LEAP-41: Reduce GrantsDAO Incentives From Next Epoch

Author	nf
Status	Implemented
Created	2022-12-14

Simple Summary

This LEAP proposes to reduce incentives for GrantsDAO from $2500 / month paid in LYRA or USDC to $2000 / month, and reduce the number of seats on the Grants Council from 5 to 3.

Abstract

GrantsDAO to receive $2000 / month in LYRA or USDC, with 3 total seats from next epoch.

Motivation

The current structure is too costly, with the July-Nov epoch costing the DAO 350,000 LYRA tokens (1,050,000 LYRA annually). Whilst the work of GrantsDAO is important, the current cost basis is excessive.

Rationale

The original justification for $2,500/month centered around matching the Lyra Council. However, the Lyra Council deals with fundamental and technical protocol governance issues. GrantsDAO, whilst important, has a lower technical barrier for Council Members and a different set of role requirements. This alone justifies a difference in compensation rates.

3 seats with relatively higher compensation should still support operational efficiency within Grants Council whilst keeping expenses reasonable.

Configurable Values

From the beginning of the next epoch (March 2023), Lyra GrantsDAO members will receive the following each month: $2000 worth of LYRA, using the open price on coingecko on the first of each month. If this price is less than $0.05, the DAO may pay council members in USDC. The Council will have 3 members.