[CDIP-3] – Dev Team Compensation Plan

[CDIP-3] – Dev Team Compensation Plan Authors: @yyctrader, @Gman

As we stare at our screens in disbelief and look forward to our biggest expansion ever, there’s no better time to recognize that none of this would have been possible without Morty and his band of magicians: fr-jerry-smith, defirick, defibeth and summersmooth.

All their hard work is available for everyone to see at: https://github.com/Basis-Cash/basiscash-protocol

As anyone familiar with DeFi is aware, quality developers are in extremely short supply. In light of the increased competition and the challenges that lie ahead, it is imperative that we build a strong core team and attract new talent. It is essential that we have a committed project team that are well compensated with material skin in the game.

Our Community Development Fund currently stands at $800K. https://etherscan.io/address/0x7b075b3aa2f1143775101986b52e32da9d98fe22

In the short month since our launch, and we have made great progress in our bootstrapping phase:

• Top 5 pair on Uniswap
• Highest number of holders among algo stablecoins
• BAC approved on CREAM as a collateral asset

As further validation, a new Basis fork seems to appear daily, so the market clearly likes what we're doing.

However, significant challenges lay ahead :

• Stimulating organic demand for BAC
• Integrations with DeFi partners
• Building new applications over the Basis protocol and fostering the creation of an ecosystem

The authors propose to ring in 2021 by formalizing a compensation plan for our dev team. After consultations with Morty, the following options are proposed for each team member: Option 1: Base Salary : US$ 10K/month, paid in BAC on the 1st of the month. Vested Compensation: US$ 2K/month of BAS is market bought and staked in the Boardroom for 1 year. Total compensation: $144K/year for each team member. Overall cost to the CDF: $60K per month ($720K annually)

Option 2: Base Salary : US$ 10K/month, paid in BAC on the 1st of the month. Vested Compensation: US$ 5K/month of BAS is market bought and staked in the Boardroom for 3 years, with 33% being unlocked every year. Total compensation: $180K/year for each team member. Overall cost to the CDF: $75K per month ($900K annually)

The authors believe that both options are extremely reasonable given current market rates. In order to keep this proposal brief, we have not included comparables. However, they will be posted separately in #governance.

Skilled senior developers can easily command higher compensation packages in the current environment, and it is absolutely essential that we adequately compensate our team, else we have no project to speak of.

This snapshot vote has been proposed after a successful discord vote: https://discord.com/channels/784481893482758184/784486816266715176/793923337742188584