[RCC-1] Apr 1, 2022 - June 30, 2022 Budget Request

To add my thoughts here. This is a critical piece of internal ops for a few of the teams, bizdev included.

Talent retention is going to be incredibly valuable going forward. Making sure that Lido as a DAO is able to offer competitive compensation while mitigating the risks of these new collaborative structures will allow us to stay competitive through the next wave of adoption.

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I’m more than pro the proposal!
With more FTEs working for Lido DAO managing comp payments, as well as other expenditures through Aragon votes would get tough soon.

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Just in case, confirmation for my address: https://twitter.com/victor_suzdalev/status/1511616853658976256

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Likewise for mine

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Verification of my address:

https://twitter.com/chaingenius/status/1511733659493179394

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Address verification: https://twitter.com/Aureliushl/status/1511738464080912388

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AD’s address verification: https://twitter.com/AD_1508/status/1511733450360905732

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Snapshot voting is live: Snapshot

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The snapshot has concluded in favour of setting up the RCC, hurray!

Verification of my address:

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RCC onboarded zuzu_eeka as ops manager, making the multisig 3/6. Looking forward to make it 4/7 now.

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The poll has overwhelmingly passed on Snapshot with 96M LDO voting for the proposal: Snapshot

We will now move to an Aragon vote ASAP

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An FYI for folks here:

RCC members asked for LEGO to backstop a series of expenses that we needed to expedite faster than the RCC multisig would be funded by the DAO (if votes were to pass through Snapshot and Aragon).

The table below depicts a rough estimate of the various expense items that this funding grant would aim to cover:

LEGO Council approved the funding request per this transaction: Ethereum Transaction Hash (Txhash) Details | Etherscan

The first of these invoices has been paid for ETHDay / DeFi Day Sponsorship to CryptoCanal through the RCC multisig: Ethereum Transaction Hash (Txhash) Details | Etherscan

The remaining funds will be dispersed over the coming days, and all expenditures other than the two sponsorships will be refunded to LEGO by the RCC once it is funded as these items should now fall under the RCC’s purview.

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The Aragon voting process for the RCC’s April 1, 2022 - June 30, 2022 Budget Request was successful and resulted in 363.41 stETH being transferred from the Lido DAO Treasury to the RCC Multisig wallet: Ethereum Transaction Hash (Txhash) Details | Etherscan

The first order of operation will be converting the stETH into USDC (the more common currency of receipt for most invoices; if others object we could go with DAI instead). Members of the RCC will soon meet on a Zoom call to discuss operations and transparency initiatives around the RCC. We will be as open and transparent on a continuous basis as possible around the usage of funds and will tracking how funds are used per the budget breakdown that was outlined in the original proposal.

Thank you to the Lido DAO for helping us push this through and relieving the team of operational friction that has slowed down contributors for significant time now.

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UPDATE:

This week, Lido contributors agreed to convert the stETH received into 1,030,874.48 DAI. The swap transaction is found here: Ethereum Transaction Hash (Txhash) Details | Etherscan

Minutes ago, roughly $170K in DAI was sent out to cover for compensations, departmental/personal/event related expenses, and legal costs for March and April. The batch transaction is found here: Ethereum Transaction Hash (Txhash) Details | Etherscan

Most of these transactions fell in alignment with the budget proposed in the initial proposal, however, given how difficult forecasting finances for a project like Lido is at this point in time, a few minor items were unexpected and would instead fall under a new department that is being formed by me [contingent on DAO approval for me in this role and the formation of a department] for Operations. A separate proposal will be made at a later time to top up the RCC and include a new Operations department for this (and future) quarters, likely amending the yearly budget. The expenses primarily had to do with Lido’s legal structuring work in accordance with the RFP submitted about two months ago. The Legal Counsel we engaged with did a tremendous job and delivered a legal structuring plan for Lido to interface with the real world in a modular, phased, and easily-governed way. I will be sharing more details regarding this in due course.

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@Aurelius
Could you provide some insight how how these expenses are being funded?
As in, does the RCC multisig fund all these expenses or is this a more general budget that might be funded from other DAO owned wallets.

For instance, I know the LEGO multisig historically has funded quite a bit of marketing expenses.

I am also curious how you would define the finance multisig and how a decision is made to fund one of these functions from the RCC vs the Finance multisig?

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LEGO funded some of these items before the funds arrived in the multisig / before RCC was formed because those items were urgent. This budget is for Marketing, NOM, and BD, and all expenses related to those departments are paid for by RCC.

Hang on w/r/t budget questions until tomorrow - we’ve been working on something that we’ll publish ASAP.

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We had “ops finance multisig”, but use dedicated tracks for 99% of ops things for now: namely, referral payments, deposit gas costs & RCC wallet

hi! wondering if this clarification on budget questions was posted? I can’t find it in the forums. Thanks!

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Not yet! A couple more days. thanks for your patience

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