Contributoooooors, the time has come.
Quite a few have worked very hard and are already taking a lead in different DAO operational processes… We all are stoked to be working next to you! Of course, one shouldn’t be doing that for free. This discussion is a compensation outline for the first members, and somewhat of a light policy (TBD) for new hires. DAO members can further discuss and suggest ideas, to bring for voting in a few weeks.
HR is a super complex process, let alone doing it in the “open”. Circumstances and personal situations are harder to reflect on in a context of a diverse DAO. As such, it’s likely easiest to have approximate brackets - and then see ad-hoc by allowing for some small degree of subjectivity given a contributor’s background. This should later on be decided by an actual HR committee as Gearbox DAO grows, like in Yearn Finance.
pic being adjusted, DEL.
The above results in compensations that match similar roles outside of the crypto world, whereas here there is also extra GEAR as vested to create an extra incentive for a contributor to work more. Contributors are not required to be online 24/7 and can perceive their other hobbies or projects. As such, there is no need for hard control of KPIs and such - which is practically impossible in the context of a DAO anyway.
For example, lack of motivation from a contributor will make it seamless for them to rotate out and not feel stressed, while strong motivation will result in full USDC compensation as well as extra GEAR tokens vested for the same $ value as the work that given month.
It should be noted that one can’t practically note a 100 hour week (despite ex-core doing that and beyond) simply because the discussions on “why X task took you so much time” would become very problematic as the DAO scales. As such, the maximum of a salary is really the maximum unless some extraordinary circumstances with all-nighters took place.
At the end of the month, every contributor can quote how much they have been busy with certain tasks. Because most of the roles have concrete output (not BD or sales) it would be fairly easy to understand how much time one or the other task could have taken.
- The amount of tokens is determined by a 1 week TWAP prior to the distribution of the monthly package. During the non-transferable period of the token (now) the benchmark is taken as 300M FDV which means token price of 0.03.
- At the moment of the distribution, that monthly installment goes into a vesting contract / voucher and is then vested linearly over the next 9 months. The vesting for every portion begins at the date of transfer and then takes 9 months to fully unlock.
- In case a contributor wants to have the entire compensation package to be in GEAR, they can opt in the comments to have that. However, because there is no discount to market - perhaps there is no reason to choose that since one could just buy from the USDC side of the compensation and not even be vested.
- We thought of removing options part because it’s just unnecessarily confusing, there is no point in doing it. In case somebody would like to have it, we can think together.
- These tokens will be coming out of DAO treasury
As the protocol is not large just yet and doesn’t make millions at the moment, for the next few months, funds raised from the Contributor Round a year ago will be used to pre-fund these activities. It doesn’t however mean anyone is working for some company, moreso that such a move is a donation to the DAO to work further without any oversight or dependency.
pic being adjusted, DEL.
If you are familiar with subDAOs (otherwise check the link) - you might agree that it is a bit too early for Gearbox DAO. There are some core tasks which are operational: doing some queries for protocol partners and risk scores (analytics & math), web and contracts (developing), marketing of core products - those are all very core. I didn’t find a way to turn those into subDAOs. Those are all inherent to the underlying protocol. As such, the core contributors need to scale first to a number which can then manage subDAOs without much operational overhead.
As such, the current group together with ex-core become more on the operational side, whereas they can spin off into subDAOs later on (like, if they decide to lead a product suite themselves) or help manage subDAOs that grow out of the core protocol. That is for the next hiring wave.
Ex-core 4 member compensation is not needed for this compensation breakdown.
Role name: Aspiring Gearpersons are pre-contributor role as per Discord, whereas after this proposal they become True Gearpersons - maybe the names need changing, they are a bit boring?
Wanna be a legend too? Or don’t have 24/7 time - and rather be a delegate? Join!