| Status | Posted on Snapshot |
|---|---|
| Votes | Vote Here |
| Author | 5pence.eth |
Background
The ENS DAO Working Group Rules place the responsibility for steward compensation on the Metagov working group.
Working Group Rules:
[EP0.4] [Social] Proposal: Creation of Foundational Working Groups and Working Group Rules
[EP12][Social] Working Group Rules
With the passing of this social proposal in Term 4, these two rules were added:
10.4. The Meta-Governance working group are responsible for defining standards for fair compensation (‘Compensation Guidelines’).
10.5. The Compensation Guidelines shall be defined prior to the Nomination Window for each term and can only take effect for the following term.
Summary
In accordance with rule 10.5, This post outlines the proposed compensation structure for ENS DAO stewards during Term 6. The structure builds upon previous compensation models but includes several important changes. Notably, this compensation proposal will be put to a DAO vote for approval.
Proposed Compensation Structure
USDC Compensation
The base compensation structure remains similar to previous terms, with some adjustments:
| Role | Quantity | Per Steward Per Month | Per Steward Per Term | Total per Term |
|---|---|---|---|---|
| Steward | 6 | $4,000 | $48,000 | $288,000 |
| Lead Steward | 3 | $5,500 | $66,000 | $198,000 |
| Secretary | 1 | $5,500 | $66,000 | $66,000 |
| Scribe | 1 | $3,000 | $36,000 | $36,000 |
| Total | $588,000 |
(previous structure linked here for reference)
Key changes:
- The discretionary amount has been removed.
- The $3,000 previously allocated for discretionary use has been split evenly among the stewards.
- Regular stewards will now receive $4,000 USDC per month (up from $3,000).
- Lead stewards will now receive $5,500 USDC per month (up from $4,500).
$ENS Token Distribution
We are introducing a new structure for $ENS governance distribution to stewards:
- Each steward will receive $ENS tokens equal in value to their total USDC compensation for the year.
- The $ENS tokens will be distributed on July 1st, via 2-year linear vesting contracts.
- The $ENS token price on July 1st will be used to calculate the number of tokens each steward receives.
- The vesting period will start from the beginning of the term (January 1st), meaning 6 months of vesting will have already occurred at the time of distribution.
Example calculation:
- A regular steward receiving $48,000 USDC for the year would also receive $48,000 worth of $ENS tokens.
- If $ENS is priced at $12 on July 1st, the steward would receive 4,000 $ENS tokens in a 2-year linear vesting contract.
- At the time of distribution (July 1st), 25% of the tokens (1,000 $ENS) would have already vested.
This structure ensures that stewards’ token compensation aligns with their USDC compensation and incentivizes long-term commitment to the DAO.
DAO Vote
This compensation structure will be put forward as a social vote. If approved, this structure would be implemented for Term 6.
Conclusion
We believe this updated compensation structure fairly rewards stewards for their contributions while aligning their interests with the long-term success of the ENS DAO. We encourage all DAO members to review this proposal carefully and participate in the upcoming vote.
Feedback and questions are welcome in the comments below.
