This is a proposal to formalize the executive team. It’s being presented as a request for comment to facilitate discussion. This proposal will:
- Briefly provide background on the origin and current state of the executive team
- Define the Executive Team’s scope of responsibilities
- Define the Executive Team Lead role
- Define the Executive Team’s rules for rotating members
- Define the compensation package for the team members and lead
We’ll conclude with a few open questions.
The Executive Team controls key PoolTogether V4 smart contracts using Gnosis Safes that are deployed across Ethereum, Polygon, and Avalanche. The members and required confirmations for each Safe are identical.
The current executive team members are listed below. You can download a Gnosis Safe Address Book here.
The executive team has control over the V4 prize pools across all chains. This is so that we can quickly fix smart contracts and because PT governance does not currently extend to Polygon or Avalanche. The executive team must act in accordance with the wishes of governance. The wishes of governance can be expressed as an explicit order, or as a broader mandate.
Governance can order the executive team to do anything. Practically, this will largely be adjusting prize distribution and replacing contracts.
For example: the prize distribution was changed recently in PTIP-47: Prize Adjustments. POOL token holders signalled they wished the prize distribution to change, and the executive team followed through on the order.
The executive team has several broad mandates from governance, which include:
- Distributing prize liquidity to Prize Distributor contracts
- Taking emergency actions with the smart contracts
The executive team can be proactive here and act unilaterally to fulfill its mandate.
The executive team will appoint a lead that is in charge of ensuring orders are executed and mandates met. Team members will be required to verify and confirm transactions set up by the lead.
The executive team lead’s current responsibilities include:
- Executing explicit governance orders
- Re-balancing prize liquidity
- Requesting more prize liquidity with proposals to governance
- Removing team members
- Distributing compensation
- Ensuring Gnosis Safe wallets are identical across all chains
If a team lead ceases to fulfill their role, then the executive team will need to appoint a new one and (possibly) remove the old one.
Team members will do their best to verify and confirm legitimate transactions. The team lead will contact them when their signature is needed.
It’s very important that team members are available and actively participating, otherwise the executive team will cease to function.
Executive team members may decide to leave, ghost, or misbehave.
- If a member wants to leave, then the lead can remove them from all Safes.
- If a team member has not signed a transaction in two months, then the lead must remove them from all Safes. This is the Ghost Rule.
- If a team member misbehaves, then it is up to the executive team how they wish to handle the situation.
Whenever a member is removed from a Safe, the confirmation level is adjusted to maintain an approximately 2/3 ratio to membership.
If a member has not signed a transaction in two months, then they are removed from all Safes. The Ghost Rule should be checked once per month before members are paid out. When the ghost rule is activated the member does not receive compensation for that month and they are removed from the team.
New members of the executive team must be voted in by a governance order. This helps ensure the team doesn’t become a cabal. Confirmations are adjusted to maintain an approximately 2/3 ratio to membership.
To ensure we attract high-quality members, compensation should be robust. It should also be split between POOL tokens and stablecoins, so that the member earns ownership but also has cash to spend.
The Pool Grants committee has based their compensation on a rate of $100 / hour. We will do the same.
I estimate that the team lead will need approximately 30 hours per month to fulfill their duties. Some weeks will be less, others more. Until we have better tooling, the lead will need to navigate explorers to calculate liquidity levels, view member activity to check the Ghost Rule, and potentially construct complex transactions (among other things!).
Team members will need to be available for signing, which can take several steps. In addition, they should take the time to verify the transaction validity (when possible). I would estimate they will need approximately 10 hours per month to fulfill their duties.
|Role||Monthly Hours||Monthly Compensation|
|Team Lead||30||$3000 USD|
|Team Member||10||$1000 USD|
The compensation will be split 50/50 between USDC and POOL, for simplicity.
Compensation is paid once per month after the Ghost Rule is applied. The team lead sets up the payouts. This can be done efficiently using the Gnosis Safe batching mechanism.
The Team Lead will be the person that executes the Gnosis Safe transactions. These transactions can be costly, so the Team Lead should be compensated for gas in either USDC or POOL.
- The executive team needs an alternative means of communication. If Discord goes down, the team will need to communicate through an alternate channel. Which channel should we use? Telegram? Signal? Email?
- We will need a new member immediately, as @RegisIsland wishes to step down from the executive team. Who would like to join?
Clear purpose, rules, and compensation will galvanize our executive team. This is essential for our protocol to run smoothly. The first lead will work with the PT Inc team to learn how to fulfill their responsibilities.
That being said, I’d like to invite feedback from the existing exec. team and community. Has anything been missed? Can anything be improved? Is the compensation & time sufficient? Thoughts?