Dear Community Members,
We want to provide an update on the progress we’ve made since the approval of the 2023 operating expenditures proposal. For a comprehensive review of the proposal, please refer to the original post here.
To ensure transparency and accountability, we have diligently managed our budget, staying within the allocated funds for Q1, Q2 and Q3. You can track our monthly expenditures in the summary sheet available here, which provides a detailed breakdown of our expenses.
Now, as we enter Q4, we need to facilitate the transfer of assets from our treasury to support ongoing operational activities. We have reduced operational expenses significantly, with all full time contributors taking deep salary cuts. The proposed transfers for Q4 are as follows:
- CTX tokens intended for sale to VCs, angels, partners, or market makers, if grants do not cover expenditures (229,000 CTX)
- ARB tokens intended for distribution to full time contributors (25,000 ARB)
We remain committed to securing grants that align with our vision and values. We have applied for a grant from Arbitrum, and in case of an unsuccessful outcome, we will explore grant opportunities with Optimism, Base and Scroll.
We value your participation and encourage you to vote on the 2023 Operating Expenditures Treasury Transfers for Q4. Let’s continue building and evolving the Cryptex protocol.
Summary of transfer amounts
*Amounts will be transferred to the operating multisig for distribution. (Operating Multisig: 0xa70b638b70154edfcbb8dbbbd04900f328f32c35)
Please vote on snapshot: Snapshot
I support Cryptex’s efforts towards accountability and transparency and want to extend two resources I’ve worked on.
1 - As Cryptex explores potential token sales and market maker deals, I invite contributors to consult public data on daodeals.fyi for comparable deal terms (discount, lockup, MM option premium, etc). We at Wallfacer Labs have compiled this data with the goal of increasing transparency for the space and improving outcomes for DAOs.
2 - We have also contributed to TrueFi, where we’re working to bring more MM loans on-chain. Past loans managed by WOO and Perpetual Protocol on TrueFi have made loans more transparent and easier for their communities to track. Does Cryptex want to make its ecosystem loans transparent on-chain? If so, I’m happy to support.
I support this proposal.
As mentioned on Discord, in the future I would like to see the DAO raise money onchain publicly through a platform like Juicebox.money
That’s great feedback, the DAO has always shared MM deals publicly on Discord, I support adding this information to daodeals.fyi.
Hi tyler, thanks for the note.
I looked further into daodeals.fyi and am happy to populate the information for cryptex since inception. Is there an easier way to upload multiple transactions? Or the only way to add them is one by one on the airtable form?
Great! If it’s easier to put the info into a spreadsheet, feel free to add / modify rows here.
Just highlight any changes you make in yellow, and then I can merge them into Airtable. Don’t worry too much about the format and feel free to leave a comment / ask a question if you’re not sure how to work it into our columns.
Thanks for taking the time!
Hi tyler, wanted to give you the heads up I have updated the rows on the doc you shared for the mm deals.
Thanks! The Cryptex data is updated on daodeals now.