Authors: tonyolendo, willblackurn.eth
This proposal seeks to amend the terms of the proposal P-9: Short-term Treasury Allocation to Retain Core Staff to adjust and immediately release their allocations to insulate against further market volatility.
Gitcoin was an early partner to Developer DAO and gave the DAO a grant whose purpose was to retain full-time core staff. Proposal P-9 sought to effect the Gitcoin grant by rewarding the full-time contributions of with-heart, Kempsterrrr, and RyanCoordinator in the form of 1,000 GTC per month, starting February 1, 2022, through the end of June, 2022. When the proposal was being contemplated, the price of GTC was $10, at the time of the passing of the P9 proposal, the price of GTC had dropped to $6, almost half the value. The spirit of P9 was that GTC would trade at around $10 and thus the Retained Core Staff would receive a compensation of roughly $10,000 per month ($10 x 1000GTC). The current price of GTC is now $2.33 meaning that the projected monthly income for Retained Core Staff has fallen from $10000 to $2330. That’s a 76.7% drop in income, that would make anyone uncomfortable. As Ryan stated in his comments on P-9, “Using GTC in this way is a short term measure to get us on stable footing and keep the lights on.”
This proposal seeks to adjust June payments to 3500 GTC per full-time contributor and to retroactively adjust the payment for May by an additional 2500 GTC per full-time contributor on top of the already distributed 1000 GTC per full-time contributor. We further propose that these payments for June and May be released immediately upon governance approval in one transaction to mitigate the risk of any further drops in prices due to market conditions.
To complete this, it would require a total of 18,000 GTC =
(2500 GTC * 3) + (3500 GTC * 3) . In our partnership with Gitcoin (P-4: Partnership & Mutual Grant with Gitcoin), we committed to holding no less than 50% of the initial token grant through 2023. This means that we can only use 13,000 GTC for this proposal.
We plan to use
ETH held by the treasury to cover the value of the remaining 5,000 GTC
(18,000 GTC - 13,000 GTC) . As of this proposal, this would require
6.0565 ETH from the treasury which has a balance of 11.603 ETH. The final calculation of ETH to distribute will be completed at time of the transaction once this proposal has passed Governance, but it should not exceed a total of 6.5 ETH regardless of the ETH to GTC price.
This proposal does not seek to expand the period of time set in P-9: Short-term Treasury Allocation to Retain Core Staff. Rewards beyond this time period will require a new proposal with updated context for contributions.
The continued full-time commitment of with-heart, Kempsterrrr, and RyanCoordinator to the DAO.
This utilizes all of our liquid GTC from the treasury and dips into ETH received from NFT sale royalties. We believe it is worth it at this time to ensure our full-time contributors are taken care of and are able to focus on Developer DAO.