Omm Monks Dao Fund

Proposal discussion WIP: DAO fund
#1

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.

4 Likes
#2

Some of the questions I had

  • How are the monks selected?
  • Who selects them?
  • Renumeration is reconfirmed every 3 months, but how is control over that 1% reconfirmed, is that on the same schedule.
  • 1% sounds small but 6 million is a very large amount to have control over, is there thought to a model with a smaller no proposal spend amount, and then requiring proposals for larger spends. In that sense the 1% can be more of a guideline, with a 0.05% (which is about (300k) for arbitrary use and no real limit for other initiatives as long as they get proposed and passed. The Monk proposals can have their own tag on the forums etc.
1 Like
#3

I think this proposal is reasonable and I totally agree that there is a need to compensate human time and efforts that people put into the protocol, in that sense my respects if monks are putting time for free for this protocol and I applaud they trying to make things more professional.

Also having people working for “free” or for the “love to the protocol” is risky because it can lead to emotional situations.

I think having a small and established team of people is a positive thing for the protocol, but before looking into details I think it is necessary for the DAO to have voting abilities over the team’s work.

I have little experience on DAOs so these are just my 2 cents, hopefully we get as much opinions as possible.

1 Like
#4

Hi Arch, thank you for your comments. You have raised some very important questions. Let me try to address them to the best of my ability.

  • How are the monks selected, and who selects them?
    The selection process for monks began well before the protocol went live. The early contributors led by DK handled the selection process where interested community members had to submit a form, and the majority of monks were selected by them. Now any monks to be inducted is left to the monks to decide. There are currently 14 omm monks, out of which 5 will be having multisig responsibilities( there will be some level of rotation between the 14 monks in terms of multisig duties possibly every 3 months).

**Renumeration is reconfirmed every 3 months, but how is control over that 1% reconfirmed, is that on the same schedule
If this proposal gets voted in the 1% will remain until a new proposal to enhance it or remove or reduce this allocation is put forward.

1% sounds small but 6 million is a very large amount to have control over, is there thought to a model with a smaller no proposal spend amount, and then requiring proposals for larger spends. In that sense the 1% can be more of a guideline, with a 0.05% (which is about (300k) for arbitrary use and no real limit for other initiatives as long as they get proposed and passed. The Monk proposals can have their own tag on the forums etc

Just so we are clear omm monks have proposed to manage 1% of the 6 million. I like the idea of putting proposals through only for larger spends. However I think that is probably better for a later time once we have built trust with community and prove that we can in fact diligently manage initiatives on behalf of the community. But this is a very good idea.

#5

As @arch mentioned we can have separate tags for the monks proposals. In terms of the community to have more control in the monks work, that is fair, and potentially
when we revaluate after 3 months we can include in a proposal. When you mean community to have more control over the teams work you mean for example things like which monks will have multisig duties ?

#6

I want to apologise first for mis-reading the post and not verifying. I was under the wrong idea that 1% was 6mm. 1% of 6mm is much more reasonable and should not require oversight.

But proposals for larger spends should totally be allowed, limiting it to exactly 1% for no reason does not seem ideal.

1 Like
#7

No worries arch.

I agree , limiting it to 1 percent without a specific reason is not ideal. But I think there needs to be a cap, and we thought 1 was sufficient enough to complete the initiatives we had planned out.

#8

Yes, is that possible?

Overall this proposal is very reasonable.

#9

That would be complicating for the moment since the monks have agreed the multisigs for the first 3 months , but we can look at something when the next proposal goes up for the next 3 months I will put the names of the multisigs so you guys can see. Would need to make an amendment to the proposal as well.

#10

The Monks Dao Fund will have 6 monks with multisig responsibilities. We had to add one more Monk with a Dev background to help with overseeing and setting up multisig.

The 6 monks with multisig duties are:

  1. Poopster (Contributor to Harvest Finance and Uma Protocol)
  2. Fez( Founder of Crypto Setups, and Host of Eye on Icon)
  3. StevenDs ( Contributor to the Monks Academy)
  4. Budw1ser ( Discord Moderator for Balanced Dao, Project Nebula, and Moderator for Helloicon subreddit)
  5. Brian Li ( Contributor to Rhizome, Codalabs, and StudioMirai)
  6. Arosh ( Contributor to Monks Academy, and Community Manager for the Icon discord server)
OIP 8: OMM Monks DAO Fund