Date:** 21/04/2024 \
Preamble
The cCDAO is committed to the promotion of the verifiable AI (vAI) use case. From the broad cheqd community effort we have observed massive engagement across social media, and the announcements of several AI related partnerships. However, we have observed a limitation in high quality graphical resources to explain the concepts behind vAI. In a member vote, the cCDAO unanimously supported to improve the dissemination of the vAI narrative by funding the production of several short explainer videos on the vAI related components.
Proposal details
We propose a Community Pool spend of 100,000 $CHEQ (One Hundred Thousand) to support the production of several short explainer videos focused on verifiable artificial intelligence. Here are the elements of the proposal:
- Token custody: The cCDAO will be the custodian of the tokens and manage the procurement. Funds will be deposited into a multi-sig wallet.
- Target client: We will aim to engage Lemon Studios who produced the “cheqd Explained” video.
- Scope of work: Produce two videos, covering “Verifying AI model data”, and “Verifying AI compute”, and host them on YouTube and other appropriate channels.
- Promote video release: We will run a giveaway competition to incentivise the sharing of the videos across social media.
Table 1: Proposed budget and giveaway scheme design
Item | Details | Amount ($cheq) |
---|---|---|
Authoring content | script and storyboard, 2 * 25 hrs @ $20 USD per hour | 16,000 |
Explainer video production | Payment for explainer videos, 2 * $2,400 per video, calc. @ 0.07 CHEQ/USD rounded up to nearest 10k | 68,000 |
Promotion | Token giveaway to promote sharing the videos across social media | 7,000 |
Administration | cCDAO upkeep ~@ 10% total funds | 9,000 |
Total | 100,000 |
*calculations done @ 0.07 CHEQ/USD, all amounts rounded up to nearest 1k
Conclusion
In order to improve the adoption and dissemination of the vAI use-case, more high quality educational media is needed. We identify that explainer videos are an obvious first target. The availability of high quality material will allow grassroots promotion of the cheqd network and its capabilities.
https://commonwealth.im/open-dollar-governance/discussion/15192-how-to-submit-a-dao-proposal
Title - [ODP-#: (Insert Title)]
Description - A detailed description of the proposal, including any supportive information/examples/references.
Motivation - A statement on why the Open Dollar community should implement the proposal.
Specifications - A detailed breakdown of the platforms and technologies that will be used.
Steps to Implement - The steps to implement the proposal, including associated costs, manpower, and other resources for each step where applicable.
Timeline- Relevant timing details, including but not limited to start date, milestones, and completion dates.
Overall Cost - The total cost to implement the proposal to be taken from the DAO treasury fund.
Summary:
- As per the fourth Redacted v2 Budget Proposal, the DAO was funded by a $1.200 million to $1.500 million budget from 1 December 2023 31 May 2024 (with a budget of $400k for audit fees). During this period, this budget was funded by the stablecoins in the treasury and the DAO Reserves received no protocol revenue share, with its share being redirected to the rlBTRFLY rewards pool. During this period expenses were c. $110k under budget for DAO expenses exc. audits and c. $90k under budget for audit expenses.
- In order to support the continued development of Redacted’s product suite, including the bootstrapping of pxETH and the development on the Dinero stablecoin and the Redacted Relayer, we propose a development team budget for salary compensation and other DAO expenses for 1 June 2024 30 November 2024 of $1.350 million increasing to up to $1.500 million if and when we hire new contributors, and a budget of $400k for audit fees.
- During this period, this budget would be funded by the treasury and the DAO Reserves will continue to receive no protocol revenue share, with its share being redirected to the rlBTRFLY rewards pool.
Background (1 December 2023 - 31 May 2024)
With RIP-49, a budget of $1.200 million increasing up to $1.500 million (allowance for new contributors), and a budget of $400k for audit fees was approved for the period from 1 December 2023 - 31 May 2024. During this period, this budget was funded by the stablecoins in the treasury and the DAO Reserves received no protocol revenue share, with its share being redirected to the rlBTRFLY rewards pool.
RIP-49 set out a monthly budget of $200k per month which could increase by $50k to $250k if new contributors were hired. During this period the development team has hired a number of new contributors, including Dhruvin (VP of Engineering), Chang (Business Development Associate) and DeFi Dave (Business Development Associate). The table below sets out the actual DAO expenses and the variance with the budget. Individual monthly reports can be found on Commonwealth. Note: Total 6 month budget is calculated as (3 * 200) + (3 * 250) = 1,350
As shown in the table above the DAO’s expenses were c. $110k under budget for the 6 month period. Audit expenses were c. $90k under budget for the 6 month period.
This budget has enabled the development team to:
- maintain existing products (Hidden Hand, Pirex CVX and Pirex GMX/GLP)
- expand existing products (new Hidden Hand markets)
- launch new products (pxETH, Marionette)
- expand the product suite across 8 chains and layer 2s
- continue the development of new products (Dinero, others)
Over this period, yield and product revenue accruing to the treasury and bonds have kept the treasury strong. Prior to the launch of pxETH, the treasury rotated its stablecoins into ETH which has been used to bootstrap pxETH and axpETH integrations.
Continuing to build
Since the soft-launching of Hidden Hand at the beginning of April 2022, Hidden Hand has seen very strong growth and is the leading incentives marketplace for a number of markets including Aura, Balancer, Bunni, Prisma and PancakeSwap. In addition to identifying new incentives markets to launch, and ways to improve incentives and voter UX, the team has explored new ways of working and monetizing incentives systems, such as Marionette – which has had significant traction with our launch partner Thena.
Pirex CVX launched at the end of May 2022. Since then it has solidified itself as the largest liquid CVX product in terms of TVL, with more than 4.5 million CVX locked in Pirex CVX, nearly 1 in 20 (i.e. 4.5%) of the CVX total supply.
The development team has been hard at work building out the Dinero protocol. pxETH launched in late December and has already amassed more than 7,300 ETH. The development team is continuing to work on the development and adoption of pxETH, including exciting partner integrations, liquidity enhancements and cross-chain improvements. Concurrently the team is also working on the development of further pxETH primitives such as the DINERO stablecoin and the Redacted Relayer.
The Redacted development team remains focused on continuing to build and develop existing products and exploring new products. Redacted is building important infrastructure which is important at the governance and protocol level.
Forecasted expenses
The table below summarizes the development team’s forecasted monthly expenses for the next 6 months.
These base forecasted expenses are slightly higher than in the last budget period due to the additions made to the development team, as set out above. We are looking to add business development personnel to the team to help promote the growth of pxETH and the rest of the Dinero protocol. If these positions are filled, this would increase monthly expenses by up to c. $25,000 per month total (depending on their seniority).
We also estimate that audit expenses will be around $400k in the next 6 months.
Proposed budget & budget funding mechanism
Based on the forecast expenses per month above, we estimate that the development team’s expenses for 1 June 2024 - 30 November 2024 (i.e., 6 months) to be between $1.350 million (225k*6) and $1.500 million ((225k+25k)*6), depending on if and when we hire further contributors. Separately, we estimate about $400k in audit fees, although this depends on how many audits are required.
As for the previous budget proposal, in order to ensure that the development team has the required funds to continue building, we propose a budget for salary compensation and other DAO expenses for this 6 month period. The proposed budget is: $1.350 million increasing to up to $1.500 million if and when we hire new contributors, and a separate budget of $400k for audit fees.
During the budget period (1 June 2024 - 30 November 2024) , we propose that:
- the budgeted amounts be funded by the treasury;
- no BTRFLY emitted to the DAO reserves be used for monthly compensation, thereby reducing potential sell pressure;
- the DAO Reserves receive no protocol revenue share, with the 15% that the DAO Reserves would have received being directed to the rlBTRFLY rewards pool instead;
- All audit and security fees for protocol development be deducted from the $400k budget. Additional funds will be requested for audits if it is required.
Therefore, in terms of protocol revenue share, for these 6 months, rlBTRFLY would receive:
- 30% of treasury yield, with the remainder going to the treasury
- 65% of HH revenue, with the remainder going to the treasury
- 57.5% of Pirex revenue, with the remainder going to the treasury
- 57.5% of Dinero net revenue, with the remainder going to the treasury
In the interest of transparency, monthly reports will be made to the community that detail the development team’s expenses.
After the 6 month budgeting period has elapsed, an updated budget and protocol revenue sharing mechanism may be proposed.
🎉 Common Releases v1.3.0! 🚀
We’re excited to announce v1.3.0, filled with new features and enhancements improving community stake. Here’s what we’ve been cooking:
🔍 Staked Community Filter: Easily find communities you’re invested in on the explore page. A new filter makes it all simple. #7290
🌐 Custom Block Explorers: Tailor your experience with custom block explorers for supported networks, enhancing how you view transactions and data. #7287
✍️ Markdown in Topic Descriptions: Enhance topic descriptions with Markdown. Get creative and structured in how you share information. #6940
📊 Aggregated Stakes History: View your stakes transaction history, now aggregated by community and address for clarity and convenience. #7353
📈 Price History Logic Fix: We’ve refined how we calculate and display price history, ensuring accuracy and reliability. #7289
Check out the detailed release here: https://github.com/hicommonwealth/commonwealth/releases/tag/v1.3.0-1
Thanks for being an essential part of our community. Your feedback motivates us. 🌍💪 #CommonRelease #InnovateTogether #CommunityFocused
Over the past two years, eight community-funded initiatives have finished and left remaining balances in their multisig wallets. People leave the ecosystem as time passes, making it difficult to contact them. In the spirit of spring cleaning, I’d like to start the discussion about returning these funds to community control.
I propose that we repurpose these dormant funds as Protocol Owned Liquidity under the management of the WEVMOS/stEVMOS POL & stEVMOS peg protection multisig created with Prop 142
This text proposal directs the following multisig wallets to transfer their assets to the POL multisig where they will provide additional liquidity to Forge.
Total funds in dormant community-funded multisigs:
993,401 EVMOS
42,000 Gravity USDT