Proposal Information
Proposal description:
For this month, contributors were paid in stable coins by Griff (DAI, USDC and USDT on Polygon). A portion of it was also paid by General Magic. This is a proposal requesting reimbursement.
Proposal Rationale:
Griff is a GIV maxi, and to facilitate the payments of stable tokens to our contributors while we still build a better treasury management system, he pays people in stable coins and asks for reimbursement here. Hopefully this process will cause upward pressure on the GIV price as our contributors use stable coins to buy GIV, instead of the opposite, where our contributors get paid in GIV and then sell the GIV to pay bills.
Starting February 2024, we will be using the OP tokens received from the OP RetroPGF3.
Team Information
For this month, we paid 35 Giveth contributors. Details of the paid contributors are as follows:
| Name | Hours for the month |
|---|---|
| Lauren | Full-time |
| Mitch | Full-time |
| Mateo | Full-time |
| Ashley | Full-time |
| Mohammad Ranjbar | Full-time |
| Moenick | Full-time |
| Carlos | Full-time |
| Alireza | Full-time |
| Cherik | Full-time |
| Ramin | Full-time |
| Almond | Full-time |
| Maryjaf | Full-time |
| Griff | 32.5 |
| Giantkin | 20 |
| Kay | 64 |
| Amin | 130.75 |
| Nikola | 105.35 |
| Brohdi (Nov, Dec, Jan) | 3 |
| Nicolas | 160 |
| Mo | 32.12 |
| Dani | 3 |
| Kareem (test assignment) | 24 |
| Rodri | 25.77 |
| Heather | 51 |
| Freshelle | 27.62 |
| Ahmad | 40 |
| Tosin | 34.17 |
| Jake | 30 |
| Moe Shehab | 140 |
| Nico | 57.75 |
| Algene | 67 |
| Stee | 5 |
| Brichis | 6.13 |
| Krati | 15.42 |
| Marcelo | 9.58 |
Please note that the hours reporting can be accessed by contributors in Clockify.
NEW MONTHLY UPDATE: Working Group Cost Breakdown
| Working Group | Cost for the Month ($) |
|---|---|
| DApp WG | 59,761.60 |
| DAO Ops WG | 12,131.89 |
| Quadratic Funding (QF) WG | 13,531.34 |
| GIVeconomy WG | 2,622.45 |
| Cost of working in GM | 2,665.37 |
| Total Giveth Compensation Cost | $90,712.65 |
Funding Information
For this month, Giveth earned $3,885.55 from the technical partnership with General Magic (GM). Non-technical work for GM projects have the same invoicing arrangement.
Praise to these Giveth Unicorns who brought in revenue to Giveth through providing their services to GM:
- Mitch
- Moenick
- Kay
- Lauren
On a separate note, the compensation of GM contributors who works for Giveth goes to the GM wallet (this is indicated in each of their Giveth work agreements). Instead of Giveth receiving the revenue earned, this will be deducted from the amount that Giveth pays to GM contributors. If there’s any excess, GM will need to pay Giveth any amount due.
To summarize this month’s figures:
| Description | Amount |
|---|---|
| Giveth contributors only cost | $72,855.32 |
| GM contributors working in Giveth | $17,857.33 |
| Total Giveth Compensation Cost | $90,712.65 |
| Less: Revenue (Giveth contributors working in GM) | -$3,885.55 |
| Net Reimbursement cost | $86,827.10 |
| Add: Monthly Clockify Subscription (Giveth portion paid by GM) | $212.59 |
| Add: Swapping, Bridging and Gas Fees* | $60.12 |
| Total amount requested: | $87,099.81 |
GM <> Giveth Accounting Summary
| Description | Amount |
|---|---|
| Giveth contributors working in GM | $3,885.55 |
| Less: GM contributors working in Giveth | $-17,857.33 |
| Giveth needs to pay GM if negative | $-13,971.79 |
*Swapping, Bridging and Gas Fees Reimbursement
To accommodate contributor preferences for payment tokens, we did multiple token swaps and bridging across different networks. We tracked the associated costs from swapping and bridging, including gas fees. This reimbursement request is based on the USD value at the time of each transaction. The amounts below correspond to (1) batch swapping and bridging from a “Main payment wallet”, sent to GM and Giveth and fees are allocated based on the number of contributors paid for each month, and (2) fees for swapping, bridging and sending payments from each organization’s designated wallet. This request covers the period January 2024.
As discussed here, it is proposed to reimburse Griff 80% in stablecoins and 20% in GIV tokens. If stablecoins are not sufficient, we are proposing to request ETH or other tokens that we could sell to process compensation payments. For this month, a portion of the Giveth compensation cost was paid by General Magic. Therefore, the 80% stables reimbursement will be sent to Griff and General Magic.
Breakdown of Requested Amount
- $17,365.42 GIV tokens to Griff (reimbursement)
- $58,651.29 stables to Griff (reimbursement)
- $11,083.10 stables to General Magic (reimbursement)
Total Requested Amount: $87,099.81 ($17,365.42 GIV + $69,734.39 stables)
-
Amount of GIV requested: $17,365.42 worth of GIV
The amount requested will be from nrGIV in GIV tokens at the spot price when the vote is created.
Ethereum address where GIV shall be transferred: griff.eth 0x839395e20bbB182fa440d08F850E6c7A8f6F0780 -
Amount requested: $58,651.29 worth ETH/stable tokens
Breakdown: Payment paid by Griff + $39.21 gas fees paid by Griff
Ethereum address where stable coins shall be transferred: 0x13071f225159f6D75fa9A850c5a1bE6d2DDa586D -
Amount requested: $11,083.10 worth ETH/stable tokens
Breakdown: $10,849.60 was paid by GM + $212.59 Clockify subscription + $20.91 gas fees paid by GM
Ethereum address where stable coins shall be transferred: generalmagic.eth
0xc8D65E1Bd67f16522e3117B980E1c9D2CaeB9dC3
Approve total $87,099.81 Giveth Core Team Compensation (January 2024) Payment
- Yes
- No
0 voters
