This proposal aims to formalize the creation of a product working group (“PWG”) .The PWG will be led by our lead developer 0xMT and will serve as the working group responsible for Inverse product innovation and maintenance, as well as fund expenses for contract and interim part-time developer resources, and developer tool expenses.
To better manage daily operations, Inverse has many permissioned roles. These are assigned to working groups via governance proposals. This form of governance is designed to be transparent, decentralized, and inclusive, and is intended to give our token holders a direct say in the direction of the DAO, whilst simultaneously maximizing DAO output.
While Inverse began with the inspiration and efforts of a single developer, we’ve reached a stage in our product development and maintenance effort where a more formal PWG is required, similar to other working groups in the DAO. As we scale Inverse Finance, it is hard to over-emphasize the importance of a well-functioning product team; establishing the PWG is an overdue step in this process.
The potential list of product development projects for the DAO continues to grow, including porting FiRM to new L1/L2 platforms, adding new collateral options and features to FiRM, deploying new Feds, and developing entirely new products altogether. Yet today Inverse has just two developers, @thealientourist (fullstack web dev) and @0xmt (smart contract dev), it can count on for day-to-day operations, with an additional third, @nour, who tends toward longer term R&D projects like FiRM.
The PWG will serve organizationally as the working group responsible for product engineering, front end design, and quality assurance. In practice, the PWG will, with assistance from other WG’s, bring product ideas from the cradle of ideation, through validation from a user, business and feasibility perspective, into final implementation and maintenance. Initial members of the PWG will be @0xMT, @thealientourist and @naoufel.
Upon the execution of this proposal, a PWG multisig will be formed and used to manage costs related to day-to-day engineering executions, onboarding and management of any new developer hire, as well as costs related to developer tooling, hosting, etc. Funding to the PWG multisig will be governed by Inverse DAO. The multisig will be composed of @thealientourist, @0xmt, @naoufel, and @nour, and will require 3 of 4 signers at all times to reach quorum.
As the first item, the PWG intends to onboard an additional team member that will serve to strengthen our developer output at Inverse DAO. Wavey, presently a developer for Yearn Finance, will be employed on a part-time case by case basis.
Wavey, a highly experienced developer and core contributor at Yearn Finance, will be onboarded as an outside consultant to perform ad hoc quality assurance (QA) services for smart contracts. As part of our heightened risk posture, having a reliable additional set of “eyes” on our smart contracts is both good engineering as well as risk management practice. We expect this individual to, on average, perform 10-15 hours of work per month at a rate of $225/hour, paid in a mix of DOLA and INV.
To cover the aforementioned expenses, the PWG asks the DAO allot it’s multisig an allowance of 400 INV and 13,500 DOLA.
The PWG will present a quarterly update on its progress against objectives.