EGP-7

Title: Bootstrap Work Stream

Authors: @Bobbay_StableNode @Re'em (Component) Type: Social Proposal Date proposed: July 8th, 2022

Sentence Summary

The bootstrap work stream’s purpose is to initialize focused governance contributions in a temporary non-formal manner to reach full operational functionality.

Motivation

Currently, there is no workflow process for contributors to actively contribute to the DAO. We believe there should be a temporary work stream to encourage the DAO to become active and get necessary tasks completed until we have the work stream ready to transition to a more formal structure.

Paragraph Summary

A main consideration is that currently ELFI tokens are solely voting tokens and have no liquid monetary value at the moment. This means that the incentive to contribute to the temporary work stream is focused on ambitious contributors who would like to be compensated in voting tokens rather than USDC. This will change over time as we transition into formal operations with monetary assets on the Element DAO treasury balance sheet. Interchangeable terms: “working group”, “pod”, and “service provider”.

Overview | Scope of Work

The temporary work stream provides a somewhat formal structure for teams to work towards their goals and objectives. This work stream will act as a governance experiment to identify the ideal operating practices for the Element DAO helping us define the structure and processes for contributing to the DAO. We plan to incorporate pods from Orca Protocol similar to ENS as it simplifies the workflow. We present the first three temporary initial working groups. Operations

1. Decentralized workforce (formal operation)
2. Governance processes to formalize the workflow
3. Compensation (overlap with economics?)

Community

1. Governance facilitator/coordinator
2. Increase community engagement in governance participation
3. Regular scheduling, recording, transcribing, and prep of community calls
4. “Why do we care about Element DAO, and why do we want to participate?”
5. Alignment of vision/mission/values/north star
6. Creation of code of conduct

Economics

1. Tokenomics
2. Revenue generation

Each working group needs a minimum of three contributors and one as a facilitator. This ensures that there is enough community participation behind a working group. Each pod can have up to five people before the pod should be closed to new contributors. This is to limit the number of contributors so a pod does not become overcrowded; however pods can create subpods to further specialize. Facilitators and Contributors Facilitator Responsibilities:

• Onboard contributors to the pod
• Coordinate the pod to reach their objectives
• Present monthly summaries in forums and governance calls
• Handle payment for their working group
• Disclose if contributors aren’t pulling their weight

Potential Facilitators

• Operations: Bobby (StableNode)
• Community: Mitzy
• Economics: 0xBew (Yunt Capital)

How are facilitators and contributors paid?

• Retroactive payment using co-ordinape.
• Each work stream is given X amount of tokens and they can use co-ordinape to dish out a percentage of tokens.
• Individuals that contribute to a pod and are valued by their peers are more likely to receive a higher amount of ELFI (+ USDC)* than an individual who contributes less.
• We will limit the amount of ELFI (+ USDC) that one can receive through co-ordinape to ensure a balanced distribution.
• Facilitators will have a bonus due to the extra workload they possess.
• Add minimum engagement levels & expectations to be compensated

*Based on the treasury at the time, if there is enough USDC Minimum Engagement Levels Facilitators:

• Organise and lead meetings for your working group
• Attend community calls
• Responsible for tracking and updating the community on season goals
• Responsible for tracking contributor participation in projects
• Participate in forum discussions
• Provide feedback for other WG documents/projects when required

Contributors:

• Attend meetings for your working group
• Attend community calls
• Choose and participate in specific projects for your WG
• Record your contribution and output
• Participate in forum discussions

How do you propose a working group? We believe that we should keep it simple and focus on the initial four working groups for now, but through this discussion, we could identify other possible working groups. If this proposal passes, we believe that working groups can be proposed through the following requirements.

• One lead facilitator
• Minimum of three contributing members
• Reason for the working group
• Experience

An official template will be made later by the operations team. How to join a working group? We believe that the lead facilitator should have the opportunity to decide who works within the working group so each facilitator would have their own “application” to join the working group. They should revolve around skill set and relevant experience. To the future We want to make it clear that this proposed structure is temporary, and mechanisms such as payment will undergo changes as we work on formalizing the decentralized workforce of Element Finance. We wanted to simplify the process to contribute to the DAO and get ELFI to individuals who believe in the future of Element Finance. Further work

• Code of conduct for working group members
• Notion board to summarize working groups (aims, responsibilities, and lead facilitator)

Next Steps After further discussion, I will initiate a snapshot poll with the options below. Option A [YES] is a vote to initiate the first three pods for the bootstrap work stream. Option B [NO] is a vote to not continue with the pods structure for the bootstrap work stream.