Finalize (accept or reject) the deal with Opolis based on updated terms, integrate b assets into their payroll system.
Final community decision ($WORK launched 4/22/21)
TL;DR: Although BIP-49, which asked the community for team negotiating power over a deal with Web3-PEO Opolis, passed the forum vote with a supermajority, a number of well thought out responses prevented the deal from moving forward. The core team took the opportunity to step back and reexamine the deal.
Herein are updated terms discussed between members of Badger Core and Opolis based on the thoughtful feedback received on the original BIP.
This is the last time the Opolis deal will be presented to the community, so a “No” vote here would be final.
Summary of BadgerDAO Forum “No Vote” Feedback from BIP 49:
- Payroll is not part of our mission to “Bring BTC to DeFi”
- Team lacks time, resources, and expertise to evaluate and “lead” a deal
- “Lead” investing will attract the wrong attention to Badger
- Deal Terms were not clear enough to be easily understood by community members.
- Implied valuation of $WORK didn’t make sense
- $2M was deemed too high a sum
- “Sell pressure” concerns around funding the deal in $BADGER or other native assets
Addressing each point in order:
- Increasing access to Bitcoin banking products is our mission. Allowing any sovereign worker to access our products quickly and painlessly fits within that mandate.
- The deal is a very small lift from the Badger side and Badger will by no means be the “lead” investor, instead investing alongside 10-15 other DeFi and DAO participants.
- The contribution by Badger has been reduced and the allocation of $WORK received has increased, making the valuation a bit more palatable. (covered in detail below)
- The deal has been modified to reduce any potential BADGER sell pressure
1. Grant to Opolis
- BadgerDAO makes a $1M community grant to Opolis
- 50% USDC (unlocked), 20% wBTC (unlocked), 30% Badger (unlocked on a 4-year vesting schedule)
- $WORK Rewards to BadgerDAO Treasury
- 9,350,000 $WORK Rewards from Genesis Allocation Vesting Pool
- 20% vested/unlocked immediately; 80% vested via 4-year stream
- 1,675,000 $WORK Rewards from Genesis Allocation Coalition Vested Pool
- Unlocked and Vested 100%
11,025,000 $WORK Rewards in Total from the Genesis Allocation
3,545,000 Unlocked $WORK; 7,480,000 4-Year Vest
- 9.05% of the Total Unlocked Non-Treasury Genesis Supply
- 4.73% of the Total Unlocked Genesis Supply
- 3.5% of the Total Genesis Allocation
- $WORK locked in treasuries is precluded from staking as to not take from the community
- $WORK locked in treasuries will be held for at least one year except as deemed strategically necessary by the Board of Stewards
- 3,545,000 Unlocked $WORK; 7,480,000 4-Year Vest
Strategic Ally Council
- ~15 DeFi/DAO ecosystem Strategic Allies are participating in the Opolis investment/grants round of $4-6M. The round is in the process of closing now.
- Up to 9 Strategic Allies will be part of a Strategic Allies Council (SAC) to assist with promoting Opolis and $WORK throughout the ecosystem.
- BadgerDAO will allocate one representative to the SAC which will meet once a month.
- Some examples of Strategic Allies in the Round are: MetaCartel Ventures, dxDAO Ventures, Pickle Finance.
Badger Community Rewards
- BadgerDAO community members who become an Opolis Employee or Coalition Member receive a Member Bonus of 5000 $WORK in addition to any other Member incentives.
- Individual Badgers will also earn $WORK for their individual consumption, referrals and staking through Payroll Mining growth milestones.
The DAO’s that succeed over the next few decades will do so for a few reasons: 1) they’re product focused and continually skate to where the puck is going. 2) they effectively use their balance sheet to continue to grow their business.
The decision being made here takes both of these into account and allows us to leverage our native assets in the most effective manner possible