Authors: @0xDanko, @Xeonus and @Tristan345
TL;DR
- OpCo currently holds BAL tokens that were previously designated to fulfill vesting obligations with multiple contributors with the frontend team;
- These BAL tokens are for use under direction of the DAO and, while governance has approved the transfer of these BAL to OpCo under [BIP-55], we believe that it reflects stronger governance for the tokens to reside in the DAO treasury until further governance vote;
- This proposal requests a vote to return 95,568.88 of undesignated BAL tokens to the Treasury
Context:
As our ecosystem grows and evolves, it is essential that we take a proactive approach to safeguarding our funds and using them in alignment with our shared objectives in the most effective way possible.
Under [BIP-55], the Balancer OpCo was funded and received 116,678.08 BAL tokens to fulfill grants to its staff. These tokens were intended to serve as compensation for current and future team members, with a 4-year vesting period and a 1-year cliff.
In its first year, OpCo implemented cost-saving measures and did not fully exhaust its budget. Moreover, we believe that it would be preferable for the Treasury to hold custody of these assets until they are required to fulfill the vesting contracts, as per OpCo’s frontend team budget requests during each funding cycle. This approach would ensure that the funds are utilized in a manner that aligns with the goals and objectives of the Balancer DAO community.
Additionally, this proposal would enable us to establish a clear process for managing DAO assets that enhances transparency and accountability.
For transparency, current contracts with existing team members would require 56.818,87 BAL for the next 4 funding rounds (years):
Year 2: 26.562,50 BAL
Year 3: 20.428,08 BAL
Year 4: 8.890,79 BAL
Year 5: 937,50 BAL
Specification:
This proposal requests that Balancer OpCo returns 95,568.88 BAL tokens that were not committed in Year 1. If yes, then OpCo wallet 0x3B8910F378034FD6E103Df958863e5c684072693 will transfer 95,568.88 BAL tokens to DAO Treasury 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f