Month of August
I was on vacation for the first 2 weeks of August
Yam Re-Org Silo Work = 25 hrs/week x 2 weeks = 50 hrs
Other Work = 15 hrs/week x 2 weeks = 30 hrs
Monthly Rate varies by Silo/Project. This will be broken down below
YAM 30 Day TWAP rate is 0.16 USD/YAM
Rate for Yam Re-Org Work = $85/hr
60 hrs * $85/hr = $5,100
Pay split is 70/30 USDC/YAM
$5,100 * .7 = $3570 USDC
$5,100 * .3 / $0.16 = 9562.5 YAM
Rate for Gov-Ops = $85/hr
10 hrs * $85/hr = $850
Pay Split is 100% YAM
$850 / $0.16 = 5312.5 YAM
Other Work (I will move this into the grants model going forward)
Rate for other work = $62.5/hr
10 hrs * $62.50 = $625
Pay split is 70/30 USDC/YAM
$625 * 0.7 = $437.5
$625 * 0.3 / $0.16 = 1171.87 YAM
I work on YAM full time and have focused on improving the operations, organizational structure, and efficiency of YAM. I have also contributed project management and design work for the YAM website and YAM Synths, both conceptual and front end. I have started doing more development work, fixing problems with the website and trying to build useful tools for the DAO. My original employment proposal is located here: Full-time contributor request for Ross
I continue to work on designing and specifying a model for YAM that allows for more accountability and flexibility around how work gets done (the Re-Org). This entails changes to project structure as well as the structure for the day to day functioning of YAM. My goal is to turn YAM into a truly decentralized organization that does not rely on any specific group of contributors to succeed.
I plan to start implementing the recommendations from the re-org and also propose new projects and tools for the DAO to fund and use. I want to use the new grants model to fund value adding initiatives for YAM.
The grant for Re-Org work ends with this compensation request. In the last 3 months I have worked with @Designer to further develop the grants model for YAM. It has changed a bit from what we thought it was in June, but mostly in small ways to make it work better. The yam.super.site is up with a good amount of information about the work and changes. We have created the Gov-Ops Council and are using the grant’s process for all current contributors (even if in a slightly messy way).
Here are the specifics for this month.
I have generally served in a support role here, assisting @designer (mainly with editing and proofreading) as he takes the ideas of the Re-Org and simplifies and clarifies them into articles. I also give feedback on the yam.super.site page where they are to be hosted.
- Review, feedback, and revision on upcoming Medium article Designer wrote about the Re-Org. The revised version: https://yamdao.notion.site/Yam-Re-Org-Sets-Course-for-Growth-RG-d6a392ff719246bcb5af4e48ee124fb1
- Review and feedback on Gov-Ops Council article: https://yamdao.notion.site/6-Yam-Grants-Gov-Ops-Council-v-0-1-a71ac1e731074a52b5ecb0831798d2db
- Final feedback and review of the yam.super.site.
Updates to the new YAM Documentation page
I have been working through some conceptual changes and renaming of the flow to make things easier to understand, mainly in the distinction between grants, silos, projects, etc. The docs still need a fair amount of organizing for flow and clarity. I intend for this to be a big focus next month.
- General cleanup and re-organizing.
- Added graphics
- New page: How to contribute
- New section: The Grants Process.
- Compensation change Proposal
- Forum Post and Proposal: https://forum.yam.finance/t/yip-115-updating-compensation-procedures/1720
- Original Document: https://yamdao.notion.site/Paying-Contributors-242a622ea7404c89837891602cd0e742
- Discussion and Feedback around contributor accountability processes and the Treasury Director position: https://forum.yam.finance/t/yip-113-yam-treasury-director-creation/1719/3?u=ross
- Governance Stewards Proposal: https://forum.yam.finance/t/governance-stewards-an-oversight-community/1721
There was only 1 voting opportunity with UMA in August and it was a contentious one. The vote revolved around whether the price of ETH was above or below $1600 on August 26th at 12 noon EST. The market used coingecko as it’s main source of truth and requested a specific candle be used to verify. Unfortunately this candle was only stored by coingecko for 24 hours and by the time many voters came to check it was not accessible. This lead to lots of heated discussion of how voters should treat this situation, with lots of noise from people who had bet on the market. In the end, the coingecko data was thrown out and “other credible sources” were used to resolve the answer to “NO”.
I voted with the majority on this and therefore earned the voting rewards. You can read the rationale for my vote here: https://discord.com/channels/718590743446290492/1012800205487349770/1013531291796381826 (you need to join the UMA discord server)
The DAO earned 214.2 UMA from this vote.
There has already been a vote this month, so hopefully we will get more votes and earn more UMA in September.
- Yam Update Newsletter #1: https://yamdao.notion.site/YAM-Update-1-afeb19ab114d4294a259229df0b05a0b
- Moderation of Discord and Forum
- Business Development as it presents itself.
- Review of proposals and on-chain transactions.
It was a short month for me as I took a 2 week vacation at the beginning of August. As I have continued to work on the documentation for the Re-Org project and DAO in general, as well as assisting with edits on the different articles that are being written to promote it, I find that it is slowly developing and clarifying into something that makes sense and can be easily explained. This has taken a while and there is still work to be done, but there is light very close in the tunnel.
In the last few days I have been having discussions with @designer about next steps and our next grants for the Re-Org and we both agree that we are ready to move into a next phase where we push on really using the system and making sure the details work in practice. You can think of this as moving from a pilot phase to a beta test. There are still pieces that need to be solidified, mainly around the documentation and specification of projects, but we are close. In this beta phase I expect that all contributors are now working within the grants model.
The end game is when we feel comfortable going out into the wider crypto space and start actively recruiting people to work for the DAO using the grants model. I think we are still a step away from that. If we think of the Grants model as a product that we sell, if we want to have a strong pitch we have to really understand what we are selling and have all the infrastructure ready to go.
Or course, we need projects to work on with this model. That is another task that needs attention. Just having a process doesn’t mean anyone comes and uses it. But without the process, if someone did want to come participate it would be difficult. So we are clearing to the way to make the job of contributors at YAM either be building projects or recruiting others to build for them.
What I want to work on in the next few months, assuming Token holders want to continue with this initiative, is finalizing the grants process and then specifying projects that I believe will be valuable for the DAO. I then plan to either work on them myself or recruit others to do so.