[ECP-2A] Formalizing and Funding the Governance Workstream (Revisions)

# [ECP-2A] Formalizing and Funding the Governance Workstream (Revisions) ## Key Issues **A. Funding request amount inflated due to recent market movements** When the original proposal was written, the price of Evmos was hovering around $1.50. In an attempt peg the price of Evmos for the sake of budgeting, ($0.50 was the decided peg) the overall ask amount ballooned to an amount that was multitudes higher than the original ask. We failed to communicate this in an effective manner with enough time for the Community to digest. We propose that the new USD-peg is set to the Evmos price's 30-day moving average: ![](https://i.imgur.com/KfdEjXe.png) **The new proposed peg is $0.77.** In addition to the higher peg, our proposal will simplify and significantly reduce the overall ask - although not completely ideal, we understand the Community's desire to decrease spending during this downturn. **B. Retroactive payments does not match the originally proposed** We will utilize the retroactive payment amounts proposed by Loredana [in this thread.](https://commonwealth.im/evmos/discussion/7841-repayment-of-effort-for-informal-evmos-governance-workstream) I accept full responsibility for the lack of oversight in the previous proposal - I agree that retroactive payments should not be denoted by dollar amount, but rather a gift of Evmos from the Community for past work. **TOTAL:** 52,500 $EVMOS **C. Proposal is too jam-packed with too many different funding requests for different initiatives** The failed proposal included a budget request for R&D Spending for the development of the Gauge System that will have powered the initiatives in ECP-3. We will be removing this ask from this proposal, and instead utilize the Bootstrap Fund to fund the research and development. The newly proposed funding request is as follows: **Item A. Contributor Compensations** |Name |PT/FT |Base (USD) | Retro (EVMOS) | Initial Vesting (EVMOS) | |---|---|---|---|---| |LPX |FT |10,080 |22,500|141,381| |Benny Lava |FT |8,064 |18,750|113,105| |GV |FT |8,064 |11,250|113,105 |Council Secretary (TBD) |FT |6,720 (est.) |0| TBD Cycle 2 | |Governance Advisor (TBD) |PT |2,800 (est.) |0| TBD Cycle 2 | |Governance Advisor (TBD) |PT |2,800 (est.) |0| TBD Cycle 2 | |**Projected Monthly Compensation Spend** | |$38,528 / mo | | | |**Projected 6 Month Tota**l | |$231K / 6 mo| 52,500 EVMOS (one-time)| 367,591 (re-adjusted next cycle)| * Projected 6-Month Total for Base Comp ~= 300,218 EVMOS @ $0.77 * Funding ask for the future Community Mod and Support Workstream Leader removed - to be added in ECP-2B in the CMS proposal. * Reduced number of preferred Advisor Roles from 3 to 2. **Item B. Ecosystem Bootstrap & Bounty Fund** The ask amount for the Ecosystem Bootstrap and Bounty Fund was increased because of the removal of the R&D Fund Requet. The Bounty Fund will be the initial funding source for the laying the groundwork for DAO initiatives. **Previous Ask:** 975,000 EVMOS **Updated Ask:** 1,100,000 EVMOS **Item C. Treasury Diversification & Stable Reserves** Treasury diversification and DAO2DAO collaboration to build a stablecoin reserve will remain a key part of the DAO's strategy for self-sustainability, stability, and runway extension. We are currently working with ShapeShift DAO to kickstart the first stablecoin reserves, Hedgey and Ichi Finance in exploring longer-term options. Previous Ask: 1,560,000 EVMOS Updated Ask: 1,200,000 EVMOS | # | Purpose | Description | Req. Amount (EVMOS) | | -------- | -------- | -------- |-------- | | A | Funding Governance Workstream (6 Contributors) | Retroactive compensations, monthly base compensations, and long-term vesting contracts. Monthly base compensations will be paid out of Item B when we manage to successfully secure stablecoins. |720,309 | | B | Ecosystem Bootstrap & Bounty Fund | Alpha implementation of the self-replenishing bounty fund and project bootstrapping for the Evmos ecosystem. | 1,100,000 | | C | Treasury Diversification & Stable Reserves | DAO2DAO swaps for stablecoins to be used for funding the compensation of current and future workstreams. | 1,200,000 | | | **Total Requested** | 3,020,309 EVMOS (~503,384 EVMOS / month) | | **Previous funding request:** 4,743,668 EVMOS **Updated funding request:** 3,020,309 EVMOS **Funding request in perspective:** ~2.65% of CommunityPool; 36% reduction from previous **D. Strengthening the DAO Treasury Multisig** The previous proposed multisig configuration was 4-6, with 3 governance and 3 validator as the signatories. We are seeking to strengthen the multisig with a newly proposed composition of a 5-8 configuration.