Title: Financing Working Group Authors: Bruce Xu Date Created: 2023/08/31

TL;DR

Our self-funded treasury for Stage 1 is nearly depleted, and to support the growth of LXDAO in Stage 2, we need to secure additional funding. To achieve this goal, we will establish a temporary working group focused on raising funds for LXDAO. This group will be disbanded once the funding target has been reached. The maximum duration of this group will be 6 months. If we cannot secure sufficient funds within 6 months, we will explore alternative funding methods like crowdfunding.

Description

Previous Snapshot: https://snapshot.org/#/lxdao.eth/proposal/0xae46ed5506d53a00bb972fd60af754b59862d3e3d88d3c315915e97005230686.

S5 summary

• Finished the financing deck
• Built connections with many investors
• Finished the SAFT and BVI legal files
• Over 300K USDT received in DAO treasury

S6 changes

Here are some changes compared to the previous season.

Team Composition:

• Leader: Now reduced to a single active leader (Bruce Xu), based on observations from S5 where only one leader was notably active.
• Assistant: Given the reward structures from S5, there wasn’t a dedicated assistant consistently supporting the leader. To remedy this, it is now proposed to assign 1 assistant who can dedicate approximately 5-10 hours a week. The proposed remuneration for this role is around 500 - 1000 LXPU monthly, translating to an hourly rate of 25~50 LXPU.
• Financial Advisors and Consultants: No cap; the team can recruit as many as deemed necessary.

Rewards

To boost everyone's enthusiasm, I propose modifying the original incentive measures. 0.5% of the received financing funds will be set aside as an incentive pool. This amount will then be supplemented with LXP according to the LXDAO Budget rules, and subsequently distributed based on the phased work content.

For instance, if an amount of 100K is received, 100K * 0.5% = 500U will flow into the incentive pool. Following the Budget's ratio, assuming U:LXP = 6:4, an additional 333.33 LXP will be added to the incentive pool, making the total incentives available 833.33 LXPU.

Also, we will reduce the previous rewards pool from 5000U + 5000LXP to 3000LXPU as an additional reward.

The committed assistant’s monthly reward is set at 500~1000 LXPU. Depending on what actually works during that month.