RFV Raiders are back. Gnosis DAO is the new target.

It's a fun game, but first... a reminder:

In 2023 Real Value Raiders took down Rook (5x return), Tribe (Fei wind-down), and you'll probably remember they pushed Aragon to repurpose its treasury (they fought back).

Old playbook was finding DAOs where token mcap < treasury value, accumulate enough tokens, force a dissolution vote, distribute the treasury pro-rata.

Now the playbook is harder to fight.

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GIP-150 on Gnosis is the new playbook:

Gnosis treasury sits at $223M (ETH, stables, ecosystem tokens). 1.3M GNO tokens are eligible to redeem against it.

So each redeemable GNO has ~$170 of treasury behind it.

But GNO trades at $135.95.

That's a ~$33 per GNO discount to NAV.

Or 24% gain risk free if redemption goes through. (Although RFVs likely bought at lower price).

So holders started asking: why am I funding Ltd while my GNO trades below treasury?

GIP-150 proposes opt-in redemption.

Holders surrender GNO, get their share of the treasury back.

Liquid assets (ETH, stables) distributed at face value.

Illiquid investments (offchain investments, Gnosis Ltd value) gets a claim token (gLTD-CLAIM) that pays out as values realize..

So this opt-in design is supposed to protect non-participants.

The RFV logic has a point: If Gnosis Ltd takes ~$30M/year of DAO money and produced $400k of revenue AND token trades below NAV, token holders' aren't happy.

So these 'attacks' put responsibility towards token holders. It also protects holders from teams that slow-quit by burning treasury in salaries while not really building anything.

But for RFVs this is pure arbitrage trade, not some moral mission.

In this case almost every DAO and projects beyond Hyperliquid and Tron should be shut down and Treasuries returned to token holders.

Whatever Gnosis Ltd is actually building (Gnosis Pay, Circles, Gnosis Chain) loses funding, and some of that work has real users. That is why I voted Against.

And building takes time. Plus market is bad so it is common that token trades under NAV for years.

Every other DAO trading below NAV becomes a target. Beefy is next btw.

Builders at DAO-funded entities now have to plan for potential redemption votes from coordinated holders.

Think to do buybacks, pump token or whatever.

Exciting times.

P.s. If I made any mistakes, sorry. It is my night night time.

GN

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