It’s already that time again for another rewards top-up!
Due to a miscalculation, the TEC rewardboard is requesting a new round of funds to top up the TEC reserve a bit earlier than planned. When asking for the last round, we didn’t quite know how much we would need to account for the retroactive Sourcecred Rewards which we had promised to do.
We didn’t know for sure how many users would actually activate their sourcecred account nor did we conclude what a fair amount of retroactive funds were. Luckily, in the end we were able to link the majority of Sourcered users to praise addresses, allowing us to distribute a big part of the rewards. As a consequence, instead of getting to the end of the year, we expect to run out of TEC around early December.
Therefore, accounting for the time it takes for proposals to pass through conviction voting, we are requesting 21,000 xDai to guarantee funding into the first quarter of next year.
The xDai will be converted into TEC through the bonding curve app.
As mentioned before our calculated daily rate of TEC rewards is 134 TEC, we used this as the starting point to get our final number for Sourcecred rewards. We decided to use 25% of the daily rate (33.5) and apply this across the full period we wanted to cover, from July 14, 2021 - July 20, 2022; That’s 371 days! This gave us a final total of 12,428.5 TEC. Currently we’re vesting this across 10 bi-weekly periods of which we are over halfway through.
If the Commons thinks TEC rewards are too expensive, we are open to a discussion on reducing the amount of daily TEC distributed with this system, so funding will last longer. However we will need these funds eventually to keep distribution going.
Praise is an integral part of how the TEC rewards its contributors. It also powers the culture of gratitude which lies at the heart of this DAO.
21,000 wxDai. This should allow us to buy around ~13,000 TEC through the bonding curve at current prices, which together with the remaining treasury would cover the distribution of 134 daily TEC rewards until next year.
These funds will be used to buy TEC on the bonding curve. Those tokens will stay in the Reward Board Aragon DAO, to be distributed through our Praise Reward System.
Recipients will be active community contributors who received praise, the quantifiers that evaluated said praise and the rewardboard, which guides the process and handles the payouts/communication. Details about the distribution of funds can be found here
Success looks like having enough TEC funds to pay out rewards during the first quarter 2023.
Every distribution round will be announced with a post on the forum summarizing the results of the round, allowing for 48h discussion before proceeding to payouts.
The Reward Board, currently consisting of: