1Hive Retroactive Funding Pilot

1Hive Retroactive Funding Pilot

Link to Proposal in the Honey Pot: Gardens

Proposal Information

Proposal description:
A key short term goal in the High Level Direction for 1Hive is to build a better compensation plan that supports the price of HNY and aligns everyone in the community. One piece of this plan is retroactive funding, where contributors get vesting HNY based on value they’ve created for 1Hive in the previous time period.

This proposal is requesting 1% of the Common Pool (77.5 HNY at time of proposal) for a pilot program. HNY will go to a 4 of 10 multisig Gnosis Safe with active 1Hive contributors in different swarms.

How will Retroactive Funding be distributed?

  • The pilot will look only at value created this year: January 1, 2022 to April 30, 2022.
  • Any swarm, working group, or individual can apply for Retroactive Funding by creating a Signaling Proposal that links to a forum post showing work they’ve done during the time period, and how it created value for 1Hive.
  • A snapshot of relative conviction supporting Retroactive Funding signaling proposals is taken on May 15, 2022 at 01:00 UTC.
  • Retroactive funding multisig will then set up Superfluid HNY streams for a 6 month vesting period based on signaling proposal results.
  • Retroactive funding recipients are free to distribute HNY streams among themselves in the way they think is best. A good option is with Coordinape.

If the community agrees this pilot does a good job at aligning the 1Hive community and distributing value, a second retroactive funding proposal can supplement HNY streams from this pilot proposal, and the program can be replicated/iterated on each quarter.

Proposal Rationale
There are SO many benefits to an effective Retroactive Funding program!

  • Value is easier to measure after it’s created. 1Hive can be more confident that HNY is being well spent compared to funding proposals that compensate work in the future.
  • Better accountability and feedback. The community gets a more direct feedback system for signaling what it wants to see more of.
  • Rewarding the right contributor mindset. The mindset that does best in this system is “what can we / I do that the community will agree creates the most value for 1Hive?”
  • Incentivizing long term growth. Compensating with vesting tokens means that swarms and contributors are financially linked to long term growth in the price of HNY.
  • Ideal governance distribution. The cybernetic organism of 1Hive is self-improving, built to naturally evolve over time. The best people to accumulate governance in 1Hive are the people and working groups that are currently creating the most value.

See earlier post from last year for more background.

Expected duration or delivery date (if applicable):
Aiming to have retroactive funding streams set up by May 13.

Team Information (For Funding Proposals)

Gnosis Safe signers:

10 Likes

Proposal is passed and executed :slightly_smiling_face:

FYI the active discussion for this on Discord is here in the #proposals channel.

To give everyone time to put proposals together, the snapshot will be pushed back to May 11, 2022 at 19:00 UTC


HOW TO APPLY FOR 1HIVE RETROACTIVE FUNDING

1. Create a forum post in the Proposals category of Discord.

Use this framework for your application.

  • Swarm, working group, or contributor name:
  • If applying as a swarm or working group, who helped with this application? Just so we know who we’re dealing with… doesn’t need to be all active contributors during the time period.
  • Description of value created for 1Hive, Jan 1 - April 30, 2022: How has your work created value for 1Hive? Helpful hints:
    • Don’t talk about potential future value! Example: “the app we built will let DAOs coordinate better…” = No! Retroactive funding means we only care about value that’s been realized.
    • Whenever possible, use objective data rather than subjective statements. Example: “During the 4 month period our tweets had 10k impressions, 300 clicks…” is much better than “our Twitter posts created a lot of excitement…”
    • Value created this year can be from work done a long time ago. Example: Honeyswap was built hundreds of years ago in crypto time but is still creating a lot of value for 1Hive today. People should know that if they do work that benefits 1Hive a long time from now, they can still be rewarded. That said, it’s not in 1Hive’s interest to give funding to inactive contributors if they don’t think they’ll come back.
  • Description of work completed Jan 1 - April 30, 2022: What work was done during this time period?
  • Between January 1, 2022 and April 30, 2022, how much funding did you receive? Split this up between 1Hive funding proposals and other sources. Example:
    • 1Hive Funding Proposals - 50 HNY ($8,800 at today’s price)
    • Gitcoin Grants - $800
    • Giveth Donations - $250
  • Gnosis Safe or Wallet address funds will go to:
  • Plans for how funds will be distributed: Coordinape? Even split? All to one contributor? Will inactive contributors get funding? Context for your thought process that will give voters confidence funding will be distributed well.

2. Create a Signaling Proposal linking to your forum post.

  • Conviction Growth for 1Hive is 2 days, and the proposal snapshot is May 11. Give the community enough time to read your proposal, vote, and for conviction to grow in time for the snapshot.

3. Profit

  • Usually there’s a missing step with question marks before this :slightly_smiling_face:

HOW TO VOTE ON RETROACTIVE FUNDING

Like in the original post, Retroactive Funding is an absurdly powerful tool for the cybernetic organism of 1Hive. As a voter, you’re responsible for streaming HNY to the people who are creating value for 1Hive accurately! The idea is that:

  1. If we reward people who create value, they’ll keep doing it
  2. Governance weight should flow in the direction of people creating value for 1Hive.
  3. It’s easier for contributors to know how to create value when the community can signal it.

There are some easy-to-imagine ways however that voters can screw this up and turn the system into a dumb, self-destructive organism. For instance:

  • Only voting for proposals they were involved in to try and enrich themselves.
  • Voting for a proposal as part of some quid pro quo.
  • Voting for friends proposals simply because they like them, or the opposite, abstaining because they don’t like someone.
  • Following hype cycles and voting for work that only feels valuable.
  • Voting simply for the projects they’re most familiar with.

Fortunately, the community can see voting results in real time and adjust their votes to correct for errors like this, so as long as destructive types of voting are a small minority, it can be self-corrected.

8 Likes

Awesome!!

I dont get that part, what you mean with “question marks before this”?

Thank for that effort Paul!

1 Like

hahaha sorry my b, bad meme reference: South Park Underpants Gnomes Profit Plan - YouTube

3 Likes

Gardens is in the process of moving to an eth.limo domain after a 1Hive domain hack which has interrupted voting a day before our scheduled snapshot, so it probably makes sense to move back the deadline for retroactive funding.

I updated the snapshot time in the proposal to May 15, 2022 at 01:00 UTC.

2 Likes

Esteemed bumble bees of 1Hive,

At yesterday’s deadline, here were the conviction totals for each RF application:

Gardens Swarm - 6.10
Quests Swarm - 1.45
NFBeez - 0.78
Treasury Swarm - 0.50
Blossom Labs - 0.09
Buzz Swarm - 0.02

Blossom Labs and Buzz Swarm were both late submissions, and because Conviction Growth for 1Hive is set to 48 hours they didn’t grow much conviction in time for the deadline even though the had some support.

Do we want to extend the deadline to give the proposals more time to grow conviction?

  • No
  • Yes, by 1 day
  • Yes, by 2 days
  • Yes, by 3 days

0 voters

1 Like

Alright sheebz let’s wrap up this pilot! :partying_face:

There was consensus on extending the deadline 3 days so another snapshot was taken May 18 01:00 UTC (screenshots at bottom).

Here were the results of Retroactive Funding Round 0!

  • Gardens - 6.22% conviction - 37.66 HNY
  • Quests - 1.50% conviction - 9.08 HNY
  • NFBeez - 1.37% conviction - 8.29 HNY
  • Blossom Labs - 1.35% conviction - 8.17 HNY
  • Treasury - 0.91% conviction - 5.51 HNY
  • Buzz - 0.83% conviction - 5.02 HNY

The Retroactive Funding Gnosis Safe will set up Superfluid streams for these soon, once we get 4 of us free to set them up together.


FEEDBACK TIME

Respond to the 2 polls and comment with your feedback / thoughts / suggestions for improvement!

1. How well did HNY distributions from this pilot match where value has been created at 1Hive so far this year?

  • Extremely well
  • Quite well
  • OK
  • Quite poorly
  • Extremely poorly

0 voters

2. Should we go forward with Season 1 of Retroactive Funding with a more substantial amount of HNY?

  • Hell yeah.
  • Only if certain changes are made (reply in comments)
  • Hell no.

0 voters


Snapshots (web1 tech here, not the web3 snapshots you’re probably thinking of…):

Gardens
Quests
nfbeez
Blossom
Treasury
Buzz

5 Likes

Thank you again for all your efforts @paul .