[BIP:68] May - July 2023 Core Contributor Funding Proposal

[BIP:68] May - July 2023 Core Contributor Funding Proposal

Total Cost: $131,000 per month

BIP-45 passed on July 25th last year as a way of addressing the sustainability of Beefy. The goal was to return to profitability and to build a runway for Beefy moving forward. Throughout the bear market Beefy continued to be productive with a focus on increasing revenue. The recent Quarter 1 Earnings Report has displayed the successful measure of the DAO’s actions. This current proposal is focused on returning to pre [BIP-45] levels with the goal of retaining current contributors. Since July 2022 Beefy has:

Development:

• deployed on Kava ($11M TVL), Canto ($27.5M TVL), and Ethereum ($34M TVL)
• developed BeefyZap powered by 1inch, allowing users to enter and exit vaults without friction, with best swap quote, in a single transaction without leaving the app
• added the Treasury page inside the app for greater transparency across all Beefy treasury wallets
• improved the vault page by adding in the LP breakdown
• developed the Beefy Data Barn, giving users valuable historical information about their positions over time
• launched the User Dashboard, where users can see an overview of all of their positions across any chain
• improved Beefy strategies to help ensure Beefy stays future-proof and launched vaults for Balancer, Aura, GMX, and Convex
• improved DAO tools to help decentralize the protocol and reduce the level of trust needed in underlying protocols
• implemented OpenZeppelin Defender to monitor timelocks
• created bots to propose multisig treasury transactions
• released 78 boosts, an average of 2 per week
• launched 559 vaults, an average of 2 new vaults a day

Business:

• partnered with Lido across Ethereum, Moonbeam, Moonriver, and Polygon, capturing significant TVL and protocol fees
• received a grant from Optimism in the form of 650,000 OP to incentivize BIFI liquidity and to boost the ecosystem
• entered into the Kava Rise program, Beefy receives KAVA every month (already distributed 36,292 KAVA) which is advanced on to Beefy users via boosts
• collected a Moonbeam grant to support the development of concentrated-liquidity vaults
• partnered with many Solidly-fork protocols and received veNFTs to influence their emissions, enabling deeper liquidity for BIFI and assisting Beefy in launching BIFI Maxi vaults on those chains
• will receive 1.8M ARB from the Arbitrum airdrop

Revenue over Time:

• When the fee-batch ratio adjustment from BIP-45 took effect in August 2022, the burn rate of the treasury was reduced considerably. Since February 2023, treasury inflows have exceeded contributor funding, and in March it rose to over two times contributor funding. This can be seen with the Beefy Vault Revenue Over Time Chart

Additional information can be found in the Quarter 1 Earnings Report: https://beefy.com/articles/quarterly-report-q1-2023/

Changes from the previous funding proposal:

• Revert contributor funding back to pre BIP:45 levels
• Add MrTitoune to the recurring payment schedule. MrTitoune was core to building the profit & loss (P&L) yield module for the Beefy app, and to the indexing and organizing all of the data for the Beefy data barn. MrTitoune will continue to manage the P&L data in addition to other development tasks.

Contributor Funding Breakdown:

Development: $92,000.00

• Weso $20,000.00
• Roman $10,000.00
• DefiD $10,000.00
• Chimp $10,000.00
• chebiN $10,000.00
• Pablo $8,000.00
• Kexley $8,000.00
• Eren $5,000.00
• AllTrades $4,500.00
• Epete $4,000.00
• Mr.Titoune $2,500.00

Marketing: $15,500.00

• BeefyCow $7,000.00
• YR $7,000.00
• MisterDollahSignz $1,000.00
• Appel $500.00

Business Development: $6,000.00

• Fron $6,000.00

Community: $15,000.00

• Mods $15,000.00

Design/Copywriter Budget: $2,500.00

Total: $131,000.00