XIP#19: Renew Chop on NFTX Core Team

Author

Javery

Glossary

• Vesting

Summary

This proposal is to renew ChopChop (aka 0xChop) position on the NFTX core team, leading in operations, marketing & communication, for a further 12 months. This helps free up Alex to focus more on product and development.

Rationale

Over the past 12 months Chop has been instrumental in driving NFTX to become the leading liquidity provider in the NFT space. Chop has continued to manage the DAO’s operations and contributed to key decision making around the direction of the DAO and product as NFTX has evolved.

The NFTX team has grown from two (Alex and Chop) to seven (Alex, Chop, Kiwi, Nick, Quag, JB, Javery, JackieBoi) with an outstanding proposal to bring on Toes to run Business Development. Chop has been key to driving the growth of the team.

Effects

Opportunity

ChopChop has already proven to be a valuable contributor, delivering on the first rebrand, expanding the core team, and continuing to grow the NFTX presence in the NFT and DeFi marketplace.

Maintaining continuity in a well drilled team is paramount to successful development of the product and expansion of the NFTX moat; Chop is a key part of that process.

Risk

A risk is that the competitive package would be incorrectly re-sized due to a part of the package being allocated in NFTX. The recalculation of the NFTX portion of the package is based on the current price of the NFTX token now, and when the original package was drafted in January 2021.

Another risk is if this is not approved the disruption to the team would slow the development of the product and provide competitors an opportunity to take control of more of the market.

Specifications

Renewing ChopChop’s contract will continue to involve him being responsible for:

• Operations
• Communications
• Integrations
• Marketing

Funding Request - Yes - Implementation requires funding

In order to extend ChopChop as a core team member for another 12 months, we’d like to offer him the following competitive annual package, for which funds are required from the DAO treasury:

Package is paid with a 70-to-30% ratio in USDC/NFTX, as defined below:

• 120,000 USDC 12-months vesting schedule using Sablier.
• NFTX (Worth 48,000 at the time of vesting start) 12-months vesting schedule using Sablier

These funds are to be paid upfront after the vote passes and Chop commits full-time. Extension of his position after 12 months at NFTX will require a new proposal.

Quorum and Governance Notes

• Minimum Quorum: More than 10% of circulating, non-treasury NFTX must participate for a proposal to Pass.
• Passing Threshold: More than 50% of voting tokens must vote FOR for the XIP to Pass. For changes to the NFTX contract, more than 70% of voting tokens must vote FOR for the NIP to pass.