Summary: Sell part of our strategic assets in order to fund development of tokenomics and cross chain expansion of Quest via Mithras Labs for Q4-2023 by progressively paying back part of the ETH loan contracted in 2022.
Mithras Labs has been developing the Paladin Ecosystem (Paladin Lending, Boost / Pledge / Quest v1/v2 and Warlord) for close to 30 months and has supported the growth of the DAO namely by lending it 110 ETH in order to hold more liquidity.
As the protocol grows, and as Mithras Labs gets to the end of its raised funds, it is necessary that the DAO progressively is able to finance its development, namely by funding its main service provider: Mithras Labs.
This proposal is part of this transition, as Mithras will be claiming back part of its loan, when possible in order to fund operations. For this quarter we are asking the DAO to provide back 20ETH.
In order to process these amounts, the DAO will likely need to liquidate some unlocked strategic assets or remove part of its PoL. We are advising for the former as 40,000$ of CVX are currently sitting unlocked on the Locked Community MS.
More generally, this proposal is in line with what the DAO’s priority should be: financing its development, not farming assets (over 75% of the DAO revenue has been recycled into strategic assets over the past 12 months), the latter only being a means to an end.
These requested funds will be used for development costs (ie: dev wage). As a measure transparency, here is Mithras’ current level of expenses:
You can confirm that these expenses for 9 people are in line with a European tech company and far below the absurdity of a crypto project. As we grow closer to needing a full cover of our expenses by Paladin if we want to keep working full time on its development, we remain committed to keep reducing our burn will the market stays in lull.
Path A / Path B /… / Against / Abstain
Path A: Sell 29,000$ of CVX + 4000$ of USDC
Path B: Removed 58,000$ of PoL + 4000 USDC