This proposal seeks three purposes in regard to the Treasury Management and Diversification Committee:
- Potentially reduce the allotted FOX under the committee’s control from the current 180M FOX to 120M FOX (seeking community feedback about this)
Modify the compensation of committee members from the current 4000 FOX per month to $1,250 worth of FOX per month.
When this proposal is put into incubation, simultaneously there will be a forum poll posted to vote on one of three potential candidates to be added to the committee when @JonisJon leaves: @Giantkin, @fireb0mb1, or @FBL. The voting strategy “Calculate voting power with Snapshot” will be used for the poll. The candidate with the most votes will be included when the proposal moves to Ideation.
The TMDC was established for a trial period in SCP-36 in Nov 2021 and subsequently continued on an indefinite basis by SCP-62 in Feb 2022. SCP-36 authorized the TMDC to advise over the initial 60M FOX tokens to carry out its mandate. Upon nearing the exhaustion of the initial allotment (60M FOX; SCP-36), SCP-77 requested a renewed, similar allotment of 60M FOX tokens (with the new total of 120M FOX tokens under TMDC allocation) to carry on its mandates. In August of 2022, SCP-93
- approved another 60M FOX for allocation by the TMDC, bringing the total allocated amount to 180M FOX. We are considering reducing this amount and are looking for community feedback.
The compensation of 4000 FOX per month was requested and approved in February, 2022. This proposal would increase that compensation to $1,250 worth of FOX per month, per committee member. Note that Kent is a voting member and will not take compensation.
With @Jonisjon leaving the committee, we
In December of 2022, the Rari loan was repaid and over 80M FOX of collateral was recouped. Of the total 180M FOX allocated, currently, 77M has been utilized. The committee is seeking feedback about potentially lowering the approved amount. A record of how the 77M FOX has been allocated can be found here
In February 2022, when 4000 FOX was set as the compensation amount, FOX was trading around $0.29, which is more than 10x from where it is today. The following time expectation exists for committee members:
- 2 30-minute TMDC meetings a week (which frequently run long)
- 1 60-minute Tokenomics meeting per week
- Ad-hoc time as needed for research, proposal creation, and partner discussions
This brings the total time to 8-12 hours per month. 4000 FOX is not commensurate compensation for that time commitment.
Passage of this proposal will ensure we have five voting members on the TMDC, will increase compensation so it is commensurate with the time expectation to serve on the committee, and ensure the committee remains accountable to the DAO.
This will come at a cost to the DAO of $5,000 worth of FOX per month, with four of the voting members opting to receive compensation.