Valid point, very difficult to crystal ball these things out. To keep it simple on my end I would say I am in support of the lowest tier for now. Re-evaluation down the road for a change (either direction) is welcome for me as well. 
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Ultimately I still don’t feel this strategy is worth it at these market levels, however I am cool with being wrong. If the majority of the community wants to have a go at it I could get onboard with experimenting since the treasury base was recently increased. 200k isn’t a large % of the BAL and this could potentially lead to having another stream of stables which we’ll definitely need going forward.
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Update from the Ribbon team:
First auction went smoothly, you collected 18K USDC to your multisig. Ethereum Transaction Hash (Txhash) Details | Etherscan
This was a 3 week expiry (Jul. 8 - 29) since market makers only do last friday of every month for monthlies. A full month expiry would have gotten ~27K USDC in premiums - we are running monthlies from now on so that number should be more representative moving forward.
You can check out vault status here Ribbon Finance: Decentralised Crypto Structured Products
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