Voting period
7 days
Category
X Request for action
Abstract
This proposal provides funding for developing and operating the Tezos Domains project for the core team for 2023. The Core Team behind Tezos Domains has spent significant resources on the project in 2023 and respectfully requests funding to cover the accrued expenses in 2023 per Article II of the Tezos Domains DAO constitution.
Rationale
The Core Team behind Tezos Domains is a group of dedicated professionals who developed Tezos Domains and have been managing the development, operations, and maintenance since the project’s inception. The development of the project has been possible with the support of the Tezos Foundation. The last grant payment was in 2022.
Details
During 2023, we launched Tezos Domains DAO, including the TED token. We have transferred the entire project’s treasury, including the proceeds from the IDO, under the DAO ownership.
Treasury Breakdown
- The cumulative revenue from Tezos Domains as of 31th of October amounts to 791,674 tez.
- We only used the treasury to pay for expenses related to community management and legal fees associated with setting up a DAO. The core team’s development and operations costs for 2023 were not covered by the treasury. The treasury expenses as of now are $65,790.
- After accounting for the IDO proceeds and our hedging of a portion of the treasury at the beginning of this year, our treasury’s total value stands at 994,607 tez ($737,899) at the current exchange rate.
Core Team 2023 Budget Summary
| Calendar Year 2023 | |
|---|---|
| January to October | |
| Compensation | $334,303.00 |
| IT (Infra, Subscriptions) | $22,526.49 |
| November to December | |
| Compensation | $24,000.00 |
| IT (Infra, Subscriptions) | $4,505.30 |
| Contingency (15%) | $5,030.35 |
| Expenses | $390,365.13 |
Responsibilities of the Core Team in 2023
Development of New Features
We have introduced new features requested by the community:
- Bulk secondary market operations (canceling offers and withdrawing buy offers),
- New user experience for domain registration in bulk
- Other secondary market improvements, such as activity feed and viewing listing on domain details
- Automatically sending notification about domains via Mailchain
Majority of our focus was on the launch of the TED token and the Tezos Domains DAO:
- Creating a fair system for token distribution in the airdrop. Both automatic and manual countermeasures against airdrop exploitation (Sybil prevention) were used requiring a deep analysis of historical blockchain transactions.
- Designing and developing a delegation feature with historization of voting power. Our TEDv token contract has been adopted by Homebase for new DAOs thanks to its functionality unique on Tezos.
- Developing a token vesting contract supporting unlimited amount of claims (enabled by a custom Merkle tree implementation), auxiliary vesting tools, and integration with the app.
- Creating a new reward distribution system (Governance pool) including associated smart contract, indexing, and UI development, all tied to the new voting token (TEDv).
- Working with Inference who delivered an independent security audit of all smart contracts we developed this year.
- Close collaborative efforts with the Homebase team, facilitating delegated voting on their platform.
- Engaging with exchanges, market makers, and the Tezos Foundation to ensure a smooth and successful token launch.
As always, all newly developed code has been made open-source so the whole ecosystem can benefit.
Operations and Maintenance
- Ensuring high availability of all key services including:
- Public Tezos Domains API and Indexer used by the app and other projects in the Tezos ecosystem
- The Tezos Domains App and Website
- The Tezos Domains e-mail and Mailchain notification service
- Our in-house Tezos nodes (public RPC nodes, private archive nodes)
- .xyz DNS registration Oracle
- Content server for the decentralized web feature using the tez.page domain
- Ensuring compatibility with new protocol upgrades
- Continuous bug fixes, maintenance, and dependency updates for the Tezos Domains app and the public client libraries.
Marketing and Communication
- Close collaboration with an external marketing agency promoting Tezos Domains and TED token launch.
- We appeared on various blockchain and Tezos related talk shows to promote Tezos Domains and the TED token, broadening our reach and impact
- Cultivating project awareness through strategic partnerships and integrations.
Roadmap: What’s Next in 2023
We are planning new additional features to be implemented in the rest of 2023:
- List of favorite domains
- Leaderboard of public delegates
- More supporting features for delegates (people delegating to you)
- Other UI improvements driven by community feedback
- Tezos protocol upgrades as needed
Funding Forecast: 2024
For the year 2024, we expect expenses to be around $139k. Budget for 2024 will be proposed separately, with payments to be divided quarterly. The projected ongoing revenue is $188k based on the last 3 months of domain registration fees. New significant feature development can be funded with separate grants based on community interest.
About the Core Team
The Tezos Domains team has been working together for more than ten years on various large-scale projects. We have been successfully developing and maintaining Tezos Domains since 2020.
Various members of the team have worked on other infrastructure projects in the ecosystem, most recently the selective indexer framework Dappetizer.
Specification
Provide funding for expenses incurred in 2023 to the Core Team wallets to be paid 50% in USDT and 50% in XTZ calculated from the going rate at the time of payment:
- Fund tz1bvQPvmkmYY84XCtr9PQVQGkakp6bkhk2G in XTZ with the equivalent of $195,182 from the on-chain treasury
- Fund 0xa0e7309662235aA0722A2C99cD8735975ebAd1E6 with 195,182 USDT from an account held by the Tezos Domains Foundation.
This proposal has been created on Homebase after meeting all ACTIVE criteria.
Vote on P-002: Tezos Homebase
Vote Ends: Nov 10, 2023 4:45 PM UTCProposal Passing Requirement (Request for action): 50%+ Yes votes, 10%+ TEDv quorum
