6. KTR Requests
|1||Core Contributor Funding||SNX Treasury||CC Committee||2M sUSD||0x08e30BFEE9B73c18F9770288DDd13203A4887460||Implemented|
|2||Volume Program Rewards Management Request||Synthetix Volume Program||treasuryDAO||ongoing||0x08e30BFEE9B73c18F9770288DDd13203A4887460||Implemented|
|3||KWENTA Community Raise NFT Rewards||treasuryDAO||CC Committee||3000 KWENTA||0xF510a2Ff7e9DD7e18629137adA4eb56B9c13E885||Implemented|
|4||devDAO Commmunity Tips||treasuryDAO||devDAO||500 SNX, 0.02 ETH||0xED8380f46911D40bdE5D24f72fa68E75e26f3cB0||Implemented|
|5||Treasury Diversification||treasuryDAO||treasuryDAO||50% sUSD, 25% DAI, 25% USDC||0x82d2242257115351899894eF384f779b5ba8c695||Implemented|
|6||marketingDAO discretionary budget||treasuryDAO||marketingDAO||500 SNX, 0.02 ETH||0xbBCa2FCaF81EbA9e2B819f08eB00c5bfBfc92F1D||Implemented|
|7||Polynomial OP Distribution||treasuryDAO||CCs||11,570.00 OP||CCs||Implemented|
|8||adminDAO funding||treasuryDAO||adminDAO||50,000 sUSD||0xF510a2Ff7e9DD7e18629137adA4eb56B9c13E885||Implemented|
|9||Blockworks sponsorship reimbursement||treasuryDAO||Grants Council||10,000 USDC||0x9b2a41e77c6996ff6e4e2181c88bb6da40f01f74||Implemented|
|10||Budget Epoch 2||treasuryDAO||adminDAO||1.6M sUSD||0xF510a2Ff7e9DD7e18629137adA4eb56B9c13E885||Implemented|
|11||Orphaned Entity Establishment Costs||treasuryDAO||adminDAO||70,000 USDC||0xF510a2Ff7e9DD7e18629137adA4eb56B9c13E885||Implemented|
|12||2023 CC Packages||treasuryDAO||adminDAO||26806 KWENTA||0xF510a2Ff7e9DD7e18629137adA4eb56B9c13E885||Implemented|
|13||Refilling the adminDAO war chest||treasuryDAO||adminDAO||3000 KWENTA||0xF510a2Ff7e9DD7e18629137adA4eb56B9c13E885||Draft|
The Core Contributors have requested that the Synthetix Treasury send Kwenta 2 million sUSD in funding to fuel early development of the Kwenta protocol. The funds will be sent to the treasuryDAO from Kwenta incrementally (ex. The first payment included 500,000 sUSD). The Core Contributors would like to request that the entirety of this funding be forwarded to the Core Contributor Committee wallet where it will be used to compensate Core Contributors as well as pay for infrastructure, travel, and other miscellaneous expenses. With the 2 million dollars, the Core Contributors will be able to operate sustainably for a little under 2 years, as outlined in the original SIP (https://sips.synthetix.io/sips/sip-183/).
Core Contributors are currently running a lean operation with the Synthetix Treasury DAO funding Kwenta's minimum requirements for development. Until Aelin is available for fundraising, it would be beneficial to the Core Contributors to use the Volume Program rewards for compensation packages and covering Core Contibutor expenses. As soon as an Aelin raise is completed, this request will expire and the treasuryDAO will regain control over Volume Program rewards. Core Contrtributors currently have enough funding to operate with 6 members, the additional SNX would enable us to hire 1-2 more contributors to support the develpoment and marketing team as well as cover other Core Contributor expenses such as operational costs, travel, and Core Contributor/community member bonuses.
Core Contributors will provide KWENTA Community Raise supporters with a tiered set NTFs which correspond to the amount of sUSD a participant has contributed. The first tier will enable up to 100 individuals who have contributed 50K sUSD to receive 10 KWENTA in fee rebates, 50 people who have contributed 100K sUSD to receive 20 KWENTA in fee rebates, and 5 people who have contributed 1M sUSD to receive 100 KWENTA in fee rebates. NFTs will be distributed on a first-come-first-serve basis. The rebate would be paid out at the end of each month based on the dollar value of KWENTA at the time of distribution.
devDAO community members, especially Bounty Hunters, besides taking on available tickets with rewards, often altruistically help out other community members by providing code suggestions, help with dev environment setups, feedback on submitted code or simply discussing possible improvements. In order to faciliate and motivate community members to engage in the devDAO, the community PM would like to occassionally tip community members for their great assistance. This benefits both Kwenta by receiving better quality of code from the devDAO, as well as further cements community engagement and activity.
Given the available tip bot currently does not support Optimism L2, for the time being pay outs through a dedicated budget wallet managed by the community PM is preferred to tip devDAO community members in a timely manner.
To mitigate the risk of the treasury being negatively impacted due to a single stablecoin de-pegging, I propose that the Kwenta treasury be diversified into the top three Ethereum-based stablecoins. In the event that a single stablecoin does de-peg, the treasury will be able to utilize an alternative currency to continue fueling operations.
Many Kwenta community members have gone above and beyond to assist Kwenta in marketing efforts. In addition to completing work for individual bounties, Kwenta community members have participated in every step of planning and executing marketing initiatives, community events, and social media messaging.
A reasonable discretionary budget ensures that community members who complete small bounties can be compensated in a timely manner, and that community members who make significant contributions outside of a formal bounty can be recognized for their efforts. By removing overhead in this process, the marketingDAO should be able to stimulate more activity in the community and reduce the time and effort required to request small budgets for individual initiatives.
The small size of the budget and record of each expenditure provides an opportunity for oversight and prevents excessive spending, but is significant enough to provide the marketingDAO PM with flexibility and autonomy that should encourage more community activity and output.
As per the Polynomial proposal, the funds received will be distributed to the core contributors of the Kwenta protocol.
The adminDAO proposes that the Kwenta Treasury transfer fifty thousand sUSD for incidental Kwenta expenditures. The adminDAO has under its purview most DAO roles, including DAO Contributors, Product Elites, marketingDAO, and devDAO. The requested funds will be utilized to reimburse Core Contributors, cover offsites & Kwenta event expenses, various subDAO expenses, bonuses for DAO roles, and other expenditures.
The adminDAO will be able to run autonomously and sustainably with 50,000 sUSD in quarterly funding. In the unlikely event that more than 50k sUSD is required in a quarter, the adminDAO can submit a separate request for funds.
As the protocol evolves, it will become more burdensome to regularly seek payments for contributor costs through the treasuryDAO. We propose that the Kwenta treasury deliver quarterly replenishments of $50,000 sUSD.
The adminDAO offers a transparent and decentralized process to manage administrative responsibilities across the protocol. The adminDAO will be responsible for tracking costs and reporting the use of funds on a quarterly basis to the treasuryDAO. Quarterly records provide an opportunity for oversight and prevent excessive spending.
With the increase in available markets, open interest, and an opportunity to have the advertising budget supported heavily by the SNX treasury, Kwenta should use this opportunity to experiment with ad placement in a heavily consumed podcast produced by a well respected research and news outlet, Blockworks. The team at Blockworks is an appropriate choice to work with due to their large audience of Web3 users, and the demonstrably high quality of existing content about Kwenta and Synthetix.
In addition to the podcast sponsorship, Blockworks has agreed to facilitate additional written content, and a Twitter Space with the Blockworks Research team. Westie, a known Kwenta community member and part of the Blockworks Research team, will organize and produce the Twitter space.
This one-time cost will serve as a trial of more traditional advertising initiatives. The initiative will be managed by the Grants Council who will help review copy, produce complimentary community led content, and facilitate community promotion of content produced through this initiative.
Overall, this initiative will help promote Kwenta to a wider audience of Web3 users and experiment with traditional advertising initiatives.
We proposed that the current core contributors/adminDAO be allotted a sum of 1,600,000 in stables from the Kwenta treasuryDAO. The budget for epoch two is planned as follows:
|Future Talent (6 months)||$100,000.00|
|Smart Contract Audits||$33,333.00||$33,333.00||$33,333.00||$33,333.00||$33,333.00||$33,333.00||$199,998.00|
|Total per month||$151,490.41||$284,823.41||$184,823.41||$184,823.41||$184,823.41||$184,823.41||$184,823.41||$1,574,514.42|
Note: Infrastructure costs for the Subgraph are paid on a yearly basis and therefore are covered for epoch 2 and 3. The budget above also includes pending reimbursements for the last month of epoch 1 (May).
Considering the current yearly expenditure rate of approximately $2,95M this provision will facilitate continued development for a period of six months prior to the need for additional funding. The expected expenses for epoch 2 are outlined within this KTR.
The immediate fees include an invoice for 35,801 USDC however this KTR will request 70,000 USDC to manage future anticipated costs as well for this year. This quantity can be sent in SNX and converted to USDC by the adminDAO.
The adminDAO has now developed a strict budget on how the entity intends on using funds held to manage resources. The establishment of the orphaned entity falls outside of the scope of that budget and therefore warrants a seperate KTR.
The adminDAO is requesting 26806.77 KWENTA to execute on KIP-85 for the 2023 Core Contributors.
This proposal seeks to allocate sufficient $KWENTA to the adminDAO, ensuring the uninterrupted fulfillment of current and anticipated DAO responsibilities, which encompass both present and forthcoming LP incentives as well as other DAO roles and KIP incentives.