SDGP-005: Performance Based Bonus

Voting ended about 2 years agoSucceeded

As per SDIP-40, this is a Governance Proposal and has a Quorum to Pass of 250 SquiggleDAO NFTs and a Minimum Participation of 10 voters.

Introduction:

This governance proposal is asking our community to decide the token bonus (if any) for the core team based on their 2023 performance.

A year-end bonus holds significant importance as it serves as a tangible acknowledgment of the team’s hard work and dedication throughout the year. The DAO has taken a 180 in the past year. Beyond its monetary value, a year-end bonus communicates appreciation, boosting morale and motivation within the team. This gesture recognizes individual and collective efforts, fostering a sense of loyalty and commitment.

Throughout the year, the team has consistently outperformed and led the collector DAO scene, showcasing exceptional dedication, innovation, and efficiency. Their unwavering commitment to excellence has not only met but surpassed established benchmarks, setting a new standard for success in DAO’s. Undoubtedly, our team's outstanding performance has positioned us as leaders in the space, solidifying our reputation for delivering unparalleled results and driving the forefront of innovation.

Additionally, the relationship with Snowfro has never been stronger and we are already planning multiple joint initiatives for next year.

Performance by the Core Team:

Org: Restructured the DAO this year and turned the DAO sentiment around
Runway: Extended from 3.4 year to 6.5* years during peak bear market (*Currently 5.2 years after ETH was used for the token buy-back)
Revenue: Generated over $120k from DeFi (realized) and other smaller initiatives
Token Comp Dilution: Decreased by 63%
Token Buy-Back: We already repurchased 12% of the circulating supply at a 77% discount to NAV. Including token comp the net year-on-year change in outstanding tokens was a decrease of 10%
Community: Has never been this positive or active and we helped over 43 people buy their first Squiggle
Podcast: Released 8 Episodes with our guests being some of the most successful minds in our space
Snowfro: Is incredibly supportive of the team as well as equity investors. Minted 5 Squiggles for the DAO and worked on Elevate Heart with us.
Headcount: Lowered from 11 to 4 to best adapt for bear market
Expenses: Cut or negotiated every line of expense, significantly reducing them, e.g. Marketing -71% YoY, IT -71% YoY, Salaries -34%.
Legal: DAO is legally protected and formally incorporated
Events: Had successful event during Marfa and Art Basel, sponsored by Zharta covering most of the event cost
Product Deployment: Have executed a project on a monthly basis since the team took over

Product Roadmap:

January - Squiggle Sets
February - Newsletter
March - Curated Traits
April - New Website
May - SquigSig
June - Legal Structure
July - NFT Card
August - Merch
September - Website Upgrades
October - Podcast
November - Elevate Heart
December - $1M loan

Conditions:

The bonus is per member (if part time, the amount will be adjusted by 50%)
Providing multiple options, including zero, for members to vote whatever they consider fair
Final amount will be on a weighted average basis, so every vote will have an impact
Although the Core Team are token holders as any other community member, they will not be voting on this proposal to let the community decide on the outcome
NFT’s will also be shown as the total % of the fully diluted token supply

Off-Chain Vote

0 NFTs - 0 %

3 VOTES0.3%

10 NFTs - 0.1%

115.01 VOTES11.7%

20 NFTs - 0.2%

0 VOTES0%

30 NFTs - 0.3%

1.25 VOTES0.1%

40 NFTs - 0.4%

867.44 VOTES87.9%

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Timeline

Dec 27, 2023Proposal created

Dec 27, 2023Proposal vote started

Jan 03, 2024Proposal vote ended

Jan 03, 2024Proposal updated

Introduction:

This governance proposal is asking our community to decide the token bonus (if any) for the core team based on their 2023 performance.

Additionally, the relationship with Snowfro has never been stronger and we are already planning multiple joint initiatives for next year.

Performance by the Core Team:

Org: Restructured the DAO this year and turned the DAO sentiment around

Runway: Extended from 3.4 year to 6.5* years during peak bear market (*Currently 5.2 years after ETH was used for the token buy-back)

Revenue: Generated over $120k from DeFi (realized) and other smaller initiatives

Token Comp Dilution: Decreased by 63%

Token Buy-Back: We already repurchased 12% of the circulating supply at a 77% discount to NAV. Including token comp the net year-on-year change in outstanding tokens was a decrease of 10%

Community: Has never been this positive or active and we helped over 43 people buy their first Squiggle

Podcast: Released 8 Episodes with our guests being some of the most successful minds in our space

Snowfro: Is incredibly supportive of the team as well as equity investors. Minted 5 Squiggles for the DAO and worked on Elevate Heart with us.

Headcount: Lowered from 11 to 4 to best adapt for bear market

Expenses: Cut or negotiated every line of expense, significantly reducing them, e.g. Marketing -71% YoY, IT -71% YoY, Salaries -34%.

Legal: DAO is legally protected and formally incorporated

Events: Had successful event during Marfa and Art Basel, sponsored by Zharta covering most of the event cost

Product Deployment: Have executed a project on a monthly basis since the team took over

Conditions:

The bonus is per member (if part time, the amount will be adjusted by 50%)

Providing multiple options, including zero, for members to vote whatever they consider fair

Final amount will be on a weighted average basis, so every vote will have an impact

Although the Core Team are token holders as any other community member, they will not be voting on this proposal to let the community decide on the outcome

NFT’s will also be shown as the total % of the fully diluted token supply