As ambassadors to Omm Finance, the Omm monks are responsible in helping 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, we(Omm monks) propose that the Omm monks manage up to 1% of the Omm DAO fund that will be used to fund initiatives in the areas of marketing, education, and community engagement.
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.
What does 1% of the dao fund amount to?
At the time of writing this (20th Nov) the DAO fund has approximately 20.96MN OMM tokens. At today’s current price of approximately $0.29 per OMM, this equates to approximately US$6.07MN.
I propose that the Omm monks manage up to 1% of the OMM DAO fund at any given time. Currently that amounts to 209,600 OMM tokens or approximately USD 60,700 at current prices.
How would the Monks Dao Fund be managed?
The Omm Monks Dao Fund will be managed through a Multisig wallet. A MultiSig wallet is a digital wallet that operates with multisignature addresses to ensure the funds are managed securely.
Currently ICONation has a multisig wallet for ICON called ICONSafe, where each set of contracts deployed are independent of each multisig. ICONSafe is currently under audit for use with ICON 2.0.
The Monks Dao Fund will have 5 monks with multisig responsibilities.
Initiatives that require funding
It must be made clear that the monks would not be seeking the entire proposed allocation (1%) at this moment. We want to ensure that the initiatives we do fund are successfully launched and we wouldn’t want funds to be sitting in the dao fund laying idle. We also don’t want to be spending funds for the sake of spending. The monks will provide a report to maintain accountability, transparency and for the community to evaluate the success of the funded initiatives.
The monks would request funding for the following initiatives (amounting to approximately a total of USD 29,000):
1. Multisig responsibilities (3,400 OMM tokens per multisig per month)
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.
In addition, these 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.
Usually remunerating those with multisig responsibilities for DAO funds vary. I have attached a proposal from ribbon finance; an options protocol on Ethereum for your perusal. They pay out 3000 RBN tokens to multisigs which is around USD 5400 per month according to current prices. We have proposed each multisig to get 3400 OMM tokens (around 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.
Ribbon Finance multisig remuneration proposal(that passed) for multisig: https://snapshot.org/#/rbn.eth/proposal/QmWuuz45wxR6MXXQWmzqdbD6EJPaVnsxzcszNgg9Q5hAZH
2. Marketing exposure to users of BTP partner chains (Budget USD 2000 per month for 3 months)
Digital Dave and Arcade Node are planning some aggressive campaigns to spread awareness of Omm Finance to those outside the Icon community. 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.
They will be working with high quality influencers on Tiktok, Reddit and Twitter. Every sponsorship or post will have an educational element about Omm. Topics will include stablecoin farming as an alternative to traditional banking, the future of DeFi, the impact of BTP, and cross-chain staking on Omm.
3. NFTs/Omm tokens for rewarding active communitymembers (Budget USD 3000)
We will be working with theartist (https://www.craft.network/collection/krazycats) to design four different types of NFTs to give to active and deserving community members that contribute to create an engaging, and positive community. This could be in active governance, content creation, participating in community and/or monks academy events or just helping in the discord server answering questions. Approximately USD 1500 costs will go to theartist for the NFTs, USD 1000 will be given in omm token rewards and the remaining balance will be kept as a buffer for any costs associated with sending out the NFTs to the community.
4. Raffle for those NFT holders (Budget USD 3500 worth of NFTs)
We want to invest in some NFTs from Gangstabet and Project Nebula to give out as part of a raffle. Community members who will be eligible for these special giveaways will be the community members who are holders of the NFTs given for governance/community events. We want there to be reasons to hold onto these Omm NFTs and are hoping to introduce more utility for these NFT holders.
5. Marketing promos like HX57 (Budget USD 500 per month)
We will be running HX57 style campaigns via the Monks Academy over a 3 month period. The aim here is to bolster Omm content through the community which can be used as marketing and/or educational material to educate, empower the community that will help to grow the protocol.