This proposal will create an Ethereum Operations Team and give it a budget from the treasury. The members of this multisig will be responsible for Ethereum operations.
Update: Ethereum Operations Team Manual
PoolTogether prize pools require on-going management. This includes:
- Ensuring prize pools are rewarded on time
- Ensuring Pod batches occur regularly
- Ensuring Prize Strategies that use the Chainlink RNG are stocked with LINK tokens.
Points 1 and 2 have both been automated using Chainlink Keepers. We have two “Upkeep” contracts that are registered with the Keeper system. To fund the upkeep contracts LINK must be deposited into the Keeper Registry for those two contracts.
Point 3 is a simple LINK transfer from the Operations Team multisig to the relevant prize strategies.
The operation of prize pools is currently being funded by PT Inc. We need to decentralize the operations so that PT can manage itself.
The Ethereum Operations Team is a multisig of PoolTogether community members with a budget and a limited scope of responsibilities.
- Ensure there is sufficient LINK balance in the governance-owned Prize Strategies that use the Chainlink VRF. Prize Strategies that use the Chainlink VRF must hold LINK to pay for the service.
- Ensure that our registered Upkeep contracts have sufficient LINK balance. We have two Upkeep contracts: one that rewards PT governance-owned Ethereum prize pools, and the other that batches PT governance-owned Pods.
The operations team will not own any smart contracts; i.e. not have privileged control. It will simply manage a budget. In this way, in the unlikely event that the team goes rogue only the budget will be lost.
- The multisig will be transferred budget for the first month ($8000)
- The multisig will be the recipient of a budget stream for on-going operations.
- The multisig should ideally hold its budget in sponsorship tokens, so capital still contributes to the protocol.
- The multisig may use the budget to cover gas costs for the members.
Prize pools generally cost $150-$500 to reward. This multisig will be tasked with the Ethereum prize pools, of which there are seven weekly pools. The monthly budget for rewarding will then range between $4200 - $14000.
Pod batching is relatively inexpensive. Two pods will likely run from $100 - $300 per week. That’s approximately $400 - $1200 per month.
The combined monthly budget for the two items would then be $4600 - $15200 per month.
Let’s conservatively say the monthly budget is $8,000 USD. The operations budget for one year would then be $96,000.
We’ll ballpark $4,000 for gas costs, making it an even $100k per year.
Members should be known members of the PoolTogether community. The members must have verified themselves on Sybil.org for transparency. They must be capable of monitoring smart contract balances and transferring tokens.
Current team membership:
If you would like to be a member please comment below. If you have an issue with any team member then do speak up.
- The team will need to coordinate at least once per month to ensure prize pools are running smoothly.
- The team has the right to regulate themselves. If a member is not participating then the team can remove the absent member. The team should replace that person with another member of the community that meets the eligibility criteria, if possible.
- The team should have at least five members
- Must always require a supermajority for quorum (confirmation ratio of at least 60%)
The protocol needs a timely way to ensure prize pools continue operating. Governance should delegate this responsibility to a multisig of known community members.
- $8,000 ScUSDC will be transferred to the Gnosis Safe.
- $92,000 ScUSDC will be streamed to the Gnosis Safe using Sablier over one year.
- Yes! Let’s do it as proposed
- Maybe: I’d like to suggest a change below
- No, let’s not do this.