Grant DeFi Dave compensation for growth and development activities on behalf of the Frax protocol
Background:
Greetings Frax Community, I’m DeFi Dave and I have been a member of the Frax community since its inception. I previously worked with Sam and Travis at Everipedia and would later lead Growth at Gelato, securing some of their first partnerships and integrations as well as played a vital role in the success of their token sale. Over the past several months, I have found my way back to contributing to Frax, managing relationships as the Frax core team keeps their heads down to build as well as bring investments to the Frax DAO for approval. After speaking with Sam and the team, I propose a grant as follows:
3000 FXS a month for the next 4 months
FXS to be locked in veFXS for min of 2 years
Motivation:
The motivation behind this proposal is to align incentives properly between myself and the protocol. It is my goal to make Frax and its primitives the leading financial protocol in all of DeFi/Crypto/Web3 and beyond and hope to build on my previous momentum to do so. When the four months are up, we can revisit this proposal again for renewal.
Proposal:
Grant DeFi Dave compensation
Do Nothing
*FXS amount changed from 2000 to 3000. See reasoning in the replies.
Hey Dave big fan of yours and the work you do - a couple of questions:
Would this be a full-time gig?
Would you still be contributing at other projects?
How would your work be supervised? How would you report on the work you do?
What is the thinking behind the 4 months, would it not make more sense for it to be every quarter (3 months)? This would be my preference
FXS price moves a lot and while at first glance 2000 seems like a lot - I appreciate you are taking a big risk too - especially if the project doesn’t grow well - so in the circumstance I support this if the team think it is reasonable based on your skills etc. I think if it can be 3 month renewal it would make ppl more comfortable for the initial period and then we could look at a longer grant at renewal.
Hey Mark, thanks for your kind words and I appreciate how consistent you have been as a member of the Frax community throughout its history. To answer your questions:
and 2. Full disclosure: My full-time job is at PIF Labs where we take an active role in advising and incubating projects, especially in the Frax ecosystem (most notable being Pitch Money). This causes a lot of overlap between the two which makes my contributions to Frax technically not full-time but much more active than a part-time contributor. I do still help out at Gelato referring integrations when relevant, but that is in a much smaller capacity than before. Occasionally I will write articles in The DeFiant and podcast here and there.
I’ll be supervised and report to Sam.
I am fine with adjusting the proposal for having it three months to start. Four was just arbitrary.
Dave is one of the most active contributors I’ve seen in the Frax ecosystem, helping evangelize the product across Defi protocols and major media publications. I’m super excited about the prospect of him being fully incentive-aligned with the success of the protocol.
Thanks Dave - sounds good to me at 3 months and then you can report back to community governance for renewal.
BD and relentless shipping have long been the outperforming strength of the Frax team - but just a few extra key integrations and partnerships could be worth 10’s of millions.
Let’s see what Dave can deliver with a good incentive and his full attention!
Taking into account the recent market volatility and risk that I will be taking for accepting an arbitrary number of FXS (and not a TWAP $$$ of it), I am adjusting the proposal to 3000 FXS a month from 2000.
seems like a lot of money when we took on 2 devs for $8k a month and your asking for 3x that amount.
to avoid issues with FXS changing price you could have asked for a $ amount in FXS each month so you get a stable $ amount each month. for all we know, 3,000 FXS might be $200k in 3 months time
Im not here to speculate and where Frax is going to be in a few months, my goal here is to set in stone an official arrangement and align incentives further between myself and Frax. Since its up to snapshot now, I am going to see how it plays out over the next few days and go from there.
I thought it was going to be for 3 months? and 2000 FXS? It might be easier if the payment was $20K USD a month in FXS calculated on the TWAP of the last month paid out at the beginning of each month
