The funding cycle for Genesis. The monthly budget for Genesis is the ETH equivalent of $15K USD (at the time of writing this, that’s 89ETH per month). The funding will come into Alchemy Earth/Genesis on a weekly basis (when we are more certain that alchemy is stable we will want to transition to monthly) the calculation will be based on the ETH/USD rate at the time of every TX, those values should add up to 15k by the end of the months.
Proposers need to consider this when both making proposals and voting. Right now the protocol lets us go into debt and then when more funds are distributed proposals that haven’t been paid out are paid out first.
In this thread let’s discuss what this means for the DAO - a logical step would be for us to utilise a soft governance protocol : if your proposal is more than the funding that is available then don’t submit it, or break it up. We may also need the ATF or another group/role (the Catalysts) to flag to the group if Genesis goes into debt. Thoughts?
Thoughts from Matan
In a next version of the protocol i’d like to change it so that the DAO cannot get into debt — proposals asking for more than what there is in the wallet are rejected —> and then community members will be more aware of finiteness of resources and will have to choose between proposals. I think it’s actually pretty urgent.
Until then, we need to create a similar off-chain policy. That is, let’s try to adopt the culture that we use what we have more or less, so that when there’s no fund left we don’t propose, and when there’s just as much left and many proposals we prioritize and try (individually) to upvote just the best ones within budget.
What do you all think?