Grant Request for Brian Smith

Hi Mango DAO,

I am requesting a grant for recent and future work on behalf of the DAO. Was thinking 100k of locked MNGO with five-year vesting but open to discussion. Notable contributions:

Treasury allocation: I ran a process to evaluate investment options for the DAO’s $70mm Treasury fund and executed the first stage with $1mm of SOL purchases. The DAO had several months of periodic and disorganized discussion regarding how to utilize its Treasury fund. I proposed a thorough process that resulted in a clear mandate from the community.

Overall, I spent at least 80 hours of direct work on this project plus my preexisting familiarity with Mango. I also expect to be help with ongoing discussions/purchases as there are likely more treasury investments in the future.

Can see contributions here: Putting the insurance fund to work

Monthly report (future contribution): I think Mango would benefit from a monthly report outlining KPIs (e.g., volumes, OI, active wallets), product updates, LM changes, governance decisions, etc. Every notable peer project has something like this (see dydx Epoch reviews, Drift monthly updates, Messari reports prepared for ETH projects like Compound).

I believe it is an important way to track Mango’s performance and enable more casual community members to understand what is happening. A lot of this is known to daily discord members but there is not an accessible way to see high level updates. I’m planning to keep it objective/factual rather than promotional but happy to discuss format with anyone interested. I am starting now on the March version and it should be available next week. I expect this will be pretty time consuming (especially the initial setup) but I believe it’s important.

Other future contributions: I’m planning to contribute more actively and have several other ideas in the works around governance/reporting/strategy. For example, creating some system for tracking and accountability of contributor grants as the team grows. This is something Daffy has talked about in response to recent grant requests. Open to feedback on this or other ideas generally that may be helpful.

Thanks and happy to answer any questions,

Brian

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In full support of this proposal. I’d be glad to help you get access to the data for these reports.

Agree with Max here, I also think you’d find value in working together with Waterquarks to help automate these reports.

Completely agree. However I’m thinking is 100k enough? the work done by Brian is invaluable for the DAO, and will keep being so, especially if we manage to get some proper reporting.
I think we should pay at least double that (or even more, contingent on some milestones)

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Appreciate the sentiment but this amount seems fair to me. Going forward, the responsibilities are pretty limited.

I’m open to a wider mandate but, at this stage, it’s unclear what areas make sense for more contributions. To the extent I find more contributions that are valuable to the DAO and am spending substantial time on Mango (as I have been lately), I would expect incremental grants.

This amount and the stated responsibilities were intentionally limited as I would rather come back to the DAO for an add-on request vs. over-estimating my contribution going forward and having some sort of claw back conversation.

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Hi @brian_smith_0 . Just to double check, was the report posted somewhere in Discord? I couldn’t find it.

I believe would be of great use for community to see a breakdown with KPIs including revenue generated, current expenses and allowances, breakdown of MNGO allocations (including incentive rewards for MMs), and projections till EOY

Hey Felix, after working through some drafts I realized two separate formats were actually more appropriate for the information I wanted to deliver.

The first is the Mango Monitor. This is a casual monthly update on product improvements, governance decisions, etc. You can see those here: Mango Markets – Medium.

The report you reference are the focus of the second format. This will resemble a 10-Q report for Mango or the reports some ETH protocol commission from Messari (dydx example).

I still plan to produce the 10-Q style report regularly but opted to wait for stability in Solana performance and potentially Mango v4 depending on how the timing overlaps. Metrics suck right now and I have no problem producing a report with unpleasant truths. However, the underlying issue isn’t Mango but Solana.

My intention for the report was to help the community monitor Mango’s financial performance and inform future growth initiatives. Currently, I don’t believe we are trying to acquire new users or grow volumes since the user experience is such that we aren’t making a positive impression.

Feels like I would just be wasting my time on something with no actionable takeaways. I’m open to feedback from the community if I’m mistaken or there are specific requests. Otherwise I’m planning to table the report until we are back in growth mode (hopefully August/September?). Mango Monitor will continue monthly.

Note: some raw data on volumes and DAUs is available here. It only stretches for 30 days but at least can provide some color on trends.

Actually get this request more frequently, it would be really good to have a monthly updated spreadsheet on these numbers, ideally a high level ebidta.

Ok, thanks for letting me know. I wasn’t aware of the interest. I already had a partially completed draft. Will publish something later this week and hopefully can add more details over time on historical and projected expenses.

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