Worker Proposal - Dave - Treasury / Accounting - May to July

Background
Submitting this proposal in the capacity of treasurer / accounting role for DXdao.

Timeframe:
18th of May to 18th of the July.

Goals:

  • Q2 report
  • Treasury diversification
  • Yielding with treasury funds
  • Rep syncing across L2s
  • Regular treasury responsibilities

Responsibilities:

One of the main upcoming deliverables will be the Q2 report early July - working on improving and providing more information in the report compared to our Q1 report. I’m currently also working, and will continue to work, on executing the treasury diversification proposal - and will likely submit a new one as we fill this most recent one. Part of the treasury diversification proposal also includes moving some funds into yielding protocols - which I plan to do as soon as the new Multicall installations are executed.

I also synced up with @AugustoL about the REP syncing issues which arise with moving to L2s. We plan to work on REP distribution analysis, to be able to quantify issued REP, locate where it was issued, and also keep track of unissued REP. We will propose a plan to manage the process of syncing REP - likely on a regular schedule i.e. every Quarter.

The regular treasury responsibilities include the governance gas refunds, the multi-sig refunds. Ensuring our treasuries (mainly xDAI base) has enough liquidity to stay operational and keeping overall track of outflows and inflows of the treasury.

Self-Reflection:
I believe I’ve delivered satisfactory work and done so on time. I’m happy with the positive response to the Q1 report - and am excited to start working on Q2 report. Overall I still need to get some deeper knowledge of web3 in general, I’ve mostly been working with APIs from etherscan and coingecko - but want to start using more established APIs to also interact with contracts directly.

I also went up one level in experience compared to the last worker proposal, I believe I’ve demonstrated I’m able to work independently and deliver on what I proposed in my previous WP and also think I’ve gained a lot more knowledge of DXdao over the past 2.5 months.

Compensation:

  • Experience Level: 4
  • Time commitment: 70%

DAI 9800 for 2 months, 1/2 to be sent on the first payment proposal and 1/2 on the second payment proposal
DXD $7000 based on the all-time high of DXD of $523.77 i.e. 13.36DXD using 18th May 2021 as starting period for the vesting.
REP 0.23% for 2 months, 1/2 to be sent on the first payment proposal and 1/2 on the second payment proposal

Expenses
This proposal also refunds gas costs related to deploying the gas governance refund smart contract totalling 0.163867725 WETH. See: Ethereum Transaction Hash (Txhash) Details | Etherscan

Work Experience:
Worker Proposal (Trial) - Dave - Treasury / Accounting
Q1 Treasury Report

7 Likes

@fluidDrop it would be awesome if you can give us an update on the state of REP in mainnet and dxdai in the following weeks. It will help us figure out how which rep distirbution use to deploy dxvote in xdai.

Mainnet REP: DxReputation | 0x7a927a93f221976aae26d5d077477307170f0b7c
Mainnet REP mapping: Signal | 0x458c390a29c6bed4aec37499b525b95eb0de217d (more info in DXdao signaling contract (Reputation mapping))
xDai Rep: https://blockscout.com/poa/xdai/address/0xED77eaA9590cfCE0a126Bab3D8A6ada9A393d4f6

4 Likes

Hi Dave! Just wanted to say I really appreciate you posting your new proposal on DAOtalk a week before your proposal is due on Alchemy! Well done :slight_smile:

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Thanks Ally, although I did already submit it on Alchemy too :laughing:

3 Likes

Just posted this on the wrong worker proposal :smiley: Reposting correctly:

I just submitted the second part of this proposal on xDai as well as claiming the DXevents stipend for the upcoming ETHcc event: Alchemy | DAOstack

Copying the text from the xDai proposal:

fluiddrop Worker Proposal 18th May - 18th July [2nd Payment]

I hereby request the latter part of my payment of my original worker proposal: Alchemy | DAOstack

I’ve mostly been getting into the rhythm of day-to-day treasury responsibilities. Monitoring funds across our various chains (mainnet and xDai for now), reviewing proposals and making sure we have enough funds for proposals to go through. Over the past month I’ve also started getting more involved in the buyback.

The Treasury Diversification Proposal was also executed over Q2, gathering ~$5M in stables to secure future runway. Details of the TDP #2 were also shared in the Q2 report, presented on the Weekly Gathering on the 14th of July: DXgov Weekly Gathering [2021-07-14] - YouTube

Two deliverables which were listed on my original proposal which have not been fully delivered are: DXyield and REP sync.

While I laid out an execution plan for DXyield, we experienced a drop in yields, which made deploying stablecoins less attractive - particularly when considering that the stablecoins are there to secure runway for DXdao.

In regards to REP syncing, there seemed to be somewhat of a consensus that it is preferably to keep this process manual. There is a strong incentive for individuals to make sure their REP is synced, namely having voting power. Manual sync makes particular sense when considering that only certain type of REP is synced - i.e. Worker Proposal REP is synced, while REP from actually creating proposals can diverge on different chains.

This proposal pays out the remaining half of my original worker proposal:

4900 DAI
1790 REP

Moreover, based on the recent passing of the DXevents proposal, this proposal also pays out the stipend for attending ETHcc in Paris.

$500 (travel stipend) + $250*3 (daily stipend) = $1250

3 Likes