Executive Summary
The IG multi-sig still holds ~393k T = ~$7100 from our previous budget. In our previous budget request, we stated:
“Further, we request that in the event that the amount upon receipt by the IG is >4% below the requested budget, that a singular “top-off” transaction be created and executed by the TG to reconcile the deficit.”
At the time of receipt by the IG, the tokens transferred were worth ~$34,945, ($4,555 below the requested amount). Therefore, as part of this budget, we request that the remaining $4,555 be transferred to the IG. In addition, the IG is requesting discretionary funding of $65,945 (for a total of $70,500) from the Threshold Treasury for the remainder of Q4 2022 and Q1 2023.
New holdings would equal approximately ~$77,500. This discretionary budget will be primarily used for:
- Threshold Support Moderator
- Purchase of GRT
- DAO2DAO/protocol integration efforts
- Compensation for IG non-committee contributors
- Daily operational and DAO tooling efforts (i.e. Notion website)
- Tech support and mod group activities
- Reimbursement to committee members for gas fees related to executing multi-sig transactions and other operational activities
- Other USD-denominated expenses and reimbursements
Integrations Guild Goals / Missions
The goal of the Integrations Guild is to support the launch of Thresholds’ flagship products and the integration of these products on various L1 and L2 protocols within DeFi:
- tBTC v2
- Proxy Re-Encryption (“PRE”)
- Community-led thUSD project
As a newly formed protocol, Threshold will benefit from collaboration and partnerships with various DAOs and protocols.
- Threshold Support ModeratorOn 7/26/22 @vict0r was appointed by the Integrations Guild as the Threshold Support Moderator - This position incurs a monthly cost of $6500 to the IG.
- Soliciting Integrations and use-cases for all Threshold Products.
- Notion - This is an ongoing expenditure for the DAO, we expect that as the DAO grows, this cost will also grow.
Use of Proceeds
Funds will be managed under the IG multi-sig and will be allocated towards the IG goals listed above as well as any discretionary incentives from partnerships/relationships focused activities that may fall outside of the initial IG scope. The funds will primarily be used for, but not limited to, the causes listed below:
- Threshold Support Moderator
- This position incurs a monthly cost of $6500 to the IG. This budget period will cover 4 payments totaling $26,000
- Soliciting Integrations and use-cases for all Threshold Products.
- We request a total of $7000 for Q4 ‘22 & Q1 ‘23 be dedicated to this end.
- DAO Tooling/Notion
- We request a total of $3500 for the quarter to be used for DAO tooling such as Notion, Sparkwave, etc as well as cover the cost for any additional Notion “licenses” as needed.
- Sub-graph
- As is listed in the IG OKR’s, we intend to solicit and fund the development of a Sub-graph + Front End portal to track deposits, withdrawals and operators. Similar to allthekeeps.com for tBTC v1. The development cost for this is expected to total $10,500
- Purchase of 10,000-15,000 GRT ($700-$1100)
The price of T has fallen by ~39% since the receipt of our last budget - therefore, the IG intends to swap a to-be-determined portion of our new budget into stablecoins so that we will have the freedom to continue our mission without concern for financial obstacles or hurdles.
This list is non-exhaustive, we feel that it is quite likely that over the duration of this quarter, we will incur additional expenses, and/or be subject to opportunities that may require additional funding. For this reason, we request a total budget of $77,500 for the duration of Q4 ‘22 and Q1 ‘23.
Expiry / Timing of Budget Spend
There is neither an expiry on the allocated budget nor an estimate of when the funds will be depleted. However, the IG ensures that these funds will be prudently and responsibly allocated toward activities and expenses that are consistent with its focus on strategy, partnerships, and protocol stewardship, and aligned with our OKR’s.
Funding
We request that no less than 5 days from approval of this budget, the Treasury Guild execute on the transfer of $65,945 USD paid in T to the IG Multi-sig. Further, we request that in the event that the amount upon receipt by the IG is >4% below the requested budget, that a singular “top-off” transaction be created and executed by the TG to reconcile the deficit.