Abstract
The Optimism Collective has allocated ATX DAO with 30k Optimism Tokens to build out the Reputation & Roles grant. The tokens have been stated to go to the following areas:
5k OP tokens will go to an incentive for builders to deploy their R&R Systems (Reputation and Roles) on Optimism.
25k OP tokens will go directly to ATX DAO where the tokens will be utilized for governance in the Optimism ecosystem. The DAO will then provide an equivalent amount of USDC value in salaries to members to fund the creation of the R&R Systems over a 10 month period. The OP Tokens are locked up for an entire year, but will still be owned by ATX DAO during that time. Additionally during the lockup period we can use those tokens to participate in Governance on the Optimism ecosystem (participating in governance qualifies the DAO for future airdrops!). After 1 year, we are free to do as we please with the tokens.
This proposal seeks to figure out how the USDC funds will be distributed to each designated contributor on the R&R grant.
Logistics
Jacob Homanics’ Wallet: 0xc689c800a7121b186208ea3b182fAb2671B337E7
Jesse Patterson's Wallet: 0x51603C7059f369aB04B16AddFB7BB6c4e34b8523
Optimism Token Grant Award Amount: 25k OP
OP Token To USDC Conversion: Calculated by the average monthly price of OP Token at time of transfer from Optimism Collective To ATX DAO.
TOTAL_PAYOUT_TO_JAKE_HOMANICS: (25k OP).USDCValueAfterConversion*** - 3500 USDC.
This is a calculation where we first need to convert 25k OP Tokens to USDC. Following the conversion method above, we can assume that 25k OP Tokens will convert to around 33250 USDC. Then we need to subtract Jesse's payout of 3500 USDC. Putting us at an estimated 29750 for the TOTAL_PAYOUT_TO_JAKE_HOMANICS.
***This value is estimated to be around 30000 USDC.
Estimations
Optimism Token Price (9/29/2023): $1.33
USDC Grant Award Amount After Conversion: 33250 USDC
Payout Monthly on 10 month schedule: 3325 USDC
Payout Monthly on 5 month schedule: 6650 USDC
Payout in Lump Sum: 33250 USDC
Strategy To Distribute Award
Option 1: Follow suit
0x51603C7059f369aB04B16AddFB7BB6c4e34b8523 will immediately receive 1500 USDC for the current contributions to the project. Additionally, 2000 USDC will be reserved to be paid out throughout the term based on the hourly commitment of Jesse Patterson at a rate of 70 USDC/hr. The remainder of USDC after the term has ended will be kept with the DAO.
At the beginning of each month, for a term of 10 months, a USDC payout, equal to TOTAL_PAYOUT_TO_JAKE_HOMANICS / 10, will be transferred from the DAO’s treasury to 0xc689c800a7121b186208ea3b182fAb2671B337E7.
Option 2: Follow suit (accelerated)
Following the accelerated payout schedule, we anticipate fulfilling the grant’s requirements in half the time, a la 5 months, as this will allow for undivided attention from the individuals working on fulfilling the grant’s requirements.
0x51603C7059f369aB04B16AddFB7BB6c4e34b8523 will immediately receive 1500 USDC for the current contributions to the project. Additionally, 2000 USDC will be reserved to be paid out throughout the term based on the hourly commitment of Jesse Patterson at a rate of 70 USDC/hr. The remainder of USDC after the term has ended will be kept with the DAO.
Once at the beginning of each month, for 5 months, a USDC payout, equal to TOTAL_PAYOUT_TO_JAKE_HOMANICS / 5, will be transferred from the DAO’s treasury to 0xc689c800a7121b186208ea3b182fAb2671B337E7.
Option 3: Lump Sum Payout
One time payment of 3500 USDC will be transferred from the DAO’s treasury to 0x51603C7059f369aB04B16AddFB7BB6c4e34b8523.
One time payment of USDC, equal to TOTAL_PAYOUT_TO_JAKE_HOMANICS, will be transferred from the DAO’s treasury to 0xc689c800a7121b186208ea3b182fAb2671B337E7.
Option 4: No Payout
…Something doesn’t seem right about this proposal and I’m scared.