FOR APWG, all members have clearly demonstrated their commitments and capabilities. Looking forward to their continued hard work driving adoption and growth across APAC. hh
I’m really excited to see what happens as we go from APAC being in and around every WG to becoming ‘APWG’. Not only does regional demand dictate that the initiative is timely, but the growth ahead of formalizing these efforts has inspired BDWG to target 3 additional regions for expansion. To say that the WG and pod leads identified here have a demonstrated track-record of performing at an extremely high-level is an understatement - despite being on the opposite side of the world my requests have been addressed in minutes and with a level of intention and care that has helped shaped my own standards. This is just such a great example of how to rally and organize toward immense impact; a true credit to all APAC contributors and leaders. I will support this new WG in every way I can and will be voting ‘FOR’.
Edits to WG Lead stipend, proposed budget and strategic target, to reflect that the APWG lead stipend is inclusive of all rewardable COOP work based on 55 hours per week
@lee0007 just curious where this standard came from?
I think, adding column names like nov, dec, jan would be helpful.
Edited. Thanks for pointing that out ser… FYI Q4 starts October… so its Oct/Nov/Dec…
For the first question, will leave @lee0007 to elaborate.
Poll added to the post. This poll is the “final poll” as per IIP-85 @gregdocter. Thank you
Tagging @mel.eth for sCoop!!
A grouping that has been in the making for a while. Great to see it proposed and looking forward to it getting to work in a full capacity! A fab five! Go APWG!
Hi Don, I’m not aware of any standard for contributor rewards except around FTE employees. This is simply drawn from the conversation above,
That said, I would like to thank the team @Hammad1412 @teewhy for the newly automated contributor rewards process and hope that with significantly less time required to collate/process rewards there will be more time - in combination with the Index 2.0 conversations - to establish standards and provide needed transparency around contributor rewards.
Hi @lee0007 thank you for the kind words! Have only just got around to reading this proposal, but I am fully supportive of this group. The value you guys are adding is immense and with a large geographical area such as APAC to target creating a dedicated team including driven and impactful contributors like yourself and all the other guys is what is needed.
I will try and provide some clarity around this being part of the contributor rewards process. You can breakdown the rewards for contributors into three categories atm:
Full-time contribution compensation
15,000 tokens vested over 24 months, with a 6-month cliff (625 Index per month) and an additional $5,000-$10,000 monthly stipend paid in Index on a 20 day moving average OR in USDC.
Working Group Lead + extra
Fixed stipend in $ or Index. Extra work tagged to relevant working groups and awarded a reward in $ (paid in Index on a 20 day moving average) by the working group lead of the respective group, which is paid out on top of any fixed stipend.
Tag work to relevant working groups, which is then reviewed by the working group lead and assigned a reward in $ (paid in Index on a 20 day moving average).
Please note this is a topic which is being worked on as part of the Index 2.0 Owl & Compensation workshop for community feedback and input so stay tuned for that as the team are currently in the process of drafting out a post for the community.
Thanks for providing this outline @Hammad1412 this does reflect the full extent of the information I could find. I am aware contributor rewards are a significant rising cost, and imo we need to balance the incentive to work (add value) with the need to minimise cost &/or operate more cost-effectively. I am hopeful that the Index 2.0 Future of Finance process will help us to improve transparency around contributor rewards (INDEX & $) in relation to time & value.
To make sure I am understanding this correctly, the total budget request is however the following math works out:
112,669 USDC + (1120 INDEX * $/INDEX)
Using the current price of $31.92 merely as an example to try to ensure my understanding
112,669 USDC + (1120 INDEX * $31.92) = $148,419
Of the $112,669 USDC
- $77,919 would be held by the FC wallet
- $34,750 would be sent to a potential APWG wallet
Am I getting all that correct? What am i getting wrong if not?
Yes. That is correct. Followed the format from BDWG III proposal. But apologies if it wasn’t clear.
Hope that clarifies it. Let us know if you need further clarification, Ser. Cheers~
EDIT #1 : for further clarification; @gregdocter
$112,669 (Is a combination of USDC: $48,030 + INDEX at 20-day TWAP: $64,639)
FC Wallet will held all “INDEX at 20-day TWAP: $64,639” + USDC $13,280
USDC $34,750 would be sent to a potential APWG wallet
EDIT #2 : @lee0007 next reply is the CONFIRMED allocation. Thanks Renee
Lol confusion much? Would love to see $ all accounted for in a single denomination but I have triple checked as I thought I may have made a mistake in the proposal xls TRUE function proves its worth. @gregdocter @pujimak_in note guys I do not know what the TWAP means (guessing trade-weighted average price?) so I for my own purposes I’ve simplified this 20 Day Moving Average (20 MA) which is my placeholder for whatever it needs to mean
|Total Fixed Index||1120||FC|
|Contributor 20 MA INDEX||$60,639||FC|
|Total $ HR||$77,919||FC|
|Operations USDC||$30,750||Multi Sig|
|Operations 20 MA INDEX||$4,000||Multi Sig|
|Total $ Ops||$34,750||Multi Sig|
|Totals Fixed INDEX||1120||-|
Announcement Final Vote is NOW closed;
As per IIP-85;
As Co-Author of the original post, the result for the Establishment of APWG is 97% FOR and 3% AGAINST. With a total of 33 Votes recorded.
As the Final Vote completes the required parameters, the establishment of APWG is a go. Congrats Asia + Pacific team!!
Have a blessed weekend!!
Monday onwards comes the “real” work begins. Let’s do this.
Thanks for confirming this.
What is the address of the multi-sig that will be used?
Hi @gregdocter , will confirm on the multi sig address soon. As needed to set this up.
Parroting this back slightly differently…
Fixed INDEX: 1120
USDC: 48,030 (17,280 + 30,750)
$ as INDEX: 64,639 ($60,639 + 4,000)
Please find the address below our APWG MultiSig
Here’s a url link to it as well; APWG MS
The following reallocation of budget applies changes to the WGL lead stipend with calculations now based on 40 hours per week as opposed to 55 hours per week. This reduces the total WGL stipend from 11k to 8k equivalent. The bulk of the difference has been redistributed to core and community rewards pools. However as the number of the core is also reduced by one, this section of the budget is now $321 less than the approved budget. CC @Hammad1412 Applied for Nov & Dec 2021reward allocations
|Core Contributor INDEX||160||240||240||640|
|Strategic Contributions USDC||$1,760||$1,960||$1,960||$5,680|
|Contributor Job Rewards||$1,440||$1,584||$1,742||$4,766|
It may be evident to people from the outside looking in that APWG has its public disagreements. What is not seen however is the way that our approach to radical candour allows us to challenge directly while caring personally, so that we can resolve conflict in constructive ways.
Thank you and honourable mention to @pujimak_in that in service to his team, in recognition that we are building APWG together and in response to some directly challenging feedback our working group lead agreed to rebalance the distribution of community rewards. IMO this is exactly what servant leadership looks like.