Core team salaries and bounties

Don’t take me wrong, Xavier best admin ever honestly, it’s not personal but for the role. You might wanna read that again, at the beginning it mentions a one time 2000 PNG payment for the work already contributed, but at the bottom it says 2000 PNG PER MONTH for core contributors (TG Admins)

It is a different position I believe.

2000 for being a TG admin, one time

2000 for being a member of core team as a core contributor, monthly

The scope of the position is of course open to discussion

I dont mind the salaries, really, if you want the best, you gotta be paying for it. Now we need to talk results, roadmaps, weekly updates, etc. How do we know we’re getting for what we paid? I would like to see this here in this proposal.

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Correct, so the 2000 was to reward all the early contributors who did lots of work for free.

Then the 2000 PNG is for core contributor. You’re completely correct about the scope of the position being open to discussion.

Connor’s is slightly easier, cause he’s an integral part of this and an incredibly talented developer.

Interested to hear the communities thoughts though

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There is so much on the roadmap that I am dying to share. I’m like a kid in a candy store, but legally there’s some things I can’t mention and others that aren’t completely finalized.

So we’re just trying to work out the best way to release this information.

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That is good to know, but this is a decentralized community, we have to know at least what the developers are working on, what the marketing is working on, etc. If there are things that can’t be discussed, that’s ok, it means it’s not a thing yet.

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I agree, we want to be transparent, and we are working on releasing documentation very soon!

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It’s a fair deal. You have my full support on this.

thumb_pangolin-uses-covid-19-its-super-effective-70734576

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I appreciate that this is a bold career choice and the developers should be compensated. But why not have the amount of PNG being paid be attached to its price in USD, updated on a fortnightly basis at the time out payout? So that even if the price goes up or down, the USD amount the devs earn remains constant.

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We had a lot of discussions around this. We had a few criteria we were looking at:

  • Ensuring that we have skin in the game.
  • Ensuring we can pay our bills
  • Practicality of the implementation

The original proposal was to have it 50% in USD and 50% in PNG. The painful part about this is actually the implementation. Let’s see how that would work in practice:

  1. Fortnightly payment date rolls around
  2. Someone manually checks PNG’s price and calculates what the USD amount is
  3. Convert PNG to USD in multisig wallet
  4. 6 of the 9 multisig approve the conversion
  5. Pay USD to core team members
  6. 6 of the 9 multisig approve the payment
  7. Pay PNG to core team members
  8. 6 of the 9 mutlisig approve the payment

Now there are ways we could streamline that process, but I think it’s valid to point out that, this would be an administrative nightmare.

So all core team members agreed to the 100% in PNG. It’s simpler and ensures we have skin in the game.

It also takes away a lot of time from the multisig members having to sign off multiple transactions and ensures we can start working on Pangolin as soon as possible.

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There is an easy way to implement it so that the total value of the salary reflects a 50% USD, 50% PNG split. Simply use the formula

(PNG awarded per year) = 70000/(PNG price) + 20289.86.

The salary will still be disbursed in PNG and it would be the responsibility of the team member to convert to USD if they wish. This would avoid the administrative headache of having to get multisig signatures multiple times per disbursement.

I believe that having a de facto 50% USD/50% PNG split is better than a set PNG amount because it makes the salary less volatile. In the event of downward price action, it insulates the team member from salary loss. In the event of upward price action, it allows the community fund to be stretched further. If PNG appreciates in price considerably, the team members deserve to see some of that upside. But I think it’s also important to allow upward price action to expand the scope of what the community fund can accomplish, e.g. allow additional hires. A 50% USD/50% PNG split seems like a reasonable compromise.

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Basically, the distribution of pangolin is important for strategic purposes.

I would like to clarify it with the help of the Avalaunch start.

First of all, for a better understanding, involved Parties are
Avalanche (ecosystem), Pangolin (DEX), Avalaunche (project).

The start was on 14/05/21 at 12am UTC. İn Europe (14.05.2021; 02:00 am CET)

The advertising was very good (the coverage was certainly high). So many have been looking forward to it.

Who were the people (customers) who looked excitedly at the screen and waited for it to finally be 12 am? Again the note, in Europe it was already at 2 a.m.

What is the result the morning after?
what was the result this morning? take a look at the graphic from the Coingecko exchange. The price is initially up from $ 3.53
$ 1.87 dropped. Everyone was talking about a price of $ 0.035.

You should have a look at the telegram group from Avalaunche, there you can read what the customers tell you, they are disappointed (see also pic bellow).

On the subject of strategy:
think about how you compensate these people as soon as possible. It’s your customers.

Long-term customer loyalty topic.

I’ll give you an example:

Goal: long-term customer loyalty, furthermore a good example for other projects.

Solution: lottery, tombola which is carried out daily. For the customers who were there at the start and who bought, believe in the project, trust DEX Pangolin and love the ecosystem, this group of people receives a special reward. Which ? think of something to make this long-term to the ecosystem Avalanche, the DEX Pangolin. A long-term partnership!

you shouldn’t lose a lot of time, you have to act quickly. The news is spreading very quickly in the media these days

think about what but don’t lose these customers.

The strategy with the Airdrops from Baguette worked extremely well, take a look at the increased number of delegators.

Remember, innovation without strategy is aimless and strategy without innovation is pointless.

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salary is more than fair imho. can we please get this on chain now and get it going

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First of all, please do not get me wrong. I do not know the team here at all, so nothing against anyone here. I am just sharing my view just comparing these announced positions and market realities.

I do know very well PM salaries in Europe market and it is not comparable with this amount. You can get ten thousands applications if you post 140K USD Salary for a PM position.

couple questions:

  • How community will assess the performance of this team?
  • Who will define the KPI? How this will be monitored?

As mentioned above, team has some brillant ideas , but nothing was shared with the community. So for what these salaries will be paid?

From my point of view, Scope based approach would be fairly well in such case. Team can announce their plan, define their total costs for this package and define their milestones( can be multiple milestones linked certain amount of costs) and at the end if team can deliver as promised, agreed amount amount can be paid as USD. Otherwise i do not see a way to assess the performance of this team.

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Why legally can’t you mention things? It’s a community driven project. Everything should be clear and transparent. Public ideas, public code, public issues, open licenses and so on. If we start with hidden things we won’t go far.

Yes, you are completely right, but I think it’s not the right place for this discussion. I thought about something, I’ll share it later in Discord in proposal poll. I have now often received the feedback and will offer a solution accordingly. Please do not use this topic for this discussion.

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With all due resect. For $140,000 you could hire the smartest people in world. Google hires only the smartest of the smartest and they get paid typically $148,000. You cannot compare yourself to google. This a small starting community driven project however it looks like you decide what your salary is.
In my opinion, you should have a base pay and if certain goals get accomplished you earn bonuses. This way if you guys do a great job you could potentially earn millions and we the community don’t mind because we also profit because the with your accomplished tasks and goals the project grows and so we also earn. This would be fair.

Hey check out our proposals for more details about our backgrounds and qualifications

You’re right that you would get a lot of applicants for the salaries posted. What these other applicants won’t have is months of experience working in Avalanche DeFi, and specifically working with the Pangolin product. There are only a handful of people with these unique qualifications, and they are on the proposed team listed above.

As for assessing performance, it is the a community driven project and our performance will be assessed by the community. We’ll give regular reports of road map updates, budget updates, etc, and if the community is ever unhappy with the direction the team is going then they can use the governance process to vote the current team out and a new team in.

This is an interesting point about salaries and qualifications. Take a look at my reply here

There are many smart engineers, PMs, etc in the world. However there are only a handful of these people with the type of experience working in Avalanche DeFi, and with the Pangolin product and codebase that the current proposed team has. The team proposed has tremendous understanding of the product, processes, and codebase already, which is very valuable in getting the road map built correctly and efficiently.

On-boarding a team from the open market that is unfamiliar with DeFi, Avalanche, Pangolin, would introduce more delay in getting the road map built out since they would need time to be on-boarded and understand the systems, whereas we are already intimately familiar.

It also introduces risk that if they will not have the correct vision for Pangolin if they do not fully understand the landscape of Avalanche DeFi, or the intricacies of Pangolin’s processes, at the same level as we do.

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Pangolin talks with a lot of projects and partners who ask for NDA (non disclosure agreement) in regards to their future plans. It is a common practice in software to ask for NDA so that you do not lose your advantage in the market place. For example, Uniswap V3 was very secret because they did not want competitors copying.

We would like to be as transparent as possible about our own plans at Pangolin, although when it involves the plans of other projects we need to also respect their privacy and legal structures.

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