Summary

Due to Snapshot character limitations, the majority of the Summary of this proposal can be found here: Proposal #28: Update to Mycelium's offer #2.

As reported in Mycelium's second quarterly report, Mycelium incurred U$468,074.75 in connection with its delivery of services from 10 May 2021 to 10 July 2021. As per the forecast for the last quarter, it was expected that our costs for quarter 3 and inevitably quarter 4 would significantly increase. Our costs have increased by approximately 220% since that time (approximately U$1.1m per quarter) due to further resource allocation in the following areas:

1. Senior Development hires (2);
2. Senior Business Development hires (1);
3. Business Development hires (2); and
4. Ecosystem/Community hires (2).

In the coming weeks, we are looking to further expand the team (additional Senior Developers and Marketing leads) to support the following strategic goals:

1. Finalising the Perpetual Pools v2 contracts (SMA pricing, permissionless deployment, solving for volatility decay) and supporting versioning updates;
2. Greater market exposure and adoption for the Perpetual Pools contract; and
3. Building DAO frameworks to enable decentralised contributions to Tracer DAO's contracts, community and growth.

We are currently spending approximately $400k per month. We are currently finalising Mycelium's third quarterly report to Tracer DAO and will publish it in the Discourse in the next week.

Updates

In accordance with the Proposal engaging Mycelium, and to assist Mycelium to execute upon these strategic goals, Mycelium requests:

1. The current remuneration of U$250,000.00 (or equivalent) per month (or part thereof) is increased to U$500,000.00 (or equivalent) per month (or part thereof) starting on the day that a Proposal implementing this Proposal is executed and ending when Mycelium is no longer engaged by the DAO, to be paid on the last day of each calendar month. If a payment does not occur because the DAO has insufficient funds, the amount of that payment will accrue and be paid to Mycelium when the DAO has sufficient funds to pay for that calendar month.

It is expected that all other aspects of Mycelium’s engagement, detailed in the Proposal passed on 12 February 2021, will remain the same.

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Deliverables and Commitments

If this proposal succeeds, Mycelium’s Deliverables and Commitments, as outlined in the Proposal passed on 10 February 2021 as well as the update proposal passed on 14 July, will remain the same.

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Variation and Termination

1. Mycelium acknowledges that, if engaged, its engagement can be varied by future Proposals.
2. Mycelium expects that any engagement will be terminated if they fail to deliver in accordance with the deliverables specified above.

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Conflicts of Interest

In the context of the Tracer Project, conflicts of interest include:

1. Existing Service Providers who are Related Parties; and
2. Existing (vested and unvested) holdings of TCR tokens.

Mycelium wishes to declare the following conflicts of interest:

1. It is an existing Service Provider to Tracer DAO.

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Interpretation

Unless otherwise defined in this offer, all terms beginning with a capital letter which are defined in the Participation Agreement have the same meaning unless the context otherwise requires.

If this offer is accepted as a Proposal under the Participation Agreement, Mycelium may more formally document aspects of that Proposal.

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Copyright Waiver

Copyright and related rights are waived pursuant to CC0.