- 1Hive contributors should feel confident that if they continue to create value for the DAO, they’ll be compensated appropriately.
- Value created at 1Hive should proportionately go to those who create it, with some portion of growth being shared by the rest of the community.
- Value is easier to measure after it’s created.
How to do this:
- Create a Honey Pot Funding Proposal to reward the Gardens team for value created in the past. Here’s an initial suggestion for how this process might work, using only tools 1Hive is already familiar with:
1. Data Collection
- In Discourse, a set time period for suggesting and collecting useful data, i.e. Total Token Value in Gardens, Honeyswap Volume/Tx Fees/Liquidity related to Gardens, growth in Celeste related to Gardens, etc.
- Open discussion on collection and valuation methods.
2. Determine Value Created
- Decided by the community In Discourse: “Post the dollar amount you believe the Gardens team created for 1Hive in the last time period, and the % you believe should go to the 1Hive community” - doing this in Discourse lets us associate a person with responses, helping with security/honesty.
- TBD - is it OK for Gardens swarm members participate? Conflicts of interest are transparent.
- We find the median values from the community (or other outlier-resistant metric)
- Signaling Proposal Amount then becomes: [Gardens Value Created] - [1Hive community portion] - [Amount already paid in past Gardens swarm proposals]
- i.e. if Gardens created $1 million in value with a 20% allocation to community, and $100k was already paid in past proposals, proposal amount is $700k.
3. Confirm with Signaling Proposal
- We use 4 simultaneous signaling proposals where the community either approves this dollar amount or sends it back to discussion:
- Create Retroactive Funding Proposal for Gardens at [AGREED VALUE]
- More discussion needed, [AGREED VALUE] is too low
- More discussion needed, [AGREED VALUE] is too high
- Gardens should not qualify for a Retroactive Funding Proposal
4. Create Funding Proposal
- Once the community supports a funding amount, create a funding proposal.
- TBD - do we enforce a vesting period on HNY paid out? IMO a trust-based system with cultural enforcement might work better. Incentives are well-aligned - the 1Hive community wants retroactive funding to incentivize more valuable work, and people that get retroactive funding want to keep getting it. Swarms that dump HNY from retroactive funding are unlikely to get it again. Another benefit of a trust-based system is that HNY that would otherwise be locked can be reinvested into the 1Hive ecosystem through LPs, Celeste, and voting. In other words, intrinsic motivation > extrinsic motivation, but would need education so everyone understands how & why to act in the community’s interest.
5. Allocate to Gardens Team
- If funding proposal is approved, Gardens team uses Coordinape to distribute between swarm members.
One last plea:
If we get this right, we’ll have a system that can be replicated at other 1Hive swarms and will help us as a DAO to recruit and retain good worker bees - funding proposals for ongoing/future work can look a little more like basic income, reducing HNY lost to projects that don’t pan out.