Name: [WIP #15] - Introduce Treasury Operators w/ Trade Teams
Scope
It is the goal of this proposal to lay out responsibilities for the Treasury Operator role, establish guidance for expectations of performance, ensure secure and effective deployment of treasury assets, and suggest additional positions that would help facilitate maintaining treasury allocation in line with Holder’s interests.
Link to previous discussions
“[DAO Discussion] - Introduce Treasury Operators w/ Trade Teams”
“[RFC] - Introduce Treasury Operators w/ Trade Teams”
Objective
Secure Wonderland treasuries and ensure effective strategy deployment by introducing a role to facilitate these goals. Further introducing additional positions, available to community members who can assist in seeking out profitable strategies and maintaining our positions.
Snapshot
https://wl-l.ink/Snapshot/WIP-15
High Level Overview
Bring on two Treasury Operators to deploy assets when without an elected Treasury Manager ™ and assist in treasury operations when a TM is in place.
Suggest Trade Team positions with expertise in various positions for adding valuable insights and direction to treasury management strategies
Low Level Details
This proposal is designed to Introduce the role of Treasury Operators and provide suggestions for the introduction of Trade Team members.
The responsibilities for Treasury Operators are:
- Altering the Treasury Portfolio to match the interests of holder’s in different market conditions, as defined in this document or other governance processes.
- Signing Multisig Requests for asset deployment that have DAO approval or fall within the purview of Seed Investments and Internal Trading Schedules, as defined within this document.
- Coordinate with available Trade Team members on a regular basis.
- Settling reward and incentive payments according to their defined schedules.
- Providing new Multisig Authority to elected TM during onboarding of that position.
- Providing new Multisig Authority to elected or appointed Treasury Operators that are added or take over their position upon departure.
- Submit new Multisig requests for asset deployment when no TM is in place.
- When an elected TM is in place, approve Multisig requests for asset deployment and submit new Multisig requests to settle rewards and incentives according to their defined schedules.
Treasury Operators can foster communication, coordinate with managing members of the protocol, and guide cooperation in developing and monitoring trading strategies with the Trade Team. They can help keep the multisig running smoothly and maintain reward payments when an elected TM is in place.
The individuals elected as Treasury Operators are incentivized to, but should not be held responsible for, developing market research or trade analysis regarding the deployment of treasury assets.
Treasury Operators are to be considered as Treasury Manager in name only to maintain the functionality of pre-defined duties and provide guidance where the Treasury Manager would be responsible (e.g WIP 2, 6, 8, etc…).
Application Process
To apply for a Treasury Operator position, the applicants must meet the following requirements and agree to terms: below:
- Have an established a presence within the community either through our forum or Discord.
- Be able to describe three (3) multisig transaction requests that would exhibit varying results and demonstrate their ability to review the transactions.
- Reside in a region with limited operational restrictions (e.g. not US) (optional)
- Willing to be doxxed to our Senior Moderator.
Duration
These positions are effective indefinitely, until the individual(s) holding the Treasury Operator position steps down or is relieved of the position through emergency and/or governance processes.
Reward for Service
- Treasury Operators
- 0.15 wMEMO for every thirty (30) days of service during periods without a TM.
- 0.05 wMEMO for every thirty (30) days of service during periods with a TM.
- Trade Rewards
- 2% of profits generated to the person who proposed the implemented strategy.
- 0.5% of profits generate to those who provided significant assistance to develop and maintain the strategy.
- Maximum of 4% of profits per strategy allocated.
- Members are only eligible for one reward per strategy; either for proposing the strategy or for assisting in its development - never both.
Transparency and Accountability
- Most trades and investments should be discussed thoroughly with the community in open channels.
- Internally proposed strategies should be recorded and release to the community quarterly
- On going strategies at risk can be reported at a later quarter once its integrity will not be affected.
- Treasury Operators and Trade Team members are expected to communicate with the community on a regular basis.
- The removal of any individual with Multisig authority or trade team member acting against the best interest of the protocol should be actioned through the governance process.
- A majority vote from within the group of all treasury operators and elected moderation team is required to initiated such vote.
- Once the process has begun, transactions initiated from that individual should not be actioned.
- The individual will have a minimum of 7 days to provide an argument for maintaining their position.
- A Snapshot Vote lasting 72 hours will settle the decision.
- They should not be eligible for service rewards for the last 30 days in their position if they are relieved due to lack of contribution.
- Trade Team member exhibiting an unreasonable lack of contribution for a period of 28 days, will be subject to an internal inquiry by Treasury Operators and relieved of their responsibilities if they are unable to maintain adequate contributions within 7 days.
Further Definitions
On some occasions, investments or trades may be proposed for internal approval by managing members, a treasury operator, or the trade team - whether to meet a short timetable, capture a market weakness, or to avoid front running. To approve these investments or trades without governance when without an elected Treasury Manager: a super majority vote (two-thirds) of the treasury operators and trade team members in favor of the strategy must be obtained. The vote should be composed of a minimum of five elected members. If there are not enough Treasury Operators and Trade Team members to meet this threshold, the elected Senior Moderator will participate and other elected moderators may be added until the number of individual required is met. The individual who presents a proposal for internal approval is ineligible to vote on that proposal. A Treasury Operator must be present for and party to all votes.
Trade Rewards should be calculated quarterly, before the redemption whitelist periods. This reward should be ongoing for the duration of 365 days, or until a newly elected Treasury Manager significantly changes the strategy, or until Treasury Operators significantly decrease our exposure to the strategy through internal evaluation, whichever comes first. The Operator and/or Team Members should be eligible for this reward for the duration of its effectiveness whether or not they maintain their position as a Treasury Operator or Team Member. All Trade Rewards shall have adequate references to account for contribution and analysis, released to the community when trade rewards are distributed.
Community Trade Teams
Treasury Operators are not Treasury Managers. It is advised to develop a perpetually rewarded Trade Team for continued support with proposing profitable strategies, developing actionable market data, maintaining treasury accounting, and assisting in the deployment of strategies and investments. This section is not to define which Team Members should exist, but to present suggestions for members and rewards that may assist Treasury Operators in maintaining the treasury in line with Holder’s expectations.
All Trade Team Members are expected to provide reasonable contributions each month when holding the position. Trade Teams should report to a Treasury Operator at least once every 7 days to provide references for strategies they are working on, data they have compiled, expected delays in any deliverables, and other necessary updates that would help keep the team informed on progress and performance. In preparation for deployment of any approved investment or trading schedule, all Trade Team members should be expected to provide assistance in any area they are specialized. All Candidates wishing to apply for a Trade Team position should acknowledge in their proposal in some way that they have read, understand, and are willing to meet the expectations in this particular paragraph.
Significant assistance in development and deployment of any strategy should be rewarded. All Service Rewards and Trade Rewards should be paid out quarterly, before the redemption whitelist periods. These reward schedules are suggestions; limited but adequate contribution may receive less reward, more significant contributions may call for greater rewards.
*Market Analysis and Treasury Accounting
*Directional Asset Strategies
*Stable Asset Deployment
*Shorting Strategies
*Trends and Seeds
Conclusion
With these Trading Team members and oversight of two Treasury Operators: Wonderland should be in a reasonably safe position to monitor market conditions, provide adequate data to our community on trading schedules, and maintain a treasury in line with Holder interests.
Dedicated Wonderland community members who are willing and capable of maintaining Treasury Operator responsibilities are encouraged to put your hat in on the forum. Everyone is encouraged to consider Trade Team positions they feel they could bring value to, whether the position is on the list or something else you’ve got that you think we need. Rewards suggested in this proposal are suggestions — you know your value.
Business and/or technical requirements of the implementation of the proposal
- Without a TM: Cease treasury operations outside of activities listed in this proposal until two elected Treasury Operators are added to the Multisig.
- Add two treasury operators to all treasury Multisigs.
- Create one or more secure discord channels for the team to discuss and document strategy analysis and internal voting
- Allocation of 0.05 or 0.15 wMEMO per month, per Treasury Operator
- Allocation of 0.2 - 0.4 wMEMO per month for Trade Team members collectively
- DAO approved outline of treasury allocation suggestions to help Treasury Operators and Trade Teams maintain treasury diversification in line with Holder’s expectations in various market conditions
- The elected Senior Moderator to encrypt a file containing identifying information about the Treasury Operator and provide this file to One (1) elected or appointed team member.
- The elected Senior Moderator will provide the Encryption Key for this file to one (1) elected or appointed team member that does not possess the encrypted file.
These two individuals are only permitted to decrypt the file in a situation that the Senior Moderator is unable to do so if required by governance processes. In the event this information is required due to suspected misconduct, a WIP can be deployed to publicly release the information. In Total, Three (3) individuals should know or have access to identifying information about any Treasury Operators.