Yearly Budget & July 1, 2022 - September 30, 2022 Budget Request for RCC

Proposal Actions Itemized

• $1,117,380.00 +5% if in ETH, or without +5% in DAI if applicable is supplied to the RCC multisig wallet from the DAO treasury to allow the RCC to fulfill its need within this 3-month budget period.
• Increase the Master of Validators’ base compensation from 10,000.00 DAI to 16,666.67 DAI per month, to be paid at the end of every calendar month, effective as of July 1, 2022 (i.e. will be reflected in updated mid-year RCC budget).
• 67,017.32 LDO is supplied to the RCC multisig wallet to disburse LDO LTI rewards that are due within this budget period to persons contributing to Lido via the RCC.

For a more detailed proposal, see the post on the Lido Governance forum here. The total Yearly budget has been recalibrated to a normalized $5,350,800.59; encompassing an additional Legal workstream, adjustments to OpEx, and adjustments to Marketing Expenditure.

Context

The Resourcing and Compensation Committee (RCC) was formed in March 2022 after a successful vote for the RCC was completed by the Lido DAO via Snapshot. The next period of funding for the RCC, Q3 2022, begins July 1st (being applied retroactively). For the first quarter of its operation (Q2 2022), contributors working directly under the Lido DAO have been doing so via the Resourcing and Compensation Committee (RCC), formed via a Snapshot vote and then funded via a Snapshot and Aragon vote with the Lido DAO for one quarter. The RCC achieved what it was created for, and helped team leads for these departments execute on and progress towards their OKRs. For a detailed breakdown of accounting considerations taken into preparing the year’s budget as well as a breakdown of the operational procedure for committee members, please see the first RCC budget proposal and Q2 2022 funding request passed via snapshot here.