m3taversal
1073c231c8
Co-authored-by: m3taversal <m3taversal@gmail.com> Co-committed-by: m3taversal <m3taversal@gmail.com>
73 lines
3.8 KiB
Markdown
73 lines
3.8 KiB
Markdown
---
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type: source
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title: "Futardio: Hire Advaith Sekharan as Founding Engineer?"
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author: "futard.io"
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url: "https://www.futard.io/proposal/B82Dw1W6cfngH7BRukAyKXvXzP4T2cDsxwKYfxCftoC2"
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date: 2024-10-22
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domain: internet-finance
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format: data
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status: unprocessed
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tags: [futardio, metadao, futarchy, solana, governance]
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event_type: proposal
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---
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## Proposal Details
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- Project: MetaDAO
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- Proposal: Hire Advaith Sekharan as Founding Engineer?
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- Status: Passed
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- Created: 2024-10-22
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- URL: https://www.futard.io/proposal/B82Dw1W6cfngH7BRukAyKXvXzP4T2cDsxwKYfxCftoC2
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- Description: Hire Advaith Sekharan as founding engineer
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- Categories: {'category': 'Dao'}, {'category': 'Treasury'}
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- Discussion: https://discord.gg/JeZpUBc8ab
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## Summary
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### 🎯 Key Points
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The proposal seeks to hire Advaith Sekharan as a founding engineer with a salary of $180,000 per year and a fixed allocation of 237 META tokens, with specific vesting and unlocking criteria.
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### 📊 Impact Analysis
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#### 👥 Stakeholder Impact
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This hiring decision directly impacts the core team composition and operational capabilities of MetaDAO.
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#### 📈 Upside Potential
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Adding a highly-engaged engineer could enhance MetaDAO's development capacity and innovation potential.
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#### 📉 Risk Factors
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The long vesting period and clawback provisions may limit immediate access to incentives and could deter some potential candidates.
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## Content
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**Type**
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Operations Direct Action
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**Author(s)**
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Nallok, Proph3t
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**Overview**
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As specified in “[MetaDAO Fundraise \#2](https://futarchy.metadao.fi/metadao/proposals/9BMRY1HBe61MJoKEd9AAW5iNQyws2vGK6vuL49oR3AzX),” 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](https://futarchy.metadao.fi/metadao/proposals/BgHv9GutbnsXZLZQHqPL8BbGWwtcaRDWx82aeRMNmJbG).
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**Specifications**
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The terms of its release would be the same as Nallok and Proph3t, except that the vest would begin in November 2024\. Specifically:
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- **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.
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- **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.
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- **Unlock Criteria**: Decided at a later date, potentially using a simple moving average (SMA) over a month or an option-based system.
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- **Start Date**: November 2024 for the purposes of vesting. October 16th for the purposes of retroactive salary.
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- **Vesting Period**: No tokens unlock before November 2028, no matter what milestones are hit. This signals long-term commitment to building the business.
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- **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.
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- **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.
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[Github](https://github.com/advaith101)
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[LinkedIn](https://www.linkedin.com/in/advaith-sekharan-78b52b277/)
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## Raw Data
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- Proposal account: `B82Dw1W6cfngH7BRukAyKXvXzP4T2cDsxwKYfxCftoC2`
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- Proposal number: 7
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- DAO account: `CNMZgxYsQpygk8CLN9Su1igwXX2kHtcawaNAGuBPv3G9`
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- Proposer: `613BRiXuAEn7vibs2oAYzpGW9fXgjzDNuFMM4wPzLdY`
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- Autocrat version: 0.3
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- Completed: 2024-10-26
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- Ended: 2024-10-26
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