• Proposal

  • OIP-21: DAO Budget Increase + Milestone Framework

Summary:

Note: Current DAO budget, as approved by OIP-12, is 30k DAI/Week (in OHM equiv.).

This is a two-part actionable proposal:

  1. Part 1 is to authorize an additional 30k DAI/Week (60K/week total; in OHM equivalent) to support the work done by all DAO members. Please note, this budget comes from the DAO treasury ($90 million at time of writing), not the protocol treasury.

  2. Part 2 is to set and authorize a [framework] for two additional budget raises to 75K and 90k per week, respectively. These additional budget raises will be authorized based on key milestones (outlined below).

Abstract:

Since OIP-12, the DAO has grown from 23 to 61 active contributors (a 265% growth!). In that time and budget, the DAO delivered on multiple high-impact initiatives such as website revamp, community server onboarding revamp & Sherpa program, FOHMO 2, community education projects and strategic partnerships (Rari Fuse, Frax, AAVE, Convex, Abracadabra).

The DAO continues to operate effectively across Engineering, Marketing, Community, Partnerships, Operations and Policy teams with the current $30K/week budget. However, the latest allocation stretches some teams thin. In a recent allocation survey, 36% reported feeling underpaid. We see increased competition in the marketplace for the level of contribution we have in the DAO and we would like to retain and build on that talent. We have amazing people, we would like to pay them well, and we’d like to attract and retain the same level of talent to build together the future of Olympus.

Proposal:

Note: Allocations will continue as they have been with Strategos allocating to their department teams (marketing, partnerships, operations, policy, content, design, engineering), and project leaders allocating to their respective project teams.

Part 1 proposes an amendment to the current DAO budget, authorizing an additional 30k DAI/week (60K per week total) to be available for distribution to DAO contributors.

If passed, Part 1 will result in a total of approximately 255-265k DAI/month (in OHM equivalent) available for allocation to DAO contributors. For some comparison, $250k is equivalent to ~1.8% of RFV inflow for July, ~0.7% of DAO treasury increase for July, or ~1.5 hours of staking rewards.

Part 2 of this proposal sets a framework of milestones, which if reached, will authorize two additional budget raises to 75K and 90K/weekly, respectively.

We are proposing this [framework] for the budget because it allows a long term vision as opposed to a short term mindset; we wish to link the DAO budget to tangible milestones as set forth in this proposal.

We propose that we must accomplish at least three out of four milestones to increase the budget.

Milestones for $75k:
-15k Ohmies staking (excluding dust under 0.01 sOHM)
-17.5k Ohmies in Discord
-close 5 strategic protocol partnerships
-Launch 4 new integrations of OHM/sOHM/wsOHM

Milestones for 90K:
-17.5k Ohmies staking (excluding dust under 0.01 sOHM)
-20k Ohmies in Discord
-close 10 strategic protocol partnerships
-Launch 7 new integrations of OHM/sOHM/wsOHM

As a DAO we strive to be prudent in our spending. In an efficient organization there may occasionally be a surplus in budget, this will be rolled into the next allocation cycle.

Invitation:

Any and all community members are invited to collaborate in the DAO whether it be in current projects or to propose their own project to be allocated to.

edit:

Transparency is key. It is to be noted in this proposal; the DAO will be sharing DAO budget and allocation data on an ongoing basis each month (after monthly allocations). We will begin by sharing the current operating model, along with all allocations, up until this point in time. Click here to view that data.

When we release the allocations for august, the sheets will also be updated with numerous charts to improve the readability of the data.

Vote: Raise budget + introduce milestone framework

This poll has ended.

    PLEASE do what's needed to keep the job well done i understand the underpaid feeling so if this is the way to fix things get it done! i am definitely "FOR"

    i also like that you guys are setting milestones in order to increase budget so its not really affecting much

    kudos and my hats off to the team!

      Would someone be able to break down the Treasury outflows for the two laid out increases in pay? How does this reduce the backing of Ohm if at all?

        I’m ok paying for work done. I would like to see more transparent reports. Who has been payed, how much, and for what deliverable. If those reports are already done I couldn’t find them, so maybe expose those better, with a weekly or monthly update on announcement channel.

          Writing is on the wall Folks, ape all that "other-nft-stuff or w/e" the Honey POT is $OHM that is all i'm gonna say- be smart-

          ThirstCow

          This DAO budget comes from the DAO treasury (not the protocol treasury) so it has no impact on backing of OHM

            I am all for fair and equitable pay, but I think it requires transparency as to the number of team members and allocations being received currently. Additionally, it begs the question, how will the 60k be allocated? Will there be a reserve for as-of-yet hired team members or will the current team split the 60k and see their pay decrease as new team members join? That’s a sure fire way to ensure people feel underpaid in the future.

            If the OIP is altered to open the books so transparency is offered, I’m 100% “for” OIP-21. I think in its current state, there are too many unanswered questions for me to make an educated decision and therefore I tend to stay more conservative with my decision making. I want to reiterate, I’m happy with the team and want everyone to be compensated fairly, let’s just get a better look at the whole equation first.

              Vanadio

              Firstly, the DAO only pays for work done, so that's easy and i def agree.

              As far as releasing more reports, this is a great suggestion. Most teams released their allocation data internally, also the DAO log channel is public in the DAO, so anyone can view all the allocations that have been sent out and to who. We have more detailed data in a spreadsheet and are working on making it more visually pleasing (lots of charts and graphs) before we release it.

                crayon_connoisseur

                We aren't just throwing money at people, so OHM is only paid for work done. The reason for the raise is to be able to pay the growing number of DAO contributors more fairly (budgets were getting too low for amount of contributions).

                Budget is split between team budgets and project budgets (67%/33% respectively), with each team receiving a percentage to allocate towards ongoing and ad hoc team contributions, and a project budget to which DAO contributors can propose defined projects (start and end date, deliverables, etc) and request funds from.

                I would like to make the books more transparent as well and we are in the process of making things pretty and easy to view, we can release this soonTM

                  The sheer amount of talent that floods into the DAO on a daily basis is truly awe inspiring. I believe its extremely important that all members of the DAO receive fair compensation for tasks and projects that they help ideate, assist with and ultimately complete. We have the absolute best community in the crypto realm and it's extremely important that we double down on that with the absolute best DAO there is as well. This means that as the DAO continues to grow at hyper-drive like speeds, we have a budget that matches both the talent and growth rate of the protocol. I 1000% stand behind this proposal as this directly affects the Ohmies that help make Olympus what it is today. Our incredible hOHM.

                  The working ohmies of the DAO are the rock upon which the great house that is olympus is being built.

                  Their synergy and alignment of passion and skill is certainly part of what proves 1 + 1 = 3

                  Take care of our builders, our masons, our carpenters, painters, and orators, our divinators, memelords, and technomancers ensure they feel valued, and ensure they feel confident to attract more journeymen to our cause -- knowing their needs can be met with fair compensation and deep appreciation at no opportunity cost to themselves and we will find continued success.

                  At the same time; by doing so - we can enable those most apt at eliminating social arbitrageur and other freeriders to keep their senses keen while adding fresh eye's to their ranks as new auditors as well.

                  It takes a village they say to raise a child -- and we aim to raise a nation. Put the resources forth to let the power of an abundant mindset flow like nourishing waters to our elder and new builders alike. We will all grow in kind.

                  (😉,😜)

                  Dudemyguy

                  I'm for the proposal, thank you for putting such thoughtfulness in this proposal which usually can be a little tricky. Especially the framework of milestones part. And wow, I wasn't aware that we've seen so much growth in the number of contributors. The future of Ohm is bullish, Looking forward to further integrations!

                    Dudemyguy you have my support with this. Certainly need the team to feel comfortable and well paid for the work they do. Thank you

                      To acquire and retain the best talent we must prepare an attractive compensation

                      I believe this is the way to grow OlympusDAO to become one of the best DAO

                      I am for proposal 1. The shared data makes it clearer where the spend is going.

                      But for proposal 2, I like that it is based on a target, but maybe it would help to publish our current standings, trend for the past year and WIPs in a single page? That would help voters get a clearer understanding of the baseline.

                      i.e

                      what is the current number of Ohmies staking and what was the increase trend for the past year?

                      what is the current number of Ohmies on discord and what was the trend for the past year?

                      what are the current or target proposed partnerships in the works?

                      what are the current or target new integrations?