Operating Expenditures 2024

Proposals
1

There are two parts to the operating expenditures 2024 proposal:

  1. 2024 Full Time & Part Time Contributor Guidelines
  2. 2024 Expenditures Brand and Operations Budget

Part 1: 2024 Full Time & Part Time Contributor Guidelines

A highlight of what needs a vote for 2024 Full Time & Part Time Contributor Guidelines

  • Approving the full time and part time budget guidelines for 2024
    • Transferring full time & part time contributor compensation & token rewards from the treasury to the multisig

Full Time & Part Time Contributor Guidelines 2024

The 2023 guidelines proposed and approved can be found here:

The 2023 2nd Half treasury transfers can be found here: Q3: 2023 Operating Expenditures Treasury Transfers for Q3 Q4: 2023 Operating Expenditures Treasury Transfers for Q4

Full Time Contributors

The full-time contributors currently consists of:

Dev

Cris, Jorge, Voith

Brand & Biz

Joe, Tom, Cullen

We do not intend to hire more full-time contributors in 2024.

Rewards

Base Salary: $50,000 - $175,000 USDC per year (Paid in ETH or USDC)

Tokens: 15,000 - 50,000 CTX (Vests over 2 years, 6 month cliff, then bi-annually for 1.5 years)

Rewards for contributors that began vesting in 2023 and are eligible for them to claim need to be transferred from Treasury: 25,750 CTX in total. You can view the vesting schedule and amounts here: Full Time Token Allocation - Google Sheets

  • Cris: 12,500 CTX
  • Jorge: 5,000 CTX
  • Voith: 4,500 CTX
  • Cullen: 3,750 CTX

Part Time Contributors

For part time contributors, we will continue with the bounty and grants model through DeWork. The tasks will come directly from the full-time contributors. This will help contributors have clarity on exactly what they will earn for their efforts, and the DAO will receive exactly what they need in terms of contributions.

The main goal is to get more devs involved with the DAO, specifically for code enhancements and new features. The bounties/grants will be reviewed by the full-time team, and CTX rewards will be distributed when tasks are completed.

Rewards

Up to 5,000 USDC per month + Maximum 15,000 CTX (Coming from the original Liquidity Rewards allocation in the multisig)

Funding

Funding for full time and part time contributors will come directly from revenues generated by the protocol, loans exercised by market makers, airdrops or by CTX tokens. We will transfer from the treasury and allocate to expenditures on a quarterly basis. For Q1 2024, we will transfer 155,000 CTX to cover full time and part time contributor compensation. An overview of monthly expense and revenue data can be viewed here: Monthly Burn Rate - Google Sheets

Part 2: 2024 Expenditures Brand and Operations Budget

A highlight of what needs a vote for 2024 Expenditures Brand and Operations Budget

  • Approving the Budget Amount & Allocation for Brand and Operations
    • Transfer funds from the treasury to the multisig

Brand Budget 2024

For 2024, we intend to be focused with how we are allocating capital for growing awareness and loyalty of Cryptex. This will consist of:

  1. Messari Full Protocol Services

    Messari is the leading provider of crypto market intelligence products that help professionals navigate crypto with confidence.

    Initiation of Coverage: Comprehensive Deep Dive Report into Protocol

    Four Quarterly Reports: Full archival node, data analysis, full distribution (1 million+ global reach)

  2. Layer3 + Galxe Campaigns

    Layer3 and Galxe host quests for their users to discover and complete actions on the Cryptex app. We’ve launched campaigns in 2023 with Layer3 and Galxe, showing promising signs of new user consideration and acquisition.

    Current ongoing campaign with Layer3: Introduction to Cryptex - Layer3

    Previous campaign on Galxe in collaboration with Trader Joe: Arbitrum Adventure by Trader Joe | Galxe

Maximum budget for brand: 180,000 USDC for 2024

Monthly Subscriptions

Contributors of the DAO are using tools (Like Netlify, Infura, Discourse, Notion, and Heroku) to better create and collaborate.

Maximum budget for monthly subscriptions: 12,000 USDC for 2024

Miscellaneous

We’d like to budget a maximum of 8,000 USDC for 2024 for one-off opportunities or expenses that might arise.

Maximum 2024 Brand Budget: 200,000 USDC

Operations Budget 2024

For the 2023 we allocated capital for operations initiatives. You can find the proposal here [Operating Expenditures 2023) and you can review how this capital was allocated here: CIP-15 Operations Budget - Google Sheets

For 2024, we intend to continue to protect the DAO, our community, and the contributors that work relentlessly every day to build and position Cryptex DAO.

Budget Breakdown

General Counsel: 75,000 USDC

General Counsel will handle all aspects of legal/business operations not related to the core teams day to day development business.

Blockchain Legal: 25,000 USDC

Areas include advising our General Counsel on blockchain law, performing legal analysis, and future Cryptex DAO decentralized solutions, alongside representing the DAO on an as-needed basis.

Accounting: 60,000 USDC

Onboarding Certified Public Accountants with expertise specifically relevant to blockchain to handle all tax matters related to the DAO and its core team.

Dev: 30,000 USDC

AWS fees, transaction fees, audits and any other operating expenses related to dev.

Health Insurance: 54,000 USDC

Health coverage for full time contributors.

Maximum 2024 Operations Budget: 244,000 USDC

Funding for Brand and Operations Expenditures

Funding will come directly from revenues generated by the protocol, loans exercised by market makers, airdrops or by CTX tokens. We will transfer from the treasury and allocate to expenditures on a quarterly basis. For Q1 2024, we will transfer 55,000 CTX to cover brand and operations expenditures.

Summary of Funding & Transfers for Operating Expenditures 2024

  • Transfer a total of 215,750 CTX
    • Transfer 25,750 CTX for full time contributor token rewards for 2nd Half 2023
    • Transfer 135,000 CTX to cover full time and part time contributor compensation for Q1 2024
    • Transfer 55,000 CTX to cover brand and operations expenditures for Q1 2024

Vote on Snapshot: Snapshot

2 Likes
2

Summary of 2024 Strategy: The overall aim for 2024 is to maintain a streamlined team of current full-time contributors, efficiently manage part-time contributors through a clear reward structure, and allocate focused budgets towards brand growth and operational efficiency. Funding for these activities will be systematically sourced and transferred, ensuring a structured approach to financial management and resource allocation.

There needs to be more Innovation occurring for the amount of full time salaries. I cant comprehend how there is 48 hours / day of work combined being completed for this project based on the summary above. Please provide us with a detailed business plan.

1 Like
3

For me, the most important goal for next year would be to increase TVL and protocol revenue. Since V2 launched, the protocol has generated 12,907$ in protocol fees (until today’s date).
We should aim to increase revenue and use that to fund the DAO. What is your strategy in achieving this?

1 Like
4

Can you please provide us with a detailed list of other decentralized projects that are out innovating us, with the same or less hours a day/week? Trying to better understand why you can’t comprehend this and what you are using to benchmark your comprehension.

5

Yes, that is what we strive for, for revenues to cover expenditures. For 2024 we plan to gain more awareness and consideration by working with Messari to do indepth analysis and create reports which will be distributed to 1M+ people. We also plan to launch more aggressive campaigns with Layer3 and Galxe to get even more people from their community to try out Cryptex. In 2024 we plan to continue our ongoing partnerships (The announcement of Pi was reposted by Arbitrum, Perennial and others resulting in one of our most viewed posts on X, all time) and original content creation to drive more awareness to Cryptex. Also, in 2023 and into 2024 we plan on incentivizing usage with ARB STIPs so there are competitive incentives in place. Currently users are able to earn rewards from the Perennial STIP and we plan to apply for Cryptex STIP in January. Finally, we will continue to launch new markets, allowing for more choice for users and more fees for the treasury to earn.

2 Likes
6

UNIDX & SOVYRN pushing innovations non stop both have small teams and both are constantly innovating