Temperature Check - Set 0x Appointment

Passed
1

Set 0x Appointment Proposal

This proposal seeks the objective of:

  • Appoint Set 0x as a service provider for the Hubble DAO.

Background:

Set 0x is an advisory and consulting firm that has blockchain expertise and experience in launching blockchain related projects along with assistance with fundraising, due diligence and agreement drafting.

Set 0x has worked as a contributor to Hubble on an ongoing basis and has been involved in a number of notable tasks such as ( but not limited to):

  1. Drafting agreements between liquidity providers and market makers
  2. Carrying out the KYC process for individual and corporations involved in fundraising
  3. Drafting of DAO proposals
  4. Involved in the preparation of the prerequisite establishment of BVI entity Cotton Kandy Ltd, which will be a proposed signatory body for the Hubble DAO to render agreements with third party off-chain providers and contractors
  5. Drafting of the Participation Agreement leading up to the Governance NFT drop and providing consulting regarding the launch.
  6. Ensuring continual compliance with best practice in decentralization with reference to current standards established by trailblazing protocols like TracerDAO, ENS and OlympusDAO.

In light of Set 0x playing a proactive role with helping Hubble grow and in aiding Hubble in its journey moving forward towards launch, Set 0x intends to remain a keystone player in the Hubble ecosystem with approval from the DAO, and to execute the potential functions outlined below in a faithful manner.

Points of direct contact for the Set 0x team are listed below:
Vincent_#9926
Sammy the Salmon#0500

Job Scope and Consideration:

The potential job scope upon appointment by the Hubble DAO is as follows:

  1. Appointment as part of the Hubble Investment Committee, a Committee to be established to undertake investor management along with investor due diligence;
  2. Drafting key agreements for important stakeholders and future partners for the DAO;
  3. Consulting on the decentralization of Hubble (i,e separation of powers and future constitutional documents); and
  4. Advising on general operations.
  5. Drafting of governance proposals on an as-needed basis.

In executing functions pursuant to this proposal, Set 0x is to undergo its obligations in good faith and in the best interests of the protocol. Functions of Set 0x as listed above can be altered by the Hubble DAO at any time as determined to be appropriate, and Set 0x can be dismissed by the Hubble DAO at any time and without cause following the passing of a formal DAO proposal for termination of Set 0x as a service provider.

In counterparty consideration for the good faith of Set 0x and requirement of ensuring the best interests of the DAO in the execution of its delegated functions, Hubble DAO and all its constituent members in the prevention of any potential conflict of interest, shall exercise counterparty good faith by limiting the liability of the appointed service provider and waive any potential action in equity or common or civil law as potentially afforded to the individual with regards to their specific jurisdiction.

Compensation Package:

Stake from Hubble DAO to vest in Set 0x: 0.125%
Billable Hours (charged by task): $225 per hour

The vested stake and billable hours outlined above will come from the HP001 designated equity and monetary fund pool set aside for future contributors, pending approval of this proposal by the DAO. The aforementioned 0.125% allocation will be subject to a six (6) month cliff during which period no tokens shall be awarded to Set 0x. The cliff will begin immediately following the Token Generation Event. Once the cliff period has fully lapsed, the allocated token supply shall be streamed linearly to Set 0x over a period of 24 (twenty-four) months. In numerical terms, this linear stream amounts to 0.00416% maximum vested token supply per month during the vesting period. In accordance with the terms herein, Set 0x will not be receiving any tokens in advance. Should Set 0x be removed by the DAO at any future date, tokens owed will be any amount that has been vested to that point in time, if any, on a pro-rata basis depending on the calendar day of formal removal.

As per billable hours, Set 0x will be compensated according to the tasks they carry out. Tasks will be allocated to Set 0x by the Hubble ecosystem.

## Copyright

Copyright and related rights waived via CC0.

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0 voters

19 Likes
2

I would like to know how you guys think that the billable rates and the vested share is rational.
(cost comparison/effectiveness, anything)
I believe having professionals to support our DAO would be great. just want to check on the cost.

13 Likes
3

Voted. Ox team is good and professional. The agreement regarding Space Cat NFT made by them is well-draftted and professional.

7 Likes
4

Is there a website or a writeup on past work that we can refer to?

2 Likes
5

This is a strong and professional team.

4 Likes
6

awesome to see how the Hubble DAO is progressing so far

4 Likes
7

The work that the Set 0x team has done so far is clear and they’ve done well, I think they deserved it, we had to encourage them to do better, I hope that’s enough :+1:

4 Likes
8

Our team must have good lawyers! It is very important for us that all documents are correctly executed and competently drawn up! I think this is the correct sentence! I support him!

2 Likes
9

true meaning of DAO: Hubble!
keep going

3 Likes
10

nice,i like the project,i think this is a great…

3 Likes
11

I had not heard of the Set 0x team before, but it seems that they are a professional team in their field. I hope it will be a good choice for Hubble!

3 Likes
12

is the best :muscle: :muscle: :muscle: :muscle: :muscle:

3 Likes
13

I didn’t know about the Set 0x team, but I think it’s necessary for Hubble to run smoothly, so I agree!

3 Likes
14

This is necessary for DAO.
I hope Set0x will work for you.

2 Likes
15

true meaning of DAO: Hubble!

2 Likes
16

It is a pleasure to see you here on the forum sir

3 Likes
17

Here is a list of some of the Hubblers who have engaged with Set 0x:

  • Devdatt
  • Tony198
  • Limonyay
  • Fatih
  • Leo Paul
  • Calico cat
  • Lelouch
  • Huoy Aoi
  • ArancinoPepato
  • 0x3ponco
2 Likes
18

I guess my main question is how we come to the billable cost of 225$ per hour. Is that for one resource from 0x, or is that for a task that may require more than one resource? Also what about an audit of the work + hours taken? Is there any mechanism for that in place? For hubble DAO to audit some of the work?

1 Like
19

Yes, they are very professional, I agree, 0x will make Hubble better.

1 Like
20

Hey ikin!

These are great points brought up and something we’ve elaborated on in the formal proposal to be posted pursuant to this temperature check. To provide a quick summary, our figures established here are based on industry standard in terms of tasks like drafting/etc which often reach billable rates exceeding $500 per hour. We have made amendments for what will be included in the formal proposal, but please read the following for a fuller explanation, which also covers rationale re: a vested share.

"Providing a comparative standard, firms providing similar service to the ones contained herein, i.e. in the drafting procedure of agreements, oftentimes top $500 per billable hour, as a conservative benchmark. Comparatively, $225 is relatively reasonable. As decentralization-as-a-service is an entirely new proposal, a comparative cost cannot be provided within that context. That said, service providers with the appropriate experience to carry out DAO-native tasks are scarce.

Typical packages offered by other firms in relation to provision of services similar to those delineated above do not involve a percentage stake but rather solely a monetary payment denominated in billable hours or in a lump-sum payment format. The reason why Set 0x is seeking equity is to ensure an adequate incentive alignment with the protocol in pursuit of a long-term vision. We believe skin in the game is the greatest motivator and traditional firms which refrain from taking equity (in our opinion) wrongly distance their personal financial interest from that of the clients. In sum, skin in the game ensures we are incentivized to prioritize the long-term health of Hubble Exchange in our delegated responsibilities."

Hope this could clear up some of the valid concerns brought up!

  • Set 0x Vincent
5 Likes