The purpose of the quarterly grant is to streamline the process on long-term and or ongoing Silo projects. The desired effect is a lighter governance load so both silo participants and token holders are less bogged down in unneeded governance processes.
This quarterly (3 month) grant request serves as a funding container. It will work as follows:
Each silo participant provides an hourly range with a monthly not to exceed maximum
At the end of each month transparency reports are filed by the silo participants
Payments are paid on a monthly basis based on the actual hours worked
Token holders always retain the ability to stop a silo by submitting a Snapshot proposal
Besides the reduced management overhead, the advantage to the silo structure is that it provides a high level of flexibility for the silo participants to manage their own time and project. The idea is to avoid participant burn out, apathy or abandonment of projects through striking a balance between freedom and accountability. Flexible hourly commitments can encourage long-term participant involvement while providing a mechanism that allows for payment of the work the participant is able to provide each given pay period.
We think this is a good beta test for this kind of grant structure within an ongoing silo project.
This Silo aims to build a new framework for the YAM DAO to facilitate better transparency, accountability, and permissionless-ness. It does so by developing a new process by which projects can receive funding. It will clarify the governance process, define and limit the roles of core contributors.
The main team consists of current YAM contributors @ross, @designer. The work of this silo is in part a collaboration with another silo by @chilly (the Yam Design Studio silo which is under another grant). All 3 listed silo members have been working full time at YAM for the last year.
We have watched as the DAO has struggled to find its purpose and has struggled to retain mindshare and contributors. We believe that the causes of this are multi-faceted, including a lack of vision around the mission of the DAO, a lack of thought and investment in the core organizational infrastructure of the DAO, an inability to enforce accountability, and confusion around management of projects.
Solving these problems is a large task to undertake and measuring success will require long term tracking. The first grant proposal (for May 2022) was to design and implement the first stages of this process to show a proof of concept, as well as educate the wider community about the changes that we are making.
Over the next three months, we will work on defining a more complete presentation of what makes a good DAO, goals for the Yam DAO reorg and a framework for a new Yam DAO model. We will work on specifying and creating requirements documentation for the different pieces that need to be built in order to make this system work.
Over the 3 month grant period we will focus on refining and documenting the following:
Re-Org Docs (YAM RePlanted) and synopsis articles.
- Concise statement of the Yam ReOrg project purpose and main objectives (90% complete)
- Article 1: What makes a good DAO - documentation that serves as a guiding target (80% complete)
- Article 2: Goals for a new Yam DAO - success definition and specific goals (80% complete)
- Article 3: New Yam DAO model - how grants, silos and a gov-ops council will work (50% complete)
- Diagramming and refinement (30% complete)
Milestone 1: Substantial completion of all above to hand off for presentation work by YAM Design Studio Silo on June 27th.
After completion of Reorg Docs, Develop Templates for:
- Pre-grant application
- Project Requirements document
- Grant Application
- Counter-Bid document
- Grant objection document
These documents to be worked on as part of milestone 2.
Present new Yam DAO model and communication materials once completed by YAM Design Studio. (early-mid July)
Coordinate with Chilly to present documents and articles on the new supersite website, twitter, medium, etc.
Respond to questions, concerns, etc.
Formally present content for review and feedback to confirm consensus among stakeholders.
Milestone 2: Vote to approve new process and more forward into implementation
- Based on final consensus, begin the specification and implementation process
- Implement enough structure for grants process to begin. Refine and publish templates.
- Specify and begin to implement the Gov-Ops Council.
- Specification and development of “Governance Repo,” the location and process for storing and updating new grants and governance proposals.
(to be worked on as time permits)
- Treasury Yield Distribution design
- Governance contract upgrades
- Token Issuance strategy and design
- Vision and Values documentation and ratification
- Protocol owned liquidity strategy and design
Because much of the current work is design focused, the work follows an iterative process in which discoveries in later phases may change the design. We expect that the broad strokes of the re-org are complete and ready to be presented at the end of June, and look forward to getting additional feedback. This feedback may impact the final product and require some re-working. The same goes for the design of the complementary initiatives, although the current design for the re-org has been crafted with them in mind.
Total amount to be split 70% in USDC and 30% in YAM at the 30-day TWAP price on the first day of the month after the month for which compensation is being requested. By Contributor:
Range 25 to 35 hrs/week = $8,500 minimum and $11,900 maximum per month
(compensation based on $85 per hr)
Range 20 to 30 hrs/week = $6,800 minimum and $10,200 maximum per month
(compensation based on $85 per hr)
Work on this grant has already begun (beginning of June) so compensation requests in July will be for the entire month.