TRC 130 - Unlock Phase II Funding for Timeless Engineering Unit (TEU) 2024 Budget

Summary

This proposal seeks to release the second tranche of $490,000 USD to fund the Timeless Engineering Unit (TEU) for the next 6 months, from September 2024 to February 2025. This funding was pre-approved by the community in March 2024 as part of the original 12-month budget proposal for the TEU.

Background

In March 2024, the Timeless DAO approved a two-phase funding structure for the TEU's 2024 operational costs. The first phase of $490,000 was released for March to August 2024. This proposal aims to unlock the second phase of funding to support the TEU's continued development and maintenance of the Timeless ecosystem.

Key Achievements in Phase I

1. Developed the codebase for Bunni v2, currently under audit by Pashov Audit Group and Trail of Bits.

2. Prepared for Bunni v2 launch, scheduled to coincide with Uniswap v4 release (target: early October 2024).

3. Implemented advanced AMM features in Bunni v2:

• Liquidity Density Functions (LDFs)

• Shapeshifting capabilities

• Autonomous rebalancing

• am-AMM for MEV recapture

• Surge fee & rehypothecation

• Volatility-based swap fee

• Auto-compounding

4. Created user-friendly interfaces for liquidity providers.

5. Maintained Bunni v1 (bunni.pro) and timelessfi.com.

6. Refactored and migrated subgraphs.

7. Ensured security via Immunefi bug bounty program.

8. Conducted treasury management to optimize yield.

9. Provided user support and assisted the Timeless Growth Unit.

10. Prepared extensive documentation for Bunni v2.

11. Participated in LTIPP to distribute ARB rewards on Arbitrum.

Proposal

We propose to release the second tranche of $490,000 USD to fund the TEU's operations from September 2024 to February 2025, as pre-approved in the original proposal.

Implementation

Upon approval, the Timeless DAO Treasury signatories will transfer the aforementioned funds with the following parameters:

• Sender Address: 0x98C23E9d8f34FEFb1B7BD6a91B7FF122F4e16F5c (Timeless DAO Treasury Safe)

• Recipient Address: 0x798E6af7658A1f20e6B2A5c780D8577D4AEAF7dA (TEU Safe)

• Amount transferred: $490,000.0

• Assets transferred: non-native assets held in the DAO Treasury.

Timeline

• Proposal Comment Period: September 12-16 (2pm UTC), 2024

• Proposal Voting Period: September 16-19 (2pm UTC), 2024

• Funds Release: September 30, 2024

• Operational Period: September 30, 2024 - February 29, 2025

Budget

The requested budget of $490,000 USD will cover the TEU's operational costs for the next 6 months, as outlined in the original proposal approved in March 2024.

Plans for Phase II

1. Follow up with security audits of Bunni v2 and implement necessary fixes.

2. Develop a proposal for transitioning to a more sustainable and efficient tokenomics model.

3. Release Bunni v2 on Mainnet and key Layer 2 networks.

4. Provide comprehensive user support throughout the launch phase.

5. Iterate and improve Bunni v2 based on user feedback.

6. Deploy Bunni v2 on additional key blockchain networks.

7. Ensure ongoing security of Bunni v2 through additional audits and bug bounties.

8. Act in the best interest of the Bunni v2 community.

Conclusion

The TEU has made significant progress during Phase I, particularly in developing Bunni v2 and preparing for its launch. By approving this proposal to unlock the second phase of funding, the Timeless DAO will enable the TEU to continue its critical work in advancing the Timeless ecosystem, particularly through the launch and ongoing development of Bunni v2.