AADAO Core Contributors’ Monthly Base Salary/Compensation Update
October 25, 2024
Dear Cosmos Hub Community,
Writing to inform you that AADAO core contributors are effecting changes to contributors’ monthly salary/compensation structure. These changes are made to simplify their total compensation model by removing bonuses (team performance-based, individual performance-based, retention-based) to fixed USDC salaries. Due to the departure of the General Manager, contributors have also taken on additional responsibilties.
The changes to monthly base salary affects eight contributors.
Overview of Changes
- Total base salary adjustment: +$15,640
- Previous monthly base: $49,860 (8 contributors)
- New monthly base: $65,500 (8 contributors)
Funding Sources for Monthly Salary/Compensation Increases
-
Internal Reallocation
- Former GM’s (Youssef Amrani) monthly base salary of $14,500
- Redistributing funds from a vacant position (previously Youssef’s role)
- This covers 92.7% of increases for 8 contributors
-
ATOM Bonus Pool: $5,350
- Converting approximately 1,205 ATOM from the existing bonus pool (at current price of $4.44)
- This represents 1.21% of the allocated 100,000 ATOM bonus pool
- Will be distributed over a 3-month period (~402 ATOM monthly)
Key Benefits
- Standardizes compensation in USDC rather than using USDC and various bonus mechanisms disbursed in ATOM
- Eliminates variable performance/retention bonuses in favor of stable, predictable salaries
- Better aligns with market rates for similar roles
- Recognizes expanded responsibilities of team members
- Maintains fiscal responsibility by primarily using reallocated funds
These adjustments affect eight core team members and exclude the Oversight Committee (operating as a separate sub-DAO).
Please note that the Oversight Committee members have increased FTE% for October and November (35% to 50% FTE) due to additional hiring and reporting requirements as we reach the end of 2024 fiscal year.
Cheers,
Grace
