Season 1 Proposal

Title: Season 1 Funding
Authors: THX-IOI
Team: DAO Council
Date Created: 26th October 2021
Date Posted: 28th October 2021

Summary

This proposal introduces a specification for LondonDAO’s Season 1.

  • Season 1 will start on 1st November 2021
  • DAO Council will perform sanity checks on grant proposals requesting funds from the community treasury.
    Project submission process: https://www.notion.so/london-dao/LondonDAO-bb3fcec4c153427894d279602d5c78de
  • DAO Council will perform sanity check on funding for internal projects(e.g. The LONDON Gift burn project) and bounties during season 1.
  • DAO Council will set aside a fund of 4 ETH and 650,000 LONDON to be distributed to contributors to the DAO at the end of the season using Coordinape.
  • Retroactive funding for contributors who helped set up the DAO totalling 7.25 ETH and 1,178,125 $LONDON.

BACKGROUND

Other DAOs such as Bankless DAO have successfully used the concept of seasons to encapsulate both external and internal project grants, within a quarterly time-frame and using the lessons learnt during each season to inform the next. We believe using a similar process at LONDON DAO would be beneficial to the strength and growth of the DAO

SPECIFICATION

What are Seasons?

Grants – Funding for developers and artists.

Seasonal Projects – Internal DAO related projects (e.g. LONDON Gift Burn Project)

Contributor Rewards – Community weighted funding for
ongoing work performed within the DAO

Bounties – Funding for items posted to the bounty board.

Seasons - are three month periods that align the DAOs collective energy to a
few key objectives

  • These objectives are in the form of funded initiatives that LONDON token holders vote on before each season.
  • Projects that do not require funding or generate revenue are free to operate with minimal procedural constraints.
  • During each season, the LONDON DAO council will review and vote on proposals to fund from from the DAO Treasury.

There is no deadline for project submissions, and grants are offered on a rolling basis.

FUNDING REQUIREMENTS

Funding for Season 1 Grants

Individual grant proposals will specify their own funding requirements, it will be the council members responsibility to determine whether these requirements are sustainable, realistic, and
whether the project fits within the specifications of the grants program. Grants will be approved and funded only after due diligence has been performed.

Funding for Seasonal Projects

Similarly, funding for internal DAO projects must be acquired by using the same proposal system outlined above, the council must determine whether the project is of long term benefit for the DAO
before approving/funding.

Contributor Rewards

We believe in rewarding our community members who contribute toward the functioning of the DAO.
In order to track work performed by community members during the course of Season 1,
Coordinape will be set up and used by DAO members as a weighted indicator for the distribution of 4 ETH and 650,000 $LONDON at the end of the season.

Bounties

A bounty board will be set up for larger tasks that require completion as specified by the council, payment amount will be agreed in advanced, payable in $LONDON token after the work has been
completed. As with all funding requests, the council is expected to allocate funds appropriate to the size and difficulty of the task whilst keeping adequate token reserves in the treasury for the long
term functioning of the DAO.

Retroactive funding for DAO setup aka Season 0

It’s been roughly 3 months since the formation of LONDON DAO and the DAO has seen many contributors come and go. Given that the length of time has been roughly that of one
season, and set up was labour intensive, Season 0 funding should at minimum reflect the funding requirements of Season 1.

We think it is right to reward those who have helped bring the DAO into a working state regardless of whether those members are still with us or not. Unfortunately there is no way perform a Coordinape-like retroactive rewards structure so it is proposed that contributors are split into two categories; primary contributors and secondary contributors in an attempt to fairly compensate those that have put extra work in, whilst still compensating those who have helped a little toward a working DAO.

Season 0 proposed funding requirements:

The following primary contributors will receive and equal split of 6 ETH and 975,000
$LONDON
:

@KOFE (Spent a large portion of his time getting the DAO off the ground, started notion, discord,
council) @KOFE has opted out of the $LONDON portion of the reward and has donated it back to the treasury so it will not be sent, he will still receive 1 ETH.

@spacefe (Multiple DAO contributions, meetings, council, twitter)

@apefather (Spearheaded twitter from the get go, council)

@THX-IOI (Multiple DAO contibutions, meetings, council, proposals)

@dave4506 (Multiple DAO contributions, created LONDON Token/Gifts, council)

@mr-ash (Multiple DAO contributions, created LONDON Token/Gifts, council)

Total: 1 ETH & 162,500 LONDON each

The following secondary contributors will receive an equal split of 1.25 ETH and 203,125 $LONDON:

@eskalexia.eth (For helping figure out royalty stuff and attending meetings)
@cart_collector (For helping to calculate LP position sizes and attending meetings)

@lautaro.eth (For his work on the LONDON DAO Logos)

@JonnyRevolution(VA) (For the $LONDON themepark/ecosystem art piece)

@gabagool (aka gasgasgas, DAO contributions, council)

Total: 0.25 ETH & 40,625 LONDON each

Anyone who believes they have made contributions and haven’t been included on this list should contact the council with evidence of their work before this proposal is submitted, an announcement will be made on the discord beforehand to ensure participants are informed of the
action. Equally, anyone who believes they have been assigned an incorrect group above should also inform a member of the council.

NEXT STEPS

The council will contact the DAO members who are due rewards and acquire Ethereum addresses to send funds to. The funds will then be sent from the treasury Gnosis multi-sig.
Season 1 will commence and then conclude before 1st February 2022.
Before the end of Season 1, the processes used above will be refined using knowledge acquired during the Season to inform the creation of a Season 2 proposal.

LGTM!

This is a huge milestone; the funding values all look good to me.