Fund DXdao Guilds & Gnosis Chain for 1H 2022

Tldr: This proposal sends $629k to the DXdao Multichain Multisig, to fund the Q1 of Guild budgets and replenish funds in DXdao’s Gnosis Chain base. The Guild Budgets below have all been approved through previous signal proposals.

Background

In an effort to streamline governance and increase autonomy, DXdao is replacing the individual contributor proposal system with guild-based budgets as outlined in the Phase 2 Restructuring and Refocus Proposal and implemented over the last month. Five guild budgets have passed through DXdao governance after a public comment and feedback period with the community. These guilds will be semi-autonomous entities tasked with executing on the scope of work outlined in their budgets.

Guild budgets were approved for 1H2022, but they will receive the funding in two separate installments. Half in this proposal and the other half in 3 months. The guilds will be responsible for paying contributors and other regular expenses approved in their budget. Guilds will have their own forum for contributor proposals and other public updates. More background on each guild can be found in their 1H2022 Budget Proposals, linked to below.

The total approved funding for the five Guilds for 1H2022 is $918,460 with (slightly more than) half being sent in this proposal or $469,657. The remaining $162k will be deposited into Gnosis Chain base, which is in debt around $20k from already passed proposals. Going forward, it will not need a large treasury because it is no longer processing contributor payments.

Details

This proposal sends 629,955 sUSD to the DXdao Dev Multichain multisig, identified as 0x9467dcfd4519287e3878c018c02f5670465a9003, whose signatories have been verified as REP holders. The sUSD is to be converted to Dai and then bridged and transferred in the amounts below to the following addresses:

Guild Q1 funding amount Budget proposal Address to fund
Operations Guild $85,300 Link 0x22F3BB8defB1B9A6c18da5E1496cd1b15fc79d70 Multisig
Voice Guild $98,850 Link 0x00Ce8162527Da8bD59056E2A54C3726886cBa676 Multisig
DXgov Guild $137,910 Link
Swapr Guild $82,740 Link 0x76a48beCaD072b90761859bd2C517A7395775103 Multisig
Carrot Guild $64,857 Link 0x975e8af284fcFEE19326a26908B45BD2fce1Cef0 Multisig
total $469,657

The remaining $162k will be deposited into Gnosis Chain base.

Risks and Considerations

This shift in funding structure gives DXdao governance less direct autonomy over funds, but this comes with less governance overhead. There is a risk that the funds are misused after they leave the treasury, but each of the guild members are also REP holders so it can be slashed if any malicious activity. There remains some bridging risk. There is also risk for funds being managed by DXgov’s new DAVI Guild system as it is still being tested, although it has been audited.

For clarification, as it relates to DXD Treasury NAV calculation for the DXD Token Model purposes, all funds in multisigs or guilds should be considered part of DXdao’s treasury until it is in the sole possession of an individual stakeholder or contributor.

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