Temperature Check — Funding Protocol Development

Funding Protocol Development

This proposal seeks to:

  • Vest core contributing Hubblenauts with the protocol. Assign 10% of the total token supply to the core contributors mentioned below, 2% to future Hubblenauts, 3% to DeFiDollar ($DFD) Holders.
  • Commit $80,000/mo to the core contributing team (“Hubblenauts”) for operating expenses like salaries, office space and tools to expand and improve the protocol.
  • Reimburse $118,820 USD to the Hubblenauts for expenses incurred in the last 4 months, including protocol development.

Motivation:

Building a futures protocol is technically challenging. It requires hiring skilled and experienced contributors. With L1s and L2s facing astronomical demand, experienced and seasoned web3 builders are hard to find, hire and retain.

The Hubblenauts have been working extensively at both the protocol and community level. They have proven themselves to be invaluable assets to Hubble. Through this proposal, several Hubblenauts as listed below will be retained to work on Hubble Exchange long-term and ensure their incentives are aligned with the DAO.

List of Hubblenauts to be retained:

  • atvanguard (atvanguard#1425)
  • kepler (kepler#5783)
  • nickname (nickname#5031)
  • zruci (zruci#4068)
  • asquare (asquare08#0979)

Vesting

In total, the core contributing team will be retained for the duration of 2.5 years after the token generation event. Vesting will begin after a six-month cliff during which time no tokens will be vested. Once the cliff period ends, a linear vesting schedule of 24 (twenty-four) months will be imposed. The cliff period begins at the Token Generation Event (TGE).

Why 3% to DeFiDollar?

Before the Hubblenauts worked on Hubble, most of them were working on DeFiDollar ($DFD). Unfortunately, DeFiDollar struggled with product market fit. DeFiDollar products are still live, generating revenue, but their growth has bottlenecked. After multiple attempts at new products as part of DeFiDollar, the team has decided to move on. HubbleDAO is in a unique situation where it can acquihire DeFiDollar’s EVM experienced protocol team to build Hubble.

This 3% to $DFD holders comes from the Hubblenauts’ tokens to act as an acquihire; it’s the minimal viable amount to port the team from DeFiDollar to Hubble.

Through this token swap, the $DFD community will have the option of an exit move to Hubble. This would be a great opportunity for the Hubble community to retain a seasoned and experienced team to build and grow their protocol.

Precedence

For reference, the following represents team allocations in other leading perpetual futures protocols to serve as a benchmark. Perpetual Futures protocols are considered one of the most technically complex and therefore, there is a great need to retain elite talent to maintain a competitive edge and advantage in the industry. As illustrated below, Hubble’s Team Allocation is lower than precedence that have been set by Perpetual Protocol and DYDX.

  • For
  • Against
  • Neither

0 voters

This poll is a temperature check. If there is consensus, this proposal will be posted on Snapshot for a binding vote in 48 hours.

55 Likes

Hello world! Happy to participate in Governance here.

4 Likes

Thank you for inviting me to participate. I think developers should get the necessary token rewards to support the development of the project, which is good. in full agreement.

7 Likes

Hello, Glad to be here.
I agree with the allocation for the Team and DefiDollar Holders.

3 Likes

Hey guys! Great idea! I fully support it! The team that did this and gave us the opportunity to manage is a good team! I am ready to support these initiatives! Let’s build a hubble together!

4 Likes

Happy to be here always! Hubblers unite.

3 Likes

Imp to note that the team doesn’t include their dfd tokens from previous protocol work in the conversion to hubble. As a dfd holder that’s appreciated.

4 Likes

Thanks for the shoutout man. Very happy to see you here become a part of the Hubble community :slight_smile:

5 Likes

nice to meet you here

2 Likes

Dao, great idea. I like this.

2 Likes

Finally get a Governance and happy to be here

2 Likes

DAO is the best way to control the project

3 Likes

Its nice to be here, and Thank you for a nice explanation

2 Likes

One question about the DFD holders seems like one entity is owning 70% of the supply according to etherscan. Is that the teams tokens or what is that entity? Seems like they would become huge whale from the beginning.

I’m in favor anyway

2 Likes

I think it’s necessary that the core team have percent of total tokens for covering the cost of future developments or even for their personal benefit. I’m agree with this.

3 Likes

It’s the multisig address and that part of the supply will be burnt.

1 Like

Sounds like a deal to me!

2 Likes

Fully participated. Thrilled particularly by the “Hubblenauts to be retained” list.

3 Likes

Hi everyone, I’m very happy to be here.
Hubble Exchange is the best.

2 Likes

Hi, all. Thanks for the invite. I think this is a fair proposal, the vesting term seems sensible too. From everything i have seen you guys have a talented team that are engaged with the community.

3 Likes