AADAO Oversight - Elected Member Updates & Reports

Conversation AADAO
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Tl;dr

Executive Summary of AADAO Transparency Report #7:

1. Financial Reports:

  • Detailed financial reporting provided for main, operational, and subDAO wallets.
  • Balance sheets, income statements, and cash flow management reports included for all wallet types.

2. Oversight Committee Election:

  • Grace Yu elected as community representative through first-ever Cosmos Hub Governance election.
  • High voter engagement; turnout around 59% for all candidates.
  • Proposal #920 for Grace received more participation (ATOM deployed in voting) than the ATOM 2.0 proposal (#82), and nearly matched the participation of the ATOM Halving proposal (#848).
  • Grace won the election with 60,856,064 ATOM, which was 5,439,569 more ATOMs than the runner-up (a 9.8% advantage).
  • 90% of “No” votes for Grace came from just three validators: Informal, Swiss Staking, and Strangelove.
  • Election highlighted need for improved voting processes and active supervision during elections.
  • Grace’s role is 35% Full-Time Equivalent (FTE) with a compensation bracket of $45 to $65 per hour

3. Transparency Initiatives:

  • Grace built GitHub repository for AADAO information.
  • “Transparency Drive” launched to publish key governance policies and foundational documents.
  • Changes made to enhance reporting clarity, including revisions to grant names for consistency.
  • 2023 Grant Retrospective published, analyzing the performance of 40 grants awarded in the inaugural year.

4. Grants Program:

  • Transition from batch system to rolling, open application process for grant review and approvals.
  • Enhanced transparency in application feedback, including sharing evaluation scores and notes with unsuccessful applicants.
  • Two-month grace period implemented for rejected reapplications to maintain integrity of the process.
- Recent Grants (Approved since May 2024)

       ATOM Creators Fund (Stargaze): $50,000 
       Brussels EthCC Cosmos Hub Event: $29,540 
       Cosmos Hub Testnet Incentive Program (renewal): $77,000 
       Developer Activation in South Korea (Ludium): $15,000 
       Economic Model for Interchain Security (PSS): $15,000 
       Frontend for the Interchain Security (PSS) Economic Model: $10,000 
       Funding IBC Gas Costs for Cosmos Hub's Relayers: $56,000 
       Incentivized Testnet for Interchain Security (ISLE): $50,000 
       La Multisig: Community Activation in LATAM: $12,000 
       Quadratic Funding Program for the AEZ: $200,000 
       Superbolt: Bringing Advanced NFTfi to the AEZ: $125,000

     Total cumulative spend (since May 2024): **$594,540**

5. Performance Bonus Structure:

  • New KPI-based bonus system introduced, with 50% based on individual performance and 50% on team-wide KPIs.
  • Team-wide KPIs include ATOM Market Cap Dominance, Service Quality Improvement, and AEZ Growth.
  • Semi-annual assessments for individual performance and annual assessments for team-wide KPIs.

6. Team Changes:

  • Jordan Andrews hired as new Venture Funding Lead.
  • Damien Bonello departed as Oversight Coordinator; position revised to 20-25% FTE.

7. Venture Funding:

  • First investment of $500,000 made in Elys Network, focusing on Interchain Security and AEZ integration.
  • Second venture funding agreement finalized, details to be provided pending disclosure authorization.

8. Tokenomics RFP Recap:

  • AADAO to take more proactive role in advancing recommendations from three grantees (Binary Builders, RMIT, Effort Capital).
  • Focus on structuring public policy conversations and drafting signaling proposals.
  • Prioritizing community education before submitting on-chain proposals.
  • DRIP module (Developer Revenue Incentivization Program) identified as initial focus for implementation.

9. Cosmoverse 2024 Temporary Loan Issue:

  • $80,000 USDC mistakenly sent to CEX Kraken address instead of grantee-controlled wallet.
  • Temporary, non-interest bearing loan of $80,000 issued to ensure uninterrupted work on the conference.
  • Oversight investigating the incident, with a comprehensive report expected by August 7-10, 2024.
  • Follow up to be provided here.
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