EGP-17: Phase 1: GSC Compensation

EGP-17 Title: Phase 1: GSC Compensation Author(s): @Bobbay_StableNode , @Re’em Type: DAO Proposal Status: Proposed Date Proposed: 2022-10-20

References

GSC: https://medium.com/element-finance/the-governance-steering-council-63aea7732262

Simple Summary

“EGP-# Phase 1: GSC Compensation” aims to incentivize GSC members to participate in the DAO once this EGP passes with ELFI compensation while we outline their roles and responsibilities.

Paragraph Summary

Currently, the GSC has no roles or responsibilities within the Element DAO, and under current market conditions, the GSC has no clear incentives to participate in the DAO. This provides a stepping stone to encourage active and transparent participation from the GSC as we outline a clear focus for their role in Element DAO.

Motivation

We are currently working on a more extensive specification that outlines the GSC's role and responsibilities. Still, to make it more digestible, we believe stepping stones are an excellent way to transition the GSC into a more active role within the DAO.

With some form of incentives, we can expect more participation and transparency from the GSC. In the long term, making the transition to a more active role within the DAO more seamless, rather than a zero-to-hundred.

Specification / Proposal Details

Compensate GSC members with 100 ELFI per month if they complete the following:

1.) Participate in at least 75% of off-chain and on-chain votes per month. a.) future proposal will be put forth to compensate on-chain vote gas costs for GSC members.

2.) Communicate reasoning for at least 75% of monthly votes in a delegate thread. (Example: https://forum.element.fi/discussion/4616-stablenode-delegate-platform)

3.) Participate in at least 50% of community calls

Reduced Participation - GSC Members will receive 50 ELFI if they complete the following:

1.) Participate in at least 50% of off-chain and on-chain votes per month. a.) future proposal will be put forth to compensate on-chain vote gas costs for GSC members.

2.) Communicate reasoning for at least 50% of monthly votes in a delegate thread.

3.) Participate in at least 50% of community calls

Operations will keep a public record of all GSC members' activity. This will also help us review the success of this program and whether it should continue.

We expect to have this in play for an indefinite period till amendments or other phases are made to increase the GSC’s role and responsibility. Community members can also present a proposal to pause this program.

Next Steps

Option A [YES]: Operations will keep a public record of all GSC members who complete the requirements. Those GSC members will be compensated with x amount of ELFI once the token becomes liquid.

Option B [NO]: Eligible GSC members will not receive compensation for their participation.

Further Information & Comments: