BIP 35: Long-Term Core-Contributors

fwiw a year is a very long time in crypto

An HR should be hired ^^ but who is recruting the HR … that’s the question ! :rofl:

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Ah, yea it seems most of the conversation here could have been avoided if how the compensation was computed was clearer. That is correct. This is not setting a precedence for 7 figure compensation.

The comp is as spada mentioned - 100k-300k and a combination 50/50 stable/badger. This TC is competitive but well within the normal TC range. The badger/stock component is high because this is based on the price of badger when the core team member began making significant contributions. This is also consistent w/ how most stock packages work (they are priced at the valuation of the company when you joined). It is definitely a little awkward discussing retro-active stock grants after a project is successful. Like I mentioned before, this would be much less of a conversation if the price of Badger was still < $10.

This means that going forward, future core contributors will be offered a similar package of 100k-300k TC (based on seniority) with the stock component (badger) at some trailing TWAP (due to volatility) at their start date. Higher TC may be offered to “exceptional” candidates who can bring tremendous value to the DAO.

Performance will be assessed by the seeders and a small senior core (there is an element of both self policing and peer accountability). Core team members will be assessed on progress against the roadmap. Obviously this will have some level of subjectivity as its not uncommon to hit a variety of roadblocks when executing on a technical/operational roadmap.

I can give some background on myself and my role here at Badger. I’ve spent most of my time building platform and core infrastructure at a variety of startups/large tech companies (ride sharing/finance/cybersecurity/health etc.). Most recently I was the first/founding engineer at a high growth database startup (built from the ground up for scale - targeting specialized workloads at large tech companies).

My role at Badger up until now involved working in tandem w/ a seeding engineer to launch Digg. Went through many iterations of validation/review testing to gain confidence in the implementation. Going forward, I will be driving execution on CLAWs and various other integrations (we have quite a few in the pipeline). Some other responsibilities include strategy/security review etc.

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Thanks Shakeshack.

If core members had a short paragraph each their background and role like this I think everyone would be reassured about the proposal.

It’s looking like this might be the best team in defi.

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I’m very appreciative of your response, thank you.

I believe you will put some minds at ease here with addressing the breakdown and sharing a little about yourself. Communication from team to community has challenges and BadgerDAO has not been immune to this, but your above comment is setting a good example. As did some of @Mr_Po BIPs.

I hope that some of the other members of the team will follow your lead here and provide a little background on themselves. It helps to knit the team and community closer.

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I’ve spent most of my time in strategy & innovation consulting serving Fortune 500 clients and startups ranging virtually all major industries in multiple departments/functions. Most of my work is delivering high impact, short turn around value to client sponsors whether by designing implementation roadmaps, market sizing/GtM strategy, or organizational restructuring. My team has been responsible for one of the largest corporate acquisitions in the past 5 years and delivered greater than $100m in annual run rate savings on cash flowing synergies alone. I’ve also aided in the launch of incubators and secured funding for multiple ventures.

My contributions to BadgerDAO traces back all the way to setting up the discord itself months before people knew what Badger was. Since then, I’ve worked on every part of the DAO except for development. Aside from providing discord support, structuring our teams, pushing on most major BIPs, vetting applications/complaints/proposals, onboarding new badgers, one of my proudest contributions is having led the team for building out the BTC bridge which will come live soon. I’ve personally helped build the team from scratch and continue to leverage my network inside and outside of DeFi for the benefit of BadgerDAO.

Happy to elaborate more. Shake has asked that senior contributors provide some background/experiences in this thread, so keep an eye on for those comments coming in…

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Hey all,

A bit about myself, graduated with MS in computer science and have 5 years experience in distributed computing, web3/react development and other DAG based app development. Day job focused on digital innovation and product management, iterating quickly on proof of value projects and identifying new trends in digitization.

I have a number of roles around the DAO, mainly focused on the improvement of the app.badger.finance app, technical consulting for app integrations, off chain api development, 3rd party adaptor development and community technical question board :D.

I have been contributing to development since the launch of v1, helping with stabilization there and the development of v2. I also set up the discourse, snapshot, defipulse adaptors and am working as lead of a number of new products.

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First off, I’m very excited to keep working with Badger, theres unlimited potential here. Some background on myself:

Pre-Crypto: Econ+Philosophy major. 10+ years in tradfi fintech. Mostly at a startup making order management systems (trading, allocation, pnl, compliance, reporting, etc) (went 200-2k employees while there). Held roles in QA, Deployment, Management, and eventually launched and ran the custom development team (dev team of ~15). Was onsite at hedge funds in NY through the '08 financial crisis and seeing how the bullshit-sausage is made in the current financial system informs a lot of my motivations for working in DeFi.

Crypto: Quit my job and went full time crypto in 2018 mostly focusing on DeFi. I would consider myself a “Product and tokenomics” guy. Worked on atomica.org on a number of products (in different stages of release) for ~2 years. Extremely active DeFi user and host of DeFi Download. Founded 0confirmation.com (0 confirmation BTC trading on ethereum using renVM, live on limited mainnet). Member at metacartel and a few other DAOs.

At Badger: I have been and will continue to be very active in product management and mechanism/token design. To date I have built the models for the DIGG airdrop, Badger Boost, and Peg Based Emissions while contributing to a number of organizational and internal initiatives. I am currently working on the MEME honeypot v2, emissions overhaul, and a bunch of other things. A major focus I have right now is how to bridge community input and actual product design & development (Making BIPs real).

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Hey Everyone, been monitoring the comments here but been a bit busy to jump in yet.

Bit about me. Graduated with a degree in finance focusing on risk management and investment strategy for alternative asset classes. Spent some time building entry and mid level educational and quantitative information at an options exchange and was exploring hft firms before finding crypto in ‘16 and having a change of heart about “financial services”.

Since then I’ve worked with a number of startups as well as two non-profits doing general finance and building out investment proposals in addition to helping with community development and day to day operational decisions. Spent some time helping a community focused blockchain organization build out Opportunity Fund investment strategies.

For the last two months, pretty much every waking hour outside of my day job has been Badger. I want nothing more than to spend my entire day working on the products the DAO is working on, that is in no small part thanks to everyone who takes the time to comment here.

My goals are to ensure that the Treasury and DAO revenues are put to the most productive uses possible, ensuring diversified cash flow streams that can power the DAO for decades if not centuries. In addition to that, I believe we have an opportunity to innovate around how DAO communities manage funds.

Lastly I just want to say thanks to all I’ve interacted with so far. A community that takes time to consider and critique what’s going on means that Badger has an incredible chance to pave the way for how DAOs operate in the future. On a personal level it’s incredible to interact daily with smart and considerate people who are working towards awesome common goals.

One way or another the community has my pledge that I will continue to dedicate my time, attention, and care to what’s being built here.

We have a chance to build bitcoin banking products that last till our grandchildren’s grandchildren can use them. I think that’s beautiful and I truly think that Badger DAO has what it takes to get there.

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Hi everyone,

Out of the above I’m probably the newest member on the team - but hopefully you still know who I am!

My background is in Computer & Electrical Engineering, however I’ve focused essentially my entire career in cloud based software development. I am a full stack developer proficient in several stacks, and also bring DevOps knowledge with respect to scaling solutions for cloud applications.

I’ve been around Badger since essentially day one in a less formal role hosting and maintaining my own Badger informational site: https://sett.vision/

Additionally I have been hosting and maintaining an API for data access surrounding Badger DAO to provide information on yields and TVL to third parties such as CoinGecko and Defi Llama.

Documentation for v1 API may be found here: https://docs.sett.vision/

Moving forward, I’ll be primarily focusing on the development and maintenance of the Badger App and ecosystem API.

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With 175 votes and 87% approval, this BIP has quorum and has achieved supermajority support. Thank you all for the discussions and suggestions. Hopefully, the many of us that have chimed in have helped address most of your concerns.

With overwhelming majority support, I will be pushing this to snapshot in the next hour. Stay tuned for an updated snapshot link.

Edit:
Snapshot link
https://snapshot.page/#/badgerdao.eth/proposal/Qme2k7tbn2geSRNFpeUXoTjzgJdR1t5ELXVbKRhEM9fKMX

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You may want to add a 3rd option of “Needs more discussion” for times like this. I personally voted yes, because I do agree with the plan overall, but would have voted for more discussion. Pay is a touchy subject to begin with, and adding additional compensation or more complex payments, people get extra curious. :slight_smile:

Maybe a BIP is needed to set some baseline HR type rules. Compensation plans, bonus structures, and eligibility criteria are a few that come to mind. Could speed things up if the vote was for “Onboarding NAME using NameofCompPlan @ $$$$ per year effective MM/DD/CCYY.”

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I agree with you. Also, remembering the time and vision to create such an open DeFi community project that is pegged against Bitcoin, is something that this space needs. Lots of work has gone into a project that touches everyone worldwide, so I think the salary fits the scale of the project.

It pains me that I haven’t been more engaged in this BIP discussion and I apologize for that.

As mentioned the overarching feedback is vesting and lack of details on salary structure.

Firstly less we forget what can happen to a token value in crypto? I’ve been in the space for 8 years and things I never thought I would see happen not only happened but got much worse than expected.

We need to consider what happens when people with families that have busted their tail working multiple jobs on Badger when it was just another new project, leave their job for a full time contributor role with 50/50 BADGER/USDC compensation. I see a lot of comments about “they are making a million dollars”, guys 3 weeks ago it was 1/10 that!

The space is very unique and the volatility is unprecedented. What happens if it goes down 80%? We need to think about that side.

The fact of the matter is, these 11 core contributors made Badger what it is and without them we wouldn’t be here. In my opinion they deserve every penny of this compensation package and all the upside that will come with it.

Daily unlocking of Badger comes with the other side of the coin, the tap can be voted to turn off if there is lack of performance. That coupled with volatility of Badger price is enough in my book to not follow “traditional vesting structures”. I think it aligns the team even more.

Regardless I love the engagement here. This is what decentralized governance is all about.

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I appreciate you stepping in, better late than never.

I also love the engagement and the community we have. The reason we come here, ask questions and discuss, sometimes spirited, is because we care deeply and want to help you shape the future of Badger.

I sincerely think that our governance process could be better if the person that is introducing the BIP, comes here and discuss with us. That would help to keep the discussions focused and productive. Because we might not have the full picture - so if he comes in, answers questions and tells us what we are missing, or why he disagrees with us, then we can come together to a conclusion more easily. And perhaps the community also has a good point that can also be considered.

Now that I know what your thoughts are, I would have voted for. I voted against because nobody explained that to me and instead, the team members that did jump in, did it to oppose my ideas. That was non productive and exhausting for both.

So again, thank you.

I can only speak for myself, but I’m sure most will agree, the seeders, the core team, and even a lot of the community, have done an amazing job bringing this vision to life. We’ve all benefitted financially either from airdrops or just the appreciation of Badger, or both! The team deserves every cent! I get tired just thinking of all the work that was put into getting Badger to this point. But no mater what was released, there were people that just couldn’t be satisfied. From the hundreds or possibly thousands of badger airdrop questions, to the “wen digg?” you guys didn’t stop. You even had fun with it! :joy:

Even with the millions of questions, comments, and suggestions on this BIP, I didn’t really see anyone totally against this. To be honest, I started with just skimming through it and I stopped right at the $$$. Obviously I wasn’t the only one. That is a lot of money. Going forward, we probably need to do like we did in elementary school, show our work. Or better yet, have comp plans, salary structure, something that’s already been voted on and is only revisited annually. It could even be a committee’s responsibility to review roles and responsivities, job titles, descriptions, compensation, etc. Then that group would present any changes and we would vote on it.

This was the first “payroll” BIP and money is always a touchy subject. Overall it was obviously a success as it is currently at 97.62% for it.

I’m excited to continue to be part of Badger and I can’t wait to see what’s next, though usually lurking in the corner.

Keep up the amazing work.

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Thanks @mitche50, @jonto, @mason, @jintao, @DeFiFrog , @Spadaboom, and those who are not mentioned here for your time, sleepless nights, constant presence in the Discord channel, service and dedication!

I think I can speak for @everyone. We are truly thankful to have such a talented, innovative, communicative, dedicated, and goal-driven team to be working on the Badger ecosystem.

It’s really nice seeing you all write about yourselves. Glad to meet some of you (informally I guess through those intros :P).

I’m glad I could be a part of this from the beginning. Looking forward to growing with everyone.

Do you guys have a base in California? Perhaps we can do a meetup or something with early investors :slight_smile:

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Agreed!!! Love Badger so much

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Snapshot accepted. Closing this BIP.

Please see letter from the core team below.

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