YIP: Add 30,000 $YAM tokens to the general expense fund and convert it to a 2 of 3 multi-sig wallet

YIP: Add 30,000 $YAM tokens to the general expense fund and convert it to a 2 of 3 multi-sig wallet.

Basic Summary

Previously Yam has approved a general expense fund of $5000 yUSD from the treasury:

This proposal adds 30,000 $YAM from the contributor vesting pool and converts the fund into a 2 of 3 multi-sig for small and irregular payments that would be too onerous go through a full YAM Governance proposal and vetting process. It will still be used for small general expenses, but now also for bounties, on-boarding new contributors before voting on part or full time compensation, marketing campaign costs, etc.

Abstract

This proposal would allocate 30,000 $YAM tokens to a general expense multi-sig. In order to alleviate usage of funds from the Treasury, the community has suggested to minimize the usage of funds from the treasury for expenses, and instead use the $YAM that has already been minted in the contributor vesting pool.

We will create a 2 of 3 multisig to review and payout any small or irregular expenditures from the general expense fund. I nominate 3 non-U.S. based long time contributors with vested interest in making sure that funds are appropriately spent: Hodldwon, 0xE and Ronin.

Motivation

We’ve started working with some community developers and other members and asked them for a trial period. This Yam for the general expense fund would be used to incentivize these trial periods and show a commitment from Yam to compensate contributions. While they are performing tasks (before we create a full/part time contributor compensation proposal for them) we need to have access to an operating budget without going through a full governance proposal process for small, and typically irregular payments.

We’ve also started the uGas logo contest and it has gotten a significant amount of submissions from the community. The general expense fund would also be responsible for paying contest winners for this contest and others like it.

The general expense fund would be responsible for:

  1. Yam infrastructure expenses
  2. New Contributor trials / on-boarding
  3. Development / collaborative tools
  4. Gas costs
  5. Small misc expenses directly related to Yam

If it is possible to pay in $YAM, then it should be the first option.

All expenses will be documented and a transparency report will be available monthly.

When funds are low in the account, a top-up request for additional funds will be made.

Specifications

Create 2 of 3 Gnosis Multisig wallet and as 3 non-U.S. based contributors as signers. Suggested Contributors are Hodldwon, 0xE and Ronin.

Send 30,000 YAM from Contributor Vesting Pool and the $5000 yUSD from Yam Treasury from the previous approval to a multisig and for each disbursement, ensure audit log records include

  1. Party paid
  2. Payment reason

Poll to Measure Sentiment

Add 30,000 $YAM to 2 of 3 multi-sig for General Expense Fund

  • Approve
  • Deny

0 voters

2 Likes

Great proposal! The ability to pay for “sprints” or “gigs” w/out a lengthy governance process is creating so much flexibility.

30,000 $YAM is a chunky amount worth $96,000 at current prices, with significant upside from here.

1 Like