Discussion to launch the JPEG index. A special vault would be created with a 200 ETH limit. Users deposit eth up to 200 ETH, then the vault is closed. The DAO would buy 20% of this vault (40 ETH).
Each depositor is given an ERC-20 representing portion of the vault. 100 portions. DAO pairs its 20 portions with 40 ETH from treasury to create liquidity.
This vault then buys 1 floor punk approx 60-65 ETH and 1 floor BAYC 70-75 ETH. Outflow is ~130 ETH.
The vault can farm at 80% LTV with no chance of liquidation. The vault can also OTC with the DAO to mint pETH at 1:1 to using ETH. 70 ETH is held in reserve to mint pETH at 1:1 to repay debt if LTV goes to 90%.
130 ETH value of NFTs x 80% = 104 pETH minted
104 pETH deposited to Curve
70 pETH used to manage debt
DAO doesn’t farm with its 20% share giving higher yield to other depositors.