FIP#75 - Floor Labs for Protocol Growth

Proposal

Floor V2 has been successfully deployed on Ethereum mainnet with FloorDAO committing to fortnightly 15 ETH sweeps for the next 12 months. While Floor V2 has provided the DAO with critical infrastructure for the coordination and competition for liquidity via the FLOOR token, a new phase of growth is required to ensure that sizable ETH sweeps can be sustained (and grown) to increase participation and value.

An increase in the yield sent to the Floor Wars will further compound the DAO’s treasury growth and drive more competition for locking FLOOR in the Floor Wars.

Motivation

For FloorDAO to sustain these 15 ETH sweeps (and beyond), a dedicated team needs to be well-capitalized and committed to executing a product roadmap that helps the DAO achieve this critical goal of becoming an invaluable liquidity coordination protocol. This roadmap begins with the development of FloorDAO’s own liquidity layer.

Review

This proposal covers multiple aspects for the next phase of FloorDAO's growth:

• Deployment of a FloorDAO-owned fungibility layer
• Introduction of native yield for the protocol using a new flETH LST
• Request funding to contract Joff (UI design), Quag (front end developer) and Caps (product lead)
• Request new mint of 235,000 FLOOR as vesting and incentives for new team structure

Full details of this proposal can be found in the FloorDAO forum post here: https://forum.floor.xyz/t/fip-74-floor-labs-for-protocol-growth/585

Timeline

FloorDAO's fungible layer, Flayer, leans heavily on Uniswap V4 to introduce new economic mechanisms for LPs and NFT collectors/traders.

Our timeline targets launching alongside UV4 in Q3 2024.

Funding Request

• 443,400 USDC
• 235,000 FLOOR

This request does not require an immediate liquidation of assets into USDC, but instead would be called upon as needed.

Compensation guidelines from Olympus compensation process.

Reference

https://forum.floor.xyz/t/fip-74-floor-labs-for-protocol-growth/585 https://docs.google.com/presentation/d/1RfJOC45eg7ExZK4sSXCLOvRyi_8ComQ8u78ZgQHEpgs/edit https://forum.olympusdao.finance/d/1016-oip-75-olympus-compensation-process

Q2 2024 onward: The total OpEx for Q2 2024 onward, including this proposal, would thus be:

• Twade as Solidity Developer (30 hrs /wk @ $12,750 /month)
• Quag (DYOR Ltd) as Frontend Developer (30 hrs /wk @ $10,200 /month)
• Joff as UI Design (30 hrs /wk @ $6000 /month)
• Nobi as Community/Ops (50 hrs /wk @ $6400 /month)
• Caps as Product Lead (40 hrs /wk @ $8333 /month
• Marketing ($2000 /month)

Total: $45,683 /month