RE: SPS Governance Proposal - Restructure Ongoing Development Contracts
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That sums it up pretty well. Basically we don't have enough non-SPL assets to fulfill all outstanding obligations, so instead of just running out of money, pushing the DAO to sell tokens or pulling liquidity out of pools, the deal is to pay Splinterlands in DEC and have them take on some of the cost directly.
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But now it's gonna cost 120k a year instead of 360-480k a year?
Seems maybe we overpaid for the first year? What's the story here?
It's possible. One of the main points here is that the team is going to have to make up the difference or work out a streamlined contract themselves. Simply put, the DAO helped get past the biggest financial hurdle and there's a new pack sale now. Unless we can get agreement from top holders to start selling DEC/SPS or pulling funds out of liquidity pools (I don't think we can from the conversations I've had) then it's do something or just go until we run out of money, which means no Validator development, no Land development and I'd be gone too I suppose.
I ran the numbers even taking myself out of the equation entirely, the DAO still can't afford both JPTR and mancer to contract completion. Just trying to do my best to help offload some of the costs the DAO has taken on and hopefully get us net positive at some point in the next few months. I'd like to see bridging set up so the DAO can start capturing a few thousand dollars a month there at least. If we make some strategic LP plays, we may be able to start generating enough to cover both me and mancer, we'd need to like 4x our current non-spl earnings to do that.
We could do one sided LPs to sell tokens, we could try to work out promo card sales for stables or something along those lines. I've been exploring a lot of options to try to figure out how to get the DAO net positive, but yea it's way harder trying to budget $60k a month than it is under $20k a month. This proposal is what I was able to work out to help us better position ourselves to have the time needed to explore those options.
Why when that proposals were put up, no one risen the hand and said hey guys not enough founds for validates and lands?
When this proposal was put up, it wasn't an issue. It became an issue with subsequent proposals like the DHF agreement to buy a million HIVE and 130,000 HBD, which was still fine. Then the DAO passed a proposal to hire cryptomancer as well. It all adds up and when the DAO chooses to budget pretty much every dollar it has, that doesn't allow much room for things like market fluctuations. I'm pretty sure people did point this stuff out as I made it clear to Matt when he ran the cryptomancer proposal that this proposal we're getting now was a very real possibility. Unless the DAO wants to start selling DEC or SPS we don't have a lot of options. Regardless of who said what and when, we currently have a budget problem and need to fix it.
How much hbd per month do the 130000 give? I am just thinking why not sell non hive assets and just switch full to hbd and pay whatever else with it? It's a stable and 15% apr is great
2.5 months it's made about $4,700. Not enough to cover this for sure. Usually we just compound it.
https://peakd.com/@sps.dao/wallet
Well shit, that sucks... but it makes sense.
Maybe another Runi like project (cross chain?) to a chain that can also pair with marketing. 👀 .
Honestly, this has always kind of been on my mind taking funds without effecting price is hard. But the team needs DEC anyways for credit purchases?
Yep, this is probably the best way to "sell" DEC. Let the team trickle it out for credit purchases. They can use the cash to pay the devs. We don't have to market sell DEC or SPS.