Prop 115: Dev Fund Update: Use Splits for Weighted Developer Rewards

Dev Fund Update: Use Splits for Weighted Developer Rewards

On Stargaze, 15% of newly minted tokens from inflation go to developer rewards. The current parameters were set when the chain launched in Oct, 2021. A lot has changed since then, and the dev team is much bigger. Developer rewards have to be updated to reflect the new dev team.

The current allocation is 33% to Stargaze Foundation, and the rest split among the three original co-founders who were the sole members of the dev team in Oct, 2021.

This proposal updates developer rewards to use the new Splits contract. This allows a multisig to manage allocations, and make updates when new developers join and leave, and when they change their hours.

The proposed change is to update the Weighted Developer Rewards parameters to:

• 33% = Stargaze Foundation

• 67% = Splits contract

Note that the allocation to the Foundation will remain the same. However, the three co-founder allocations are replaced with a Splits contract.

This new 3-of-5 multisig, the Dev Fund Multisig, will consist of the following members: Jorge Hernandez, Shane Vitarana, Michael Scotto, Ruwan Perera, and John Yu.

This team will deploy a Splits contract with the weighted allocations for the team currently building Stargaze. This is around 10 people and includes: smart contract developers, front-end developers, backend developers, chain developers, data analysts, and biz dev.

When the proposal passes, tokens will get distributed to the Splits contract on each block. Then the funds will be automatically distributed monthly from the contract to the members based on their allocations defined in the contract.