iip: 075
title: Web3 Engineer - Full Time offer
status: Proposed
author: @dylan @darkforestcapital @jdcook
created: 2021-8-23
Summary
Having reviewed the applications for Web3 Engineer, we propose offering a full-time position of Web3 Engineer to @0xModene.
Abstract
The hiring team reviewed applications primarily according to ability to meet role requirements outlined in the hiring scorecard. Additionally, we considered familiarity with Index Coop code repos, prior experience working with the Engineering Working Group, and quality of past contributions. There were only a handful of applications for this role. @0xModene emerged as a clear leading candidate having demonstrated ability and determination to meet the hiring goal outlined in the scorecard.
As such we moved forward to discuss compensation, settling on the following:
Offer Terms
$12,500 USD in INDEX per month (150,000 USD per year)
0.075% of total INDEX supply (7,500) vesting over 2 years with a 6 month cliff.
Start date: September 20th 2021
These figures were arrived at using the Hiring Guidelines, Head of Analytics IIP, Smart Contract Engineer IIP and comparing to other Web3 developer salaries in DeFi.
Motivation
The motivations for this hiring are outlined in the original hiring post:
- The Index Coop is in the business of creating smart contract based financial products.
- The Index Coop itself, and its ecosystem partners are also organised and run in part on smart contracts.
- In order to access Index Coop products & DAO organization tools, some user-facing applications must be created to read & write to Index Coop smart contracts.
- Integrating smart contracts with applications of all types is a key competency the Index Coop’s engineering team must possess. At the very least, it is key to how we distribute Index Coop products.
- The purpose of this role is to build Web3 engineering expertise inside the Index Coop and ship safe & secure Web3 integrations to support Index Coop product launches, DAO maintenance, BD, growth and more.
Specification
Hire @0xModene with the following terms:
- $12,500 USD in INDEX per month
- 0.075% of total INDEX supply (7,500) over 2 years with a 6 month cliff.
- Start date 20th September 2021
As per IIP-36, the INDEX tokens will be subject to:
- Clawback - All unvested INDEX returns to the Index Coop treasury if someone leaves or the full-time contributor relationship is otherwise ended.
- Right of first refusal - Index Coop Treasury has the right of first refusal to buy-back INDEX at the prevailing market rate at that point from team members who wish to sell. The purpose of this is to limit the amount of vested INDEX reaching the open market.
Voting
FOR
- Hire @0xModene according to the terms above.
AGAINST
- Do not hire @0xModene according to the terms above.
