• Proposal

  • OIP-21: DAO Budget Increase + Milestone Framework

All for this! We definitely need to pay people fairly for the work being done. More people = more money. Simple math 🙂. Like the milestones you have set forth as well.

Dudemyguy

Thank you DudeMYguy.

Thank you for all the work and effort you put in the DAO as well as all DAO contributors.

It's never unnoticed.

I have been a part of many DAOs in the last 14 months doing crypto full time and Olympus DAO is a whole other level of experience. It's the BEST by far.

We Must keep our talent and we must fairly compensate them and keep them happy as far as we can.

This great proposal takes the DAO in that direction with fairness and transparency and I'm FOR it of course.

"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:

Churchee

"It's a small step for men but a giant leap for Olympus DAO."

Thank you to all Olympus DAO contributors ; Thank you very much Sers 🙏

      Seems reasonable and proportionate to members and work done.

      Ranj

      Giving dollar equivalents is the way to avoid under/over payment, since the dollar amount is "constant" while the # of OHM may change. We don't pay in OHM, we paid in DAI, converted to OHM. In this sense, you are dollar cost averaging on a monthly basis as allocations are paid out.

      As far as the KPIs go, I think we accomplish that quite well with our OKRs by DAO department (available in the notion), the Dune Dashboard where you can track all protocol income/value, and now the milestone framework set forth in this proposal.

        Stratoshi_Styles

        Hello friend. Yes, I agree, you could have definitely approached this in a less confrontational matter, especially seeing as your post displays a clear lack of understanding for a handful of things. If you notice, the proposal contains a transparency clause at the bottom. Here you will find links to our budgeting and allocation sheet with all allocation data up until this time.

        You mention the possible game-ability of one milestone: "if someone just simply makes a script to stake OHM with new addresses a few thousand times". This is a valid criticism that we considered while making this framework, however it would cost quite a bit to accomplish this in transaction fees alone, with no guarantee that the perpetrator would even see any of the increased budget, since budget is allocated fairly to DAO contributors based on value contributed. The DAO doesn't just hand out money to anyone.

        Increasing the budget is about allowing the DAO to continue to expand and grow. We have already expanded past our initial budget, and we are still growing rapidly with numerous spots in the DAO still needing to be filled. It is necessary to increase the budget to incentivize and retain contributors and continue relevant progress. This is an ecosystem with so many moving parts and to maintain and grow a community of this caliber takes a serious effort.

        @Stratoshi_Styles, you also mention that the APY was nuked twice in a month and that this budget proposal is "even worse than [that]". Firstly, the APY was not nuked twice in one month. Reward rate was reduced based on careful consideration for the economic health of the protocol. After much deliberation, a forum post went up which resulted in heaps of discussion (including an open Policy call held in the main community server) and culminated in a snaptshot vote.

        Due to the laws of exponential growth, we must use reason to override our greed and reduce the reward rate at key times to remain sustainable. Olympus was built with these levers in place so we can work as a collaborative unselfish team for the greater good of the Olympus Ecosystem and all its participants.

        DAOs are the future of work. We recognize this and we would like Olympus to be the best DAO to work for in DeFi. We want to have enough budget to support continuous, high-output contribution. Many people working in the DAO don't have other jobs, and work only for Olympus DAO exceeding 40 hours per week. There are no true commitments in DAO work; a DAO must remain competitive in the Job market. Contract jobs in tech pay more than salaried jobs because they have less guarantees and generally no benefits attached. Working for a DAO is a truly no strings attached relationship, a contributor can leave at any time. In order to retain top talent, the DAO needs to understand its place in the job Market and incentivize accordingly.

        Again, the DAO is not a charity, and it only pays to actually contribute value, but to meet the demands of a growing community and the rapid pace of innovation in the DeFi space it takes continued growth in terms of: the human-input into our governance and policy levers; the funding of new projects; the expansion of marketing initiatives; the acquisition of new strategic partnerships; the ever growing need for more community engagement and education; the ongoing maintenance of the application; the building of new features that add to the value proposition within Olympus; and the administrative upkeep of keeping everything glued together and running smoothly at all times.

          Stratoshi_Styles On transparency. 61 active contributors -- You can't even lay out how many people are working in each sector? Let alone how much each sector is currently costing along with projects, etc. If you're going to act professional, go all the way with it. What even exactly does engineering do, considering that the protocol doesn't require much (if any) additional programming at this point?

          @ZayenX @Drondin @xh3b4sd @AcidPunk - Would any of you guys like to enlighten this fellow as to "what even exactly engineering [does]"? I feel like you dudes will have a more comprehensive awareness of Engineering's constant and necessary role in the protocol/DAO

            Stratoshi_Styles Basically this. In a way or the other MUCH more transparency is needed. A better presentation of it at least. The first marketing to do is versus OHMies. "Nepotism" is a big word and even if surely founders and first comers have bags of OHM to pass whatever they like, I think the main purpose of OHM is the greater good (I call it profit) of continuing this virtous project.

                Stratoshi_Styles

                Wow Ser.

                What an incredibly ignorant post.

                In so many ways.

                It's disheartening even. So sad.

                First of all @Jaws "shitposts" more than you are awake Ser.

                So to me it would be reasonable that he feels underpaid (if he did) and we should definitely raise his pay (if possible/ reasonable) if he feels that way because he actually contributes to this DAO so much thru tweeter and "shitposting" and "memes" are a huge part of any DAO period.

                On the other hand i haven't seen you doing anything for OUR bags smh

                So that's that for starts.

                I'll keep going….

                In life; respect goes a long way. And the way you speak is disrespectful on itself and that's quite sad if I'm going to be honest and I will.

                Your post is sad.

                Full of misconceptions and LIES.

                Absurd points made out of sheer ignorance.

                it's just DUMB and it shows your lack of everything really but mainly understanding DAOs.

                To your point that only the friends of high ranking members of the project can "get work" you could not be more wrong.

                That's a bit of a loosers mentality tbh.

                I know no one on this project. I bought in 2 months ago and have been staking….

                I decided to contribute as much as i can as my position became too big and i thought I should get more involved duo to that. Wich I did.

                After spending over 40 hours a week on discord for a couple of weeks helping Ohmies i was advise by others to fill out the sherpa form ; that by the way; was and is there for anyone who wanted to i wanna make that clear ANYONE. So I did. Hours later i was accepted as a sherpa and kept contributing to the DAO as much as possible.

                I do not know ANYONE in this project. Period.

                I bought in at $450 btw

                I do not know ANYONE in crypto AT ALL.

                I'm 100% alone in this space , and i don't speak with anyone about crypto besides on tweeter and discord.

                To your point that founders could swing votes being a "Theater" well it's not "Theater" those are Facts they can and that goes to every Crypto or non crypto project ever. Newsflash. Good luck find a protocol that founders can't swing votes. And honestly it's just fair, they took the bigger risk they hold the bigger bags. Just buy their coins and you could do the same.

                I could keep going….but I rather spend my time helping onboard new Ohmies so OUR fu***** bags benefit instead.

                Sorry if i stepped out of line at any point , my apologies to all DAO contributors. It was not my intention but I'm very passionate about this amazing DAO that WE have. And this DAO that WE have means so much to me….i always saw @coopatroopa on tweeter telling people to get involved with the DAOs to participate instead of just buying a bag…. and I thought he was a bit full of shit…..he tweeted so much to get involved that I decided to try…..just to learn that i was the one full of it for thinking that I could not bring value to a DAO that I love so much, i and anyone most certainly can. Olympus DAO is actually the prove of that to me.

                Facts.

                Cheers 🍻 you all

                  Vanadio

                  I'm not sure what additional transparency you are asking for specifically, but if you go ahead and read the actual proposal at the top of this thread you'll see that at the bottom there's a transparency clause which contains links to all of our budget and allocation data to date.

                  There is also a completely public #dao-log channel in the DAO discord server where you can see (in a more unorganized fashion) every single payment that has ever been sent to any DAo contributor.

                      Stratoshi_Styles hey fren, I feel like you are off on a multitude of points but let me provide my point of view for what it's worth.

                      1. You are not the first raising concerns about comp, which is why this proposal got launched. There were very critical members in the DAO server before you and all of them made us better along the way. In that light you are a very valuable contributor to the DAO as well. Nobody wants an echo chamber and we surely do not intend to fill our own pockets just because.
                      2. Everyone who wants to contribute and gets after it will find work and will get compensated relative to efforts of the other DAO members. There are no ranks and no hidden benefits for privileged individuals. Never has been. Never will be. I am personally one of the people who will make sure that this particular fairness will prevail because in that regard you and I may be very similar. The way it works is that every door is open. All that matters is "proof of work" in the DAO. The reason for OG members is because these people show up every single day, for months. And so anyone has the same chances to become an OG as well if they put in the hours like anyone else in fact does. The only barrier of entry within the DAO is the individual decision to show up and get shit done.
                      3. Towards transparency, reading your message it seems you did not see the link to the google sheet tracking all expenses and allocations. Once again for you, please see our google sheet. A lot of what happens is being made transparent. If you feel like this is not good enough you are welcome to join the DAO and get your own hands dirty so that we together become better again.
                      4. Now what engineering does. A lot happens in Github. See https://github.com/OlympusDAO. 29 engineers are at least visible but these are not all and not all work all the time equally. Usually you have to account for 150k per engineer per year. And then this is only engineering without product managers, designers, scrum masters, you name it. Some repos are even private in Github, for reasons. So for once there are integrations and data solutions that have to be worked on in the backend and in the frontend. One of these integrations is with Pool Together which will launch the next weeks. And so this is only one of our initiatives. These kind of integrations are all about smart contract engineering and UI/website changes. Data solutions include things like The Graph nodes which are required to work with relevant data in the frontends. And then we have the Dune Dashboards the community and e.g. the policy team uses heavily on a daily basis. Just mentioning the data teams here since this is similar engineering effort in my head. Then, you may have noticed that our frontends continuously get better. The reason is people work on it all the time. Oh and let's not forget anything related to security audits for our contracts where auditing firms and whitehats help us deliver bullet proof technology. Further, we have Olympus Pro in the works which requires similar engineering and security efforts in the frontend and backend alone for engineering. There are also reasons why certain business intelligence is kept private until launch. Everyone has the same problem, technology is expensive to operate fren and its complexity has to be mastered. I spare you more details in here but please hit me up in Discord to go over more if you want to.
                      5. We are so early it is unbelievable. Anyone can still become an OG themselves and acquire massive voting power if they want to. The thing is just that most people have their own plans and we often see how individuals move on to chase another pump. Just like you proclaimed to take profit and sell your own skin in the game and voting power. I mean, more power to you fren. Just, in my eyes you sell the future and the world of us versus them you create for yourself is not the world I want to live in. DeFi is an open ecosystem that provides equal participation. All it takes is the individual decision. Therefore I think it is not fair to argue against the people who have massively skin in the game, because they earn it. The point being, anyone can earn the same. It is only the difference of the point in time at which every individual may start out.
                      6. The APY was not nuked twice a month. OIP-11 launched in June, knowing this was just the beginning of our transformation. OIP-18 finally launched in August with a framework so that everyone knows what direction we go. This transparency was especially important to me personally. We will continue to adjust the system and at least the future of our reward rate should be a bit more certain by now.

                      Hope that provides a bit of perspective to the conversation. Anyone wanting to talk more about specific things feel free to reach out any time. I love all my ohmies.

                        Dudemyguy I didn’t know that excel existed, sorry. I try to keep up to speed, reading medium and agora but I missed that report. Thx.

                          Stratoshi_Styles
                          What even exactly does engineering do, considering that the protocol doesn't require much (if any) additional programming at this point?

                          Hey friend. I want to shed some light and directly speak to this point.
                          Yeah the core contracts are "stable", we don't have any plans to update them, because we feel really good about them. But that doesn't mean Olympus is "done". That would be a disservice to all the Ohmies out there.
                          Taking into consideration JUST the smart contract side of Olympus, we want to build an ecosystem of tools that provide value to the Ohmies. Every partnership we have requires smart contract work. Every project we embark on, like Olympus Pro, requires REALLY GOOD smart contract engineers to build the functionality safely and sustainably. You're incorrectly assuming the core contracts are the only part of Olympus Engineering. Now take everything I mentioned above, and add a front-end component: the gateway to the Olympus ecosystem. Unlike smart contracts, that you deploy and (hopefully) never change, we're constantly making updates to the front-end. We've moved fast in the early days of Olympus and we want to move even faster as we grow. We need engineers who are great at shipping new features but also understand the balance with developing sustainability. Maintaining a live system doesn't require zero engineering effort. In fact, we do our jobs well IF you don't see any difference in performance, responsiveness & utility.

                          This isn't a protocol for just "high APY", we have a vision and we need really passionate and great people to get us there. My personal goal is that ALL engineers feel fulfilled working on the Olympus Engineering Team.

                          Happy to chat more about engineering on the discord and talk about the things on our plate!

                          -- ZayenX#0001

                            Stratoshi_Styles

                            Almost every Ohmie who voted new, old, rich and poor voted for the APY reduction because they can see the vision of the protocol as more than just apy machine. Happy to answer any questions you might have about why you think it shouldn't have occurred.

                            A great way to see the work being done is to join the DAO fren - stick up your hand - do some work and receive some comp - plenty to do and many projects in the works.

                            Unfortunately we can't just rely on Ohmies to give the DAO their labor without being compensated - it just isn't sustainable.

                            DAO is growing - partnerships are growing - integrations are growing - number of Ohmies to engage is growing - dev work is growing - funding should grow too pretty easy formula. Agree more transparency would be great too!

                              Skeptical until we are able to see who gets paid and for what exactly. Just saying which team gets what percentage of the pie doesn't cut it. What exactly did that team accomplish to get that $$? What did each member contribute to justify their share?. Give us a way to see what is being accomplished each week to justify the paycheck so we nobodys can hold you bigwigs accountable. Or not, it's really up to you guys; my vote has no impact..

                                tex why hidden on the dao server? why do i have to register and log in to view? why not publish with announcement on main discord with no barriers to view for all to see? making it hard to find and view and burying it for what reason?