Gnosis (GNO)

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.

----

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