Summary of Need:
We need to specify what the DAO Council are compensated, how they are compensated, and how they earn that compensation. We also need to further specify what rules the council are beholden to and what happens, for example, if a member resigns.
Specification: The Details
Council positions are reviewed every six months, explained further below.
The Governance Lead will decide the fixed conversion rate of PUSH each quarter ($0.27), which means, for example, each rate will be effective for three months of full operations and three months of down-time(six months total). At the start right now, that means May until the end of November, 2024. The reason for the governance lead deciding is simple. He is the only one not being paid via this vote and his responsibility is, macro-level, two-fold, organizational structuring and ensuring equitable governance. Right now, council members will only be paid $3000 per month if Push is $0.27 or higher. This was already agreed upon by all council members who are proposed to be eligible for being paid.
This is to give us a clear runway in terms of the budget we need to operate for the year and incentivize contributors to pursue initiatives that lead to the appreciation of the greater value of the PUSH ecosystem. We do not and cannot speak directly to the value of the token because doing so would be inadvisable both due to legal and regulatory concerns and to the fact that no one can actually promise anything related to token value.
All contributors to the DAO will be paid at the same rate for the current six months This is 11,111 PUSH at $0.27 per PUSH. Council members will be paid $3000 as a maximum when the Push Price is at or above $0.27 for 3 weeks or more out of a given month. Council members will be paid a minimum of $2000 in PUSH in all other cases.
The DAO Council who are not FT employees of Push Foundation will receive an equal stipend of $3000 each month if PUSH is at or above $0.27 (tied to the fixed rate of PUSH of course). This includes Carla. She is not a FT employee of the Foundation. As noted above, we need to agree on a minimum in all other cases.
The DAO Council will be eligible to participate in SubDAO programs i.e they can be paid for BD or Grants subDAO related efforts when determined to be aligned with KPI related needs. They cannot request grants for projects in which they are the recipient (also they cannot review any projects which they are a part of). Changing this would result in various conflicts of interest. The Council needs to be beholden to the DAO above all else, helping to steward Push DAO and its master strategy.
Payments to DAO participants will go out on the same day each month, with the exception for grantees who we aim to be paid shortly after approval.
If this vote passes, it approves Sixty Keys and EC3 as the budgetary working group, cementing their responsibilities over the budget in their capacities as the Ops and Governance Leads. Practically that means that they both approve transactions made and act as part of the signers.
If we don’t have compensation for the council, to put it simply, we risk spiraling voter apathy starting from the top and a misalignment of incentives throughout.
If council members act against consensus in a malicious manner that can harm the community, a vote can be initiated to remove a member. This vote, however, requires a super-majority of double the council weight in PUSH. That means 1,400,000x2 in votes.
Council members are reviewed for performance based on the key KPIs here, which are the master KPIs for the DAO: Increasing governance discussion, Increasing proposals made, Increasing Push DAO’s social(x) following, Increasing voting, Increasing grants given and the impact of grants on the Push ecosystem, Increasing both general community and developer numbers, and increasing DAO contributors, partnerships, and integrations with Push Protocol.
If this vote passes, all of the above becomes rule.
