Overview
This proposal consolidates several key initiatives into a single voting event to minimize gas costs. Each initiative is critical for the growth and development of Soft Protocol, enhancing both functionality and community engagement.
Action Items
1. Fund Development of SOFT Staking to Power NFTs and Fee Switch
Context: The staking mechanism will enable SOFT holders to mint Soft Mfers NFTs and allow projects to stake large amounts of SOFT for discounts on smart contract fees during their launches. This feature aims to increase the utility and value proposition of SOFT tokens. The stake-to-mint feature will be reusable for future drops.
Budget: $12k (4 ETH)
Send To: Soft Operations Wallet
2. Renew Community Leaders Contracts and Increase Compensation
Context: Community leaders play a vital role in maintaining and growing our community. Their responsibilities include moderation of Discord, forum maintenance, handling support tickets, and data generation. Previously, we had 4 community leaders and 4 ambassadors. The ambassador program is ending, and Romera and Amir will join as community leaders. All community leaders will receive a base compensation of 700 USDT/month. Kir.OS and Lucian will receive an additional 300 USDT/month in recognition of their long-term contributions. Contracts will cover 8 months of payments, retroactively starting from March 1, 2024.
Budget: $38.4k (38400 USDC, over 8 months)
SOFT Allocation: 100,000 SOFT (split evenly among all community leaders)
Send To: Soft Operations Wallet
3. Fund SDK Development
Context: The SDK will allow developers to integrate Soft infrastructure into their projects, supporting features for token sales and distribution, and providing debugging tools. Written in TypeScript, this SDK will push Soft Protocol closer to the goal of “integrate everywhere.” With the fee switch and SDK, Soft Protocol could see significant revenue growth.
Budget: $20k (6.67 ETH)
Send To: Soft Operations Wallet
4. Fund NFT Artwork
Context: The Soft Mfers NFT artwork will be a derivative of Sartoshi’s cc0 Mfers collection. Utilizing the cc0 license allows us to use these works for commercial purposes. High-quality NFT art is essential for the success of this initiative.
Budget: $20k (6.67 ETH)
Send To: Soft Operations Wallet
5. Fund NFT Development
Context: This development involves creating new smart contracts to support the Soft Mfers NFT initiative. Features will include stake-to-mint, whitelisted rounds, paid public rounds, and an ownerMint function for giveaways and collaborations.
Budget: $26k (8.67 ETH)
Send To: Soft Operations Wallet
6. Fund Additional Soft Airdrops and Bridge Them to Base
Context: These airdrops will be distributed on the Base network, which offers lower fees compared to Ethereum L1. This initiative includes SoftQuest rewards for tasks like bridging and LP provision, Boost.xyz campaigns, and FlashDrops for communities rewarding Soft holders.
Airdrop Allocation: 15M SOFT
- Early Bridging to Base: 2M SOFT
- Late Bridging to Base: 2M SOFT
- Rewards for Soft LPs: 5M SOFT
- Boost.xyz Round: 2M SOFT (1000 SOFT * 2000 users)
- FlashDrop Pairing: 4M SOFT
Send To: Soft Operations Wallet
7. Pay Back the Soft LP Loan
Context: The LP loan was initially provided to seed a liquidity pool on Aerodrome Finance, facilitating Soft trading and offering Aero incentives. The rewards have been used to fund additional incentives and secure voting rights on emission assignments. This loan was interest-free and will be concluded with this payment.
Repayment:
- 32 ETH
- 1,500,000 SOFT
Send To: LP Repayment Wallet
8. Fund Additional Aerodrome Incentives
Context: Weekly incentives will be added to Aerodrome, rewarding Aero governance voters who direct emissions. These incentives will be managed through a multi-sig wallet controlled by Soft contributors.
Budget:
- 5 ETH
- 10,000,000 SOFT
Send To: Soft Operations Wallet
9. Fund Development of Farcaster Tooling
Context: The tool, Fundcaster, is a Frames-native tool for launching tokens on Base. Currently, it supports token creation with additional features under development. V1 of the tool is live at Fundcaster.
Budget: $6k (6000 USDC)
Send To: Soft Operations Wallet
10. Distribute Stealth Round
Context: The Stealth Round was a public sale of SOFT at $0.25 per SOFT, raising approximately $26,000. Given the subsequent price discovery, this proposal seeks to distribute SOFT at $0.04 per SOFT, providing a discount to the market price.
Send To: N/A
11. Fund Operational Costs
Context: It’s critical to fund some key operational costs - things like entity formation, platform upkeep costs, infrastructure like Shopify & Discord Nitro, and marketing spends. This funding will ensure the lights are kept on and development continues. At the end of each quarter, a breakdown of funds utilized will be published, with any unused funds returned to the treasury.
Budget: $50k (19.3k USDT, 30.7k USDC)
Send To: 3850 USDC to Soft Operations Wallet
Send To: 26850 USDC to OpCo Wallet
Send To: 19300 USDT to OpCo Wallet
12. Governance Repair Bounty
Context: Recently, a vulnerability in Soft’s governor contract was discovered and responsibly disclosed. Thankfully, Soft contributors were able to fix the issue by turning off voting-while-vesting, before anyone was able to exploit the vulnerability. For the responsible disclosure of this issue, the firm shall receive a bounty in the form of USDC
Budget: $5k (5000 USDC)
Send To: Gov Bounty Recipient’s Wallet
13. Swap 7 ETH to USDC
Context: Soft is spending most of its USDC, and it’s important to maintain some treasury diversification. This swap will help ensure there are sufficient USDC funds available.
Budget: 7 ETH
Budget Summary
Operations & Development
- Community Leaders: $38.4k (38400 USDC)
- Staking Budget: $12k (4 ETH)
- SDK Development: $20k (6.67 ETH)
- NFT Art Budget: $20k (6.67 ETH)
- NFT Contract Budget: $26k (8.67 ETH)
- Operations & Marketing Costs: $50k (19.3k USDT, 30.7k USDC)
- Farcaster Tooling: $6k (6000 USDC)
- Governance Repair Bounty: $5k (5000 USDC)
- Swap to USDC: 7 ETH
LP Loan Reimbursement
- 32 ETH
- 1,500,000 SOFT
Aerodrome LP Incentives
- 5 ETH
- 10,000,000 SOFT
Community Leaders SOFT Allocations
- 100,000 SOFT (Over 8 Months)
Airdrop Rounds
- 15M SOFT
- Early Bridging to Base: 2M SOFT
- Late Bridging to Base: 2M SOFT
- Rewards for Soft LPs: 5M SOFT
- Boost.xyz Round: 2M SOFT
- FlashDrop Pairing: 4M SOFT
Total Budget
Total Budget
- STABLES: $99.4k (80100 USDC + 19300 USDT)
- ETH: 70.01 ETH
- SOFT: 26,600,000 SOFT
BUDGET BREAKDOWN
- USDC: $38.4k (Community Leaders) + $30.7k (Operations & Marketing) + $6k (Farcaster Tooling) + $5k (Governance Repair Bounty) = $80.1k
- USDT: $19.3k (Operations & Marketing)
- ETH: 4 (Staking) + 6.67 (SDK Development) + 6.67 (NFT Art) + 8.67 (NFT Contract) + 32 (LP Loan) + 5 (Aerodrome LP) + 7 (Swap to USDC) = 70.01 ETH
- SOFT: 1,500,000 (LP Loan) + 10,000,000 (Aerodrome LP) + 100,000 (Community Leaders) + 15,000,000 (Airdrop Rounds) = 26,600,000 SOFT
Conclusion
This proposal outlines a comprehensive plan to fund critical initiatives for Soft Protocol. By consolidating these actions into a single vote, we aim to minimize gas costs and streamline our development efforts. These steps are crucial for the continued growth and success of Soft Protocol. We invite the community to support this proposal to achieve our collective goals.
Breakdown of USDC, ETH, and USDT Sent to Each Wallet
Soft Operations Wallet
- ETH: 4 (Staking) + 6.67 (SDK Development) + 6.67 (NFT Artwork) + 8.67 (NFT Development) + 5 (Aerodrome Incentives) = 31.01 ETH
- USDC: 38.4k (Community Leaders) + 6k (Farcaster Tooling) + 3.85k (Operations & Marketing) = 48.25k USDC
- USDT: 0
OpCo Wallet
- USDC: 26.85k (Operations & Marketing)
- USDT: 19.3k (Operations & Marketing)
LP Repayment Wallet
- ETH: 32 (LP Loan)
- SOFT: 1,500,000 (LP Loan)
Gov Bounty Recipient’s Wallet
- USDC: 5k (Governance Repair Bounty)
