Perpvangelist Funding Proposal

Proposals
1

Updates

  1. The temp check has passed:
    Snapshot

  2. The discussion period will be on until Oct 9th, and the official vote shall start on Oct 11th.

  3. The official vote is now live:
    Snapshot

- Tue, 11 Oct 2022 08:07:35 GMT
- UTC timestamp: 1665475655000
- Mainnet block number: 15723571
- Mainnet timestamp: 1665475655
- Mainnet UTC: Tue, 11 Oct 2022 08:07:35 GMT
- Optimism block number: 28643641
- Optimism timestamp: 1665475665
- Optimism UTC: Tue, 11 Oct 2022 08:07:45 GMT
- Circulating Supply: 84,759,945.102
- Circulating Voting Power: 104,276,925.936

Proposal Overview

It has been almost a year since we launched the Perpvangelist Program. As the main community building initiative, it seeks to attract and retain a wide variety of talented, enthusiastic community members. These members in turn become key drivers for community growth, engagement and maintenance.

To date, the program has been running well, but it does not yet have a stable funding source. Current funds will run out Oct, 2022.

In order to ensure the continuation of this program, we are asking the Perpetual DAO to allocate a modest monthly budget that will be used to:

  • Compensate regular community contributors for their work
  • Compensate occasional contributors who take on specific tasks
  • Provide a budget for community events and the growth of this program

Background

The “Perpvangelists” are our evangelists and ambassadors. Initially, over 800 applicants applied to the program, and the Community team and early Perpvangelist members filtered and vetted each applicant. At present, the Perpvangelist program has around 30 active contributors.

Each month, Perpvangelists’ contributions are tracked through the web3 native project management system DeWork, and at the end of each month, rewards are distributed based on their contribution via Coordinape, a collective payment system where members thank others for their work using tokens. Payments are made based on the proportion of tokens received (unsent tokens are not counted).

In its current form, the Perpvangelist Program has proven successful in strengthening our community, expanding our reach, and raising awareness about Perpetual’s unique role in DeFi.

Our Goal

As a Defi project, Perpetual Protocol relies on a healthy, vibrant community as a core component. As the protocol decentralizes, we believe the community members should include contributors, users, and beneficiaries of the project. The protocol will ultimately be owned by these individuals once it is decentralized.

In maintaining the Perpvangelist Program, we are striving to build a strong community within the Perpetual ecosystem where contributors can work autonomously and be rewarded fairly for their efforts, and as a result of everyone’s contributions, we can drive long-term and stable growth.

A second goal is to ensure the Perp community is ready and organized for the next bull run. By laying groundwork now, including establishing onboarding processes, creating evergreen content and nurturing experienced moderators, we put ourselves in a strong position for the inevitable influx of new, excited users during the next cycle.

Domains of Operation

The Perpvangelists are organized into 3 circles with the following mandates:

  1. Moderation: for moderating and managing our English Discord and Telegram channels to ensure questions or concerns are addressed, and support Perp users through support tickets
  2. Content Creation: for creating articles, videos, memes, tweets about Perpetual Protocol, including promotion of Perp related content via tweet storms, social media, Youtube, etc.
  3. International: for translating content, providing non-English support, promoting Perpetual Protocol on social media in different languages and fostering communities around the world.

Budget Ask

Total Ask 99,000 USD* (paid in PERP) - 16,500 USD / month for 6 months starting Oct, 2022

*PERP amount to be determined monthly using TWAP of the last 7 days of each month

The proposed budget has two notable aspects:

  • USD denominated reward pool
    • As PERP’s price can fluctuate significantly, we believe a stable-value reward system is key to retaining talent who may rely on this income for daily expenses.
    • Hence, we propose denominating the monthly reward pool in USD and converting the required PERP from the DAO treasury on a monthly basis using a 7 day TWAP.
  • 6 month runway
    • There is no fixed amount of PERP requested in the proposal, so we are specifying a time period of 6 months within which a new proposal must be generated. 6 months both gives us time to evaluate and prepare for the next round of funding, as well as giving Perpvangelists a reasonable sense of job security.

Budget Breakdown - $16,500/month

  • Circle owner stipends - $1800/month total
    • The Perpvangelists are organized into several circles based on their area of focus. Each circle has a circle owner tasked with managing, coordinating, and leading the group as well as running circle-hosted events. This role comes with a stipend of $600/month.
  • Monthly rewards - $7200/month total
    • Level 2 Perpvangelists are paid monthly rewards based on their contributions using Coordinape. Currently a budget of roughly $2400 per circle is shared among the circle members each month, and this proposal will formalize the per-circle budget at $2400 per month.
  • Bonus - $2000/month total
    • Monthly bonuses are available in addition to monthly rewards. The core team community managers and circle owners will decide on bonuses to be given as prizes for regular or special items such as the following, to further motivate contributors:
      • Perpvangelist of the Month (select one MVP from each circle)
      • KPI bonuses (set up KPI before the start of the month and everyone gets the bonus if the target is met)
      • Bounties or scholarships (rewards those who pay large effort on research or proposals)
      • Other non-regular bonus
  • Community events - $1000/month
    • This budget will go toward community building events like games, giveaways, outreach activities and more. E.g. trading game, trivia, poker, online board game, or more.
  • Reserved for growth - $4500/month
    • The program will accumulate a treasury to be used in the event of more circles being created, an increase in the membership, or new core contributors who are willing to take charge of improving the effectiveness of the program.
      If unused, these funds will be put toward future community development programs with a similar intent to the Perpvangelist program.

Reporting & Management

At present, the circle owners keep weekly notes and use Dework to track the progress of tasks, and the Foundation community team helps coordinate between Perpvangelists and the Foundation development, design, and marketing teams when needed.

Execution of payments and monitoring of program and individual Perpvangelist performance is handled in conjunction with circle owners and the Foundation community team. Together, we track and evaluate the program’s activities and effectiveness, as well as make sure Perpvangelists are being paid fairly.

Open to Feedback

This proposal is being used to pilot an updated governance process. This process begins with a 3 day temperature check vote (200k quorum), followed by a 7 day comment period, and finally a 7 day voting period (10% quorum).

We’re open to feedback from the community and any concerns will be taken into consideration in creating the final version and proceeding to a vote. Please leave your comments and suggestions below!

Proposed Voting Options

Option #1 - Yes do it and keep the Perpvangelist Program going!

Option #2 - Nay

Option #3 - Abstain

4 Likes
2 
* Monthly rewards - $7200/month total
* Level 2 Perpvangelists are paid monthly rewards based on their contributions using Coordinape. Currently a budget of roughly $2400 per circle is shared among the circle members each month, and this proposal will formalize the per-circle budget at $2400 per month.

The amount of $2400 seems too little for a group of contributors.

I suggest a higher amount since if a circle contains 10 contributing members or more, the median amount receive for contribution would be unfair.

1 Like
3

Kind of agreed but,

We do have this:

Bonus - $2000/month total Monthly bonuses are available in addition to monthly rewards. The core team community managers and circle owners will decide on bonuses to be given as prizes for regular or special items such as the following, to further motivate contributors:

and also >

Reserved for growth - $4500/month “The program will accumulate a treasury to be used in the event of more circles being created, an increase in the membership, or new core contributors who are willing to take charge of improving the effectiveness of the program.”

So actually, this makes that quite fair if the number of circle members number is getting increased + the most active ones get the Bonus

cc @terrarekt

1 Like
4

Bonus Rewards does not apply to all members from a single circle and only rewards when one meets a certain KPI. Which is fair.

For the regular rewards, as the circle expands, its going to be too diluted and we have cases happening before this where members who did tasks for a circle and only receive very little due to reward pool being too low and spread thinly among each member.

I believe increasing the amount for the regular rewards would give us some buffer by not touching the other pool. As we are operating on a very thin pool with increasing members overtime.

Regarding Growth Reward Pool, it is kind of vague and there’s no mention like how it will get triggered and who has the right to request use this pool to increase a certain circle reward pool. I don’t want to be too complacent and say that we can just rely on the reserve as we are going to wait for another 6 months if this snapshot passes.

My rationale is that, this would bring out the best talent from our members who really gave their all for the project and not forsake them with something they feel would be unfair. As we are going to onboard more Perpvangelist overtime.

1 Like
5

Added a note to say the 6 months of funding will commence October, 2022.

My rationale is that, this would bring out the best talent from our members who really gave their all for the project and not forsake them with something they feel would be unfair. As we are going to onboard more Perpvangelist overtime.

Thanks for the comments sir. I believe a key issue here is, how many “best talent”-level contributors do we need? Of course more is better, but my experience suggests two things: 1. most contributors seem to prefer a more casual, part-time commitment, and 2. the voters (PERP holders) don’t seem ready to splash out with funds needed to pay for more than 4-5 highly committed, talented community contributors. I think as the program grows and the protocol user base grows, the voters or treasury DAO (WIP) will see the value and allocate the budget we need.

1 Like
6

Appreciate the feedback on this @LeeKB

1. most contributors seem to prefer a more casual, part-time commitment

Concur

2. the voters (PERP holders) don’t seem ready to splash out with funds needed to pay for more than 4-5 highly committed, talented community contributors. I think as the program grows and the protocol user base grows, the voters or treasury DAO (WIP) will see the value and allocate the budget we need.

So how can a circle trigger into using the Reserve Pool when in need?

7

I agree. Some of the current Perpvangelists have been vocal & hesitant to add more contributors to the Circles, and I think with good reasons.

For example, I believe there were 18 contributors in the Content Circle this past month (which is already greatly reduced from the month before!) and yet we’re onboarding even more. Despite this number, the amount of original content that’s being created and distributed is relatively low, just a couple entries a month on average. Also, as the number of contributors increase, things start to get messy, communication becomes more difficult, and more efforts are needed in managing the team (as opposed to doing the work).

While I think it would leave a really bad taste if we start to prune less-active contributors (because people SHOULD have the freedom to contribute casually, per their schedule), I believe the current system is inefficient and may get worse as it continues to grow.

The goals under the Overview section are stated well:

  • Compensate regular community contributors for their work
  • Compensate occasional contributors who take on specific tasks

But HOW do we accomplish this is the question…

2 Likes
8

Great comments!

It seems it would be nice to allow contributors to enter/exit the circles more easily, based on their schedules and availability. I was thinking of something like if a member is inactive for 1 month, they will move out of the circle, and can re-enter any time by asking the circle owner. It would also help if Coordinape was more flexible wrt adding ppl to an epoch, e.g. if I join half way through an epoch I still get a pro-rated amount of GIVE to send out. :thinking:

9

I don’t mind that too.

And about Coordinape, I don’t see any reason why they can’t wait for the next EPOCH to join if they are willing to join back in again. Plus if they do have something that needs to be worked on, our current end of month report can be amended to accommodate them retroactively.

10

I made the suggestion to Coordinape to add this mid-epoch join feature and they liked it so who knows …

1 Like