json Yeah we'd had some discussion in the discord, kek, about potentially using some of the USDC for inverse bonds. Would be in favour of inverse bonds if they were proposed to become active.
I'd still personally prefer paying contributors more heavily in USDC (with still a portion of KLIMA, just smaller %) even if there are benefits to paying in KLIMA (I understand why Olympus pay in gOHM and I imagine the same reason apply for KLIMA I just don't agree 100% with those reason).
KIP-24: Utilize USDC to Extend Development Runway
Have any of the DAO core members actually run a real business? Say, an IT company with more than 100 people?
In times like these you trim the fat, hunker down, and conserve cash. Not keep paying people you’re going to have to let go in 3 months anyway.
I don’t really care how you pay people (Klima vs USD), just make sure you really, really need them in times like these.
And I agree with other comments about lack of details. Stop asking us to approve the spending of money and not telling us how the money is being spent. A product roadmap would’ve been helpful.
gui_m_p just my thoughts as a policy team member on your last point - the net effect of inverse bonds should ideally benefit all Klimates who remain believers of the protocol as much as possible and the DAO wallet should not have an extra edge in this operation. The KLIMA received through inverse bonds should entirely be burned to accomplish said goal. Buying back a native token (which is what inverse bonds essentially serve to do) and treating part of it as revenue does not sit well with me. Happy to discuss further on this if you have any thoughts
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Why should the contributors income level be guaranteed, while the investors continue to bleed?
A few thoughts on this KIP:
- It definitely makes sense to lay down a strategy to extend the runway to more than 4 month
- Using parts of the USDC treasury seems reasonable – also because it reduces the sell pressure on KLIMA which hopefully contributes to stabilizing the price (in combination with the lower AKR from the last KIP)
- Reducing the monthly burn / # of contributors should be considered if it doesn't come at the cost of sacrificing culture or fundamental knowledge loss. One option could be to double-down on the most promising initiatives but reduce the number of overall topics on your plate in order to increase the focus. So sharing an updated roadmap would definitely help to align everyone on the next steps.
Why can't they be paid from the same source as Core? Just asking.
Also, by how much will this decrease our active runway?
As a former Controller, I think the contributor rates need to be evaluated, probably reduced, and an analysis should be performed to determine the cost vs. value they actually produce. When the ship is taking on water, you need to lighten the load. Hodlers need protection, especially those who participated early, which allowed the project the initial runway. Their stake no matter what the AKR %, has dropped to approximately 1%, if that.
A real understanding of the financials, with a decent flexible model needs to be produced for best, probable, and worst case scenarios. Just my 2 cents.
json Investor validation-I would highly suggest everyone follow our twitter account, it posts almost daily about the value of that the DAO is building day after day for the token and it's growing ecosystem.
Great that there is a lot of product development and delivery. I would rather talk about use case validation which in my mind means that Carbon is retired onchain. I would target efforts and funds to activities that bring more users who offset. Number of tonnes retired is important KPI to measure success of DAO activities. That will eventually lead to increasing value for tokenholders and ”investor validation”
Just draining the treasury while you let KLIMA burn
Hugh
So, I have heavily bled like everyone else. Even with selling out and trading, and heavy DCAing, I would still need a 6x to come out ahead. God help those who came in early and just 3,3ed... This is not news to anyone.
To have any hope of surviving until the next hype phase, you will need to vastly trim down your team and payroll expenses. Given the wild spending on payroll during 'full bull ponzi phase', are you also going to be adjusting pay to reflect the market?
A large reason for the price action could legitimately be that you are paying staff an outrageous amount for jobs that they would have taken a quarter of that for, and paying them in $ values in a token doing a Hindenberg impression. Of course they are dumping fully on receipt... It's rational.
Other projects I am in pay the team in their own shitcoin, true, but also have rules against dumping. I know that you have not had similar rules.
So, I voted yes for this proposal. God yes, pay the staff in USDC - higher than 50%, or it will just be dump pressure every month... (Check the wallets of your contributers before the decision, lets see how much Klima they still hold - I'd wager very very little)
But you need to sit down and actually work out who you need, and what you need to pay to keep them. This is based on what they can get elsewhere, not on what you feel would make them happy.
Bull run wages are over. 50% pay cuts on all that are left. Promise the other 50% in Klima when the price recovers. Who knows.
But the obvious concern is that this is just a way to drain the treasury by paying a bloated payroll of barely required staff on obscene salaries. Which is a slow rug through stupidity, if not direct malice.
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The threat of a carbon bridging slowdown can't be understated. We are in a bear market at the moment and that is already putting strain on projects. If Verra and other carbon credit sources start actively working against DeFi solutions, this space is in serious trouble. The structure of staking, rebasing, and rewards needs increasing adoption to survive and that fundamental assumption on chain offsetting will grow is being threatened. Until we know more, don't give 25% of the only stable asset Klima has (USDC) to 50+ people during this 4 month runway to bust. Create KIPs with better transparency and higher resolution. What jobs are we supporting? If we lose Verra's support, how can we best use the USDC to restructure the treasury or get other carbon credit projects integrated with Klima?
If Verra is successful in blocking tokenization of their credits, BCT will struggle to reinvent itself. Buying forces for projects like Klima built on BCT will decrease because people will lose interest in offsetting with "untrustworthy" credits and the price will drop. We need a KIP that demonstrates patience and the ability to adapt to a potential market-altering change. A new dashboard, NFT mint, working paper--whatever else these millions of USDC are going to so far -- are not going to do anything. Release an anonymous list of each role and salary and lets see what needs to be done to keep the project alive.
Transparency of Contributors' duties is a must - I don't need to know exactly what they are paid, But, I absolutely want to know what they are doing, every single person! Agreeing with some points above, Why should contributors be rewarded guarantees of salary with no transparency of their duties, we are in a dire situation and we the investors have bled and so too should contributors' salaries- sure agree with paying in USDC but also think they should all take AT LEAST a 50% hit to what they were making, and some should be straight up let go - feel PAIN like we do. Now is time to trim the fat, get lean, get hungry .. and make some shit happen!
Echoing @SlaptainShwirv - a public facing comprehensive roadmap and a retrospective of efforts thus far is a must for me.
Thanks.