It‘s great to see that in short time this community has put forth its first GFP and passed it for action. We already have multiple other proposals on their way to ratification. These proposals have the potential to have a significant impact on the future of the project, both good and bad, and I feel that there is a large part of the puzzle missing in the current proposals. The point of this post is to bring up a topic that I feel is being mentioned indirectly in other discussions but needs to be formally, directly addressed. That topic is the financial specifics of the Guard FDN. The finances of the Guard FDN is a broad topic, and I am going to try to keep my initial post as short as possible. Where it goes from here is up to the community.
I have read through as much as I can find about all aspects of this ecosystem, but I found very little about the financials of the Guard FDN. Based on the comments I see on this Discourse, other people’s experiences are largely the same. What ultimately concerns me at the moment is that this community is making big decisions that affect its future while missing important information needed to make good decisions. Some specific points that are missing from general knowledge at the moment are:
The total current value of the Guard FDN treasury.
The sources of income for the Guard FDN treasury.
Actual past and expected future income gained from these sources of income.
With the above points as a starting point, we need to then assess the financial impact of each proposal both directly and indirectly. For example:
What is the expected direct cost of implementing the proposal?
What work specifically will be done, by who, and for what compensation?
What is the expected long term financial impact of the proposal? (This is obviously going to be very subjective for many proposals, but we should be doing our best to quantify this based on best assumptions.)
At the moment, finances have only indirectly been addressed in the proposal discussions. The unfortunate impression I get is that the foundation is currently moving forward as if there is an unlimited budget. This is obviously not the case. For the greater community, who ultimately decide what will be implemented and what will not, need the financial information to truly make informed and correct decisions.
@pacbeachdr Thank you for the thoughtful and well articulated questions. We appreciate the quality engagement.
The Council will be holding a public call tomorrow (Office Hours Call) that includes going over the proposal process and some housekeeping items.
Your questions would be great to have as an Agenda item on an up coming call.
I will say that these are all valid points and all current and future proposals are/will be weighed against the financial impact on the treasury and Foundation.
Thanks again for bringing this up as a topic for discussion.
@pacbeachdr Great questions. This will become more and more important as proposals start coming in that will request grants. The existing ideas and proposals in the queue have no significant cost or maintenance, but we are 100% in agreement with everything you mentioned, especially moving forward.
One thing to keep in mind is that the foundation is not a for profit foundation. That could change through governance, but as of right now, there are no profit centers.
The most important thing, when it comes to proposals, is that we are aligned with the Guard FDN mission and what we are trying to accomplish collectively. We will discuss this on the office hours call tomorrow.
These are some great points and valid concerns. During our office hours call, we will address what the mission is for Guard Foundation so it’s more clear what it is we ultimately want to accomplish collectively.
And keep in mind that there are plenty of partnerships and collaborations that will be built on the Guard Foundation that will require little or no funds from the treasury. I just want to address the misconception that a large amount of the treasury will be used for every proposal that comes through. As @Staywolfish mentioned, we will visit a lot of these questions on a future office hours call as they are valid and should be addressed.
As far as I can tell, the discussion regarding finances started and ended with this short post. Has there been any further discussion regarding Guard FDN finances during special council calls or office hours calls? Has there been any progress towards making the Guard FDN financial state/reality public information or at least available to Guard holders? What can/needs to be done to make progress on this topic?
I’m working on a proposal which will create “working groups” (decentralized leadership over specific areas of a business / organization).
One of the proposed working groups will be a treasury working group; wherein the responsibility will be to track and publish reports as well as ensure revenue streams exist so that the foundation’s treasury can thrive.
Another example of a working group would be a secretary or recorder. A function of this group would be to provide summaries of the “calls” and otherwise assit with orgnaization reporting to the community members.
I’ve got ideas for a few more working groups…just putting pen to paper here today.
But I agree…too much time elapses without updates on things thus far…and the foundation as a functioning body (not specifically the SC…they are but one aspect of the foundation) is currently stagnant…so there needs to be some leadership.
The treasury value is less than a 100k usd last I heard, few days ago.
The only source of income I’m aware of are LP tokens in the treasury wallet.
Income generation is not something the Guard FDN prioritizes. I don’t have numbers to report on past, current, or present income because its part of the LP tokens and given BSC you really don’t know until they are broken.
Re: 1.
Can you provide further clarity or if it’s already published, point me to it as I’m not finding it… (like perhaps there is a monthly report I’m just not seeing)
What is the exact dollar figure value in the treasury?
“Less than $100k” leaves about 100k possibilities as to how much treasury the DAO has.
Thanks for further clarity.
Re: 2.
I assume that prior to the removal of the token tax via The DAO member approved proposal vote; the tax collected could have also been a revenue source. Correct?
So according to the Guard Foundation DAO Handbook Point 7, the DAO Administrators (a function/role within the legal entity known the Guard Foundation) is responsible for daily oversight so operations run smooth and the likes of important tasks such as booking.
Currently the DAO Administrator is Websligner
Who on the SC is the liason between Webslinger?
The Guard Foundation’s current DAO Administrators, are WebSlinger.
Why is legal guidance needed to publish the treasury information?
Is not that info “public” information every DAO member has the right to know?
Apecoin, whom this DAO is largely modeled after, publishes their treasury info fully publicly (I hold zero Apecoin and I can see the data on their site)
As a representative of the SC it was already said the treasury is “less than $100k”…why can the SC not be specific the first time the community asks?!?!
One of the Foundation’s core values is “Transparency”…
We aren’t getting that from the SC or Administrators.
While We are getting responses, they are delayed many times, and when we get them many are incomplete and shrouded in mystery.
This “finances” post was created 6 months ago…
It should be a simple “we have X denominated in Y. The X is the 12% allocation listed in the handbook + Z revenue which was generated by LP in the form of Knight…thus we have #### knight that the community can vote on what to do with”
The community should not have to pull teeth to get the above information.
And if a proposal is required to establish such a reporting rhythm then an SC member (probably as a DAO Member, not under SC capacity) should spearhead a proposal establishing such a process.
So it looks like NickDoc’s original statement of “less than 100k” was mistaken (or perhaps funds were added…I didn’t read the transactions due to time restraints on my end)
No dig on Nickdoc, just correcting the information communicated for all: looks like the treasury has ~$173k USD value in Guard and ~$300 USD value in BNB.
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Anyone else want to confirm what I’m seeing in that wallet? (Double checking my own eyesight )
)