This proposal aims to direct 540,000 PNT tokens a month of the DAO Treasury towards a 4-months grant to the core team to further develop and grow the pNetwork protocol.
The budget allocation would be effective for 4 months, it would be fixed in the number of PNT tokens and taken from the DAO Treasury (budget allocations for the following months would be decided by the pNetwork DAO via further proposals).
The entire proposal is available for review here.
As the pNetwork protocol generates fees from cross-chain operations, in the future the team will be able to sustain itself by using its token allocation to run pNetwork nodes.
Until then, this proposal is aimed at directing part of the DAO Treasury to help sustain operating costs for growing and developing the protocol. PIP 19 aims to finance the core team for a time-limited period of 4 months using 540,000 PNT/month of the DAO Treasury’s budget.
A number of major projects have token amounts set aside for operations and protocol improvements. This allows them to remain exposed to the project’s journey while being able to cover for running costs.
PIP-19 proposes to direct 540,000 PNT/month of the DAO Treasury’s budget towards a 4-months grant to the core team to further develop and grow the pNetwork protocol as explained in its entirety in the deck here. After the 4-months, a new DAO proposal would be opened to decide where to allocate funding for the following pNetwork-related building activities.
According to Banklesshq.com, treasuries help DAOs fund critical development, grow their network, express their values and increase their longevity. The goal of treasury spending is to reward core contributors and attract the right set of new contributors. Projects like Yearn, 1Inch, Bancor and many others have allocated a relevant portion (up to 22% of the total supply) of their DAO Treasury to sustain and grow the team behind their project. Details and team grant comparisons are presented in the complete proposal available here.
As approved by PIP-17, the DAO Treasury is now being replenished creating a budget for the DAO to dedicate to the further development and growth of pNetwork.This proposal would direct the DAO Treasury to fund key individuals and teams that contribute to the development of the pNetwork protocol, starting from the core team.
If approved, the core team would be attributed funding from the DAO Treasury for a period of 4 months with the scope of growing and further building the pNetwork protocol and ecosystem.
The proposal would have immediate effect and the funds would be used to finance the development costs for the months of September, October, November and December 2022. Current monthly costs for the pNetwork core team are ~$ 130,000 - a breakdown of costs is available for review here.
Assuming a PNT token price of $ 0.24, the grant approved by PIP 19 would allow for full team sustainability over that 4-months period.
Should the token price go below that threshold, other funding sources will need to be leveraged to maintain the current team size.
At the end of the period, the DAO would be able to decide how to manage its Treasury for the following period (including potentially renewing or interrupting funding for the core team).
A more detailed explanation of the proposal is available here.
Join the discussion of this proposal on the community channels.