Summary -
An addendum to SCP-119, this proposal onboards 0xFBL as the product workstream leader. The role transitions Tyler’s product responsibilities to 0xFBL over two weeks, supports ramping into the role, and proposes a revised budget from May 1st to August 15. This will alter budgets from SCP 119.
Abstract -
As a product-centric DAO, the Product & Creative Services Workstream is accountable for a number of activities acquiring / retaining users, growing the FOX ecosystem, and achieving Shapeshift’s mission. The goal of this addendum is continuing stability, velocity, and success in the Product Workstream by extending its current timeline, and introducing budget renewal/revision. Nothing in the first two months is intended to change, the original governance approved roadmap continues. 0xFBL will jump into phase 1b on the roadmap and ramp up hopefully to introduce a phase 2 kickoff from the original SCP.
Motivation -
Through the efforts of @willyfox , @0xdef1cafe , @0xean , @TylerShapeShift , @PTT , @beard , and @Hpayne , and achieving the goals in Addendum to SCP-119, I’m humbly submitting this proposal for joining the Shapeshift product team as the Workstream leader. I bring Shapeshift a diverse level of product and DeFi experience from centralized exchanges and building on protocols. I’ve been a product manager in a few different places namely MakerDAO, Rabbithole V1, and most recently Govrn; I’ve also had stints at OKCoin and Compound Finance. I’ve experienced product market fit a couple times, have sneaky Figma skills, and just generally am so excited to participate here.
By supporting the Product Workstream in the four month budget (April15 - August 15) , the DAO can trial 0xFBL as facilitator, continue building / rolling out new features, improving the user experience of our app, and move forward on user acquisition, retention, and product evolution. My immediate aim for the team is increasing product visibility, improving prioritization, and continuing the best in class experience that users have come to love.
Specification -
This proposal addendum identifies 0xFBL as the new product workstream leader, onboards 0xFBL into the role, and allots time for Tyler | Shapeshift to pivot back to previous responsibilities while finishing his interim post. Through this proposal, Tyler will actively work with the current Product Workstream Contributors & proposed Leader, starting with support and guidance but gradually transitioning responsibilities like:
- Admin, meeting leading and organization, task management, KPI and project tracking/reporting for the Shapeshift product roadmap.
- Managing Budget and workstream contributor payments made through Colony
- Analyzing and surfacing new revenue streams that are not listed yet in the roadmap, but reporting back to the community with more details. Shout out PTT for a lot of the legwork here.
- Arranging phase 2 strategy talks, and getting the Phase 2 roadmap proposal posted to the forum and moved through governance.
- Organizing and running the Monday afternoon roadmap and timeline meeting and coordinating with product and engineering throughout the week to remove blockers, assist with product related decisions and keep things moving through the feature development process and Product/Engineering status updates throughout the week.
- Product/Engineering representation at the Weekly Ops Sprint.
- Facilitate bi-weekly office hours to provide updates on progress, report on KPIs, and offer space to the community to ask questions, give feedback, and pitch ideas.
- Draft product specs, review with Beard regarding designs, work with 0xDef1Cafe to evaluate engineering resources, and iterate the feature development process.
- FBL will provide additional scope to the workstream lead role by synthesizing strategic outcomes for the product team, making phase 2 a reality, and guiding more day-to-day improvements for efficiency and alignment across workstreams.
- FBL will also spend a significant effort in defining core engagement loops & behaviors for users on Shapeshift, working backwards to activation moments to surface quick wins for development.
- Orthogonal to this is identifying user buckets or personas, working with marketing and other workstreams.
- Hosting and Leading Spec breakdowns between Product and Engineering.
- Spinning up regular retros (at either phase completion or large feature completeness)
- Leading and continuing all scheduled team syncs and 1-on-1s.
- , who's currently on retainer to make updates to shapeshift.com on an as needed basis will temporarily report in to Beard on a weekly basis to review needs, design work, etc
KPIs from previous SCP:
- Increase Monthly Active Users to 56,713 by end June 2023
- March optimistic MAUs 27,616
- June optimistic MAUs: 56,713
- Increase our WAU/MAU stickiness metric to a minimum of 30%.
- Triple the amount of average daily defi confirms by June 15
- Improve the new user experience and decrease our bounce rate (currently at 17.69%)
- Secure Grant funding from 5 protocols by June 2023
- Maintain an NPS score of 35 of higher
- We've been evaluating a different metric: PMF. Either way we will produce a report on satisfaction with Shapeshift.
- Increase our WAU/MAU stickiness metric to a minimum of 30%.
- Increase Monthly Active Users to 56,713 by end June 2023
- March Minimum MAUs 22,500
- June Minimum MAUs 27,000
- Evaluate new KPIs mid June; especially focusing on sustainable revenue sharing models, future forecasts, and using data to double down on feature bets.
We might also explore NCT’s
- a newer product framework for goal setting that may fit with our iterative approach.
Execution looks like:
- Representing the product and product workstream to both the ShapeShift and broader crypto community
- Running consistent retros, learning the dev stack and providing actionable feature scope, revising and projecting the budget, and sequencing the roadmap into digestible phases.
- Feature prioritization and partnership evaluation.
- Curating & writing feature specifications (including goals and success metrics), UI/UX designs, product management, and applicable front-end development for features prioritized by the ShapeShift DAO.
- Updating and disseminating the roadmap via weekly calls.
- Leading the product syncs in the SS discord.
Budget
The Product & Creative Services workstream will consist of 5 members. 3 full-time and 1 part-time, and 1 interim.
The total budget breakdown :
Arthur Hayes says: “bubbles in the klerb ain’t free,” so, to meet the DAO’s previous expectations for filling the role, upon passing this vote will approve an on schedule May payout (15th) and starting full-time date for 0xFBL as April 17.
The Remaining April Budget will be:
$18,583.20 USDC
$2,750.00 FOX
$21,333.20 TOTAL
The monthly May - July budget will be:
$37,083.20 USDC
$5,500.00 FOX
$42,583.20 TOTAL
This is a one time additional backpay of $7500 USDC spend for April. I’ve earmarked an increase in product $1248 USDC spend for June. This is for software we may not end up using. Any funds not used per month will roll over and return to the DAO at the end of the cycle. I’ll be taking full stables for the first few months, at which point I’ll propose taking a portion in time-locked FOX on our next budget renewal. Skin in the game folks.
Find the full budget here: LINK
Benefits -
Free’s Tyler from dual workstream management, unlocks new features, aligns the team around a strategic lens, and continues execution of the product team’s goals with a more traditional Product focused lead.
Drawbacks -
It takes time to ramp so hitting all these ambitious goals could take longer than anticipated.
Vote -
FOR: You support funding the workstream and the anticipated budget for the next 3 months
FOR with changes: You like the proposal but would like some changes (please share!)
AGAINST: You do not support continuing to fund the product workstream
