The Onyx DAO proposes to allocate a budget for operational costs and marketing and promotional development.
After the failure of budget proposal OIP-12, we gathered feedback and decided to pay more attention to marketing and cover only essential developmental support.
We also will give more details about why the development part is so important and should not be underestimated, though we’ve cut the positions of a Frontend developer and a Smart contract developer to reduce outlay. Positions related to marketing and promotional development moved to the marketing section.
There is an agreement in place with LDA Capital. Any tokens released from tokens to LDA Capital will not go for sale on the free market but rather exchanged via OTC deal with LDA Capital.
Further details as to the agreement in place with LDA can be found here — Onyx DAO Treasury & LDA Funding Details | by Onyx Protocol | Mar, 2023 | OnyxProtocol.
To maintain and develop the Onyx Protocol further, it requires a team to do so. If there isn’t a team on hand to do so, then expensive freelance contractors are usually brought into web3 teams. To fix a bug, or change something in the UI, Onyx has to pay contractors—it’s more expensive than having a dedicated team.
Hiring developers is not something that makes new features or app integrations/development happen immediately—it takes time to get familiar with infrastructure and the code base. It still makes sense to continue to use contractors at the start because they are familiar with the program already and can fix a bug in time.
The idea is to prepare and integrate full time developers into Onyx’s development team, and to save on product maintenance, and future development.
Without a development budget, there is a risk of system failure, and curtailing Onyx services.
To reduce costs at the start, we’ll not hire a Frontend developer and a Smart contract developer, and hire System administrator at a part time.
- Fullstack developer ~6,000 USD/month
- System administrator and security engineer — part time $3,000 USD/month
- Contractors ~18,000 USD for 3 month
- Infrastructure support. Includes servers, IPFS, blockchain nodes ~5,000 USD/month
Total for 3 months: 60,000 USD ~37,500,000 XCN.
It’s significantly lower outlay than in the previous proposal, targeting it will cover Onyx Protocol maintenance for this period as well as development.
Alex and Sega have already started discussions with potential partners, and soon you’ll see the announcements. To leverage business development and marketing, we are going to hire new team members to aid in the development in an Ambassador programme and concurrent protocol promotional initiatives:
- Head of BD Assistant, Community Lead ~2,000 USD/month
- Designer ~3,000 USD/month
- Community managers 6 x 700 USD/month
- Ambassadors 6 x 300 USD/month
To further lower outlay, gas refunds for voting will come from the current gas refund programme.
Marketing and Promotional Activity
- Social promotions and visibility ~3,000/month
- Publications ~10,000/month
- Merchandise for partners ~10,000 for 3 months
- Influencers and external AMAs ~5,000/month
Total for 3 months: 85,000 USD ~ 53,125,000 XCN.
Additionally, we’ll allocate 6,875,000 XCN for initiatives paid in XCN.
Total for marketing and community: 60,000,000 XCN.
Total is 97,500,000 XCN compared to 115,000,000 XCN in the previous budget. Also, most expenses are going for marketing.
This budget is accounted for 3 months—May, June, July. The team has chosen a short period of planning because of an ever evolving landscape. It will be reviewed quarterly and the next budget would be proposed before the end of July.
We are opening a discussion of the proposal within the community, and expect to deploy it next week for an official vote.