Core team salaries and bounties

This post will detail how the multisig will spend the 2 million PNG distributed to it if our on chain proposal passes.

Let’s break it down into the following categories:

  • Community rewards
  • Reoccuring payments
  • Bounties

Community rewards

We believe it’s important to reward and acknowledge all the people that have spent countless hours helping out our community.

In this regard, we would like to offer the following community rewards:

  • Discord and Telegram moderators (Sr Chang, Sabo, HappyLittleBus, Xavier) 1000 PNG each
  • MVP extraordinaire Connor 2000 PNG

Reoccuring payments

Currently the first set of reoccuring payments will be salaries to the core team members and contributors.

The core team members will be:

  • Myself — PM
  • Bestcoder/Leo — Community manager
  • Bmino/Brandon — Core dev

Core contributors will be:

  • Xavier
  • Sabo
  • Connor

In the past whenever I’ve had to hire people, I always used market related metrics to determine a fair price for remuneration. In DeFi these metrics don’t currently exist. Or at least not that I’ve seen. In this regard, I’m going to propose what I think is fair for the next 3 months. During those three months, we will have a bounty for market research for someone to research salaries of core team members across the top 40 DEXs. We will then collate those figures to be used for future salary discussions.

So in line with that, all core team members will be paid 140K USD per year, 100% in PNG. At current market prices (10pm UTC+0, 13th May 2021) the price of PNG is $3.45 USD. This works out to 40,579.71 PNG. Paid fortnightly at 1560.758 PNG each.

Please note We are actually taking a pay cut to move across to Pangolin. We love DeFi and are passionate about building and this presents an incredibly risky decision for us.

These salaries will be reviewed in 3 months after we have done our market research.

All core team contributors will be paid 2000 PNG per month.

Bounties

There has already been a lot of work occuring behind the scenes and these will be the first set of bounties that will be paid out, if the on chain proposal is successful.

  • Non Disclosure Agreement — Pablo (fee still to be finalised)
  • Avalanche Multisig — Benny — 1500 PNG
  • Code of Conduct — Pablo (fee still to be finalised)
  • Market research on fair rate of remuneration for core team members — Open bounty 1000 PNG
  • Pangolin Bot — Jonas 750 PNG

The next step is announcing the date for when everyone can delegate to the multisig. Currently this is tentatively proposed for Monday 17th May 2021.

Looking forward to hearing everyone’s comments.

10 Likes

Amazing, hope you guys now can go totally focus on Pangolin and do your best to create the best DEX not only on avalanche, but in the whole crypto ecosystem.

Good luck and hopefully I can contribute in the future as a dev (maybe next January)

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Message me on Discord, I’m always keen to talk to developers.

Wowww 140K USD/ year is the salary of a very senior Telco Engineer in USA. And you would like to offer this for PM and Community Manager jobs…I think you can get thousands of applications in case you post this ad in linkedin :slight_smile: Can we somehow see your CVs, your backgrounds , location of the country etc…

Thanks in advance.

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Good work should be awarded.

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In Germany this is easy to reach, from senior, especially. I think you would have to research something more and additionally consider the crypto industry.

Yeah, but we have to remember Blockchain Engineer is extremely difficult to find persons with this role, so seems is a very fair salary. The only thing is that I really expect all the commitment from the team to make this the best DEX, go team !

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Finally it started rolling. Let’s go Pangos! I like the offer.

Some notes:

  • Core team member salaries: 3 people, ~3,381 PNG X 3 = ~ 10,145 PNG per person for 3 months. Salaries will be reviewed after 3 months.

How did you get ~780 PNG each?

Guys my respect and thanks for your work.

Now my proposal to you guys is that please consider that you are commiting to Pangolin to make it grow make it better, it means you believe in its potential and more importantly you as the core team and contributors WILL MAKE IT HAPPEN that’s why you are taken this upon you, I hope you know and believe that. So with that in mind compared to other DEX like Serum or Uniswap Sushiwap… PNG is worth 20%… 5% of their marketcaps… PNG ATH is around $20 I believe (5x from current price)… please consider that and IF YOU REALLY ARE COMMITING TO ACHIEVE MAKING PANGOLIN A COMPETITIVE DEX WITH THE BEST ONE OUT THERE, consider that and don’t calculate USD salary based on current undervalued PNG price, I think you should do it on PNG ATH price $20 so that’s your base goal and first target and you should believe that’s possible AT THE VERY LEAST. So I urge to think about that and prorate your salaries in USD to a PNG price of $20.

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Here is my post for my position of Community Manager

My LinkedIn
https://www.linkedin.com/in/leochen5/

Location: Seattle, WA

I am actually taking a 20% pay cut from the salary of my last full time role :slight_smile:

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Respectfully it’s a 20% cut considering such a low price of $3.40 per PNG (2 days ago PNG was at almost $4.50)… Don’t you think your work will appreciate it exponentially? I mean isn’t that the whole point of putting together this team? PNG can go up 20% easy by next week so no real “pay cut” there… If you believe in your work and in the DEX please consider setting your salaries considering a more “fair” price for PNG like $20 should be easy to achieve for an “ok” DEX. I mean look at the marketcap it’s not even 100 million… Don’t you think your work can easily bring Pangolins to 10x that marketcap value?

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I made a mistake in my maths. Please see below for the breakdown:
image
I’ve fixed the original post

That CoinGecko is the exact place I would use.

Thanks for pointing out the correction. Appreciate it :slight_smile:

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It could go both ways though? The bear may hit after Elon’s latest Twitter barrage and leave me unable to feed my family. If we knew what the price of PNG was going to do, we’d be retired already

This seemed like a fair compromise.

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Your analysis is a fair assessment of the upside. There is downside risk as well, and the team is taking a lot of risk by leaving steady jobs to work for Pangolin. We will be re-assessing these numbers every three months to adjust in either direction if necessary.

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Just throwing ideas…

What about having a fixed ratio? Let’s say %70 USDT and %30 PNG just as an example. It would not risk a decent life quality while creating an extra motivation for PNG success.

-or-

100% USDT and on top of it up to 25% end year bonuses paid in PNG for successful management when community approves.

I am simply brainstorming with you :slight_smile:

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Thank you for your response. I hear you but also consider for example líquidity providers take similar risk price-wise, we are not all Sam. As you talked about your family, mine would also be in trouble if bear hits and I have my funds there as LP would be catastrophic. But I think we are both in this, you as PM and I as LP, because we believe there’s still an upside runway, we believe in Avalanche and we believe in Pangolin despite bear risks, we believe they are great projects that they will survive 3 years of bear and on each rebound price will bounce nicely, we are taking huge risk yes but we are here because we bet in the upside (although we recognize the probability of the downside). If your concern is to feed your family and you will use your PNG for that then set a USD price and get paid that amount in USDT (converted from PNG at the rate of the pay day). Then you will have secured the food on the table for your family, you’ll be better off than me because as an LP noone assures me a $ value for my stake nor for my rewards.

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Great ideas that would almost eliminate the downside for the project team in case PNG goes down while still generating added rewards WHEN Pangolin’s marketcap is in the Billions as it should for a successful DEX from a successful chain

How about the 2000 PNG for a Telegram admin… is that accurate? Seems waaaay too excesive. I mean with All due respect to Xavier who is the best and most useful TG Admin I’ve met but $8K a month (at current undervalued price) is just waaaaay to much imo… not the same as Dev or PM… maybe 500 PNG a month for a TG Admin sounds amazing!!

I’m all for you guys taking the reigns. I think the salary is fair, especially considering it will be revisited in three months. You have my full support. Looking forward to you all making Pangolin thrive!

I don’t think it is a salary. From what I understood it is a reward, one time payment. It is totally understandable for what Xavier has been through.