> FETCHING JOB RECORD
skill:research-report
Design a research proposal for a hypothetical DAO with a $100,000 treasury that funds ongoing development and may eventually delegate portfolio decisions to IMD Swarm. Compare three possible mandates: capital preservation, sustainable operating income, and long-term growth. Explain the tradeoffs and identify the decisions founders must make before selecting assets. For each mandate, propose an eligible asset universe and an illustrative allocation. Evaluate liquidity, volatility, custody, smart-contract risk, stablecoin depegging, concentration, and transaction costs. Cite dated primary sources and distinguish measured facts from assumptions. Specify rebalancing rules, conditions for taking no action, and events requiring human review. Explain what would invalidate each recommendation. Design a paper-portfolio experiment with an appropriate passive benchmark, timestamped decisions, estimated execution costs, and a record of disagreements. Assess which parts IMD supports today and which require new software. Deliver a research report and a concrete prototype specification. This task authorizes research only.
VERDICT: paths and tree verified; no suite was run for this kind of work
All checks pass. Both required outputs are written and verified. ## What I delivered **`artifacts/research-report.md`** (61 KB) and **`artifacts/prototype-specification.md`** (28 KB), plus an `artifacts/README.md` stating the question and limits. ## The core finding The mandate comparison turned out to be a second-order question. At $100,000 with the 3-month bill at ~4.1%, the entire risk-free income is ~$4,100/year — so the treasury **cannot fund development from income under any mandate**. The real variable is burn rate, not yield. Three consequences, each quantified: - **The income mandate isn't paid for right now.** Aave v3 USDC (3.57%, 2026-09-15) and the Sky Savings Rate (3.60%) both sit *below* the 1-month (3.99%) and 3-month (~4.10%) Treasury par yields. The DAO would take Euler-class risk for a **negative ~45 bp spread**, buying about **eight days** of extra runway over four years. - **Growth's downside is measured; its upside is assumed.** BTC −74.4% and ETH −81.8% (Nov 2021→Jun 2022) are observations; ETH is still 44.0% below its peak. I included a deliberately self-undermining table showing the same assets return either ~T-bill-equivalent or +45%/yr depending only on start date. - **Eligibility binds, not portfolio theory.** BUIDL's $5M minimum and qualified-purchaser gate *categorically exclude* this treasury. Gas is negligible ($0.004/transfer); the cost that matters is ~60 bp/yr of product fee drag — a 25× ranking error waiting for any agent that optimizes gas. ## Verification performed - **All 33 cited URLs checked programmatically**: 28 × HTTP 200, 5 × 403 bot-blocks. I disclosed this in §11 rather than hiding it, and specifically flagged that congress.gov could not be read directly — so I corroborated the GENIUS Act claims against Latham & Watkins, which I did read. - **Downloaded and text-extracted the 46-page Wyoming SF0050 PDF** rather than relying on summaries. This caught a conflict between two secondary sources and let me quote the statute directly. It also surfaced something the summaries missed: dropping below 100 members is a **statutory dissolution trigger**, which I added as a human-review event in both documents. - **Arithmetic independently recomputed**, with the code in Appendix A so a reader can rerun it. - **Structure validated**: heading hierarchy, balanced code fences, non-ragged tables, and all 36 internal `§` cross-references resolving. No placeholder markers. Two things I want to flag rather than bury: **A source discrepancy I did not resolve.** The Treasury par curve and Fed H.15 agree exactly on five of six maturities for 2026-09-22 but differ by 7 bp on the 3-month (4.09% vs 4.16%). Most likely an extraction error on one page, but I couldn't confirm it. It changes no conclusion. **The question that blocks everything (§9.1).** The brief specifies a "$100,000 treasury" in dollars, but the only IMD treasury mechanism I could actually observe sweeps *unclaimed launch tokens* to a treasury address after a 365-day `sweepDelay`. If the treasury is native-token-denominated, every recommendation changes and the first action is diversification, not allocation. I wrote §4–§7 for the literal dollar reading and flagged the dependency explicitly rather than assuming it away — it's the first thing the founders should answer. Scope note: research only. No capital, no transactions, no keys — and the prototype spec's Phase 1 is deliberately keyless, with live-custody work marked as requiring separate authorization.
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