Yearly Budget & Apr 1, 2022 - June 30, 2022 Budget Request for DAO Hiring Committee

The Resourcing and Compensation Committee (RCC) was formed during the month of March after a successful vote for the RCC was completed by the Lido DAO via Snapshot. The RCC shall operationally consist of a multi-signature wallet with signers, thresholds, and future plans for the wallet outlined in the successful RCC budget proposal document found here.

The RCC shall exist to offer the DAO’s three official department heads for Business Development, Node Operator Management, and Marketing [to start] relief of blockers that have slowed down and in some ways prohibited them from executing upon their Objectives and Key Results (OKRs) for 2022. These departments shall make requests to multisignature signers and overseers to the RCC (which will expand and grow in due course).

The yearly budget request for the RCC is $5,368,568.84, comprised of both USD OpEx/compensation/marketing expense as well as LDO token grants. This equates to a $447,380.74 monthly expense to support the teams. A more detailed budget breakdown is found on the full proposal here.

This budget secures a team of 15 full-time employees as well as covers all operational costs listed below.

At the end of the calendar year, any budget not spent would either be rolled forward into the next budget period, or returned to the DAO treasury if no further budgets are approved. Should the RCC shut down, all unused funds will be returned to the DAO immediately.

The RCC will need $1,057,755.00 to fulfill its need within this 3-month budget period. Of this, $22,500 will be used to cover gas costs related to multisig signature transactions and currency swaps. We propose that the Lido DAO withdraws the equivalent of $1,057,755.00 in stETH held in the Lido DAO treasury to the RCC multisig wallet, and that the RCC multisig wallet sells this stETH for DAI to secure the RCC’s 3-month budget. For the remaining $22,500 required for gas reimbursements, the RCC shall instead swap this equivalent amount in stETH to ETH and store the ETH as-is as a gas reimbursement reserve.

We are asking the Lido DAO to transfer the equivalent of $1,057,755.00 (+5% premium to account for potential price fluctuation from the start of Aragon voting to the end) in stETH from the Lido DAO treasury to the RCC Multisig wallet address. The exact amount of stETH shall be determined when the Aragon vote is initiated.

RCC Multisig Details:

• Address- 0xDE06d17Db9295Fa8c4082D4f73Ff81592A3aC437
• Designated Contact: TG - @jbeezy1
• Quorum - 3/5 to start, transition to a 4/7 threshold that will be completed by the RCC.

Proposed initial signers:

• Jbeezy from Lido, Business Development Lead address: 0x039bDD285d3eDb1D9B6001d3097067Aa2AF7d826
• Izzy from Lido, Master of Validators address: 0x783EA934d543CD1ccfd920639A7539a0BD3895e2
• Kadmil from Lido, Technical manager for the DAO address: 0x9A3f38AF97b791C85c043D46a64f56f87E0283D4
• Aurelius from Lido, Operational Manager Candidate address: 0x7A29c1197962D1b42FcfA8095fA1dF66E489fCd6
• AD from Lido, Marketing Lead address: 0x0d22e69ce47818c3524Fe952e8De7AF78cC3C43b

Full proposal and address confirmation signatures: https://research.lido.fi/t/rcc-1-apr-1-2022-june-30-2022-budget-request/1980