Summary 📑

Reassign Philipp Zimmerer as the Lead Strategy Contributor, Hendo Verbeek as the Lead Risk Contributor, and James Childs as the Lead Protocol Contributor of Spool for 12 months.

Background 🎯

Phil, James, and Hendo are some of the founding contributors of Spool DAO and have been with us since Spool’s inception. In the following all three of them provide some background from their personal perspectives.

Phil

Hello everyone, it’s Phil and this is my proposal to remain as a Core Contributor with Spool. To catch newcomers up, I was the first contributor to Spool DAO and formed the raw initial idea for Spool as a protocol back in 2020. I assembled the current core team of Spool together with the other founding builders and am one of three remaining founding builders in the current team.

Since then I have guided the project as a builder and since 12 months ago as the official CSO appointed by the DAO. My key responsibility for the past 12 months has been to define where Spool wants to go as a project and what Spool should look like as we return to an eventual bull market.

In my mind, Spool holds a unique position in the market as the only viable DeFi middleware of its kind, which brings its own unique risk/reward profile. One core issue we have to deal with is the viability of DeFi as a whole: DeFi currently competes with a high risk free rate in TradFi (e.g. high yields for Tbills & bonds). Spool leverages yields DeFi protocols can offer and is to a large degree dependent on the relative viability of those yields.

However, hope is on the horizon: Increasing regulatory clarity, RWAs, and liquid staking yields promise a combination of sustainable yield and supreme accessibility through DeFi that Spool can leverage to become the prime infrastructure for easy-to-access and easy-to-trade on chain structured products.

My vision for the product-side is a polished, beautiful product with a clear priority on features that aim at confirmed future usage. In the dialogue with our future partners, another priority emerges: Revamped token economics that fit the future of the market and make SPOOL eligible to finally meet listing criteria on Tier 1 exchanges.

I hope that I can continue to be an asset to the entire Spool team in terms of providing a helping hand and opinions in all aspects of the project, as well as defining a clear North Star for the trajectory of the protocol.

After the V2 launch, creating value by delivering features that drive TVR, which (via revamped token economics) translates into value for the entire DAO are my top priority.

James

My name is James Childs, I’m one of the founding contributors to Spool. I have been acting as an informal CTO for Spool from the start, leading the development of both Spool V1 and V2. One year ago, I was formally hired as the CTO for a period of 12 months, in order to guide and deliver on the development of Spool V2.

Now that Spool V2 is in community and partner testing, fully audited, it is time to focus on the development of key requested features from our integration partners. Spool V2 is a modular concept, with base infrastructure being finished there’s infinite possibilities to flesh out the protocol over the coming year.

Conversations with integration partners have solidified a roadmap for development that requires oversight and architectural input, which I would like to continue to provide.

Hendo

I’ve been a Core Contributor for Spool since its’ respective inception and would like my continued contributions to the project to be extended through this proposal. My core responsibilities beyond “founding duties” have been:

• Create, write, oversee and maintain the documentation (docs.spool.fi)
• Create, write, oversee and maintain the technical documentation (techdocs.spool.fi)
• Oversee Risk within the Spool DAO Organization, consisting of:
  • Researching and being responsible for potential new integrations
  • Maintaining tabs on existing integrations
  • Extensive crisis management during fallouts (e.g. Curve, Euler)
• Maintain, update and develop the original Genesis Risk Model
• Maintain relationships with Insurance Providers
• Speak on Subject Matter when it comes to Risk Management in AMAs, Articles, Citations, and interviews

Throughout the last 12 months we have achieved the following things:

• Massively extended the documentation
• Prepared most of the Spool V2 documentation
• Upgraded the Genesis Risk Model to support Spool V2 (including volatile strategies)
• Researched and vetted over 100 Strategy Integrations, of which 12 made it through after extensive research
  • Out of the 100, approximately 20 were exploited in one way or another, through careful risk management we ended up being exposed to 0 of them
• Lost no “user funds” in Spool Support Strategies, even though this is not the responsibility of middleware

I have the feeling that I can strongly contribute to the Spool DAO in my current role and I’m proud of our select achievements so far.

Proposal 📬

Phil

Extend the engagement of Philipp Zimmerer as the Lead Strategy Contributor under the following conditions.

Monthly Compensation: 12,500 DAI + 5,000 SPOOL tokens (tokens subject to KPIs).

Key Areas of Responsibility:

• Ensure a sound strategic direction for the development and growth of Spool
• Fully create and implement SPOOL Token Economics 2.0
• “Token Sales” - Explain the value proposition of the new token to relevant target parties
• Represent Spool DAO at both offline and online events
• Actively plan and participate in all team restructuring as necessary to achieve project goals
• Be a person of contact and team representative for all DAO stakeholders within Spool’s community channels

KPIs:

• Present a new token economics model for SPOOL
• Oversee the correct implementation of the new model into practice
• Monitor and adjust until the soundness of the token model is achieved
• Achieve and retain a TWAP SPOOL token staking percentage of at least 80%

James

Extend the engagement of James Childs as the Lead Protocol Contributor under the following conditions.

Monthly Compensation: 12,500 DAI + 5,000 SPOOL tokens (tokens subject to KPIs).

Key Areas of Responsibility:

• Oversight of development team
• Prioritisation of development funnel
• Lead communication between development and product team
• Be available for technical discussions with integration partners
• Development team HR

KPIs:

• Scoping and development of features required by all current five, and all future major integration partners
• Ensure frictionless operation of development team

Hendo

Extend the engagement of Hendo as the Lead Risk Contributor under the following conditions.

Monthly Compensation: $10,000 DAI / Month and 4000 SPOOL Tokens + 3000 SPOOL Tokens (based on KPIs)

Key Areas of Responsibility:

• Maintain and oversee all Documentation on Spool V2
• Ownership of improving the risk modelling as part of the product as well as making it attractive for risk modellers in close cooperation with BD and the product team
• Maintain the Genesis Risk Model (V2)
• Keep tabs on our integrated protocols, strategies and DeFi as a whole
• Ensure validity of APY’s, TVL and respective underlying Strategies Statistics at all times
• Maintain Relationships with Risk Model Providers & Insurance Providers
• Speak on Subject Matter in AMAs, Discord, Interviews, Community Calls and articles/citations

KPIs:

• Documentation must be up to date with a maximum “period to update” of 30 days
• The respective Risk Scores must be updated and checked on a monthly basis
• Crisis Management must be available within 24 hours of any problems being detected in an underlying Strategy
• Within 24 hours any inconsistencies must be detected and given to the development team
• Present new Risk Management System within 2 months of Spool V2’s deployment
• End-2-end support integration of new Risk Models within 30 days after being presented the new Risk Model Provider
• Support in Discord when necessary, within 24 hours

All three positions would officially start on October 1st, 2023.

These contracts with the contributors auto-renew after 12 months.

Vote Options 🗳

With “Yes” you would vote to retain Phil, James, and Hendo, with “No” you would vote against these proposals.