Stewards Council - 2023-03-24 - Agenda & Notes

Stewards present: @kempsterrrr @ntindle @Erik_Knobl @mannyornothing
Facilitator: @kempsterrrr


  1. Improvements to Stewards’ workflows
  2. Fulfilling our commitments in P-4: Partnership & Mutual Grant with Gitcoin
  3. Treasury strategy and Guild Operator payments

Improvements to Stewards workflows

Airtable was created and shared with Stewards to track tasks and automated tracking of Governance proposals on the forum and Snapshot.

Public views available shared with Members (proposal tracking empty as not back-dated yet):

This base will continue to be refined as we learn the role. A key aim is to track Governance data (i.e. timelines at different stages) to spot improvement areas.

Fulfilling Commitments to Gitcoin from our Mutual Grant

@kempsterrrr and @willblackburn had conversations at the end of last year with Scott at GitCoin about how to best execute this considering some constraints:

  • GitCoin can’t participate in our Governance from their main treasury as it’s on-chain and create a GitCoin DAO wide vote for them to vote in our Governance which doesn’t make sense
  • Their 5%, or 500k $CODE allocation, would make that by far the largest holder of the $CODE token, so we’d need to consider that impact on the DAO’s Governance.

The current working plan is the following:

  1. Set up a multi-sig with two people from Gitcoin, two people from D_D (probs Stewards) and one publicly recognisable figure in the industry (Austin Griffith & Ken from Uniswap have been suggested).
  2. Vest Gitcoin’s Tokens are linear across two years under the same terms as everyone else, two-year linear vest. This would mean Gitcoin would be due 4.17% of their 500k allocation for every month since the token was launched which = 29.19%, which is 145,950 $CODE. They would then be vested another 20,850 $CODE every month.

We’re also considering asking GitCoin to refrain from voting until the end of the 1st year vest to allow more time for $CODE to be distributed to Members and reduce their influence on our Governance as, bar far, the biggest holder. TBD.

Treasury strategy and Guild Operator payments

We discussed two main points:

  • What treasury management rails do we need to put in place
  • How do we handle outstanding guild operator payments form S1

On the 1st point, It was discussed on the call today that we need some sensible rails in place to make sure the treasury is not trending to 0, and we’re growing an operational buffer as the DAO expands to ensure secure runway and emergency funds for worst-case scenarios (i.e. legal action against the Foundation)

On the 2nd, it was discussed that we should honour whatever has been agreed in Governance; however, we cannot afford to make payments in full in the short-term, so we need to make a plan for clearing the debt from the Treasuries balance sheet in a sensible way.

Discussed are on-going in a thread in the Stewards discord channel, and we’re hoping to have initial options down by the next Stewards meeting but cannot guarantee that.