- Polygon Ecosystem DAO (“EDAO”) has the aim of creating a decentralized community of people and projects willing to bring value to Polygon for the benefit of all its participants
- Polygon Foundation has funded the Polygon EDAO with 1M USD
- The DAO will establish the DApps Council, in which projects may contribute to allocate grants and take strategic decisions.
- 6 months membership in the Polygon EDAO DApps Council requires a contribution of 100k USD in native tokens or USDC
- UMA should be a strategic partner and one of the founding members of the DApps Council
Polygon Ecosystem DAO was born in the last quarter of 2021 with the aim of creating a decentralized community where all projects that bring value to the chain can collaborate together and shape the future trajectory of the ecosystem.
The newborn DAO should become the perfect location to onboard innovative projects, to shape new strategies of interoperability between DeFi protocols and to augment the use cases on the Polygon network.
During Season 0, the Genesis Team started the operations of the Polygon EDAO, which got support from Polygon foundation with a grant of 1M USD, which currently forms the treasury of the DAO.
The DAO is using the funding to allocate small grants to people seeking to develop new ideas on Polygon and to pay contributors. To date, the DAO has received more than 140 grant applications from various projects and numbers are steadily growing.
In Season 1, starting from February 2022, the Polygon EDAO will decentralize its operations and set up a brand-new governance structure and tokenomics. It will organize teams of contributors and provide bounties to people aiming to help. More importantly, it will further implement a procedure to allocate grants of bigger size to promising projects willing to build on Polygon. The DAO should strengthen the reasons why people should decide to start building on Polygon.
As UMA is one of the most important protocols on Polygon, we think that a strong strategic partnership at an early stage would be beneficial for both parties. In this regard, Polygon’s team has in the last weeks presented its project to Clayton and Poopster, in order to start discussions.
1. Membership in the Polygon Ecosystem DAO DApps Council
During Season 1, the Polygon EDAO will create the DApps Council in order to decentralize the governance operations, in giving power to the projects, which were able to bring value to the Polygon chains. This is why the primary focus of the DApps Council will be awarding grants to “younger” projects that deserve financial help to bring significant value to the ecosystem in terms of quality and creativity.
We would like to propose to UMA to join the DApps Council as a founding member together with other prominent DeFi protocols such as AAVE, Balancer and 0x Protocol!
From a practical point of view:
- A selected team of the Polygon EDAO will organize the work-flow through programs/dashboards and exercise a first scrutiny on the projects presented by the applicants in order to prepare them for the DApps Council vote
- The DApps Council members will have access to the relevant documents/links and may contact the applicants to get additional information and to provide suggestions
- Once this clarification stage will be concluded, the DApps Council will vote on the grants requests
- DApps Council members will have their wallet whitelisted in a customized Snapshot strategy
- The grants requests will be presented by a selected Polygon EDAO Team on Snapshot on a weekly basis
2. Framing a New Governance Model for the Polygon Ecosystem DAO
The Polygon EDAO aims at becoming the DAO of the DAOs. Such a goal can be achieved only in granting decision-making power to the projects that have already been built on Polygon.
In this regard, the DAO wants to set-up a new governance model, which will connect tokenized voting to reputational aspects. It will take advantage of the most disruptive DAO tooling available on the market. Consultations with service providers are going on almost every day and the general framework will be designed during Season 1.
UMA will have a say in framing the future governance structure!
3. Organize DAO Operations and Onboard Contributors
“Inclusiveness” will be the main point of reference in the onboarding procedures of the DAO. Anyone willing to collaborate and bring value to the DAO will have the chance to demonstrate their skills.
The DAO will establish different avenues to contribute: fixed compensation schemes for recurring tasks, bounties for selected activities, etc. On the basis of the output, people will acquire reputational recognition in the form of NFTs.
The Polygon EDAO will take advantage of UMA’s products, especially of KPI options in order to create the right incentives for its contributors. The use-cases will range from marketing (number of views and followers on social media) to general community growth indicators (as the activity on the Discord server).
UMA will contribute to extract talent from the Polygon EDAO!
4. Specific benefits for UMA
The participation to the proposed program will assure the following direct and indirect benefits to your organization:
- Augment Polygon’s TVL through the growth of the Polygon Ecosystem and augment the use cases of UMA’s products through new adoptions
- Being presented as Polygon’s strategic partner
- Contribute directly to the development of the ecosystem, deciding on the awarding of grants
- Having a dedicated channel in the PolygonDAO Discord Server, in which to act as administrators, so as to create synergies between communities, especially for the use of KPI options
- Being able to contact all the PolygonDAO participants directly: the Polygon Team, the DAO Team, the contributors, the projects and the community
- Build partnerships, campaigns and projects with PolygonDAO, financed by the revenues obtained from the implementation of the DAO DeFi Treasury
- Have direct contact with the most promising DeFi projects in the ecosystem, in order to foster interoperability between protocols and build money-legos
- Having the possibility to team-up with DApps Council participants on matters related to the growth of the Polygon ecosystem in terms of composability and creation of value
- Apply KPI options also to grant allocations. This could be beneficial especially for DeFi projects for which TVL constitutes the most important success indicator
1. DApps Council participation
For the participation in the DApps Council for six months, UMA should provide an allocation of
- 100K USD in native tokens or USDC
The funding will form part of the Polygon EDAO Treasury. The allocation can be transferred in native tokens or USDC.
2. Utilization of the DAO Treasury
Amounts committed by Council members will be utilized as follows:
- Used to grant grants to third-party projects that request them from Polygon Ecosystem DAO
- Stored in the DAO DeFi Treasury for governance token accumulation and swap operations
- Used for operational and community costs of the DAO
Depending on the amount raised, the funds will be allocated accordingly:
- raised up to USD 1,000,000: ○ A: 75% ○ B: 12,5% ○ C: 12,5%
- raised up to USD 1,500,000: ○ A: 76,5% ○ B: 12,5% ○ C: 11%
- raised up to and above USD 2,000,000: ○ A: 77,5% ○ B: 12,5% ○ C: 10%
- Set-up of the DApps Council
- Set-up UMA’s dedicated channel in the Polygon EDAO server
- Allocation of 700k USD in grants during Season 1
- Creation of KPI options schemes for Polygon EDAO contributors and grantees
- Framing of the Polygon EDAO governance
- Poopster (discord: poopster#3593): Core Contributor at Polygon EDAO biz dev / Super uman / UMA ambassador
- Grendel (discord: Grendel#3875): Leader of Polygon EDAO, Developer and Historian
- Tommy (discord: tommyolofsson#5656): Core contributor of Polygon EDAO for Accounting and Operations
- Eagle (discord: Eagle#2979): Core contributor of Polygon EDAO for Legal and Governance matters
- requires further discussion