Abstract
This proposal aims to extend the deadline for protocols in both STIP and the backfund proposal. Should this proposal pass, the new deadline for protocols to distribute ARB to users would be March 29th. 2024. Since backfunded protocols will experience significant delays to the start of their streams, this proposal aims to have backfunded streams continue until March 15th, 2024. These timeline modifications will help to ensure all protocols have enough time to distribute ARB to users.
Motivation
The Proposal to Backfund Successful STIP Proposals has recently passed quorum on Tally and will soon commence. The backfund proposal was inappropriately dated to end on January 31st, 2024. As it will likely take several weeks for back-funded protocols to pass KYC, this will only leave around 6 weeks for these protocols to distribute 16 weeks' worth of incentives. This extension proposal aims to continue the streams for these protocols until March 15th, 2024, and allow these protocols to continue incentivizing users until March 29th, 2024. This extension will allow these protocols closer to the full 16 weeks to distribute their ARB incentives to users.
Additionally, due to extreme variations in KYC timing of the original STIP grantees, some protocols were given much shorter timelines to distribute their ARB incentives. This extension proposal also offers the option to extend the STIP deadline to distribute ARB to users until March 29th, 2024. This will ensure all STIP protocols are given adequate time to distribute their ARB. This however will not change their hedgey stream disbursement dates as the multisig has already started these streams.
Rationale
The grant funds for both STIP and the Backfund proposal are held by the incentives multisig as stated in the two previous proposals. However, these funds belong to the DAO and the multisig has agreed to follow the DAO's directions. This proposal signals to the multisig if the DAO would like to extend the timelines for STIP and the backfund grant. If this proposal passes the multisig will extend the backfunded protocols’ streams to end on March 15th, 2024, and will allow these protocols to continue distributing their ARB to users until March 29th, 2024. Additionally, should the DAO choose, this proposal could signal to the multisig to allow any original STIP protocols to continue distributing incentives to users until March 29th, 2024 without halting their streams.
These extensions will ensure that protocols’ incentive distributions to users are not rushed. This will help even the playing field for those who took longer to pass KYC. It will allow the DAO to get more accurate data on the success of these programs.
Key Terms -
STIP - The full Short Term Incentives program proposal can be seen here
Backfund Proposal - The full backfund proposal can be seen here
Original Timeline - Originally both STIP and the backfund were to end by January 31st
Hedgey Stream Disbursements - The ARB protocols receive biweekly from the multisig
Grant Distributions - The ARB protocols award to users as incentives
Incentives Multisig - The 5/9 multisig that holds the funds for both Incentives programs. Details can be seen here
Specifications
Extended Backfunded Protocol Timeline
Protocols included in the backfund proposal will have their streams started in batches similar to STIP based on the time they pass KYC. These protocols will also receive disbursements from the multisig using hedgey streams every two weeks.
The last disbursement date will be March 15th, 2024. Protocols will then have two weeks to finish distributing ARB incentives to users with a deadline of March 29th, 2024.
Extended STIP Protocol Timeline
Protocols included in the original STIP will have until March 29th, 2024 to finish distributing ARB incentives to users.
These protocols do not have to extend their distribution schedules until this deadline. Many STIP protocols already have distribution plans in progress that end earlier than March 29th. Protocols may choose to keep their initial plans and finish distributing rewards earlier than March 29th.
Protocols that do wish to extend to the March 29th deadline will be expected to update their distribution plans in their biweekly updates and maintain consistency with their fund usage as expressed in their grant application.
The hedgey streams for the STIP protocols will not be adjusted as they have already been initiated by the multisig.
Steps to Implement
The multisig would initiate streams for all backfunded protocols to end on March 15th, 2024 given that the backfund proposal passes and these protocols pass KYC and sign grant agreements.
STIP protocols that wish to adjust their distribution timelines will need to provide updated timelines in their next biweekly update.
Backfunded protocols will also need to provide new distribution schedules that meet the March 29th Deadline.
StableLab will work with the incentives multisig, foundation, protocols, and DAO to help coordinate KYC confirmation, stream initiation, stream monitoring, biweekly updates, and community questions throughout the process.
Timeline
March 15th, 2024 - Backfunded protocols receive their last stream disbursement
March 29th, 2024 - Deadline for STIP / backfunded protocols to finish distributing ARB to users
Overall Cost
There is no additional to cost the DAO associated with this proposal
Voting Options
- Extend deadline for both STIP and Backfunded
- Extend deadline only for backfunded protocols
- Do not extend either deadline
- Abstain
