LightItUp DAO ~ April monthly report
We plan to show up BIG at NFT NYC, we want to partner with Harmony and the community members to project for you and get your messages out there. Please contact us.
The original proposal for our Dao is here:
We turned in our proposal on Saturday February 19th, during ETH Denver, and we got to work.
Signatories were limited to 10 billable hours per week at $100/hour. Suede and Taylor hit the 10 hours and went over each week.
Treasury allocation and signatory hours:
We were funded 500568 ONE (price of ONE at 0.1498) on March 26th, five weeks after turning in the proposal.
On March 28th we made payments to six signatories totaling $16,765. This fulfilled our obligations to date.
The pay rate was $100/hour.
Hours detail and summary is here. There is a tab for each signatory:
By April 4th the price of ONE dropped to 0.12, and has not yet recovered. This is a loss to our treasury of 15K.
In response:
We went on a spending freeze for 10 days.
We sold half our ONE to USDT and placed it in a second multisig wallet on Ethereum.
We cut wages across the board to $50/hour.
Beginning the week of April 4th, Taylor and Suede went on salary at $1000/week, and are expected to clock a minimum of 20 hours.
On April 18th we made payments for a second time. The total payments were $8858. The bulk of this were salaries and travel travel to NFT NYC in June.
In addition to wages, we purchased
AGM battery and inverter
Stencils
We sent Jamie to NFT LA
Supplies
Bounties
Travel, badges and stipend for Taylor and Suede to attend NFT NYC - $1500 each, staying with a friend in the city
Two refurbished Epson Pro EX9240 projectors
Tripods, miccas and accessories
A used lithium battery
In our treasury we have 22,938 on Ethereum gnosis safe in USDT.
$13,239 in ONE on Harmony multisig.
Total = $36,177
Our strategy with the treasury is to severely limit wages paid and expenses wherever possible. That means that Suede and Taylor are doing almost everything right now. So we are not operating in a decentralized manner at the moment. We are satisfied with this for now because there is much infrastructure to set up and we are accomplishing that.
Suede and Stuart are provided a sustainable income by the DAO and can focus all their energies on getting the DAO up and running.
The other signatories are less involved, and have other projects in addition to this DAO, and that works because it costs less.
We will operate in a decentralized manner by sometime next quarter. Current progress toward decentralization looks like:
Suede is intentionally working to not try and control everything, letting people know that they do not need my permission.
Established autonomous working groups.
As long as we protect the treasury, we can take the vast job in front of us and figure it out one step at a time.
Deliverables and milestones:
The first tab here lists these as laid out in our proposal:
There is a tab for each signatory where we list our milestones for the week. Taylor and Suede are the most active/pertinent tabs.
Notable milestones accomplished:
Established 8 working groups: Projection, Skills, Education, Marketing, NFTs, Community, Governance, Sustainability
Crypto Corner Education events - 40 contacts and 4 wallets
Transitioned to Discord, now one by one engaging our 100 members, 125 on twitter
First community gathering scheduled for May 20th
Purchased two Epson Pro EX9240, plus accessories - that means we are now digital and can project anything we can create on a computer, at 50ft wide from 50 ft away.
35 in dework, offering and paying bounties
20 in commonwealth, just got ENS domain and setting up snapshot
Issued a community token LIT on Aragon ERC20
Issued governance token LIGHT on Harmony HRC20
Numerous organizational document
Our budget is here, items listed by working group:
Original budget on the left, revised budget on the right
Business plans and big picture:
Next month we will write our goals and deliverables for 1 year, 6 months, 3 months.
We have not done this exercise yet and this will be highly beneficial to keep us organized and on mission.
NFTs
The projectors that we want to buy cost many 10s of thousands of dollars.
We are working on plans for NFT collections in order to crowd fund these.
Deliverables for May 2022:
NFT collections to crowd fund projectors
Prepare for NFT NYC, LightItUpDAO NFtea Boba tea event, project Harmony logo on the Statue of Liberty, project activist statements on the Federal Reserve and banks.
Projections for NFT projects, Auro dogs and others. Paid projections.
One skills workshop.
One community event
4 crypto corner education events on Saturdays
4 Friday night lights with the Epson projectors
Business plan and longer term deliverables
Write 3 grant proposals, Bitcoin, Algo and others.
Logo and brand for the DAO
Establish our clothing line
Begin voting DAO wide
I can say that we are working hard and enjoying every minute because at each step we are challenged and engaged to figure out what to do and what is our next step. We are asking lots of questions and receiving a lot of help from our allies. Implementing Dework and bounties has woke up our community and we are finding that we have a lot of great talent in the DAO.
We plan to show up BIG at NFT NYC, we want to partner with Harmony and the community members to project for you and get your messages out there. Please contact us.
Jump in the discord:
We welcome your feedback and guidance. We are happy to engage you in the ightItUpDAO if you are someone who is passionate about projection art, empowering artists and causes, or crypto education.
@Sam @ElixirofLife @frwrdslosh @Chakraam_The_Great @DevinMarty