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[Treasurer] Referendum #1784
Context
The Treasurer Track has a 28 day voting period + 7 day confirmation period + 1 day execution period.
The proposer (WebZero) has scheduled a success fee payout 30 days after the event. This payout is tied to metrics being met. Intervening with scheduled payouts requires the Treasurer track (36 days intervention time). 30 days therefore is not enough time to intervene via OpenGov (should there be a need).
That is why we are putting this ref up before the actual event metrics get released to allow token holders to retain the option to intervene if need be. We hope the event is a huge success and that all targets are hit!
Proposers, please ensure you leave at least 36 days between milestone submission and payout with some extra time for community review!!!
Voters, please only vote on this referendum AFTER the event metrics have been released.
We invite WebZero to update the community here but we will also be keeping an eye out and relaying any new info as it comes up.
A decision deposit has to be placed before Nov. 11 for an intervention to be possible. If this referendum gets rejected, nothing happens and the payout gets processed as scheduled on Dec. 18. If it gets approved, the scheduled payout is canceled and a reward is of $1.2k is paid out to the proposer of this ref as a reward for protecting the treasury.
Treasury Spend Cancellation
Cancel the following treasury spends from Referendum #1684 on Polkadot:
- Spend ID 183: 33,579.5 USDC
Reason: Ensure accountability for the success fee.
WebZero is to receive a bonus (in the form of a scheduled payout) for a successful event. This referendum gives voters the option to cancel that bonus payment should the target metrics not be hit.
Please only vote on this referendum AFTER the organisers have published event metrics.
Made with Treasury Guardian
Comments (3)
Perhaps clearly laying out what the success metrics are in this ref would be beneficial.
@Jay Chrawnna been added above.
To clarify again though, it is obviously too early to say if those metrics have been met till after the event. The reason why this ref has to be created now though is in order to retain the ability to intervene. The Treasurer track needs 36 days for the whole execution cycle so the ref has to be created now and a decision deposit has to be placed by tomorrow to have at least 36 days till the scheduled payout.
Voting on this is only really meaningful after event metrics have been released.
Proposers should allow at least 36 days (+ time for community review) between their milestone deliveries and scheduled payouts
Hi, While I appreciate the worry about treasury funds, this is the first time in three years that WebZero has asked for an agency fee. We will only charge the agency fee if the KPIs are met.
Thank you for the attention to this matter.
Roman, WZ founder
@Roman M.K.
Currently the funds are scheduled to be paid out December 18th. So without intervention, they will be paid out. By "we will only charge the agency fee if the KPIs are met" are you suggesting you will pay back the amount to the treasury post payout should KPIs not be met?
This referendum is the "less trust, more truth" version of WZ only charging the agency fee if KPIs are met. Rather than having to trust a party to pay back funds, with the Treasury Guardian, OpenGov can take proactive action to eliminate the need for that trust.
Ideally Treasury Guardians would take action after the event metrics were released and only in the case where there was clear evidence that metrics were not met. I hope you understand how the 30 day window between milestone delivery and payout in this case does not allow for the Treasury Guardians to wait till after the event. For now this referendum is just a placeholder though to retain the ability to intervene and we encourage voters to hold off with their vote till event metrics have been released.
All that said, the DD to this referendum has to be placed in the next hours for a 36 day period to still exist till the payout. Since we cannot place the DD at this point ourselves, it looks unlikely that a DD will be placed in time. In which case OpenGov would lose its ability to intervene and this would become a case of trusting WZ.
I look forward to sub0!