SIP 161: Core Contributor Committee Source

AuthorJordan Momtazi, Kain Warwick
Discussions-Tohttps://research.synthetix.io
StatusDraft
Created2021-07-05
Requires SIP-155

Simple Summary

This SIP proposes the introduction of the Core Contributor Committee to help coordinate and govern the Core COntributors. The CCC will be comprised of existing core contributors elected to the role by the Core Contributors.

Abstract

This SIP will introduce a new governance body the Core Contributor Council, the CCC will be responsible for a number of functions currently managed by the synthetixDAO.

Motivation

The Core Contributors are a critical component of the Synthetix Protocol, introducing a formalised governance body elected by the Core Contribitors will ensure that Core Contributors are well coordinated and aligned with the other governing bodies of the protocol.

Specification

Overview

The Core Contributor Committee will be made up of three senior members of the Core Contributors, elected by the Core Contributors. This committee decides (via a ⅔ majority) what roles must be filled and proposes a budget to the Treasury Council each quarter. The CCC is then responsible for distributing funds for the aspects of the project listed below:

  1. Core Contributor grants in sUSD and SNX
  2. Core Contributor Discretionary bonuses
  3. Core Contributor misc costs such as travel, work equipment and tooling
  4. Office rents and other ancillary expenses
  5. Major Partnership costs

Core Contributor grants in sUSD and SNX The CCC negotiates individual Core Contributor grants and signing bonuses as well as escrow periods and other compensation. The CCC must ensure they stay within the budget negotiated with the TC at the start of each quarter.

Core Contributor Discretionary bonuses The CCC disburses discretionary bonuses to Core Contributors based on exceptional performance. This discretionary bonus structure has existed since the early days of the project and has been a significant driver of alignment within the core contributors.

_Core Contributor misc costs such as travel, work equipment and tooling _ The CCC must ensure they have sufficient budget to pay for all CC ancillary costs like computers, software and travel.

_ Office rents and other ancillary expenses_ Any other costs required to support the CCs, including office rent and equipment must be allocated from the quarterly budget approved by the TC.

Major Partnership costs Given historical precedent the CCC is best positioned to negotiate and manage external partnerships and relationships, these partnership costs can be requested from the TC on an ad hoc basis outside the approved quarterly budget if neccesary.

Rationale

The SIP is designed to balance a number of considerations, but the primary reasoning behind establishing two new governance bodies rather than transferring these functions to existing governance systems or maintaining the status quo is to ensure that these critical functions are performed by community members elected specifically for their ability manage these functions. Separating these powers also ensures that there are checks and balances within the system of governance to ensure that all governance bodies are held accountable not only to token holders but to each other.

Configurable Values (Via SCCP)

Please list all values configurable via SCCP under this implementation.

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