Alchemix Treasury Budget Request:
Up until this point, when the Alchemix dev team has needed to use treasury funds to pay a developer or purchase a service we have executed these payments without any governance action. Most of these payments were under $10,000 each, but audit payments have already gone over $100,000. These payments needed to happen, so we unilaterally executed them.
However, the goal of Alchemix is full decentralization. In a move to be more transparent and more decentralized, the Alchemix core development team will request a quarterly budget with estimations of budgetary items. Additionally, we shall follow up with data on how these funds are spent so that the community will see with full transparency how we manage our treasury.
Budget Request for Aug-Oct 2021: $400,000
For solidity developers, one of our part timers is becoming full time, and we are bringing in another solidity dev. We may also contract other devs for part-time solidity work. Alchemix v2 website is getting a complete revamp and makeover. For this effort, we have brought in two more part time front end devs and have been working with a fantastic UX designer. We may also look to expand the team ever further, so this number could increase.
For Alchemix security, we have been audited by Certik (and our forks have been audited too ;p) and have an active bug bounty on Immunify. In total, we have paid out a little over $10k for bug reports which have helped us patch some minor vulnerabilities. We have also engaged Runtime Verification to audit our v2 code. We have made one payment of $55,000 USDC to them so far, and the second one will be due soon. We would like to continue our relationship with them through the release of V2, the Alchemix DAO and beyond, and will need continued funds to do so.
The Alchemix team also pays for numerous services including nansen, infura, vercel, gitbook, discord bots, and others. These services in aggregate cost ~$2000/month and may increase as we are getting close to our plans’ limits.
The August-October budget request of $400,000 will give the Alchemix team plenty of flexibility in managing payroll, operations, and security. At minimum, we must spend approximately ⅔ of this budget on our talent and for the audit. We expect that we will increase our spending as we add developers and pay for additional audits. Any unused funds at the end of this period will be returned to the treasury and the team will make an additional budget request for the next period before this period expires.
The funds will be stored in a 3/5 multisig held by co-founders: 0xDerivadev, scoopy trooples, Gorby, n4n0, and thetechnocratic. We will make DAO payments from this wallet. This would ensure that no one dev has the power to misuse the funds. 0x9e2b6378ee8ad2A4A95Fe481d63CAba8FB0EBBF9 is the dev multisig address.
