SWISE can be used on the bribing marketplaces, so no need to sell. Would love for the DAO to be more proactive with its incentives, such as utilising USDC reserves when SWISE is depressed in value, but we are not there yet. Maybe something we can explore once we have the SLC framework in place.
Incentives are not a strong way to decentralise a DAO and/or build up a protocol-aligned set of token holders as LPs are often mercenary capital. Steakhouse researched LDO LPs and showed 85% of LDO rewards were sold immediately and 10% were sold within six months. 55% of the sold tokens were converted into ETH and 35% were converted to USD (indicating the preferred assets of LPs).
At the end of the day, utilising the bribing mechanisms will give StakeWise an increase in capital efficiency of around 1.2-1.4x depending on market conditions (i.e. for every $1 of SWISE we get between $1.2-1.4 emissions to LPs). Rather than the simple $1 of SWISE for $1 of incentives we get at the moment. This is why the example liquidity costs on the osETH proposal show a much improved capital efficiency (40-60% depending on the metric).