Say that title 5 times fast!!
So the bulk of this is from a proposal i was going to get retroactive rewards for my work but after shopping it to the Business Development team and them pointing me to the Org call yesterday I realized that this is a coop wide issue and not an edge case for me.
Basically the Coop doesn’t pay contributors well enough and there is not a defined, results-oriented process for how much a contributor should be getting and for what work. One thing I really want to emphasize in this convo which has come up elsewhere is has little INDEX the majority of most active contributors own and that we can use this as a way to expedite autonomy and governance blockers.
(twitter was really throwing the perfect tweets at me today for this post. its like they are reading my keyboard)
So basically this post changed from “pay me for this” to “pay all of us more, here’s an example why” but i haven’t modified the actual body at all.
All data as of 20.07.2021
Since just 2 weeks after the Index Coop launched I have lead our integration with the CREAM.finance lending platform. In the 10 months since then I have only been paid a total of $15,000 despite DPI on CREAM now accounting for 7% of the entire Coop’s revenue. That includes work not related to CREAM like IIP-29 for DPI Intrinsic Productivity, writing the first coop newsletter, and building the product page on the index coop website.
This is a proposal to fairly compensate me for all of the value I have provided for Index Coop and DPI with my work on CREAM.
(the picture in the tweet adds mad context. plz click. idk why it won’t show in forum )
|Oct, 2020||DPI listing proposal||DPI added to cream money market for lending/borrowing|
|Nov 2020||DPI collateral proposal||DPI allowed to take out loans at 45% LTV|
|Feb 2021||DPI/ETH LP listing proposal||Vote upcoming for CREAM listing committee|
|Feb 2021||CREAM Listing Team proposal||CREAM Listing Team created with Kiba on it|
|April 2021||CREAM Metagovernance delegate proposal||Created Index Coop MetaGovernance Committee|
|May 2021||DPI + DPI/ETH collateral proposal||DPI collateral factor increased to 60%|
|July 2021||20% of all DPI is on CREAM||¿¿INDEX is mine??|
|July 2021||Add DPI to CREAM on polygon/bsc||Vote upcoming for CREAM listing committee|
As you can see I have been very proactive on both the Coop and CREAM side to push this collaboration further. I even went so far as to modify the CREAM governance framework by creating the Listing Committee to make it easier for us to list Coop assets. This has led to DPI being one of the most supplied assets on CREAM and CREAM being the top DeFi protocol for DPI after Uniswap.
As of July, CREAM holds 20% of DPI. DPI is 34% of Coop revenue so CREAM accounts for 7% of the entire Coop’s revenue and 26% of all unincentivized TVL for DPI!
With $2k-4k in revenue per day from DPI this means CREAM generates $400-$800 in profit a day for the coop.
This doesn’t even include the DPI/ETH liquidity pool tokens that I am working on getting listed on CREAM. Once that is live these numbers could easily double. However if I am not being compensated for my work with DPI x CREAM then there is no reason for me to push for DPI/ETH LPs to be added to CREAM. I also want to get DPI listed on our L2 markets which will also help us drive liquidity there but there is not enough initial liquidity yet for us to be able to list DPI safely (been talking to BD about this)
Data Sources (20.07.2021):
DPI supply - https://duneanalytics.com/jdcook/DPI
Index Coop Revenue - https://duneanalytics.com/jdcook/Index-Coop-Revenue
Used to incentivize DPI supply and liquidity. CREAM achieves both of these by providing a productive usecase for DPI and supplying volume to LPs from liquidations. Even if we use the lowest LM rewards from latest IIP (12,785 INDEX / 69,204 DPI / month) that would mean my compensation for July alone would be 15,000 INDEX. While a direct comparison for raw DPI doesn’t work, this comparison can definitely be used for DPI/ETH LPs once they are added to CREAM.
They generate just 2% of revenue and receive 15,000 INDEX over 2 years + $5,000 per month. I have been working on CREAM for almost an entire year and generate 3.5x more revenue than the entire MVI team yet have only received 2,200 INDEX and no USD rewards. So despite having 3.5x the results I have received 90% less compensation than these fulltime contributors. (!!!)
For 9 months of work on CREAM and generating a significant amount of profit for the Coop I am requesting 15,000 INDEX as compensation.
Please keep in mind that a lot of this work was done in the first 6 months of coop when INDEX price was <$10-20 so please do not use current price for full evaluation. This is nearly a full year worth of compensation and also uses other Coop compensation packages as reference.
I think verto mentioned a revenue stream share instead of outright payment which i am fine with going forward, if coop ever decides on that structure, but that does not correct for past unpaid work which is what my proposal is about.
Feel free to discuss my request for compensation and the broader DAO efforts like shifting funding to working groups.