Hi all! In preparation for the Tally vote for Phase II of the ADPC, we wanted to (i) highlight the changes we made to the proposal after the Snapshot vote and (ii) provide further clarifications. These changes and clarifications incorporate the feedback provided by the community and optimize our operations.
Re-Elections
As highlighted in the comment above:
We will make sure that there is a round of elections held prior to any next phase and will drive the preparation ourselves - obviously, we would also appreciate any support from Entropy as the DAO Liaison to make sure expectations and handover are aligned with the DAO’s expectations and best practice. We absolutely have no intention of centralizing any power in the current members and solely proposed re-election for Phase II to enable productivity and efficiency and avoid significant ramp-up costs and time. As such, we want to make it clear that any next iteration of the ADPC includes a well-planned and executed election process.
Budget Breakdown
Based on feedback received from community members, we have provided a detailed breakdown of the budget in the Google sheet here. As mentioned above:
Please note that the breakdown assumes efficiency gains from executing the work packages as proposed. The delivery timelines are based on our project plan and are indicative. If the scope of the proposal is altered, individual budgets will need to be to account for any potential modifications.
ARB Conversion Strategy
We want to ensure that the amount of ARB utilized to obtain the budget of 414,000 USDC is as minimal as possible. Therefore, we have decided to use a Protocol-Owned Execution strategy on Gauntlet’s Aera solution for the conversion mechanism…
Once the ARB is converted into USDC, the Aera vault will utilize LlamaPay to stream the total payment due to the ADPC member wallet addresses over the course of the 6-month period (120k USDC per member, 360k USDC in total). The remainder of the converted funds (54k USDC) will remain in the MSS as the OpEx budget. This process will be coordinated with the MSS chairs and members.
Further details about the ARB conversion strategy and about Aera can be found in the newly added Section XI. ARB Conversion Strategy in the proposal.
ARB Token Calculation
We have updated the final ARB amount required to obtain the budget of 414,000 USDC based on the 14-day Time-Weighted Average Price (TWAP) of ARB/USD, each as listed EOD UTC, until EOD on Thu Sep 19 on CoinGecko (https://www.coingecko.com/en/coins/arbitrum/historical_data).
The TWAP ARB price used has been updated from $0.5425 to $0.5204, and the total amount of ARB requested has been updated from ARB 915,658 to ARB 954,608.
The Tally vote for this proposal will be live from 15.25 UTC on 26 September 2024 to 15.25 UTC on 10 October 2024 here.
We’re looking forward to continuing our efforts in Phase II and would like to thank the community for all the incredibly helpful feedback and engagement on this proposal!