Hello Arbitrum delegates and stakeholders,
This is the first edition of what will be regular OpCo monthly updates. I’m posting on behalf of the OpCo Oversight and Transparency Committee (OAT), of which I am an elected member along with Patrick McCorry and A.J. Warner. Please feel free to reply with questions and comments. You are invited to join the OpCo monthly DAO call on Friday, May 16th at 2:00pm UTC.
The OAT was elected in April. Since the election, we’ve been focused on three primary workstreams: hiring OpoCo personnel, appointing two additional OAT members, operationalizing the OpCo, and revisiting the OpCo proposal to propose adjustments that reflect the current needs of the DAO.
Hiring OpCo Personnel and Appointment of Two Additional OAT members
- We are thrilled to announce that we appointed Pedro Breuer as a fourth member of the OAT! Pedro brings strong support from delegates, a background of successful contribution to the DAO, and a deep passion for Arbitrum to the committee.
- We are in the process of appointing a fifth member of the OAT. We have interviewed multiple candidates, with a particular focus on candidates with a background in venture capital and/or consulting.
- We have begun the recruiting process for the “Chief Chaos Coordinator” and have reached out to multiple strong candidates who are actively applying now.
Operationalizing the OpCo
- The Arbitrum OpCo Foundation has been incorporated as a Cayman Islands Foundation company and Petri Basson of Hash Directors has been appointed as a director of the Foundation.
- The Foundation sold $2.6M ARB from the OpCo proposal for USD and will be transferred into OpCo’s bank account shortly. The Foundation is still in the process of selling the remaining ARB specified in the OpCo proposal.
- We began a weekly meeting for OAT members, which has thus far been attended 100% of the time by all OAT members.
- We have had prepared and are reviewing an initial set of Bylaws for The OpCo, but are doing so within the framework and context of how best to ensure that the OpCo will be in a position to be successful.
Revisiting the OpCo Proposal
We have discovered a number of restrictions and/or limitations in the initial proposal that should be addressed to enable the OpCo to fulfil its mission of representing the ArbitrumDAO and to enable the OpCo to proactively work on initiatives that might lead to future proposals. Specifically, we think it’s important that the OpCo is able to: interact with a broad set of service providers, adjust the exemplary budget as needed to scope strategic opportunities for the DAO, include token vesting in compensation for employees, elect OAT members in a less restricted manner, and have the autonomy to pursue a broader set of initiatives in furtherance of its high level mission. We will have more specific information forthcoming and we plan to create a new proposal to approve these changes.