii) TrueFi Protocol, and the TrueFi community
Leveraging on my experience, provide strategic advice as needed to the DAO and community.
If appropriate, to help market the DAO and revive the activity on the platform or introduce new product ideas (as my affiliation with Bastion Trading - simply even themselves may be a willing borrower again). For example, partly as a function of my current directorship, Wallfacer Labs and myself are tentatively scheduling a podcast.
Conduct periodic Board reviews of items such as status of the treasury, ongoing developments in tech, and any noteable disclosable updates on credit recovery proceedings.
As needed, to help with engagement with tradfi crossover players looking at a lending or crypto rwa space.
Help as needed on certain directions championed by other board members.
Other miscellaneous items that may come up from time to time.
(ii) what new ideas you will bring to TrueFi
As a economic-interested player as a borrower in this market, I’d like to bring different products and structures related to borrowing as it may adjust with the times especially post 2022. This will become particularly interesting if/when the overall US dollar interest rate drops and stable-coin holders or entrants seek more higher yielding opportunities.
(iii) why you’re a good candidate to hold one of the three (3) board seats through this next term.
I think my in depth experience in credit markets, both as a creditor (as a convertible bond trader and hedge fund manager, and some exposures in crypto related claims as well) and as a borrower gives the board and the DAO an unique angle as a user. Further, having worked with Wallfacer and Archblock, also helps with having a board transition with less friction as well.
The compensation structure for the Board Member role includes two components:
- A monthly retainer of $2,000 for basic responsibilities, covering up to 4 hours of work per week (paid in a major stablecoin such as USDC, USDT, DAI or TRU from the TrueFi DAO)
- Beyond the basic retainer, additional work and operational duties will be billed at a rate of $200 per hour
A probation period of three months will commence upon the acceptance of the proposal.
Upon appointment, Board Member removal from the Foundation will be executed through governance processes if performance does not align with expectations.