Balancer Grants DAO Service Provider Proposal
Overview
This proposal is to continue Balancer Grants within the Balancer DAO, as an independent community-owned grants program for the Balancer ecosystem as a Service Provider (SP). The program aims to accelerate the development of the BAL ecosystem while optimizing contributor rewards in the Balancer ecosystem. Grants are an alternative pathway for projects aimed at funding smaller, short term or one off projects up to $100k USD that don’t fit the Foundation Service Provider funding model.
Given the increase in BAL price since the previous request, there is no additional funding requested from the Balancer DAO treasury for the grants budget for Q4 2022, however this proposal seeks approval for the budget detailed below.
The current Balancer Grants team has been working together under the previous snapshot proposal passed on July 4, 2022. To date, the grants program has successfully delivered 5 waves of funding and mentoring, expanding the Balancer ecosystem by encouraging building to increase TVL. This proposal is to continue the operation of the grants program as per BIP-22, changes to this are outlined below.
Domain of Operation
The grant program provides support and funding (up to $100K USD, paid in BAL) to projects committed to supporting Balancer Protocol in achieving its mission to become the number one source of liquidity for DeFi. This program is made for groups and individuals that aspire to run a project that builds on the Balancer Protocol or supports the development of the Balancer ecosystem. While the Foundation SP model is aimed at long term engagements or those with a cost beyond $100k USD, grants are an alternative pathway aimed at funding smaller, short term or one off projects.
The Balancer Grants DAO Service Provider will be operated by the Grants Committee, a group of diverse and experienced Balancer contributors. More details on the Grants Committee can be found further in this proposal.
Grants Committee
The Grants Committee consists of dedicated Balancer contributors with strong analytical and support backgrounds.
Mitch Burns - Committee Co-Lead
Zen Dragon - Committee Co-Lead
Jay Napier - Committee Member/Mentor
John Grant - Committee Member/Mentor
Mike B - Committee Member/Mentor
Xeonus - Committee Member/Mentor
ZeKraken - Committee Member/Mentor
The Grants Committee will work closely with Balancer Labs, Orb Collective and Ballers to amplify and support grantees.
By having a dedicated and diverse group of committee members and proactively working together with other ecosystem partners, Balancer Grants are set out to be one of the most effective grants programs in DeFi.
Length of Engagement and Budget breakdown
This budget contains all costs for the full operations of the Balancer Grants DAO for the period October 1st, 2022 until December 31st, 2022. At the end of this cycle (December 31st), any unallocated resources will be sent back to the Balancer Treasury or kept to offset the next epoch budget request. A new proposal for the next cycle will be submitted at the end of this cycle.
Once remaining USDC in grants treasury is spent on grants committee compensation, future compensation will be paid out in BAL instead of USDC to assist the DAO in becoming sustainable from protocol fees. Due to the inconsistent nature of grants and the associated workload, grants team members will self-assess their level of contribution against defined Tiers each month to determine their compensation which is reviewed by the grants co-leads and committee.
Tiers are:
Committee Lead / Major Contribution - $5,000 USD paid in BAL - significant administration of grants docs, prepare and present monthly reports/community calls, wave round up, grantee announcements, budget preparation and SP proposals, .
High Level Contributor - $3,500 USD paid in BAL - as per Low Contributor plus mentor 5+ low assistance grantees or 3+ high assistance grantees.
Medium Level Contributor - $2,500 USD paid in BAL - as per Low Contributor plus mentor 2-3 low assistance grantees or 1-2 high assistance grantees.
Low Level Contributor - $1,250 USD paid in BAL - contribute to weekly grants meeting, follow up call for 1-2 grant applications, mentor at least 1 grantee with low level assistance required (generally self-sufficient grantee with no major coordination with BLabs).
| Name | Amount in BAL/USD | Description |
|---|---|---|
| Q4 Grants | 95k BAL ($475k USD @ $5.00 USD/BAL) | To be rewarded to grantees based on milestones following the full Grants review process. For sub $5k USD contributions a light review process will be utilized. |
| 2 Grant co-lead | $5k x 2 x 3 months / $5.00 = 6,000 BAL | The Grants Lead role is split between 2 co-leads. Roles takes ownership of the establishment and operations of the Balancer Grant processes. The co-leads are responsible for coordinating with Committee Members, scheduling and hosting meetings, maintaining Medium and Notion pages and leading the post grants report. |
| 5 committee members | $2.5k average x 5 x 3 months / $5.00 = 7,500 BAL | Commit to supporting & reviewing up to 10 hours a week and mentoring up to 5 hours a week each month |
| Other Program Expenses | 600BAL | Any other program expenses that may be required for the smooth execution of the grants program. This may include (but is not limited to) to design, media, PR, research, legal, gas fees or any other specialized functions outside the skillset of the committee |
| Total Budget request for quarter | 109,100 BAL |
Service Provider Pledge
The Grant DAO service provider agrees to operate under the existing Balancer DAO’s Code of Conduct, as listed here
The Grant DAO service also pledges to be held accountable by the Balancer Token Holder in accordance with the Balancer DAO Accountability Guidelines. This will include the Grant’s Committee:
- Holding an open community call monthly and keeping a recording available for 3 months
- Developing a monthly report detailing key objective progress which is posted to the Balancer Forum
- Attending the internal monthly DAO meeting (mandatory attendance by a least 1 representative)
Specification
There is no on-chain action required. If approved, the Grants Committee multi-sig (currently 3 out of 6) will continue to operate with the remaining funds from Wave 5 in the Grants treasury (0xE2c91f3409Ad6d8cE3a2E2eb330790398CB23597) carried over and approved to be delegated to the grantees. All transactions will be recorded in a Sheet and summarized at the end of the Grants Cycle.
ETH Address to Receive Funds
Not required, sufficient budget due to significant increase in BAL price since July and remaining balance from Wave 5.
Current Treasury Balance ~ 148,373 BAL
Committed BAL ~ 38,366 BAL @ $5.00 USD
Uncommitted BAL in treasury ~110,008 BAL.
