Summary

After three successful quarters running the management of the DAO over the Olympus Association, we  propose to fund the association with 3,910,000 DAI in OHM for the expenses of Q3 and Q4 2023 according to the Budget set in OIP-128. The Association is an independent non-profit organization without any commercial purpose. The main goals are to research, develop, operate, and maintain Olympus, while developing Olympus Ecosystem and defending the interests of its members.

Motivation

The motivation for this proposal is to continue to fund the Olympus Association so that it may execute the budget approved by the Olympus DAO community.

The Olympus Association is important for providing contributors a formal structure to coordinate work, and compensations, and establish relations with other organizations and contractors in order to fulfill the Olympus Protocol vision. The Olympus Association provides its members the necessary legal representation to increase efficiency and efficacy. Importantly, this OIP does not change or increase the overall budget. The existing budget already approved in OIP-128 applies. 

Proposal

We seek authorization from the Olympus DAO Community to fund working capital based on the budgeting needs of Olympus Association. The current request is for covering expenses Q3 and Q4 2023, for a total of 3,910,000 DAI in OHM.

Polling Period

The polling process begins now and will end at 4:00PM UTC on 07/28/2023. After this, a Snapshot vote will be put up following the conclusion.

Approve?

This poll has ended.

Generally in favor 🙂 gotta keep the DAO running. Would love to see a little bit more of a breakdown for the ask. Also, there has been indications that the DAO as well as the DAO operations would likely scale back in a post-Cooler world. Would it make sense to only authorize Q3 budget for now and put in a separate request for Q4 '23 and Q1 '24 after getting a sense of how cooler is going?

Agree to continue for the next 2 quarters per OIP-128. The DAO post-Cooler should be rescoped but that will be a decently long process.

For clarity, the approved 2023 Budget total is $5,980,000.
Approved H1 funding request was for $2,070,000.
This proposal request for H2 reflects 2023 total budget minus the previous funding.

The approved 2023 budget breakdown is listed here: https://forum.olympusdao.finance/d/1985-oip-128-budget-and-compensation-for-the-dao-in-2023
Approved H1 funding request can be found here: https://forum.olympusdao.finance/d/2179-oop-1-funding-request-for-2023-q1-and-q2-budget/6

The DAO has proven to remain under budget, not utilizing any of the 25% approved budget flex, while delivering products for H1. Additionally, the DAO has continued to decrease in size, as can be seen on the data studio. While operations will scale back in a post cooler world, there is work that is needed to finish automation.

Just to reiterate, this proposal does not increase the approved 2023 budget. It gives clear approval for funding the association, which helps to provide protection for contributors.

Given that the dollar amount has previously been approved within 2023 budget, I see no reason to vote down the $ amount - especially if DAO is remaining under budget, and this isn't a commitment to spend this amount.

One thing that would affect my vote on this is the accounting technicalities:

If the entire minted amount is counted as circulating from the moment it's minted (in advance of the expense actually occurring), then would likely vote against.
If, however, the minted amount is subtracted from total supply when calculating circulating for purposes of LB, and only becomes circulating as it's sent out to contributors, then it makes more sense to me.

My reasoning here is that every 6 months, just prior to new funding being minted, there will be an opportunity to sell into the imminent 97.5% RBS cushion and rebuy cheaper once the circulating supply increases (LB decreases) - by 2% all at once in this instance. If the funding is expensed monthly, however, then the dilution can be smoothed out by income, and eliminate events that present opportunity to game the mechanics.

TLDR would vote in favour if accounting practices are updated to be aligned with a Cooler & RBS world, but against if not.

    rfveth Thanks for your comments. I agree. Your suggested accounting process makes sense. I believe that's how it should be done. Will propose clarification when going into snapshot.

    rfveth Thank you for your thoughtful response. Your desired accounting practice is already a reality today. OHM is only added to the circulating supply when allocations go out.

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