25 months building a verifiable on-chain track record: 194% return, 2.6 Sharpe, -0.38% max drawdown. Positive through every crash since 2023. $1B+ volume. BVI FSC licensed. Our fee to manage GnosisDAO’s $400M treasury? 0% management, 20% performance (Capped). We got disqualified from the RFP on a procedural technicality. Process is process. But the outcome? The frontrunner (54% of votes) is Noctua—a company created for this RFP, run by the Gnosis insider who was the interim manager. Fee: 30% performance, UNCAPPED. The math: On $20M yield, D2’s cap saves the DAO $4.5M/year vs Noctua. To the 22 regulated funds and $800M+ AUM managers who submitted in good faith: we all got “Others: 0%.” Token-weighted governance just gave a few addresses the power to hire an insider at 50% above market rate. We’ll be fine, our LPs value performance over proximity. To @GnosisDAO: Good luck. At 30% uncapped, you’ll need it. cc @laurashin @unchained_pod need a pod on this theatre. DAOs are so back! 🤣