Name of Project:
Proposer: `Risk Labs
60k $UMA would be sent to a Adminstrative Multisig to collateralise 60k KPI options for distribution to SuperUMAn DAO members and the SuperUMAn treasury.
The feedback received from UMA tokenholders in response to the SuperUMAn funding proposal put forward to the UMA DAO, prompted the proposal to be withdrawn and reconsidered. Reflections within Risk Labs have identified some flaws in the initial approach particularly with regard to the need for additional support for the DAO to structure incentivisation targets and distribution. In particular this responsibility has led to an element of decision paralysis which has absorbed time and attention from the mission of the DAO.
This proposal is designed to remove this burden from the SuperUMAn DAO by providing DAO members with guaranteed economic incentives through a KPI option with an expiry of 3 months, based on the total value locked in Outcome contracts, collateralised with 60k in UMA to mint 60k KPI options (SU1_KPI), expiring on 30th September 2022.
- The total number of KPI options minted would be 60,000
- Each option is collateralised with 1 $UMA.
- The options will expire on 30th September 2022.
- The value of the option is determined by the total value locked in Outcome Contracts
- The options will expire to full value at 10,000 ETH locked.
Distribution of resources has also proved a challenge for the SuperUMAn DAO. This proposal recommends that the funds are sent to an administrative wallet held by Risk Labs, to mint the options.
The initial distribution of options would be conducted through SuperUMAn team-based co-ordinape rounds, with each of the 9 teams allocated 5,000 KPI options for distribution to team members. All members of the SuperUMAn DAO who hold SuperUMAn or UMAster NFTs (*) would be entitled to participate as givers in the 9 co-ordinape rounds, and all members who are part of the relevant team entitled to be recipients. The SuperUMAn DAO treasury would also be a recipient in each team round.
One these rounds are complete, the results will be collated and the KPI options will be dispersed from the Risk Labs Multisig in the relevant proportions to each DAO member and the DAO treasury.The remaining 15,000 options would be sent to the SuperUMAn DAO treasury.
This distribution would be completed by 30th June 2022.
At the time of expiry, the administrative wallet will redeem the short tokens and return any remaining collateral to the UMA DAO treasury.
The SuperUMAns have proven to be a critical element of the UMA eco-system, both in building partner relationships and establishing their autonomy through setting up an independent DAO. The dual tasks of establishing a DAO as well as fulfilling their mission “to communicate the true power of universal access to markets and its benefits to the world” has proven challenging.
This proposal adds value to the UMA DAO by supporting the SuperUMAn DAO members as the DAO grows in function, form and membership, by taking on the responsibility of incentive design and allocation.
The key deliverable is total value locked in Outcome Contracts with a goal of 10k eth locked by 30th September 2022.
Total Budget Requested
The budget requested is 60,000 $UMA sent to an administrative multisig at the address below to be used as collateral when minting the KPI options.
An advisory committee will be established to support the SuperUMAn DAO maximise the value of these options for its members.
The SuperUMAn programme was built on the back of UMA’s KPI options which provides a powerful incentive for community co-ordination toward a collective goal.
This proposal is in the spirit of “RiskLabs Vision for the UMA DAO”, which Risk Labs will continue to promote, including bringing forward future funding proposals to support the SuperUMAn DAO as they mature into a fully decentralised autonomous organisation.
*edited on 18/5/22 to add “who hold SuperUMAn or UMAster NFTs” in response to feedback from SuperUMAn DAO members.