Oh right, I was under the impression the contributors were also looking to continue contributing in the near future. Got it now. Thnxs
“Price is what you pay, value is what you get” - Warren Buffet. In an industry as nascent as crypto, I think transparency and structure are of the utmost importance if we want to drive long term value creation.
Hello from New York Healthcare costs are real and high. The Facilitator salary of 110k and PM salary of 75k are mid-range salaries. They were reasonable to all of the individuals I consulted. I made sure not to give our team too much credit out of the gate financially, but enough to make us a fair offer.
You are right, I am not at the top of the range of communications professionals, but I am a communications professional, a good operator, and the right person to start this team. Feel free to look over my credentials and commitment as a Facilitator.
Being effective in a communications role at MakerDAO also requires a good amount of background knowledge about the protocol. Of course, it is harder to find Smart Contract Engineers than communication professionals, but even they need to be the right fit.
All in all, we are launching with a team that is capable, qualified, fairly paid, and ready to serve MakerDAO. Nevertheless, we are interested in top-tier talent, so if you do know any communication PROs who you think would be interested in what we’re doing, don’t hesitate to introduce me!
The Salaries line includes two full time roles
My initial gut feeling was that the proposed salaries were too high but on closer inspection this is what is normal in NY. I do not really find any reason for opposing the proposal.
EDIT: I have (again) typed a bit much and did not read the original proposal well enough. Comments added to the MIP39 of COM-001
Thank you so much for the kind words of support and encouragement as always, @ElProgreso! While I worked with gov comms and helped establish the original working group as a community contributor, I will personally not be continuing onto COM-001 Core Unit as I am very excited to be working on another unit to continue growing the Maker community and ecosystem!
I do fully support the individuals listed in this proposal as I have personally worked with all of them and know that @Davidutro will do an incredible job both as a leader and as a communications professional! I have full confidence that this team is in great hands and will continue to provide valuable contributions to our community.
I don’t think this even close to a reasonable comparison. Typical qualifications for a Director of Investor Relations include:
- Bachelor + Advanced Degree (CFA, MBA, CPA)
- 8-10+ years of relevant experience in IR, Finance or on Wall Street
- Deep understanding of Capital and Financial Markets
- Strong background in Financial Modelling and Financial Reporting
Typical responsibilities include:
• Leading the quarterly and annual earnings release process by collaborating with legal, finance, commercial and core business teams. Includes collecting and discerning key performance data, developing key messages, writing of earnings release and earnings call scripts and presentations, as well as preparation of senior management for investor Q&A.
• Establishing and maintaining strong relationships with analysts, investors and prospective investors. This includes timely, consistent communications through telephone and personal contacts, group meetings, written materials and making presentations at one-on-one investor and analyst meetings and investment conferences.
• Monitoring and communicating peer company performance, metrics and messaging.
• Monitoring analyst models and street consensus to value/evaluate the company’s performance, and providing advice and counsel with regard to key valuation drivers.
• Developing and maintaining a compelling strategic investor roadmap inclusive of target shareholder analytics and outreach plan, as well as quarterly analysis of shareholder ownership changes, and acknowledging potential risks of activist and short activity within our shareholder base.
These are quite different than David’s proposed responsibilities.
I think governance needs to consider the Global market rates for the salaried roles outside of the Smart Contract Core Unit (as the skillset is highly concentrated geographically relative to other functions). For example, what if we hired another full-time facilitator and project manager with equivalent responsibilities but they lived in a low cost of living area like Montana. Will they be paid the same rate and if not, how would they feel about having their compensation adjusted to reflect the lower cost of living?
Long time lurker who only holds a two digit amount of MKR
I feel it is extremely irresponsible to have salaries and benefits based on the extremes of the global market standard deviation cost of living.
Ultimately maker is not requiring anyone to live in London, New York, California. Therefore I do not believe the DAO is obligated to offset the costs of living in an extremely expensive city.
In practice a DAO should have a market advantage against traditional finance and be able to attract top talent while paying reduced salaries because it offers the employees the ability to work from anywhere in the world.
My cousin is a CFA in one of the top 3 banks in the U.S. – the dude has 10+ years experience wearing a monkey suit (+ shirt & tie), takes his fancy pants clients to Art Basel Miami every year (pre-pandemic), has worked his way up to managing who knows how much in assets–but dude is dumb as rock. I’m being honest! And when it comes to this ecosystem–the dude is ignorant as they come. BUT. Finally!! Two weeks ago, he ask how to go about buying Bitcoin via a major CEX. Go figure.
Sure, 20%, maybe 30% of CFAs, MBAs, etc. have a deep deep deep understanding of Finance–I give you that. But when it comes to DeFi? They are clueless. This shit is real. This takes dedication and passion. This takes commitment. Ain’t no weekends in DeFi. Maker ain’t for the faint of heart. You either in it–because you talk it, you walk it, you sleep it, dream it, and eat it–all day everyday. Come on man you know that
I still don’t see how that justifies over paying for a position.
I also think we should coinsider paying a portion of packages in MKR. (Similar to a stock based compensation)
Ideally the MKR would be bought on the market and placed in a time locked smart contract to vest over a few years, meaning, they are not earned by the employee until a specified period of time has passed. (3-5 years) From there they can hold the maker indefinitely, or sell them to convert them into cash.
This would ensure salaried employees interests are aligned with investors.
This can’t seriously be a an argument?
Following this line of reasoning, a very enthusiastic 13yo with Metamask+Uniswap+Farming+NFT experience deserves a higher salary than a fancy pants CFA?
I am personally not in favour of pushing this type or rhetoric. Let’s not promote this type of culture: the wall-street warrior who works days and nights and breaths (decentralised) finance all day, and can retire by the age of 35.
MakerDAO needs to find talents, competences, people with a solid background and a proven record of results. These people should be able to enjoy weekends (why not? Just take turns with others) and be potentially be faint of heart (how being faint of heart or not has anything to do with Governance communications?)
The Governance Communications Core Unit, proposed by @Davidutro , is clearly made by talented people. No question about that. We are discussing here merely about salaries and cost-opportunities.
Reading all this I wonder if Maker should have an “everything” budget. And then the DAO uses that to pay all the teams, take it or leave it, and if they leave it we are prepared to hire outside folks. Bc if each team comes in and wants big bucks it could leave the project in a sorry state.
The Makerdao needs to play some moneyball not yoloball.
The first team that should prob be hired should be a restructuring team tbh.
those are some clever 13-years old. Most Teens here have never heard, or could care less about DeFi. Most of them are trying just to enjoy life during the pandemic. But maybe you’re right and there are some 13-years old front-running me.
My point is–there are tons of successful people in the world that don’t have a College Degree, or a “certification” who are successful, and a lot of folks with College Degrees and Certified who are struggling. So, ya–that is my logic.
Sadly to climb Mount Everest, you can’t have a faint heart. Climbing the DeFi mountain is going to take more than just getting DAI to $7B TVL. The competition is here my friend. As a great American once said: "Perfection is not attainable, but if we chase perfection we can catch excellence."
Yes I get your point, and I respect it.
But it is a logical fallacy. Examples include:
- there are tons of smokers who reach their 90s, and many non-smokers who die young → true, but statistically smokers have lower life expectation.
- Yeah, I know several people who didn’t have vaccinations as children, and they are stronger and more healthy than many other vaccinated people I know! → true, but statistically not having a vaccine is a terrible idea.
In other words, we should not take “some examples” as proof, but look at statistics.
These people compensated their lack of education with something else: e.g., quitting early their studies to start a company. Go work early to gain financial freedom early and do something with it. Etc.
In summary: I agree we should definetely consider people with unorthodox CVs, but that CV should be brilliant nonetheless.
Disclaimer: these are personal views, and general remarks on people working for core units.
I think working for a core unit can be compared to working as a contractor at this moment. There is quite a lot of job insecurity:
- Governance can vote you out every quarter, or decrease funding
- There could be a grand DeFi hack/bug
- There could be an even grander Ethereum hack/bug
- Regulatory risks
As a contractor it is often advised to make sure you are earning enough in 8 months for a full year, to cover these uncertainties.
Of course these risks could & should be mitigated as much as possible, but definitely taken into account.
Furthermore, in countries like the Netherlands it is difficult to get a mortgage/refinance as a contractor (Damn CeFi!). I think most banks would regard working for a core unit the same, and therefore this also should be taken into account when talking salaries in my opinion.
Doesn’t the following somewhat take care of (some of the) protocol risks?
Just updated this thread and the MIPs Repo with the updated budget proposal. The main changes are:
- Figures slightly differ
- Added continuous operation multisig + got agreement from listed signers
- Added commitment to monthly financial reporting similar to SES
- Updated details
Still waiting on a couple of the signer addresses, and to set up our own team’s wallets.
Moved to Formal Submission
- Added newly created Gnosis Safe multi-sig addresses
- Updated signer list.
As part of our broader effort to bring more transparency to the CU budget structure, we have documented the wallet setup of this CU and others;
Read more about it here: Introducing the CU Budget Transparency Map
Just a heads up, our current stream was accidentally misconfigured through a fault of my own. So we don’t quite get 40,500 per month as expected. But rather 30,750 per month so far.
In fact, in doing our accounting it seems we are running quite close to the wire. Our SP40 proposal fixes the stream(adding a supplemental one) for December but forfeits the lost/unclaimed Dai for the prior 3 months (~30k)
We may be putting up a one-time payment request for the missing funds from prior months.
Thankfully the contingency buffer has been just enough to not let this impact our operations(so far.)