Scope: Introduce for discussion the proposed framework for long-term core-contributor compensation for Badger Builders.
Objective: To establish a clear incentive structure for full and part-time core contributors to the DAO
Badger has made significant progress since its launch just over two months ago on 12/3/20 going from 0 to $1.9b TVL, reaching #8 on defipulse DeFi rankings, and having one of the largest treasuries in DeFi. It has made it to this point through the hard work of the original founding seeders and the community members that have stepped up across the board - from drafting and moderating proposals, managing the community and driving the design of the product to writing and pushing code for core badger products. An amazing amount has been accomplished but the team and the community have even higher goals for the long term. The treasury has plenty of assets secured to reach those goals but the majority of labor contributing to the project are working for month to month grants, some while juggling full time day jobs. Recent emissions proposals like the emissions extension and badger boost have been focused on monetary sustainability while this proposal is focused on labor sustainability.
We are proposing an initial model for long term compensation for core team members that have contributed greatly to Badger. If the model is accepted by the community we are also suggesting to bring on 11 team members into long term either full or part time roles. We consider this critical to Badger’s future. This BIP proposes a framework for retaining long-term/core contributors and enabling them to focus on building BadgerDAO’s future.
As a reminder, the Badger Grants Program is a great first step in structuring our contributor and developer pipeline and will continue to be active going forward. We Badgers understand the sheer volume of potential and untapped talent not only within the Badger community but also in the greater DeFi ecosystem. The Grants Program will continue to be structured/formalized as the onramp for new contributors that want to get involved and over-time with good performance, they may join this longer-term core-contributor structure as well.
Excerpt from BIP 28: Badger Grants Program
The Badger Seeders and core contributors have drafted an initial framework for determining compensation for a core team to be funded by the treasury for 1 year. This framework applies to long-term, core contributors to operations and development. For roles that are more project-based or temporary in nature, they will fall under the Badger Grants Program.
The team, for compensation purposes, will be structured by 3 tiers: Senior, Mid, and Junior and divided into two categories: Operations and Development. Further, long term contributors can be in full time or part time roles with compensation adjusted accordingly.
It is important to note that there are also core contributors that we refer to as “Badger Seeders” that will not fall under this framework as they will be compensated via the initial Team allocation of BADGER and DIGG.
As of now, there are 11 core contributors that will be part of this framework.
All compensations will be distributed 50/50 in USDC/BADGER with a pegged price determined by 1) their level of contribution 2) when they began contributing. . If there are ever legal fees in relation to contributors’ work, BadgerDAO will cover these fees
For the purposes of this cohort of long-term, core contributors, I am proposing a total of $1,230,000 in stablecoins (USDC) and 138,667 in Badger to be allocated for distribution over the course of 1 year. This represents ~1.65% of the Badger Treasury to secure the core badger team for the next 12 months.
- All payments (Stable+Badger) to be paid daily through the badger tree
- $20k recurring yearly “insurance stipend” for full-time contributors. This is to cover those that will be leaving their jobs and must now procure their own health insurances
- Up to $3k in tax fees paid with proof of receipt
- Primarily an honor system for continued contributions with council of Seeders + Senior Core to determine quarterly performance levels / satisfaction
- Anybody part of “Junior” level can be considered for promotion based on performance each quarter
- Additions to the team, promotions, demotions, and retiring of contributors are subject to DAO vote
This is an initial proposal to ratify a model and secure a base of contributors to badger for the next 12 months. The model will continue to evolve through contributor and community feedback. Once there has been initial approval and implementation, there will be effort and attention put into building clearer paths for people to join as long term contributors. The grants program will continue as a way to incentivize contribution from those not part of this initial proposal.
If this proposal is approved by the community the core development team will implement all parameters outlined in phase 1 and share all relevant information with the community including new multisignature addresses. The intention would be to complete this transition shortly after the official snapshot vote if this proposal gets to that point.
If you are FOR this proposal vote FOR.
If you are NOT FOR this proposal vote AGAINST.