PTIP-34 Grants Committee Q2 Funding
The PoolGrants program was created through PTIP-14 – PTIP-14: PoolTogether Grants Committee - #3 by Torgin
We are now nearing the end of the first quarter of PoolGrants, which was a roaring success! We have received a total of 55 applications and funded 19 of them. We strongly encourage you to check out the grants we funded in the first and second month. We’ve also already got a couple more in the pipe. PTIP-14 laid out the creation of the PoolGrants program with a two quarter pilot program, but only included the funding for the first quarter. We will soon create a PTIP to fund the second.
As stated in the original PTIP-14 , one of our main goals was to fund ideas submitted by the PoolTogether protocol’s community, or other Web 3.0 community members looking to collaborate with PoolTogether. The focus was to empower a wider network of community developers and contributors and to increase adoption of the PoolTogether protocol.
We feel we have accomplished this well and hope to continue expanding PoolTogether awareness and utility to the community.
PoolGrants has also proven useful as a more nimble arm of governance, for example when things go wrong with PTIPs. The pPOOL drip to the Sushi pool was supposed to happen through PTIP-27, but due to a technicality, it didn’t. PoolGrants was able to move quickly and fill the gap without a 10 day governance delay. Later, the long-term fix could be bundled in with other PTIPs, avoiding any additional voting overhead. The “Coordinape for community contributors ” initiative is another good example of PoolGrants acting as an extension of governance to keep overheads low.
Quarter 1 of PoolGrants is running from 5/19/2021 to 8/18/2021 and Quarter 2 will be from 8/19/2021 to 11/18/2021.
Quarter 1 started out with a budget of 27k POOL worth $500k USD at the time. However, the spot price for POOL dropped significantly after the original budget allocation and we worked with a smaller overall budget. Moving forward, we want to split our budget 50/50 between POOL and USDC.
This 50/50 allocation will allow for more flexibility when funding applications. Those that would sell their POOL immediately to cover expenses will receive USDC, while those that want to hodl will receive POOL. This should mean that there is no sell pressure on POOL from grants. One example of where this will come in handy is the Llama DAO Tokenomics research grant - PTIP-26: Llama 🤝 PoolTogether: Tokenomics Research and Exploring Alternative Capital Structures
So far, in quarter 1 we have funded grants to the amount of $202.7k and have spent $34.2k on committee wages and admin costs. Any funds left over from the first quarter will roll over to the second.
The multisig wallet (Proxy | 0xd605bB8A3DA1f7f777276D3c97c828aAc3Dd4252) currently holds about $204k with the spot of POOL @ $16.57. We have $65k committed to open grant milestones that have not been paid out and expect wages and admin costs to be about $16k at the end of this month, leaving us with $91.5k in POOL that will roll over. So for the second quarter we are applying for $123k in POOL and $250k in USDC in additional funding, to bring us back to a total of $500k as outlined in PTIP-14. Any amount left over at the end of the second quarter will again be rolled over to the third quarter’s funding, or returned to the treasury if the program is not continued.
As we are funded by Pooltogether governance, it is important to us that we are transparent about what we are doing. You can find our transparency resources ranging from funded projects and updates to RFPs and member timesheets below. If there is anything you would like to see improved in this area, please let us know.
Medium Articles & Updates - PoolGrants
Request for Proposals - Notion – The all-in-one workspace for your notes, tasks, wikis, and databases.
Funded Projects - Notion – The all-in-one workspace for your notes, tasks, wikis, and databases.
Committee Time Tracking - Notion – The all-in-one workspace for your notes, tasks, wikis, and databases.
The current PoolGrants committee members are:
PoolTogether Inc. Technical Lead:
We are happy with our current team. However, Praneeth is often occupied with other obligations. Whenever he does chime in, his feedback is very valuable, so we would like to keep him on.
Still, we would like to have four reviewers that have the time to be active. As such, we want to add an additional reviewer role to the committee for the coming quarter. We think it is reasonable to add a fifth reviewer without removing Praneeth, as Praneeth has only logged a total of 7 hours over the last 3 months.
For the extra reviewer role, we would like to suggest @Taliskye. He has shown fantastic engagement in the PT discord over the last months and was one of the original drafters of what turned into the PoolGrants program. We think he would be a great fit. Please vote in the poll at the end of the post to let us know if you approve of @Taliskye as an additional reviewer.
Should the PoolGrants program be continued at the end of the pilot program, all committee positions will be up for open applications from anyone in the community at that time, as they were when the committee was formed.
Aside from adding an additional reviewer, the committee members will stay the same.
The budget will remain the same as outlined in PTIP-14 .
The budget for the quarter is capped at $500k with a maximum of $100k of that accounting for the operating budget.
The compensation will continue to be $100/hr for all roles.
Hours will be capped at 30 hrs/week split among the two leads and 6hrs/week per reviewer.
Transfer $123,000 worth of POOL from treasury to PoolGrants multisig.
Transfer 250’000 USDC from treasury to PoolGrants multisig.
Forum post - Pooltogether grants program renewal