Giveth Core Team Compensation - January 2024

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.

:rocket: 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.

:fire: 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.

:pray:t4: 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

3 Likes

I forgot to mention for this month, Giveth paid $916.7 less because of contributors who donated a portion of their ETH Global Istanbul hackathon winnings. Praise @ramramez @renjer @Griff @karmaticacid @maryam.jafarymehr @Cherik @MoeNick @mitch @WhyldWanderer @alireza7612 Santi, Cotabe :trophy::raised_hands:t4::moneybag::star2:

3 Likes

The reimbursement is up for voting
Total: $87,099.81

(1) $17,365.42 worth of GIV (20%)
Gnosis chain nrGIV signers please sign HERE :writing_hand:t4: @renjer @karmaticacid @Griff @Giantkin @WhyldWanderer @mitch

  • 17,365.42 USD requested
    GIV price - 0.0108823949608861
    Block number - 32529613
    17,365.42 ÷ 0.0108823949608861
    1,595,735.13573211 GIV requested

(2) $25,000 in MATIC on Polygon
Main multisig signers, please vote here.

  • Price of MATIC Feb 19, 2024 1:20PM UTC = $1.00

(3) $20,300.4565 cUSD on Celo
Main multisig signers, please vote here.

(4) The remaining $24,433.9335 will be requested from the grants.giv.eth address and sent to a payments multisig (0x01d1909cA27E364904934849eab8399532dd5c8b) using OP tokens received from OP RetroPGF Round 3 and will be sent to the requested addresses below:

  • $13,350.8335 worth of OP will be sent to the payments address (0x13071f225159f6D75fa9A850c5a1bE6d2DDa586D)
  • $11,083.10 worth of OP will be sent to generalmagic.eth
1 Like

The first ms setup shows that it was canceled.

At time of swap, we only got $23,234.42 in USDC. I’m requesting additional $1,765.58 to cover the remaining amount to be fully reimbursed in stables.

1 Like