Summary
This treasury decision is for Q1 2025, to fund Association operations with ~$826k USD equivalent (~$803K reduction from Q1 2024). The goal is to build momentum from the launch of eBTC earlier in the year and refocus on strategic planning to build future value through Treasury and Association collaboration.
Overview of request to fund the Badger Association for Q1 2025:
Accounting for Q4 variances, the actual request in tokens is as follows:
Contractor Fees
100% of the Contractor Fees category is related to product development, software engineering, smart contract development, security and risk management, and the operations. Reduced due to less contractors this quarter.
Consulting Fees
FinOps, BALCO, systems, and security costs. Main reduction areas are due to less auditing requirements.
Marketing Fees
Marketing fees have been reduced due to the priority for Strategic Planning from the Treasury and Association. Strategy will drive the go-to-market strategy.
Audit Expenses
Slightly lower this quarter in anticipation of development timelines. These are contractors such as Guardrail, Hypernative, Spearbit and so forth (security, web2 and web3 monitoring, and alerts).
Legal and Administrative Fees
Legal increased due request for information on governance issues. Travel is reduced. Legal expenses are optimized in anticipation of any potential requests or clarifications but may not be used entirely.
Product and Commercial Milestone
The following product initiatives were presented to the Treasury for approval and prioritization and the work will be signed off and determined for delivery based on continued collaboration between the Treasury and Association. Please note that not all of these initiatives will be developed in Q1 and are just recommendations waiting for approval.
- steBTC V1 - Integrations and general release to public
- Lending Protocols Integrations (Morpho, Reserve, Notional)
- Bitcoin Stability Module (BSM)
- Cross-chain Strategy Integrations
Technical development milestone
Web3
- Complete BSM implementation and go through audit
- Optimism deployment with Lido rebasing wstETH wrapper
- Collateral adapter for Reserve Protocol integration
Web2
- steBTC Improvements - personal yield calculation
- Implement BSM UI
- Subgraph and SDK for Optimism
- eBTC Safe App: Enable eBTC for use directly from the safe app.
Operational milestone - Execute transparency plan
The Association will continue to share Association insights provided through updates and reporting:
- Technical development progress against roadmap
- Product, operations and growth updates
- Financial performance (i.e. budget vs actuals commentary)
