As a DAO, Cryptex has the vision to build innovative, open-source financial products for the global crypto community. To achieve that goal we want to grow the core team, start creating more products, and involving the community in the governance every step of the way.
This proposal is forked from the Sushiswap core team hiring guidelines v4.1.
Conventional businesses usually have ironed-out hiring processes, but Cryptex is looking to build a Core Team of self-starters, proactive talents that do rather than just flash their credentials. That’s why we tend to favor the recruitment of those who have shown consistent, relevant, and continued commitment to the project, regardless of how experienced they are, or their resume.
Any volunteer willing to commit to the project full-time and long-term is welcome to submit a proposal on forum.cryptex.finance , detailing their skills and desired scope of action.
The process detailed below assumes that proposals are non-contentious and all voting and conversation are done in good faith. Any attempt to tamper with the voting results will be sanctioned by the dismissal of the proposal.
If a proposal is welcomed positively after at least four days of feedback and fits the current needs of Cryptex, a vote is pushed to Snapshot.
If multiple people apply at the same time, a snapshot will be posted per applicant.
If a quorum is reached on a hiring proposal, the new hire officially joins the Core Team.
In the event that a malicious actor tries to push a hiring proposal on Snapshot, the Core Team reserves the right to veto the community vote.
Onboarding and Trial Period
As stated before, consistency and continued commitment are instrumental to the project’s success. That’s why a trial period for every full-time Core Team member will be implemented.
The trial period duration is set to two months.
During the trial period, every new hire will receive 100% of their due salary, in the form of a monthly grant (i.e. not through Sablier).
During the two-month trial period, the collaboration can be ended unilaterally. In case of early interruption, a grant corresponding to the pro-rata based on time worked will be issued.
If the trial period is successful, the new hire is made official. They are added to Sablier, their signing bonus (see Perks section below) is unlocked, and they are now protected by a severance package (in the case of a standard firing procedure).
If the hire isn’t confirmed at the end of the two-month period, the signing bonus and severance package is null.
Cryptex thrives thanks to its volunteers. Unfortunately, some of them are in a place that doesn’t allow them to commit full-time to the project.
They are more than welcome to contribute but they would be compensated with a monthly or hourly grant, based on their involvement in and time commitment to the project. The amount of the grant will be set up on a month-to-month basis and will be adjusted to the part-time contributor’s degree of involvement. Monthly and hourly grants will denominate in USDC.
We will test Coordinape a tool created by the Yearn team for the Part-Time Hires.
The grantee will issue an invoice to the core team detailing their hours. The agreed amount will be settled in USDC using the ops multi-sig.
For operational efficiency and comfort for contributors, grants will be issued at a fixed date every month.
As long as there is ETH or another token in the treasury, it will be prioritized to use them for payroll instead of the CTX to prevent lowering the price at risk of the community.
Cryptex is a prominent actor with exciting prospects in a highly innovative space. We intend on providing our talent with attractive compensation packages. But we also have to do so in a strategic way if we want to thrive in the long term.
The compensation mechanism is selected from the evolutive compensation model from the SUSHI governance which has been accepted and effective where every new hire can choose the portion of the salary they want to be paid in USDC vs CTX, depending on their desired exposure to risk.
- Evolutive compensation
With that option, each team member gets paid the equivalent of their monthly salary (the frequency could be adjustable) on a set date (1st of the month, so same CTX price point), and there is no pre-determination of the CTX amount of their package. The salary amount will be payable in USDC or a compounding token like yCRV, the receiver also can specify if it wants to receive a portion of the salary in CTX with a price according to the pay date.
- Dev: 150K USD package
- Month 1: 150K USD/12=12.5K USD (payable in USDC or CTX). If CTX is 1$ = 12.5K CTX
- Month 2: 12.5K USD (payable in USDC or CTX). If CTX is 2$= 6250 CTX
- Month 3: 12.5K USD (payable in USDC or CTX). If CTX is 8$= 3125 CTX
- Brand Manager: 60K USD package
- Month 1: 60K USD/12= 5000 USD (payable in USDC or CTX ). If CTX is 2$ = 2500 CTX
- The fairest option as the value of the monthly compensation (could be adapted to frequency) is always equal to 1/12 of the base salary at the time of payment
- Every team member gets their salary at the same price point
- The total package can’t be worth less than the initial package agreed on
- We don’t have to worry about price fluctuation when paying
- CTX price is out of the equation when hiring
- CTX vesting available
- Requires calculating compensation on a monthly basis (if payable in CTX)
- Don’t know how it would work with Sablier if we pay in CTX
Section 2: Perks
An upgrade of this proposal will be submitted to the community for revision once certain milestones have been met. Some perks to being included are a signing bonus, assistance with their personal finances, and legal fees.
Section 3: Indicative Salary Grid
This section includes different sample salaries Cryptex could offer. Each compensation package will be objectively based on skills, experience, and expertise. For this grid, our frame of reference was the higher bracket of high profile salaries, plus a premium to reflect the risk/volatility associated with decentralized crypto projects.
Senior Dev : 120K - 150K USD (excluding signing bonus).
- Cris, Jorge and Preston are in this branch.
Junior Dev : 60K - 100K USD (excluding signing bonus).
Senior Finance & Biz Dev : 120K - 150K USD (excluding signing bonus).
- Joe is in this branch.
Junior Finance & Biz Dev : 50K - 90K USD (excluding signing bonus).
Senior Brand Dev : 120K - 150K USD (excluding signing bonus).
- Tom is in this branch.
Junior Brand Dev: 50K - 90K USD (excluding signing bonus).
- Brendan is this branch.
Pay ranges are a guideline and outstanding candidates can request an increased salary pending approval of the core team.
This salary structure could be subject to change as the project grows. The community would, of course, be notified if/when this is the case.
Letting someone go is a painful, stressful experience that can put a strain on a project’s morale.
That’s why we’d like to introduce transparent termination procedures so there are no surprises in the event of poor or malicious performance.
- Any termination decision will be discussed and voted on by the Core Team.
- Gross misconduct and dishonest behavior
will result in immediate termination without any form of severance.
- Standard terminations will be subject to a severance package based on the individual’s fixed salary. The standard severance package is one month’s salary.
- Severance packages will be approved by Core Team and Multisig before being sent.
- In the event of a high-profile termination, a post-mortem could be shared with the community, shedding light on the context and justification for the decision.