Dai Proposal: Token Payment Plan (Team Retention Net/Team Incentive)
DESCRIPTION
As HOPR is progressing at a great rate and the current team is working well together it is important to avoid any disturbances in current business operations. A well-earned incentive would see staff rewarded for their current efforts and a lock-up period would implore staff to stay with HOPR for longer periods.
The TPP allows the HOPR team to be paid in Dai accumulated from the LP fees.
JUSTIFICATION
The TPP will incentivize new and old staff members to remain with HOPR for longer periods of time. Stability and long term commitment from the team will ensure that the roadmap is on track and that all deadlines are met on time.
IMPLEMENTATION
For tokens to be issued under the TPP, the tokens are held under a 1-year lock-up period in a smart contract (like the current staking one) during which time they cannot be traded.
(Potentially when staking is moved to node running, HOPR can keep the current staking UI to lock employees’ tokens.)
The tokens would be evenly allocated to team members for a fair distribution after each lock-up period.
New Employees would need to be with HOPR for a minimum 3 months to be eligible for the TPP.
The TPP will be reviewed annually by the DOA, generally in September of each year, and may be increased or decreased as a result.
The TPP should not be looked at as a regular source of income or bonus for staff, more as a reward given by the DOA. Upon review in September each year the DOA could decide to allocate the funds elsewhere that may benefit the DOA or HOPR.
BUDGET
100% of the Dai accumulated from the LP fees would be used to pay employees through the TPP.
Every 6 months employees will have their equal share from the fees gathered put into the TPP staking UI. Which would then be released into their addresses after the 1 year lock-up is complete.
i like the idea. perhaps you could also include some sort of rule where if product (mainnet) is delivered on time the locking period is decreased! what do you think?
Sounds like a good idea. I feel though if they release the mainnet on time it will attract more investors. Which in turn would provide more liquidity, which would create more fees earned so higher payout for the team as well.
If you offer for tokens to be released sooner if the mainnet is completed earlier or on time you run the risk of the project being rushed.
The idea is to have the HOPR team be financially secure and in the best headspace as possible so they can tackle HOPR full time all the time. Incentives are there to drive the team and get them all pushing to a common goal. In the Crypto ecosystem $300,000 isn’t a lot and split amongst the team would only amount to an extra $20,000 to each salary
the purpose is not to rush, it just an extra incentive if it’s delivered on time. I agree they should prioritize quality and as you say in your proposal there’s always that locking period
Just to add here that yes, most of our current team members have token allocations which vest over 4 years. And sadly (or not?) nobody is earning anywhere near $300k at HOPR ;-)
If this happens, my only add is that if they are rewarded on a monthly? basis, then each month allocation is subject to a year lock up, and if they leave they forfeit the tokens, like company share options.
I’d say they would review the fees accumulated every six months and yes then be locked for a year.
You’re right, I took inspiration from share options that some companies offer.
If it were to be forfeited the Dai would just be added into the next lot of accumulations as I don’t believe the smart contract would be able to then evenly spread out amongst the “new” amount of team members.
More Devs is a good idea, that way senior devs here can streamline things for themselves. Other people have made proposals for that. My proposal here is in regards to rewarding the team.
I’ve made another proposal about hiring more staff for marketing to get the real world use cases flowing.
Thanks for the proposal @Lukey. I’ve tagged it as incomplete for now. Please see the validity rules here for more information.
I don’t think this is far off from being valid, but I’d need to see more clarity on the implementation and budget points (for example, my assumption from followup comments is this proposal is for 100% of the DAI budget, but if so that should be specified).
I think the team has a plan already regarding their finances, salary etc. I think there is still work to be done on HOPR and this fund should be used for that. The Team is doing a great job no doubt about it but there is still work to be done. There are areas like marketing that these funds would greatly improve for HOPR.