Worker Proposal (Trial) - Dave - Treasury / Accounting

Hey everyone,

This is dave (fluidDrop on keybase and daotalk). I’ve been following DXdao for quite some time and have been actively joining the calls and following discussions on Keybase for the past month. During this time the treasury and accounting aspect of DXdao has been a topic often brought up. I, hereby, submit my worker proposal to work on treasury transparency and accounting.

I had a couple of calls with @powers_chris, and we came up with some initial things for me to work on as part of my 2-week trial.

Timeframe:

4th March 2021 - 18th March 2021

18th March 2021 - 18th May 2021 (contingent on the trial period)

Goals

  • Treasury transparency
  • Treasury accounting

Responsibilities

  • Treasury time-series - getting data about the treasury over the past ~6 months
  • Get an overview of funding per product (working backwards from ETH TXs)
  • Develop and maintain some treasury reporting (i.e. financial accounting / reporting in traditional terms)

Deliverables

  • Q1 Treasury Report
  • Financial reporting for buyback use

For the trial period, the Q1 treasury report will not be completed as the quarter will not be over yet, but I plan on gathering data and developing a solid framework for reporting flows of capital.

I believe these responsibilities will change and evolve over time as new ways of using capital come along (i.e. DXventures / providing liquidity to products) as well as funds being distributed over new chains (i.e. xDAI). I also think there is an opportunity to organize and present this data for community members with less familiarity with DXdao. I also think the accounting structure should make it easier to create forward-looking budget projections. Other future responsibilities may include accounting for revenue from DXdao products and investments and establishing a more granular overview of the treasury, i.e. liquid vs illiquid funds (buyback reserve).

Compensation

50% time commitment - Level 3 Experience

Trial period (50%):

Base Salary: $750
DXD: $500
REP: 0.08335%

Contingent on successful trial period, following two months (80%):

Base Salary: $2400, 50% to be paid at the beginning of the work period and 50% to be paid at the conclusion of the work period
DXD: $1600
REP: 0.1336%

Worker Experience

In an effort to retain some pseudo anonymity I’d rather not share personally identifying links. I know a couple of DXdao workers IRL - who can, eventually, vouch for my experience.

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dave already created a template for a report and spreadsheet tracking the treasury and has been on the majority of the calls the last few weeks getting up to speed on DXdao happenings.

I hope to work with him to provide more insight and regular updates to the treasury, especially as we move to pools of capital on multiple chains. Looking forward to developing a more systematic approach!

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With the evolution to a multi layer world as well as diversification of the treasury into places, such as Swapr liquidity, DXventures, upcoming product token launches and added complexities, someone focused on treasury is clearly needed. @fluidDrop seems to be a great fit. Looking forward to having him on board.

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Hey everyone,

just wanted to give a short update - as my trial came to an end this week.

As mentioned in the initial worker proposal, the Q1 report is not yet ready - as the quarter is still running. However, I’ve spent most of my time these past two weeks on gathering and cleaning the data and creating a framework for reporting.

I’ve also been exploring a number of options on how to do the reporting with @Powers looking at how other projects in the space report their numbers. I believe our goal is to be concise and transparent - giving an easy-to-understand overview of our general finances.

Some initial plots and a glimpse at the diversification efforts can be seen here: DXdao Treasury Slides

An overview of funds held across different addresses: DXdao Treasury Overview

The overview above relies on the coingecko API for prices - which seems to not be very reliable, often returning request errors - for the purpose of sharing I’ve just fixed the price at the most recent one.

I’ve also been in touch with @nico to take over the regular DXdao governance refunds. In doing so, I’m also setting up an infura account - the work above was done through a combination of the etherscan and coingecko API. One issue with the etherscan API is that it doesn’t provide much info of tokens held by addresses (i.e. you need to query an address together with the specific ERC20 token you want to check), and tokens which are minted are not reflected in the TXs data reflected by their API - so I might also start using the infura API for accounting purposes. In regards to gas refunds, I’ve also started calculating gas costs spent by the owners of the Gnosis multi-sig, to also refund these on a regular basis.

I’ve been in touch with @Tammy too, regarding the buyback reporting. I believe the more general financial data is already illustrated in the shared slides above. The other parts are things I would like to start working on if my worker proposal is accepted. Namely, analysing the flows of money i.e. funding per product, revenue per product (where applicable), and future projections.

Other things I would like to start working on:

  • Tracking the diversification efforts (i.e. stablecoin purchases)
  • Developing and maintaining an accounting framework for our multiple pools of capital (i.e. ETH, xDai, Liquidity, DXVentures)

Looking forward to any, eventual, feedback. Have a great weekend in the meantime.

Dave

9 Likes

Hey everyone,

I’ve submitted my proposal on alchemy xdxdao base for the second part of this proposal: Alchemy | DAOstack

The main deliverable was the Q1 report which was presented on the resources call on the 9th of April.

Beyond the Q1 report I’ve been working on backtracking DXdao transactions to be able to offer more insight in future quarterly reports.

I’ve taken over some regular treasury / accounting tasks such as governance gas refunds, and DXdev multi-sig gas refunds.

I’m currently working on the Treasury Authorization Proposal V2, and will shortly submit and coordinate an execution plan for yielding on stable-coins as authorized in the TDP V2.

Original proposal: Alchemy | DAOstack

Original DAOtalk: Worker Proposal (Trial) - Dave - Treasury / Accounting

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