This amendment includes the following additions:
- Global max cap per contributor of $30,000 per month
- Stratego Multisig for timely project payments
Full text with additions is below.
Situation
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, and voted to add WBTC bonds.
The Community Discord member size has more than doubled in October
Problem
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.
Amendment A addition: Currently, Strategos are responsible for pinging the DAO multisig to make payments for each project. While we’ve seen incredible products arise from various projects around the DAO, project payments have been painful to execute, and to receive. The DAO multisig is extremely important for major payments, but isn’t well-equipped to handle project payments at scale. We need a more agile, limited budget solution, which uses parties who are directly informed and immediately aware of milestone payments which need to be made.
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.
Solution
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.
Amendment A addition: In order to keep the current project scheme, we propose a monthly project payout multisig wallet, which is funded by the DAO multisig every month. This wallet will hold a maximum of $250,000 at any time, topped up by the DAO monthly. In other words, the most we will be allowed to pay for projects is limited to $250,000 a month. Further, to facilitate faster payments, we will set up a 6 of 10 Stratego Gnosis multisig. The Stratego multisig pays out to contributors, according to the milestones set for each project. Since Strategos are almost always directly informed in projects, we have a vested interest in completing project payments as soon as milestones are achieved by contributors. Note that due to the large possible payments, the Bug Bounty Program will still be paid from the DAO multisig.
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.
Proposal
Compensate Apollo 260 OHM for his advance stopgap payment for October
Amendment A addition: formalize a monthly project payment multisig, which will hold a maximum of $250,000. The DAO multisig will fund a 6 of 10 Stratego multisig for these projects. The Stratego multisig will then be responsible for making milestone payments to each project contributor, as milestones are reached.
Implement a flexible per-capita budget, effective starting in the November epoch, according to the table below. Amendment A addition: individual contributors are globally limited to $30,000 per month.
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.
Vote
FOR: Implement flexible per-capita budget according to the table above, set up the Stratego multisig for projects (limited to $250,000), and pay Apollo back for October pay bump.
AGAINST: Do not implement this budget change.