dAPI Team Proposal #2, February 2022 – April 2023
Team: dAPI Team
Period: 1 February 2023 – 30 April 2023 (3-months)
Amount: 395,475 USDC
Destination: Gnosis Safe (Multi-sig wallet)
Ugur - eth:0x62B8E7CD3bCb904a0335Cf4b1E8D10013b5bEFca
Aaron - eth:0xc5cC23c594B54FBA391Bd4E9604C803d17066dF1
Santiago - eth:0x918350a01A4C259FBCc94c6Fb2ca49A3753BDb86
A summary of the previous cycle can be found here.
The focus of this cycle will be on releasing Phase 1 on the mentioned chains as well as beginning work on delivering Phase 2. Scoping of Phase 2 has already begun and as outlined the previous cycles report, a lot of work has been done to lay the groundwork for all phases.
One of the things we will be introducing this cycle is signer and on-call rotations. We’re going to rotate weekly between signing duties. These duties include e.g. setting up dAPIs. Individuals who are part of this rotation need to be available to sign and/or create necessary transactions during the week that they are assigned in a timely manner. The compensation for such a week is set at 333$. Additionally, we will introduce on-call rotations, which basically means that individuals are responsible for monitoring and sanity checking our infrastructure during such a week. In the case of emergencies, it is up to this individual to identify problems and solve them, or escalate them if solving it is not possible (e.g. due to needing more signers). The compensation for such a week is set at 1000$.
Managing dAPIs across multiple chains will require the dAPI team to handle gas tokens across multiple chains, which means that we need funds to make these things happen. Additionally, we want to introduce a gas buffer that can be used to bridge the gap and act as an emergency backstop until “money starts rolling in” from managed dAPIs to the gas wallets in an efficient manner. For this reason we’re asking for 200,000 USDC to establish this gas fund, which will be held in the same dAPI team multi-sig. The immediate plan with these funds is to use 50% of them to buy ETH and operate on an ETH basis when it comes to distributing gas tokens across all the chains. The remaining 50% will be spent in the coming months to also acquire ETH, thus spreading out the buys a tiny bit. The ETH that will be held can then be swap-bridged to the respective chain and token through things like https://transferto.xyz/. The majority of funds will always be held on the dAPI team multi-sig and distributed to respective chains on an "as needed” basis, which we currently estimate to cover at least a month’s worth of potential gas usage as an emergency backstop.
There have also been some personnel adjustments in the team. Ashar is planning the upcoming ecosystem proposal together with Ben and thus will no longer be on this proposal. Additionally, the dAPI team is taking on Markus, as his work focus on the API3 DAO Dashboard has been concluded and he is being used as an active resource on the API3 Market. We also calculated with another potential hire for an individual that will help us with DevOps and interviews for this position are on-going. The remaining personnel remains unchanged.
The DAO will be kept up to date on our progress in monthly reports as well as release specific reports (e.g. Phase 1, Phase 2).
dAPI Team Budget
|Signer & On-call Duties||20,000|
|Gas Management Fund||200,000|
|Unspent from Last Cycle||8,625|
Team and Grants
|Team member||Role||Basis||Monthly Grant (USDC)|
|*Ugur||Team Lead & Product Owner||FT||4,375.00|
|*Aaron||Team Lead & Developer||FT||8,750.00|
|*Santiago||Team Lead & Developer||FT||8,750.00|
*The destination will be a multi-signature wallet address managed by Ugur, Aaron and Santiago.
Similarly to our last proposal, our expenses are minimal and should be covered by the overhead. There might be costs associated with getting tickets for ETHcc for 2-3 people that will also be covered here. There will also be expenses in the form of on-chain transactions for disbursing grants payments and such as creating proposals, which will be reimbursed. Transaction IDs will be retained for these and produced at the end of the cycle.
Any unspent amount will roll over to the next cycle. A supplementary proposal will be made if the team foresees any larger-than-estimated number of expenses.
Explanation of Proposal Parameters:
Target contract address is the USDC token contract address, which is 0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48
Target contract signature: transfer (address, uint256). This is the function to call on the target contract, which triggers a transfer of USDC tokens.
The parameters stated include the address these USDC are to be sent to, which should match the proposal address, followed by the number of USDC. USDC has 6 decimal places, and solidity is unable to deal with decimal places - hence we add 6 zeros after the proposed USDC number. The number of decimal places can be verified on the USDC contract page of Etherscan - $1.00 | USD Coin (USDC) Token Tracker | Etherscan