Float Protocol Remuneration

Float Protocol has come a long way since its democratic launch on the 7th of February 2021 at 10pm UTC. The Abbey Road hackers and the Float Community have pushed to build money for DeFi. Much of this has been down to grassroots efforts, word of mouth, and the common belief that it is time to denominate crypto in crypto, not the US dollar.

To continue growing at a fast pace and building the decentralised financial system of the future it is important that Float Protocol has the best working on it going forward. Moreover, those working on Float Protocol are remunerated accordingly for their contributions.

Design and Front End work

Todo has been working on Float Protocol on their own dime from the early stages of BANK distribution. Key contributions from Todo:

• FLOAT Minting Ceremony front end development
• Auction UI Design
• Auction Front End Development
• Splash Page Design
• Splash Page development
• POAP design for Minting Ceremony, FIP 006 and FIP 009

Due to these efforts it is proposed to reward Todo $20,000.00 USD in FLOAT from the treasury for prior contributions to Float Protocol.

Community Management

It is also proposed to allocate funds to remunerate a Community Manager role. To summarise their role and their tasks would include:

• Manage the Discord, Telegram, Forum during reasonable waking hours.
• Do small community tasks as they arise, such as tabling Snapshot votes, organising community calls, amongst other things.
• Generally be responsible for looking after the Community and bringing any relevant things to the developers’ attention.

It is proposed that this role is remunerated at $3,000 USD/month paid in FLOAT. This role would require a one month trial period.

Motivation: Having an individual dedicated to doing these tasks, will free up time for developers to focus on building and integrations. Furthermore, it will allow the Abbey Road hackers to interact with the Community in more meaningful and frequent ways with timely blog posts and Community calls.

Marketing and Press Release

Float is something special. It is one of the most decentralised “stablecoins” out there. Moreover, the manner in which the Protocol went about doing its treasury diversification was very unique. More awareness should be spread about Float Protocol, in terms of what it is, its treasury diversification and its new strategic partners. It is proposed to allocate up to $30,000.00 USD from the Float Protocol treasury to pay for marketing costs surrounding the press announcement of the Float Protocol treasury diversification. Any expenditure will be checked by the signers on multisig.

Team tokens

In our initial announcement, we said that 5% of the first year’s BANK supply would be allocated to the team. We would now like to provide more details about how we will allocate these Team Tokens.

3.75% (6300 BANK) will go to the Core Team. These tokens will be divided up between the Core Team as they see fit.

We have decided that due to the immense amount of support they provided, 1.25% (2100 BANK) will be allocated to Encode Club, who have been supporters and advisors since day 1. They have helped with product iteration, recruitment, strategy, paying financial costs (including deployment, transaction costs for the multi-sig, hosting, nodes, the domain, code reviews, auditing) and much more. They will also be providing ongoing support to the Protocol and team.

Both the Core Team and Encode’s tokens will be released at a two year linear vesting from the protocol launching (15th May 2021). This is longer than originally planned, as part of our long-term commitment to the Protocol.

Paul M and John L

As the two core team members, Paul M and John L have been contributing to Float Protocol since the beginning. So far they haven’t asked for a penny from the Protocol. It is proposed they are rewarded accordingly for their past efforts and such that they can carry on contributing to Float Protocol over the long term.

It is proposed to pay both Paul M and John L 10,000 FLOAT per month for the next year via a streaming service.

The Vote

Vote Yes to proceed with the proposed allocations and remunerations outlined above. Vote No to do nothing.