Dear all,
In our proposal, we have defined a payment mechanism based on feedback from forum participants:
- A payment of 20% of the total grant will be made on May 1st, as a “Kick off payment.”
- The remainder of the grant will be vested gradually, on a second-by-second basis, until approximately September (over 4 months after the kickoff).
- The Security Council / The Arbitrum Foundation reserves the right to revoke the payment stream at any moment, should the performance be unsatisfactory.
This is only possible through the use of “new” contracts developed by Hedgey and implemented on the Tally platform.
Since this is the first time these mechanisms will be used to facilitate governance processes in Arbitrum and they interact with the DAO’s funds, they will undergo an audit by the OpenZeppelin team.
Because of this, the payment schedule, as well as the kickoff date, will be postponed by one month.
Despite this, we are very excited that these new mechanisms, already tested, audited, and implemented, allow for greater flexibility for everyone who will submit proposals in the future.
We will announce the results of the audit and notify you through this medium when the proposal is live on Tally.
Thank you very much.