Champion: Above Average Joe#5427
Date Created: 1/26/2022
Date Posted: 1/28/2022
KeeperDAO (”KD”) is scaling up. Over the next couple years, we may look to onboard up to 100 full-time contributors to work on all aspects of our protocol and ecosystem. To help facilitate this growth, and ensure that we are adding the best of the best to our ranks, KeeperDAO would like to leverage the collective talent and networks of BanklessDAO (”bDAO”) to help recruit individuals to become full-time contributors at KeeperDAO. To help facilitate this, KeeperDAO is prepared to pay up to $500,000 or much more for successful placements initiated by bDAO.
KeeperDAO is creating a world where users and protocols own the surplus value generated from their transactions, and where best execution and financial services are powered entirely by this value, rather than fees.
In the next few years, we will see crucial changes that challenge the established models of DeFi that we all prize. Permissionlessness, direct market access, passive liquidity, composability, and cheap, fair, safe, and simple primitives that anyone can use. All will be challenged, and the solution we build to tackle these challenges will determine the kind of financial infrastructure we end up creating. If we don’t begin to act now, the blind pursuit of “capital efficiency,” will inevitably drive us to replicate the opaque, gated, and predatory nature of Traditional Finance.
This is the future that KeeperDAO’s protocol intends to avoid.
You may have heard of MEV, which is the largest factor currently pushing us towards this bad future. MEV, or maximum extractable value, is something you create when you do things on the blockchain. When you make a swap, interact with a smart contract, or deposit or withdraw funds, each of these actions has a ripple effect, and it’s possible for sophisticated bots to profit from those ripples. Because you’re not alone on the blockchain, there are other people making ripples too, and these ripples interact to form highly complex opportunities to profit.
These profit opportunities result in various forms of competition among bots for the right to claim the profit. In this feeding frenzy, you, the one who created the ripples, may be harmed, or the network itself degraded. Worse, these bots must engage in an economic interaction with miners and validators in order to ensure that they are the first to claim this profit. In the process of this interaction, much of that profit ends up getting transferred to the miner or validator.
Why should that be? Why should profit opportunities that you create, end up in the hands of miners and validators? Isn’t this waste heat that we would be better off capturing, and recycling to make our marketplaces and protocols better?
At KeeperDAO, we have built a system that allows this to happen. Through our protocols, MEV can be internalized, giving you ownership over this surplus value for the first time, and allowing protocols to improve efficiency across the board. In the wrong hands, this resource could be abused through backroom deals that profit off of the transactions of regular users, just as it was abused at the consensus layer before the formation of Flashbots. That’s why our infrastructure is so crucial. KeeperDAO’s mission is to discover and distribute this MEV with strong algorithmic guarantees, through a community-owned network, governed by an open DAO. We aim to turn MEV into a public good that gives efficiency without harm, and protects the network from bad actors through an economy of scale that leads them to cooperate rather than compete.
As a (simplistic) comparison: Think of us as Citadel Securities, but as a public good, governed by a DAO, that returns nearly all the profit back to its users and tokenholders.
KeeperDAO has deep experience in blockchain automation, MEV, and financial systems, and we want to join with others like us. DAOs are hard, but we are laser-focused on creating an environment that allows contributors to do their best work. Contributors will be surrounded by talented people and given all of the resources necessary to help advance the KeeperDAO’s mission. The work you do with us will have profound impacts on the direction of DeFi, and you will have the chance to work alongside some of the brightest minds in the space.
We have both an immediate and long-term need for talented, ethical individuals who share our vision for the future of DeFi. Although the needs of KD will evolve and market conditions may change, KD currently plans to recruit 50-100 full-time contributors within the coming years.
As our core team today, all the way up to the CEO, all started out as community members, we strongly believe that one of the most effective ways to fill these roles is through cross-DAO collaborations with well-respected organizations like bDAO.
Working together with bDAO allows us to find new contributors to help fulfill our goals for growth, and also pays back some of our resources into the crucial work that collectives like bDAO perform. You are the tide that lifts all boats, and are growing the web3 pie more effectively than perhaps any other organization. We’re all about Coordination!
More details on the reorganization can be found here: https://keeperdao-labs.notion.site/The-New-Citadel-A-Vision-for-KeeperDAO-7c436bae5da141fba917e8a7ce6542a8
By sourcing talent into the KD community Bankless furthers the mission of helping a billion people break up with their banks, while creating revenue to sustain operations and developing a network for all participants that is positive sum.
While the positions, levels, and compensation outlined below are already determined, there is room for flexibility and negotiation in certain circumstances. Additionally, please note that the positions listed consist only of the near-term hires (Calendar Q1) and this list should be viewed as a baseline for future collaboration.
KD will pay bDAO a fee equal to ten percent (10%) of the first-year salaries for any successful placements made by bDAO (“Placement Fee”). Note: because KD offers new hires the option to take compensation in the form of ROOK (KD’s native token), the actual value of the placement fee will be determined by the agreed-upon salary value in USD as of the hire date.
Additional Placement Bonuses
To further incentivize the bDAO community, KD is prepared to pay additional bonuses for certain milestones reached as part of this collaboration. The bonus tiers are as follows:
- 5 successful placements made by bDAO - $25,000
- 10 successful placements made by bDAO - $50,000
- All listed positions placed by bDAO over a 3 month period - $100,000
A combination of ETH, DAI and or USDC will be used as the form of payment. The KD community will have some flexibility between these payment assets to accommodate potentially volatile market conditions.
50% of any Placement Fees earned by bDAO will be paid upon a Successful Placement. The remaining 50% will be owed to bDAO post the Placement Period.
Additional Placement Bonuses will be paid once the milestones as outlined are achieved.
No BanklessDAO funding required: All financial obligations of BDAO will be funded from Placement fees and bonuses
BanklessDAO marketing channels utilized via Community calls and Newsletters to highlight remaining open positions within KeeperDAO on a regular basis until all positions are filled
“Successful Placement” Defined
For a hire by KeeperDAO to constitute as a successful placement, the following criteria must be met:
- The placement must state in writing that BanklessDAO was the entity that initiated the placement
- The placement must remain employed for a period of 60 days after the day of official start date (“Placement Period”)
For any placements that are terminated within the Placement Period, bDAO will reimburse the portion of the Placement Fee initially paid. This refund will be disbursed by bDAO to KD within 10 days of receiving written notice of termination by KeeperDAO.
- If this proposal is accepted by bDAO, the bDAO and KD should immediately identify contributors in both bDAO and KD to assist in the coordination of this effort.
-KD Coordinator: DaddyMatty
-BDAO Coordinator: -TBD- Applications will be accepted for 3 days (submit in comments below), and then a DISCORD poll will be posted with the applicants to determine the elected position holder.
- A percentage (10-30%, decided via bDAO vote) will be earmarked from the Placement fee and the Placement Bonuses to compensate the Coordinators who fulfill this role
- Coordinators establish lines of communication Dao2Dao
- Coordinators establish a system to track the status of candidates as they go through this process, directing applicants to This onboarding funnel established by keeper
- bDAO notifies current talent within the Talent collective of the opportunity, and fast tracks interested parties through the Candidate status system
- bDAO features remaining open positions in a spotlight on the Community call and in the newsletters
- bDAO rewards the Talent Collective infrastructure (pallet) at the end of the program for circumnavigating their system according to 10% of the value generated from talent sourced in that segment of the community [This is to be handled exclusively by bDAO and Keeper has no obligations aside from their agreement with bDAO]
- Coordinators identify other collaboration opportunities between bDAO and KD
DaddyMatty has spent his career advising real-world businesses and crypto native organizations on how to better use their data to make decisions and create a clear path forward. In addition to being a Treasury Specialist for KeeperDAO, he is also a L2 Contributor in bDAO and an active member of the DAOpunks community
Kouros: Working in DAOs for a year has given me a deep understanding of the DAOSphere. We are building the next generation organizations for and by the people.
Core contributor in Bankless DAO since its beginning holding roles like Treasury Guild Organizer and Grants Committee Lead and have initiated and run successful projects such as the NFT Showcases which has been a source of revenue for the DAO.
Recently joined the core team at 0xPolygon Ecosystem DAO.
Above Average Joe: As a core contributor to BanklessDAO from launch he recognizes the importance of developing symbiotic relationships in the crypto ecosystem with those whose values align with the BDAO community. This proposal he views as a valuable addition to BDAO, and a first step toward a deep and meaningful relationship with KD, which helps to retain the value of users for themselves.
MW: Hype master and Talent Collective Coordinator + Coordinator contact point. Generally bullish enough on Bankless DAO