This proposal requests $400k in USDC and 5,000 EUL to fund a multisig controlled by the Directors of the Euler Foundation to cover operational expenses of the Euler Foundation for a period of 12 months.
Motivation
To date, payments made by the Foundation have been approved in DAO proposals, passed on Snapshot. In order to improve operational efficiency of the Foundation, and minimise voter fatigue, the Foundation is requesting the DAO fund a multisig, controlled by the Foundation Directors, to cover expenses related to the operation and administration of the Foundation for a 12 month period.
The multisig is a 2 of 3 multisig. The Directors will account for 2 of the signers. The other signer will be an agent of the of Directors, appointed at the discretion of the Directors.
USDC Request
The Foundation is requesting $400k USDC.
The funds are expected to be used to cover the payment of day to day operations and service providers that provide services related to the operation and administration of the DAO and/or the Euler Foundation.
Examples of expenses incurred by the Foundation, based on the past 12 months, include but are not limited to:
Legal services
Professional Directors
Professional service firms
Technical infrastructure providers
Where USDC in the multisig is withdrawn to a fiat bank account, the Foundation will attest to quarterly statements and provide these attestations to the DAO.
EUL Request
The Foundation is requesting 5,000 EUL.
Distributions of EUL will be made in the interest of facilitating governance participation and activity within the Euler DAO.
Specification
Fund the multisig 0x967B10c27454CC5b1b1Eeb163034ACdE13Fe55e2 with the following:
400k USDC
5,000 EUL
Previously, expenses were paid from the treasury wallet as they were incurred. The run rate of the Foundation’s expenses is roughly $300k per year. Although the Foundation does not expect this to rise materially in 2024, by passing this proposal there will be additional funds available to the Directors if required.
We are expecting a very active 2024 for the Foundation with the relaunch of Euler. The goal is to have enough funds in the multisig to cover any and all expenses that could possibly arise in the coming year.
In the event that the proposal is not passed, Foundation directors will still need to cover Foundation expenses from the DAO’s treasury. This new multisig approach is an attempt to improve transparency around Foundation expenditure.
Completely agree! Protocol not in operation for >9 months, dont see why DAO need to pay right now this amount to euler foundation considering that previously these funds came from the treasury.
It seems logical that the absence of this payment will encourage foundation/team more to restart the protocol so that the treasury is replenished again to pay these costs.
Dont trust, verify! Show some action first, not just words.
Euler Updates
The comeback has officially kicked off. The Euler Labs team just announced the Ethereum Vault Connector. There is a tweet thread and a blog post with more information.
Vote Timing
I anticipate putting this proposal to a vote the week of January 22nd. If there are token holders interested in voting, I would encourage you to make sure your EUL is in a wallet you are able to vote with before the end of next week.
Thanks for your vigilance, @AltoOptimo . We can confirm that alisha.eth is indeed a Special Advisor to the Euler Foundation. The Euler Foundation owns and controls the wallet: 0x967B10c27454CC5b1b1Eeb163034ACdE13Fe55e2.
We endorse the proposal and reiterate that this is not new spending. It is the first step in streamlining operations and providing more transparency as Euler gears up for an exciting year of developments.
eIP 57 has passed. The Foundation has been funded with $400k USDC and 5k EUL. Thank you to everyone who voted. This is an important step to reactivate the Foundation ahead of a big year for Euler!
