Market Making, Development and Research January 2023 by reuben

Goal: 8400 FIRO ($18732.0) CFC
Proposal Completed

Why?

This is the third request to the CFC as we committed to do month to month requests instead of a lump sum request. Markets still have not recovered and we are asking for continued support from the CFC.

We have made an update on some of the work funded with the previous funding here.

Dev team gets about ~16000 FIRO a month or around ~USD25,440. USD1.59/FIRO

Breakdown of Core Team Expenses

Core team expenses remain unchanged.

Developer Pay (covers 4 developers) 24,000 USD/month

Research: 7,000 USD/month (but min 4,000 USD/month). This is a combination of retainer and per hour basis consultation. In February we may cut this down as we have funding that has been donated by Arcadia to MAGIC that allows these researchers to work on specific research tasks which we will share more details later. You can read about this donation here. Note that these funds are not controlled by core team and are instead managed by the MAGIC Board while also consulting with the core team and Arcadia.

Admin/Support/Management (including Reuben) 8700 USD/month (covers Reuben, Anwar, Ajay)

Hosting Fees: 1,000 USD/month This covers Github, Continuous Integration, Matrix, chat bridges, seed nodes, explorers, light wallet servers, testnet and website hosting fees. The bulk of this is on explorers and the light wallet support which require beefier specs.

Sysadmin 2,500 USD This is engaged from Cypher Stack and covers the running of all our infrastructure.

Market Making 6,333 USD We engaged Armada Labs (the team from Hummingbot) to run market making on three exchanges Binance (FIRO/BTC, FIRO/BUSD), Bittrex and Bitmart.

This month we will try to negotiate with Armada to also support Huobi who have quietly relisted us.

We are contractually obliged to provide market making to Bitmart as part of our agreement with them to list us. We maintain Bittrex/Bitmart support due to their US licenses. Our main market is Binance by a wide margin.

Total: USD 49,533/month

As you can see this excludes any sort of marketing or unexpected costs and we are relatively lean.

Deficit: USD24,093 a month.

How much?

We are requesting the same amount as last month despite the increased deficit. We will utilize some of our reserves to cover the shortfall.

Total requested: ~USD13,333/month in FIRO equivalent.

Breakdown:

Market Making: USD6,333.00 In the long run it might make sense for market making costs to not be borne by the core team to avoid any conflict of interest.

Research: USD4,000 This covers the base retainer for one of our cryptographers. Note we have negotiated lower rates and these researchers can demand for much more at other companies but continue to work with us because of their belief of the project and the long term relationship we have established.

Development: USD3,000 This covers the cost of one junior developer.

We won't be requesting volatility protection especially this will be on a month to month basis.

We are requesting for this proposal to be reviewed on a month to month basis by the Community Fund Committee so that in the event market conditions improved we can cease this and we can also adjust the amount requested.

The core team as a general principle does not want to make requests from the Community Fund unless absolutely necessary.

Events
  • Proposal created 2023-01-03 02:45
  • Discourse topic posted 2023-01-03 02:45
  • Status changed from 'idea' to 'Funding Required' 2023-01-06 05:18
  • Donation address generated 2023-01-06 05:18
  • Payment of 8400.0 FIRO sent 2023-01-06 05:46
  • Status changed from 'WIP' to 'Completed' 2023-01-10 08:15
Meta
firo
This proposal is completed. See the forum discussion thread for more information.
Transactions

  • Amount: 8400.0 FIRO
  • TXID: 5996ea8a8b56c36721afdf7f8c852b7890793b9ecc480280bf8c642e92736626
  • Date: 2023-01-06 05:46

  • Amount: 8400.01 FIRO
  • TXID: 47ecdc8067ed1fa88d828c91ac03db99e3f070f4ce7db4bc2831060008da180d
  • Blockheight: 603206
  • Confirmations: 17194