Change log 1: AADAO is abandoning the idea of a signaling proposal to extend the mandate to December 2nd and will end its mandate as expected on November 12th, 2023
Change log 2: We’ll pause applications on Sept 5th and not Sept 1st like previously announced
Hello $ATOM Community,
The ATOM Accelerator, also known as the AADAO, has embarked on a transformative six-month journey. As our initial term is set to conclude on November 12th, 2023, we’re excited to share our progress.
1. Our Achievements
Over the past months, we’ve made significant strides:
- A major highlight has been our involvement in the Tokenomics RFP. This project, much anticipated by the community, promises to be transformative and revamp the ATOM tokenomics and the Cosmos Hub governance;
- We’ve meticulously reviewed 167 applications, out of which 22 projects have been greenlit. This translates to a total disbursement to date of 110,601 ATOM or $925K. See Chart 1 - Applications for monthly details;
- Our collaboration initiatives have been fruitful, with notable partnerships such as the AEZ Accelerator in tandem with Neutron DAO and Long Hash Accelerator;
- The stATOM-ATOM LP of 450,000 ATOM on behalf of the Cosmos Hub, resulting in the first ever deployment of Protocol Owned Liquidity from the Cosmos Hub;
- Co-funding partnership with Osmosis Grant Program (OGP) which gave birth to the funding of Mesh Security, an initiative that could constitute a pivotal moment in the shared security landscape within the Interchain;
- We’ve provided funding for the Metamask Snaps initiative by Mystic Labs, potentially bringing a massive Cosmos exposure to Ethereum users;
- Financially, we’ve earmarked $774K (92,600 ATOM) for distribution upon the completion of project milestones. With our current funds standing at $3.77M (451,173 ATOM at $8.36/ATOM). The average amount of AADAO grants is $92K.
We’re optimistic about ending this 10-months mandate with a balance of 200k ATOM, which would represent 41% of the original allocation of 588,000 ATOM.
Chart 1 - Applications as of August 12, 2023
Chart 2 - Assets distribution
The total assets held by AADAO as of Aug 16, 2023: US$ 3,726,301. See allocation below.
See Appendix 1 for the Main Wallet and Appendix 2 for the Secondary Wallet details.
2. Addressing our Challenges and Ensuring Quality
To uphold the quality of our review process and ensure each application receives the attention it deserves, we’ve decided to temporarily halt new grant applications on September 1st, 2023. This pause ensures that we can adequately wrap-up the mandate in the event of not being re-elected.
We’ve successfully processed 129 applications and we have a current backlog of 38 applications which we believe will climb to 60 applications by the end of August. We process an average of 25 applications per month. Our goal is to close out this application processing phase of current and new applications with the same rigor we’ve maintained throughout our term. We’ll reopen applications if our mandate is renewed by the Cosmos Hub community.
3. Strengthening our Team for the Next Phase
In addition to our regular grant making, the two program manager’s have been actively driving high value-add initiatives such as the Tokenomics RFP, the Stride LP custody on behalf of the Cosmos Hub and the Metamask Snaps by Mystic Labs grant. Such grants and collaborations put significant but worthwhile pressure on AADAO bandwidth and resources.
Recognizing the need to bolster our operational efficiency for the next phase, we’re considering the addition of a Grant Lead as the appetite for grant application, strategic partnerships (such as AEZ Accelerator and Osmosis Grant Program) and targeted RFPs continues to grow.
4. Extending our Mandate
Given the momentum we’ve built and the tasks ahead, we propose an extension of our term from November 12th, 2023 to December 2nd, 2023. This three week extension will allow us to:
- Process the application backlog
- Actively monitor current projects’ milestones and audit quality of deliverables before payout
- Ensure there’s no operational gap in AADAO’s presence
- Refine the DAO structure and operations for the upcoming term.
- A signaling proposal with the suggested next steps will be posted 7 days from today.
- On December 2nd, 2023, our end of mandate report as well as a forum post outlining our vision for the mandate renewal will be posted.
- By December 9th, 2023, the comprehensive spending proposal will go on chain.
Your feedback has been the cornerstone of our initiatives, and we eagerly await your thoughts on our roadmap. As an ATOM owned organization, we are committed to honoring all of your on chain decisions.
The AADAO Team
Appendix 1 - Main Wallet details as of August 12, 2023
Appendix 2 - Secondary Wallet details as of Aug 12, 2023
A total of 52,999 ATOM ($443K) was transferred from the main wallet to the operational budget multisig to cover expenditures. Out of the total operational expenses incurred up to this point ($274K), 86% were allocated to payroll, and 9% were dedicated to marketing and advertising.
The following items summarize the voting options and what it means for this proposal:
YES - You wish to extend our mandate from November 12th, 2023 to December 2nd, 2023.
NO - You do not wish to extend our mandate until December 2nd, 2023.
NO WITH VETO - You deem this to be spam. If the number of ‘NoWithVeto’ votes is greater than a third of total votes, the proposal is rejected and the deposits are burned.
ABSTAIN - You wish to contribute to quorum but you formally decline to vote either for or against the proposal.