Proposal to Grant TWG Allowance for r3gen Consultancy

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Proposal to Grant TWG Allowance for r3gen Consultancy

Background

Since the start of 2023, Inverse Finance DAO has been pursuing avenues to raise additional capital to accelerate the repayment of DOLA bad debt currently in the system. In order to support this effort the TWG is requesting an additional allowance in order to contract r3gen consulting services.

Overview

r3gen’s expertise will assist Inverse Finance’s Treasury and Analytics working groups in further development of the in-house FP&A function to better communicate the story of Inverse’s finances, particularly to non-crypto-centric funds and VC’s.

Activities that r3gen may partake include

  • FinOps review and uplift
  • Guidance on web3 accounting best practices
  • Training of Inverse Finance in-house bookkeeping resources
  • Design and structure of FP&A function
  • Provision of reporting template (i.e. investor report) and support with reporting best practices and template
  • Advisory support with capital raise

The team at r3gen has a wide range of varied experience within web3, including work at Gitcoin and Aave. See more about the team on their website here. This relationship has been brokered by patb, having worked with the team at r3gen previously whilst at Index Coop.

Finances

r3gen will provide 0.5 FTE to Inverse Finance DAO in order to carry out the consulting services. This will cost a fee of $3200 USDC and $5450 INV per month. Paid using the 5 day moving average at time of payment, with payment made at the end of each month’s delivery (50% initial upfront payment for first month made to commence the start of the working relationship).

This agreement has no set term and is renewed on a monthly basis provided the TWG (on behalf of Inverse Finance) remain satisfied with the work being carried out.

In order to facilitate the payment, the TWG requests an allowance increase that facilitates 3 months of USDC fee and ~3 months of INV fee to r3gen. As the INV amount sent to r3gen is dependent on INV market price at the time, the exact amount cannot be accurately determined at this point.

Given this:

3 month USDC fee: 9600 USDC

~3 month INV fee: 330 INV

Current TWG USDC Allowance: 5,000,000 USDC

Current TWG USDC Allowance: 4,960,000 USDC

Current TWG INV Allowance: 10,010

Requested allowance = current allowance + fee

On-Chain Actions:

Grant TWG allowance of 4,969,600 USDC

Grant TWG allowance of 10,340 INV

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Hi All,

We’re excited by the opportunity to work with the Inverse Finance community and support the current treasury team.

We welcome any questions or feedback regarding the proposal or the scope of work.

r3gen team: @Hammad-r3gen, @Elliott-r3gen, Pepperoni_Jo3 and dom-r3gen

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Fully support. I have worked with most of the R3gen team at Index Coop and highly recommend this engagement to help the DAO bring additional muscle to our FP&A efforts!

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Hello, so it’s 8650 USD per month for a part-time job. Hm.

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If you can and would like to do the work for less feel free to submit a proposal, I’m even happy to give you my feedback as someone with finops and fp&a experience :slight_smile:

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I’ve worked with and around Elliott before and he’s quite good at what he does, I haven’t looked intimately at the details of this proposal, and the scope of what will be provided is a bit less thorough than I think we should accept moving forward.

That said I do believe this team to be really good actors in the space and will be voting in the affirmative as I know they will do their best to deliver a really solid product.

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We are delighted that the Inverse Finance community has chosen to work with our team :raised_hands:

We are confident we will hit the ground running and provide a high impact service that will support the success and sustainability of Inverse Finance.

We have already scoped out and started work on several deliverables and look forward to sharing more detailed updates over the coming week!

5 Likes