I will vote with my nearly 10,000 KLIMA against this proposal.
Let's be clear with the community: this proposal will mean the immediate inclusion of Toucan's NCT into the treasury through a back-door when it has been rejected by the community to date in response to Toucan's RfC.
It is a cardinal right of the community to approve carbon assets' entry into the treasury, and this should not be surrendered. (Remember, as explained above in KIP-17, 1% of retirements on our aggregator in the token being burned will be delivered to our treasury, hence NCT in this case.)
Right now ReFi and KlimaDAO's #1 challenge is that we don't have other carbon assets' demand on-chain. By including NCT or even C3's UBO/NBO in the retirement aggregator, this means that we are de facto giving away and wasting demand funneled by KlimaDAO that will not benefit our treasury. In my opinion, this is one key factor dragging down KLIMA's market cap at a substantial discount to our treasury, because there is credibly not the belief the value of BCT will remain stable if ever KlimaDAO had to redeem KLIMA for releasing BCT back into the market (under intrinsic value), since KlimaDAO is the main only source to date for BCT.
This is not as much a problem for MCO2, even just shown by the contrasting recent stable price of MCO2 versus falling price of BCT, and that Moss has demonstrated alternate institutional/corporate MCO2 demand.
We need to focus demand on BCT especially or any other assets in our treasury, reducing their supply, pushing up their price, therefore increasing our treasury's value and enabling a market cap KLIMA revaluation.
Literally, 1 appealing KI corporate prospect turned us down today for this reason, until this is rectified. Why would we compound this problem by directing demand to NCT, which is not in our treasury?
This is not to mention by coupling bonding and offsetting carbon assets, we increase the value-add appeal to a carbon bridge that has not yet allocated us their governance tokens, namely Toucan or Flow. By giving away inclusion of NCT or GNT in our retirement aggregator, we will likely receive less governance tokens rewards because we gave away one very valuable benefit for free (in fact, negative impact to KlimaDAO, as above explained). As a result, bonding and offsetting carbon assets should be bundled and subject to transparent community appeals and acceptance.
To be honest, I found this KIP-17 very one-sided not speaking to these counterpoints and am disappointed. I hope the community reads this alternate viewpoint, as a both an active contributor and large KLIMA holder concerned with the best interest of KlimaDAO.
P.S. For full transparency, I was the one who insisted among the contributors that this decision go a vote as a key strategic point for the community to endorse for retaining or delegating this important discretion. And again, NCT would be the first non-approved carbon asset integrated presently, despite in my view the bad faith in which Toucan has dealt with KlimaDAO of late. Why do you think Toucan imposed 30% carbon project specific fees to redeem BCT to TCO2 without consulting KlimaDAO, exactly what they themselves did for the BCT->NCT extraction? It's because KIP-15 passed approving the alliance with C3, and Toucan wants to deter/punish KlimaDAO for potentially removing TCO2s to be pooled for C3's UBO/NBO. That's why Toucan recently wrote in their Discord they might wave this fee for Klima Infinity offset users. They just want our demand. They're not doing us any favors. And to be frank, it would be of strong interest for KlimaDAO to have diversified our overwhelming treasury concentration in BCT to UBO when it launches, which through C3's partnership with Aither will more likely have alternate sources of demand. As above explained, this would make our treasury value more reliable, helping to close or reverse the KLIMA market cap discount. But instead, Toucan imposed a punitive fee to suffocate those market forces (they themselves profited from for NCT), hurting KlimaDAO most of all, and yet this KIP-17 would gift Toucan the early limited demand we are struggling inch-by-inch to generate in our offset function to NCT, which further harms KlimaDAO's interests.
I hope the community votes against KIP-17 and preserves their oversight over the treasury and ensure partners make their pitch here on Forum, and not behind closed doors.