Hello LID Members!
Below is a guide for the series of votes for Round 1 of the retroactive grant funding program.
You can find the links to each vote below but please carefully read all the instructions before casting your votes.
Introduction
In order to fulfill our goal of giving ownership to projects that drive demand to the Livepeer network, we must take some steps to evaluate each project in determining their contribution to the demand side of the network.
Through the effort over the past 7 months, we have received 16 projects that have submitted their project details to be reviewed by the Livepeer Innovators DAO for retroactive funding.
Our job is to vote on 4 different proposals to decide how much each project deserves in funding and how to best compensate members of the DAO to ensure continued enthusiasm and development for the retroactive funding program.
First we’ll start with how the “Weighted Voting” system works, rules for eligibility and finally a description of each proposal and links to vote.
Voting Method
Voting is done through the “Weighted Vote” method, which means each voter may spread voting power across any number of choices.
Some examples of how Weighted Voting would work:
Lets say there are 4 projects and we use 100 arbitrary votes. 3 of the projects bring the exact same value to the network and the 4th is only in beta stage. We can issue 33 votes each for the first 3 and 1 vote to the 4th.
Project 1 – 33 votes
Project 2 – 33 votes
Project 3 – 33 votes
Project 4 – 1 vote
In this case the first three projects would receive 33% of your vote with the remaining 4th project getting 1% as a reward.
The number of votes does not matter, you can spread 10,000 votes across your selection for more granularity but it does not increase your total voting power. I would recommend being very specific with spreading your votes, as even 0.001% reward can be meaningful to a recipient.
For more detail on how Weighted Voting works, see the official link below:
Voting Rules
A couple of rules must be followed when voting:
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You cannot vote if you have submitted a project
If you have submitted a project for retroactive funding, you cannot vote in any of the round 1 proposals. -
You cannot vote for yourself
During the Membership Allocation Vote, you will be automatically disqualified if you vote for yourself. -
Re-roll
If you do not like the options in some of the proposals, you can choose the option: “None of these, please re-roll”. If this option gets the majority vote, we will remove the proposal and run a DAO meeting to determine the appropriate options to select in a new replacement proposal.
Proposals
Now that we’ve covered some general topics, lets move on to the 4 proposals we will be voting on and what they entail.
Proposal 1 - Project Voting
Link to vote: Project Voting
Project submissions link: Official - Round 1 Retroactive Grant Submissions
This vote is for ranking the projects submitted for the retroactive funding through our submission portal. Our goal is to reward individuals and teams who have built video applications and tools that benefit the Livepeer ecosystem.
Eligible projects can be:
– Open source or closed source
– On any chain or no chain
– For public use or private use
Any project that could directly or indirectly increase traffic to the Livepeer network is eligible.
Examples include:
– Social apps
– Video infrastructure services
– Developer Tooling
– Packages and Plugins
– Tutorials
– Analytics tools
When determining the value of the project, consider some of the following questions:
– Does the project promote Livepeer?
– Does the project drive demand to the network?
– Does the project achieve something unique?
Remember, there is no strict guideline for evaluating projects, but in general, we should be prioritizing projects that have already demonstrated their value to the network. Projects that are paying fees into the network should be valued at the highest, followed by auxiliary tools that help drive traffic, and lastly any concept project that have not demonstrated demand generating capabilities should be valued least, or even none at all.
With this being said, we look forward to a diverse group of DAO members bringing their expertise to the table to evaluate the project.
Proposal 2 - Treasury Funding Amount
Link to vote: Treasury Funding Amount
Link to Treasury: Livepeer: Treasury | Address 0xf82C1FF415F1fCf582554fDba790E27019c8E8C4 | Arbiscan
This vote is for determining the amount of LPT the Livepeer Innovators DAO will request from the Livepeer Treasury to give to the round 1 recipients.
With our retroactive grant system, we have the opportunity to give projects a piece of ownership of the network that they have built on. As users of the network, they can now have a voice on voting and steering the network from a demand side point of view.
There have been many conversations in the past about how to give ownership to users of the network, however, most efforts have failed due to the inability to create a system that cannot be gammed in some way. This is our opportunity to give some LPT to those who contribute to the system striving.
Some things to keep in mind when voting:
- What prescient do we want to set with our first round?
- How much can the Treasury afford?
- How long will it take the Treasury to replenish this round of LPT?
- How much do we value demand side participants?
Currently the Treasury is increasing by 1,000 LPT per day.
Proposal 3 - Percentage to LID
Link to vote: Percentage to LID
This vote is for determining the percentage of the round 1 funds that will be sent to compensate LID members for their efforts.
The goal of this proposal is to reward LID members for their efforts of putting this grant system together. Both administrators and video experts play a key role in having a successful retroactive round. Grants systems don’t run themselves and with a portion of grant funds going to pay for the costs and time spent on the program, we can ensure longevity by hosting multiple retroactive rounds and ensure quality voting opinions.
Some questions to ask while considering this vote are:
- Do we want to support future retroactive rounds?
- In future rounds, do we want to incentivize projects to build on our latest tech, such as AI or AV1?
- What level of compensation does the DAO need to support 19+ members to bring in quality applications and quality votes to the Treasury?
Proposal 4 - Member Allocation
Link to vote: Membership Allocation
Time and Expense Tracker: LID - Expense And Time Tracker - Google Sheets
This vote is for determining the percentage of LPT split among members from the percentage of funds given to the LID.
This proposal works in conjunction with the previous vote to distribute the funds to the members of the DAO and their respective effort put into running a successful round.
While some roles are more passive, such as the video expert role, we can decide as a DAO to compensate each member for their contribution.
Some questions to ask while voting are:
- How much effort has this person put into contributing to a successful round?
- How much in expenses has this person incurred from running a successful round?
- How much expertise does this person bring to the table to evaluate projects?
While it is hard to determine exactly the amount and effort and value each DAO members brings to the round, it is important we recognize members for their contribution in order to bring excitement to running a DAO and motivate members to take action and contribute in future rounds.
Timeline
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We will be hosting a DAO meeting on Tuesday April 23, 2024 at 3pm ET to review the voting process.
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Voting will start on Tuesday April 23, 2024 at 2:45pm ET.
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Voting lasts 10 days.
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We will conduct a DAO meeting to review the results and make any necessary adjustments.
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Once we are confident with our round results, we will submit a Treasury proposal to fund a split smart contract that will distribute the funds to the recipients.
Meeting
Make sure to be available for the meeting to discuss this voting guide and the proposals set forth in this round 1 process.
See you there!
Titan