In October, the DAO unlocked the highest tier budget allowance, a 20% increase from $75,000 to $90,000 per week according to the OIP-21 framework. At the same time, the DAO grew from 84 to 121 contributors, a 44% increase. We also saw dramatically increased output overall as a DAO during October, outpacing our budget allowance.
Throughout October, we:
Expanded our Olympus Pro program
Completed OHMv2 contracts
Grew our Olympus DAO Discord by 272% - Youtube Subscribers increased by 46% - YouTube video views increased by 75% - Twitter followers increased by 82% - Medium viewers increased by 63% - Reddit followers increased by 165%
Added LUSD, OHM-LUSD, CVX bonds, and voted to add WBTC bonds.
Increased our reach and interaction in the Telegram by 174% to 6,200 users
The Community Discord member size has more than doubled in October
It’s clear that the DAO has grown exponentially in the past few months, which has exceeded all of our expectations! But we’ve also clearly outgrown the current DAO budget framework. The static allowance doesn’t enable a sustainable contributor growth rate. Because we have a rigid budget allowance, payment for contributions was effectively diluted in October. That is to say, if someone was paid $1 for X contribution in September, that person might have only been paid $0.80 in October for that same contribution.
In order to bridge the gap between output and budget, Apollo has very graciously fronted a pay bump for all contributors in October. That pay bump went out on 14 November.
We need to rebuild our compensation strategy to refocus on long term growth via flexible budget strategies. That will take some time to develop, discuss, and build out. We will submit a request for comment in the near future on this.
In the meantime, we propose to immediately shift to a simple max-per-capita flexible budget. This will allow us to expand our teams sustainably, while enforcing a Max Per Month ceiling on position contribution payments.
An individual contributor can earn from $0 to the Max Per Month figure in the Position which they contributed to, depending on how much they contributed. That is to say, the Max Per Month will not always be reached for a contributor, because it still depends on how much they have contributed. Note that contributors can still participate in however many roles they want, they are just limited to the Max Per Month in each role they contribute to. Strategos have a Max Per Month that’s $5000 greater than the Position in their team. For example, an Engineering Stratego’s Max Per Month is $30,000.
We also should pay Apollo back for his retroactive pay bump for October. Ideally, with the new flexible budget, we’ll never have to make such a reactive move again.
Compensate Apollo 260 OHM for his advance stopgap payment for October
Implement a flexible per-capita budget, effective starting in the November epoch, according to the table below:
If we simulate this budget on October DAO allocations, we would have had a global DAO budget of $170,000 per week, which represents an 88% increase in weekly budget. Put into perspective, the protocol currently distributes ~$12M every 8 hours via rebases.
As a final note, keep in mind that the DAO won't be forced to spend the entire budget anymore; the global DAO budget can now increase and decrease as contributions vary over time. This proposal gives the DAO the flexibility we need right now to attract and retain top talent.
FOR: Implement flexible per-capita budget according to the table above, and pay Apollo back for October pay bump.
AGAINST: Do not implement this budget change.