Taking the first step toward sustainability.
Every 2 weeks, the Reaper team meets to discuss the work we’ve been doing and what we want to accomplish going forward. I’m going to try my best to maintain regular articles breaking everything down for you all so you know where your fees are being put to work and how we’ll be managing our finances. Hopefully this gives you some insight into our thought processes.
This is the first time the Reaper squad has formally discussed compensation, so I’ll start with that. These amounts will be flexible and based on performance, and will be paid out once per month after our first bi-weekly meeting.
The first tier of payment is $1000, and goes toward our part time business developers/community managers Daddybirb & 0xWives, as well as our artist Reaper Noob. They’ve been instrumental in getting us started and I’d like to issue an official Thank You for their time and energy.
The second tier of payment, $2000, goes to our part time head of marketing Azrium and our part time head of operations & web developer Corval. We hope to hire them away from their current employers when we’ve determined our revenue is stable enough to do so. They’ve been doing fantastic work behind the scenes.
Our third payment tier goes to our cofounders and full time software engineers: Myself, Goober, and Crow. We will receive $8000 each for the months of May & April. This amount will be similar for each month going forward.
I’d also like to thank the entire team for their hard work and their belief in the project.
Though we have plans to set up a value-cost-averaging system, we’re starting off with simple % treasury allocations to diversify and solidify our finances.
This starts with a hearty thank you to all the farm providers we rely on for our yields. A 1% treasury allocation has been set aside for each of the following tokens:
We believe it’s important to invest in our own ecosystem, and look forward to increasing holdings of our farm providers’ assets over time. We will create interest bearing positions for each asset we’re able and store them in our treasury for as long as it’s fiscally responsible to do so.
On top of that, we will be converting 25% of our Fantom holdings to $USDC and another 10% to a FTM-USDC crypt position. The remaining Fantom will be held indefinitely.
Now that Alpha is behind us, we can look toward the future. We’re excited to start Research & Development so that we can better fulfill our community’s financial needs. Here’s a list of items that we will be working toward in the coming weeks/months:
We will add new crypts at a rate which will allow us to maintain our v2 workload. This means getting picky about whose projects we add, and each will be thoroughly vetted. Right now, we have plans to create Stableswap strategies in preparation for Hoop and Curve incentives, and are also excited to add Tomb and Aquarius support as soon as it’s reasonable to do so. Keep in mind none of these plans are set in stone until the crypts are live.
On the front end, we are looking to build out a database so we can add sorting and filtering mechanisms, and will begin designing a scalable analytics system which we can use to create user dashboards to replace the ‘Staked Crypts’ page. This will also speed up the site’s load time and allow us to serve up global metadata very quickly.
We’ve begun specification of the Reaper v2 system and are coming up with many ideas. We need to spend a lot of time figuring out what it can/should do, as well as what it can’t/shouldn’t. After that, we’ll start designing interfaces and then build up functionality from there.
I’m going to keep things vague until we’ve begun implementation, so I’ll describe it simply as such:
An ultra-secure, infinitely flexible asset management / yield farming system which gives the user finite control over their on-chain finances in terms of risk, outcomes, and management.
It sounds quite ambitious, but we’ve identified simple design patterns that will allow us to iterate through implementations without hurting UX or security. We’re very excited about it.
One of the big things we have on our mind is governance. Our goal is to be completely decentralized such that the entire team could be wiped out and Reaper will keep chugging along as if nothing happened. We don’t plan on reinventing the wheel, and will probably settle on some implementation of Compound’s Governor Alpha contract. Expect more detailed plans in the next bi-weekly update.
I hope this was helpful to you all!
I’d like to give another big thanks to all of our team members for grinding through Alpha with me, as well as the entire community for placing their trust in us. We’ve got some exciting things in the works, and hope you’ll stick with us while we build them out.
Drop any questions, comments, or concerns in the Discord.