m3taversal
1d8f936726
Adds complete proposal text to all 28 MetaDAO governance records that previously had only hand-built summaries. This was the original batch from PR #1748 that was closed without merge due to rebase conflict. Records updated: - Proposals 1-15: LST vote market, Autocrat migrations (v01/v02), Saber vote market, spot market creation, AMM program, multi-option proposals, OTC trades (Ben Hawkins, Pantera, Colosseum), Dutch auction, burn 99.3% META, FaaS development, benevolent dictators, compensation - Proposals 16-36: Fundraise 2, Q3 roadmap, create Futardio, services agreement, hire Advaith, swap ISC, hire Robin Hanson, token split, release launchpad, OTC Theia, migrate META token, fund futarchy research Source: inbox/archive/internet-finance/ proposal archives from futard.io Pentagon-Agent: Rio <5551F5AF-0C5C-429F-8915-1FE74A00E019>
4.5 KiB
| type | entity_type | name | domain | status | parent_entity | platform | proposer | proposal_url | proposal_date | resolution_date | category | summary | tracked_by | created |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| decision | decision_market | MetaDAO: Hire Advaith Sekharan as Founding Engineer? | internet-finance | passed | metadao | futardio | Nallok, Proph3t | https://v1.metadao.fi/metadao/trade/B82Dw1W6cfngH7BRukAyKXvXzP4T2cDsxwKYfxCftoC2 | 2024-10-22 | 2024-10-26 | hiring | Hire Advaith Sekharan as founding engineer with $180K salary and 237 META tokens (1% supply) vesting to $5B market cap | rio | 2026-03-11 |
MetaDAO: Hire Advaith Sekharan as Founding Engineer?
Summary
Proposal to hire Advaith Sekharan as MetaDAO's founding engineer with $180,000 annual salary and 237 META tokens (1% of supply excluding DAO holdings). Compensation mirrors co-founder structure with performance-based vesting tied to market cap milestones, 4-year cliff starting November 2028, and 8-month clawback period. Retroactive salary begins October 16, 2024.
Market Data
- Outcome: Passed
- Proposer: Nallok, Proph3t
- Proposal Account: B82Dw1W6cfngH7BRukAyKXvXzP4T2cDsxwKYfxCftoC2
- Proposal Number: 7
- Completed: 2024-10-26
Compensation Structure
- Cash: $180,000/year (retroactive to October 16, 2024)
- Tokens: 237 META (1% of 23,705.7 supply including co-founder allocations)
- Vesting Start: November 2024
- Unlock Schedule: Linear from $500M market cap (10% unlock) to $5B market cap (100% unlock)
- Cliff: No tokens unlock before November 2028 regardless of milestones
- Clawback: DAO can reclaim all tokens until July 2025 (8 months)
- Market Cap Basis: $1B = $42,198 per META
Significance
This hiring decision demonstrates MetaDAO's execution on its San Francisco core team buildout strategy from Fundraise #2. The compensation structure is notable for mirroring co-founder terms rather than standard employee equity, signaling founding-level commitment expectations. The 4-year cliff with market-cap-based unlocks creates extreme long-term alignment but also substantial risk for the hire.
Relationship to KB
- metadao — hiring decision for core team
- advaith-sekharan — hired individual
- metadao-fundraise-2 — strategic context for hiring
- performance-unlocked-team-tokens-with-price-multiple-triggers-and-twap-settlement-create-long-term-alignment-without-initial-dilution — compensation mechanism example
Full Proposal Text
Source: futard.io, tabled 2024-10-22
Type Operations Direct Action
Author(s) Nallok, Proph3t
Overview As specified in "MetaDAO Fundraise #2," our goal is to build a core team in San Francisco. At this stage, we've found a highly-engaged candidate for the founding engineer role: Advaith Sekharan. We propose extending an offer to Advaith for $180,000 per year cash compensation and 1% of the token supply subject to the same terms as our co-founder allocation.
Specifications The terms of its release would be the same as Nallok and Proph3t, except that the vest would begin in November 2024. Specifically:
- Fixed Token Allocation: If you exclude DAO holdings, the supply of META is 19,755.7. If you include Nallok and Proph3t's potential allocation, the supply of META is 23,705.7. 1% of that is 237 META. So Advaith's allocation would be 237 META, fixed regardless of future dilution.
- Linear Unlocks: 100% would unlock at a $5B market cap, with linear unlocks depending on price. For example, a $500M market cap would release 10% of the allocation or 23.7 META.
- Unlock Criteria: Decided at a later date, potentially using a simple moving average (SMA) over a month or an option-based system.
- Start Date: November 2024 for the purposes of vesting. October 16th for the purposes of retroactive salary.
- Vesting Period: No tokens unlock before November 2028, no matter what milestones are hit. This signals long-term commitment to building the business.
- Illiquid Vest: The DAO can claw back all tokens until July 2025 (8 months from start). Thereafter, tokens vest into a smart contract / multisig that can't be accessed by Proph3t or Nallok.
- Market Cap Definition: $1B market cap is defined as a price of $42,198 per META. Payouts are based on the value per META, not total market capitalization.