As ambassadors to Omm Finance, the Omm monks are responsible in helping to grow the protocol by assisting in the areas of marketing, education, and community engagement. Although the Omm monks get continuous feedback and guidance from the Omm Finance early contributors, the Omm monks act independently, and have no connection to the Omm Finance early contributors.
To ensure the growth of the protocol and for the monks to add value, the Omm monks request a second funding proposal of USD 25,500 following on from the first funding request in February of this year. We will use the funding to continue the work that commenced in the first proposal. This proposal has the benefit of hindsight of the first proposal and will funnel funding to areas that were successful, such as the monks NFT collection.
We will be requesting for an additional amount of USD 4,409 equivalent in OMM tokens (220,540) to account for the shortfall of funds from the last proposal owing to the drop in OMM price.
The main benefits of a monks DAO fund would be to:
• Ensure that the Omm DAO fund is deployed for important activities to help grow the protocol, rather than funds sitting idle.
• Bring accountability for initiatives approved by the Omm community.
• Ensure initiatives are overseen to completion.
• Create a clear divide between the Omm Finance early contributors and community driven initiatives so as to not create any conflicts of interest if any.
At the time of writing this (1st July) the DAO fund has approximately 52 MN OMM tokens. At today’s current price of approximately $.020 per OMM, this equates to approximately US$1.14 MN.
We are requesting USD 25,500 which is approximately 1,324,105 OMM tokens (5% price buffer allowing for price drops). This equates to around 2.3% of the DAO fund.
How would the Monks DAO fund be managed and who will have multisig responsibilities?
The Omm Monks DAO fund will be managed through a Multisig wallet. A MultiSig wallet is a digital wallet that operates with multi-signature addresses to ensure the funds are managed securely.
Having multisig responsibilities is an important undertaking. Furthermore, those with multisig responsibilities will also be responsible for overseeing the initiatives that have been undertaken by the monks and ensure those initiatives are seen through to completion. As such, we feel it is important that those who have multisig responsibilities should be compensated for their time and effort. The multisigs will also have additional duties.
We have made some leaner adjustments to the first proposal. We will have 3 multisigs instead of the 6 we had in the first proposal. Each multisig brings different strengths to the DAO and will have clear responsibilities moving forward:
A) Steven DS - He has been instrumental in creating the blueprint for our NFT collection and has worked tirelessly with artists and NFT projects to bring fantastic NFT pieces and optimal value to the Monks Create NFT holders. Steven DS will also be working alongside Arosh on the Monks Academy and will be working on some great content to educate the community.
B) Budw1ser- Budw1ser has been our community moderator on the discord. He will ensure all community questions on the discord are promptly addressed. Budw1ser will also be adding value to our NFT project and proofreads the majority of Omm monks content.
C) Arosh - Arosh manages the weekly multisig meetings, with weekly meeting minutes shared with the monks and early contributors. Arosh will also be providing monthly update reports to the community as was done in the first proposal. Arosh’s core focus will be to work alongside Steven to provide content to the community via the Monks Academy.
Initiatives that require funding
With the benefit of hindsight at our disposal through the first proposal, we decided not to experiment as much, especially given the precarious market conditions, and stick with what has worked so far, that having been our NFT collection. A key focus of our initiatives will hence be on the NFT front and providing value to and growing the Monks Create Holders. We hope this will enhance engagement within the community and help grow our numbers. We will be focusing on other aspects such as marketing (dependent on market conditions) and education as well.
The monks request funding for the following initiatives (amounting to a total of approximately USD 25,500):
1. Multisig responsibilities (50,000 OMM tokens per multisig per month)
We have proposed each multisig to get approximately 50,000 OMM tokens (equivalent of USD 1000) per month for 3 months. 50% of the tokens will be vested for 3 months, and the remaining 50% balance will be transferred at the end of each month.
After the 3 months another proposal will have to be put forward for multisigs to seek remuneration.
The monks will be helping DK with moderation of the Omm discord server and will assist with community engagement and learning sessions through the Monks academy. Each multisig will have designated responsibilities as outlined above.
2. Marketing chains (Budget USD 2,000 per month for 3 months)
Our plan is to only use the majority of the funds allocated to marketing once the external audits for the bridge are done or close to completion. It is unclear at this point whether this will happen within the three months of this proposal but we want to ensure we are prepared in case it does.
Digital Dave and Arcade Node will be used for these initiatives. Digital Dave has an excellent track record with ICON, growing his Twitter following exponentially in a very short space of time. He has shown that he can gain credibility and exposure to new communities.
We will be using our Monks website (work will commence soon) and the Monks Academy twitter handle for the marketing initiatives. We will be also advertising Monks via Eye on ICON where Fez and the team will be communicating what we have done on a weekly basis. Our raffle draws will also be run via Eye on ICON.
3. NFT collection + rewarding active community members (Budget USD 4,500)
Our own Monks Create and Collaborate NFT collections, which have been made possible through the first funding round of the Monks, have been received very positively and have resulted in increased traffic and brought new faces to the Omm discord.
The Monks have took part in a number of pre- & public sale mints to grow their collection: Claws, Yeti Strong Club and Wonder Game, have increased the hype and interest for obtaining a Monks Create NFT, which of course can only be obtained by being an active Omm community member.
Given the success so far, the Monks want to continue to build on this base and add some new fresh ideas:
• Continue minting Monks Collaborate NFT’s but now also focus on NFT ecosystems from our BTP partner networks. The Monks believe these Collaborate NFT’s can help ‘bridge’, both literally and figuratively ;-), communities and increase traffic to Omm from BTP partner networks.
• Continue partaking into pre- & public sale mints, also both on ICON and BTP partner networks to bridge our communities.
• Create a third Monks collection dedicated to Monks themed designs from our creative community members. Winning designs will be rewarded with Monks Create NFT’s and OMM tokens.
• Continue to add utility to Monks Create NFT’s by exploring several options: e.g. GameFi, partnerships, OMM inflation proposal, etc. These are currently only idea’s the Monks have been brainstorming about and should not be considered as roadmap milestones. They serve to illustrate our ambitions to increase utility for our Monks Create NFT holders.
Evaluate potential increase of Monks Create NFT’s by adding more rarities depending on the increase of engagement within the Omm discord.
4. Funding community engagement initiatives by Monks Create NFT holders (Budget USD 1,500 per month)
We want to allocate a budget to remunerate Monks create NFT holders for engagement initiatives that they do either individually or collectively. Examples could be the running of competitions, marketing campaigns, creating content etc.
Core elements of the community engagements can be broken into 3 broad areas:
A. Initiatives focused around Boosted Omm.
Our focus will be to drive community engagement activities to drive awareness on Boosted Omm. Every fortnight on Monks Academy sessions we will be allocating some time to talk about the Omm Finance protocol and Boosted Omm sharing and analyzing key metrics where possible. We plan to launch a giveaway competiton on an explainer of bOMM.
B. Creating a framework on growing the Monks
We will be using this proposal to grow the Monks. Currently only Monks Create NFT holders are eligible to be in the running to become a Monk. However we will be introducing a points based system to be eligible to become a monk. Criteria to score points will be things like but not limited to helping other community members by answering questions on the discord, creating and sharing content (including cool memes) on Omm Finance and marketing Omm Finance
C. Game nights and Monks create nft holder focused intitiatives
We want the Monks create NFT holders to play an active part in shaping and executing community engagement . Hence why we allocated a budget for any Monks create nft holders who wishes to run community engagement initiatives.
- Backend wallet support (Budget USD 500 per month)
Since none of the multisigs have programming/dev knowledge, Brian will continue to support on this.
Final remark
With a treasure chest of ICON NFTs at our disposal and an engaged monastery of Monks create NFT holders, we will be looking to continue the next phase of growing and creating value for the Omm community. We welcome any queries on the proposal.
