Snapshot [in progress]: Snapshot
We propose a Public Goods Alliance be formed between Radicle and Gitcoin. Radicle and Gitcoin will provide a mutual grant of their respective native tokens (RAD and GTC) to the partner DAO’s treasury. Voting power from these tokens will be delegated to multisigs controlled by the partner DAO. Gitcoin will receive a range of RAD (dependent upon the final grant rate) and Radicle will receive 500,000 GTC, making both DAOs top 10 delegates in one another’s governance .
Two committees (one committee from each community) of 3 representatives will be chosen to focus on metagovernance in each community. Committee representative selection will be in three phases to minimize starting costs and encourage experimentations.
- Initialization Phase (six months): one representatives will come from the Radicle community, while one representative will be from the Llama team. Community representatives should have the context needed to make decisions on most proposals that Gitcoin is putting up for votes. Community representative should be selected from the current contributor/team base. Llama representative will facilitate communication, ideate on future metagovernance committee structures, and handle possible disagreements.
- Experimentation Phase (12 months): two representatives will come from the Radicle community, while one representative will be from the Llama team. Interested community representatives will be self-nominated and ratified by the current governance group. Representative selection standards will be formalized and published. Llama representative will handle possible disagreements.
- Maturation Phase (indefinite): three representatives will come from the Radicle community. Interested community representatives will be self-nominated and ratified by the current governance group.
*The timeline proposed above is subject to change based on the progress of the metagovernance committee.
After the proposal is executed, both DAOs agree to hold the others’ tokens for a minimum of 2 years.
The committees should vote independently, though the two should collaborate on joint governance proposals and initiatives relating to the strategic alliance. At least one community representative should attend monthly updates in the other community to gain context and explore possible synergies.
The committee will be responsible for keeping track of all proposals in the other community and bringing them to their respective community for discussion. For each proposal, the committee will vote on behalf of their respective community, informed by their community’s values, the goals of the Public Goods Alliance, and feedback from the broader community.
In order to allow the communities to evaluate the success of the alliance, it’s important to provide comprehensive, objective reporting on how the partnership is working. Reporting should be done on a monthly and quarterly basis to share results with both communities. Below are several ideas about how to gauge the success and progress of the alliance.
- Participation rate in each other’s governance votes
- Number of proposals posted in each other’s forum by the committee
- Number of comments posted in each other’s forum by the committee
- The impact of cross-governance participation, with a particular focus on the major or contentious proposals
- Number of co-sponsored events and their attendance
- Community sentiment regarding the partnership and overall governance involvement (e.g. community members’ willingness to hold the other protocol’s tokens, voting on the other community’s proposals)
- Number of development hours contributed to joint projects
- Joint features / products / integrations shipped or in-flight
The quarterly review might include the above information and additionally report on:
- Furthering Gitcoin and Radicle’s primary mission
- Whether and how the partnership has helped Gitcoin build and fund public goods on web3
- Whether and how the partnership has helped Radicle develop resilient, peer-to-peer collaboration software
- Collab / interoperability
- Cross-community interoperability and its growth trajectory
- Other synergies, or the lack thereof
In the event that one party wants to reverse the deal after the mutual grant has been executed, Gitcoin and Radicle will need to strike a new agreement and run it through the governance process. Considering the operational complexities, compromise of the future roadmap, and damage of capital and goodwill the other community may endure, the party that initiates the reversal should reasonably expect less lenient terms, such as a partial return of the originally granted assets. Each DAO may choose to leave the alliance and return tokens within one month of the proposal being executed.
Llama will charge $20k in RAD for the work involved in strategy analysis for the alliance and potential synergies, writing the initial proposal, coordinating with Gitcoin and Radicle teams and incorporating feedback, pricing analysis, legal analysis and approval, Snapshot proposal and follow up with stewards, smart contracts to implement the proposal, and set up of meta governance committee.(Llama will charge $20k in GTC from Gitcoin as well.)
Metagovernance committee representatives
Non-Llama representatives will be compensated based on each DAOs decision. For the first iteration of the committee which is made up of core team members from each respective DAOs, community representatives might not be compensated separately since each respective DAOs already are paying them. In the future, when we start recruiting community members to become committee representatives, clear guidelines on compensation should be in place to encourage a healthy incentive structure. Llama representative will not be paid in the committee.
As web3-native DAOs, Gitcoin and Radicle share similar missions of growing the public goods ecosystem. The Gitcoin and Radicle communities have rallied around this public goods mission and informally worked together over the last few years, co-hosting events and integrating Radicle in Kernel. In the future, Gitcoin and Radicle can benefit from more product integrations and a closer relationship.
As the two operate in similar spaces and have complementary focuses, Llama believes a formal Public Goods Alliance between the two DAOs would be mutually beneficial.
We view this alliance as a unique opportunity to formalize the partnership that has developed over the last few years by gaining a governance stake in each other’s communities. The alliance will allow the communities to:
- Collaborate on a shared vision through governance in each other’s communities: The mutual grant makes Gitcoin and Radicle major governance stakeholders in one another’s communities. Each community will have influence in the other’s governance process, enabling them to best represent their interests and to more closely collaborate on a shared open-source vision.
- Develop synergistic features and products: A formal partnership and vested token interest creates opportunity for closer collaboration on features and products that will benefit both communities. This could provide the necessary support for joint development on things such as using Radicle’s decentralized identity for Gitcoin Grants and Gitcoin becoming a de facto funding mechanism for open source projects on Radicle.
- Set precedent for future community alliances: Both Gitcoin and Radicle’s treasury strategies outline the basis for mutual grants and community collaborations being influential to the success of the protocols. This alliance can serve as a basis and provide the template for future collaborations for Gitcoin, Radicle, and the larger web3 ecosystem. In the future, and with alliance-member approval, more DAOs could be brought into the alliance.
- Diversify each DAO’s governance base: Today, the distribution of voting power at both DAOs is concentrated in the hands of internal contributors. Both DAOs would benefit from a more diverse voter base, especially one that includes a like-minded partner DAO as one of its top stakeholders. To achieve this, Llama proposes that Gitcoin receive RAD (depending on final grant rate) and Radicle receive 500,000 GTC, formalizing the alliance between the two DAOs and making each DAO a top 10 delegate in each other’s governance.
Llama builds economic infrastructure for DAOs. We are an opinionated layer on top of DeFi protocols that helps DAOs take treasury actions including treasury diversification, liquidity provisioning, token swaps, and more.
As part of our goal to grow the DAO economy, Llama has engaged with key stakeholders from the Gitcoin (Scott) and Radicle (Abbey) communities to propose a Public Goods Alliance.
You can view some of our work here .
Gitcoin is a platform for funding public goods. Gitcoin’s mission is to help build an Internet that is open source, collaborative, and economically empowering. Along with Gitcoin Grants, Gitcoin has made other important contributions to the public goods ecosystem through its Kernel accelerator and research into anti-sybil technology. Gitcoin also hosts events, hackathons, and educates users about how to get involved in web3.
Reasoning is described in the Purpose section above.
Gitcoin’s snapshot: Snapshot
The case for the proposal is described in the Purpose section above. A summary of the pros and cons is summarized below:
- Dissemenate Radicle’s message on decentralized open-source software.
- Increase Radicle’s user base.
- Build synergistic product offers with Gitcoin around open source software.
- Decentralized the Radicle DAO ownership structure.
- Jumpstart future collaboration with other public goods DAOs and organizations.
- Treasury value decreases due to GTC depreciation.
Llama will write the code for all governance payloads and set up the multisigs for each metagovernance committees. Code will be reviewed by external reviewers and each community’s engineering team.
The set up will consist of one smart contract and two multisigs. The contract will facilitate the mutual grant transferring process. It has one function which transfers RAD and GTC to the other DAO’s treasury. The two 1/3 multisigs are gnosis safes which the voting power will be delegated to. Votes will be executed out of the 1/3 multisig controlled by representatives. The multisig only holds the delegated voting power and is designed for the committee representatives to more effectively execute votes.
Three governance payloads will need to be approved by Gitcoin and Radicle in this order.
Payload 1 (for Radicle): approve the contract to transfer X RAD to Gitcoin’s treasury address (0x57a8865cfB1eCEf7253c27da6B4BC3dAEE5Be518) on behalf of the Radicle treasury. X will be determined by a 90-day TWAP.
On the day of the first proposal on Radicle, conversion rate between GTC and RAD will be determined by a 90-day TWAP calculated from Binance’s price feed. Both RAD and GTC’s trading volume mainly happen on Binance, therefore Binance is selected.
Payload 2 (for Gitcoin): 1. approve the contract to transfer 500,000 GTC to Radicle’s treasury (0x8dA8f82d2BbDd896822de723F55D6EdF416130ba) on behalf of the Gitcoin treasury. 2. Call the grant() function in the contract. 3. Delegate RAD voting power to Gitcoin’s metagovernance committee multisig. 4. Transfer pre-defined amount of GTC to Llama treasury.
Payload 3 (for Radicle): delegate GTC voting power to Radicle’s metagovernance committee multisig. Transfer pre-defined amount of RAD to Llama treasury.
On Radicle’s side, since two payloads need to be executed, two on-chain governance proposals will need to be passed. Therefore, to simplify the process, this discussion and its future snapshot vote will serve as the requirement for both on-chain proposals (if the snapshot passes).
As Gitcoin is the leading public goods funding platform, Radicle would gain notable governance power through this proposal. With this governance power, Radicle could increase growth by integrating with Gitcoin’s numerous functions, from public good funding to developer education. Also, this proposal would serve as an example for future DAO2DAO collaboration which has been a theme in the community. More impacts are covered in the Purpose section.
- Who are the committee representative from Radicle?