UMA Delegated Voting
Grant #1
| Info | |
|---|---|
| Project Name | UMA Delegated Voting |
| Author | Ross |
| Date | 2022.09.12 |
| Discord Handle | Ross 🍠#2221 |
| Status | [draft] |
| Discourse | https://forum.yam.finance/t/uma-delegated-voting-grant-1/1737 |
| Spec Doc | Specification Document |
| Snapshot | [Insert link when available] |
Please review the full specification document linked in the table above.
1. Project/Grant Description ❓
Tell us about the project that you are applying to receive a grant for.
The purpose of this grant is to participate in UMA governance and voting in the UMA DVM oracle using the UMA tokens that the YAM treasury holds. Voting correctly in UMA DVM disputes and governance votes earns UMA (0.05% of the total supply is minted on every vote and given out to voters who voted with the majority). The YAM DAO owns approximately 41,873 UMA tokens, worth approximately $116,400 at the time of writing, which can be used to vote and earn rewards. This grant would be paid to the designated voter (me) to compensate them for their time spent researching and voting with this YAM.
2. About You 👥
Tell us about you and your team. What experience do you and your team have that is relevant to the project. Please provide github profiles, websites, prior work, etc
I currently work on YAM full time and have focused on improving the operations, organizational structure, and efficiency of YAM. I have been the primary person behind the development of the YAM Re-Org and new grants model. I have also contributed project management and design work for the YAM website and YAM Synths, both conceptual and front end. I have started trying to do more development work, fixing problems with the website and trying to build useful tools for the DAO. I am currently a member of the Gov-Ops Council.
In my work with YAM synths, I worked with members of the UMA team to understand their systems and best practices for using their oracle. I have been voting with the treasury owned UMA for the past 2 months and I have voted correctly in all votes so far (but missed one reveal in which I voted correctly).
You can read my original employment proposal is located here: Full-time contributor request for Ross.
3. Grant Scope 🏗️
The scope work for this grant consists of actively participating in UMA DVM disputes and governance votes. I will do my best to vote in all of the vote, but because they are not scheduled beforehand and only have a 24-hour window to commit votes, I cannot assure I will vote in all of them. I will do as much research as possible to vote correctly given the time constraints that this grant will define.
My Strategy for voting on UMA disputes is the following:
The goal is to vote on all UMA DVM disputes and in all governance votes in order to maximize the amount of UMA earned. In order to earn the UMA rewards, the voter must vote with the majority of voters. It is not always obvious what the majority will choose, but over the long run, choosing the most accurate answer based on the conditions of the dispute should be a generally winning strategy since the largest token holders have a vested interest in the UMA DVM being accurate and consistent. If I notice that this strategy is changing, I will re-assess based on the new information.
I am responsible for managing my own infrastructure to interact with the UMA contracts (internet access, ledger, etc). Gas fees are reimbursed to the two key voting contract (in UMA) and I cannot access those, so I will submit monthly reimbursables for my transaction costs while interacting with the contracts on L1.
I will post a summary of the votes at the end of the month and give an accounting of how many votes there were, and how much UMA has been earned.
4. Grant Duration and Funding Request 💸
I am asking for a 3 month long grant, with payouts equal to a third of the total every month. At the end of the 3 months I will apply for a new grant.
Each vote requires anywhere from half and hour of time, up to a few hours. The more votes in a month, the more UMA earned (assuming a correct vote). I'm not really sure what the sweet spot is here, but would like to suggest that I be paid for 1.5 hours per vote (I will consider across disputes that come in together as 1 vote), with a maximum of 9 hours billed for votes, plus 1 for overhead.
I will charge my old rate of $62.5/hr for this period, split 70/30 USDC/vested YAM at monthly 30 day average price.
That comes out to:
| # of votes | hours billed | Cost to DAO |
|---|---|---|
| 1 vote | 2.5 | $156.25 |
| 2 votes | 4 | $250 |
| 3 votes | 5.5 | $343.75 |
| 4 votes | 7 | $437.5 |
| 5 votes | 9 | $562.5 |
| 6+ votes | 10 | $625 |
Additional work to develop documentation and/or tools for token holders to better interact with this project is not included in this scope.
5. Additional Information
Please add any additional information here that doesn't have a place to go above and you think is important to fully specify this project.
- UMA 2 Key Voting Contract address where current UMA is held and voting records can be seen: https://etherscan.io/address/0x8348c5ec31d486e6e4207fc0b17a906a0806550d
- UMA dune dashboard where votes can be seen, including those that I have done: <https://dune.com/uma_protocol/uma-protocol
- UMA Voting interface to see votes: https://vote.umaproject.org
- UMA documentation: https://docs.umaproject.org/
❤️ 🚀 🍠
Copyright and related rights waived via CC0.