The proposal will be put up for voting on November 28th, which then goes through the voting cycle.The proposal link will be shared here once it is live. The dates of posting have been pushed keeping the Thanksgiving holidays in mind to ensure maximum voter turnout on the proposal.
CGP 2.0 Grants SAFE (eth:0x8524B12CB7710C75B53bAa9ca72B420542d24C13) has been set up and the domain allocators : @allthecolors , @cylon , @Bobbay_StableNode , @madhavanmalolan , have been added as the multisigs. The allocators will also be commenting on this post from their profiles, to prove their ownership.
Confirming that I control the key for the address 0x66cd62c6f8a4bb0cd8720488bcbd1a6221b765f9, to which allthecolors.eth maps.
Which entity on the DAO side will be signing the contract (via the contract template that was proposed)? Unless there is a legal entity representing the grantors, I don’t see how this would work.
How will Questbook’s compensation be working now (seems to be pro bono initially) and going forward?
Does the need for a grants program to be more decentralized justify this significantly higher cost? My initial thought is that it does not and that there are efficiencies gained from the standard centralized grants committee model that might be lost here (e.g., having a single committee review multiple grant proposals might garner better conversation and review).
I think the tooling that Questbook offers is helpful, but couldn’t the same tooling be provided to a more centralized grants committee?
What is the KYC for potential grant recipients meant to accomplish?
Thank you for the questions, please find the responses below
1 - Questbook International Inc will sign this contract on the grantor’s behalf. Yes, you’re right it’s a legal entity.
2 - We’re providing the Questbook tool for free for CGP 2.0. We’re only charging for managing the program.
3 - The focus is on running this grants program in a decentralized manner.
Robert on one of the calls mentioned: " At compound, we spend a lot of starting to push the community forward and developing the core protocol itself. A whole decentralized team of developers should be making improvements to the core compound protocol and adding new functionality".
Apart from the problems this proposal aims to solve by running the grants program in a decentralized manner, having multiple allocators to run the individual grant programs can also help attract builders through their networks and allows faster decision-making.
4 - Yes, a centralized grants committee can also use Questbook as a tool to disburse grants. Polygon for example, has a more centralized grants committee - uses Questbook to run its entire grants program.
5 - KYC is performed to understand to whom the payouts are being made, in order to be compliant.
Thank you, everyone, for patiently following up on this proposal, and thank you @adam for all the assistance to help me navigate through the app. I’ll update here once the voting begins, it is currently in the review phase. This is the tentative voting cycle
Hi, I am part of the legal team which is assisting Questbook.
The KYC provider will apply the usual standards concerning the evaluation of risks (UBO, geographic area, type of activity). We want to avoid that Compound or Questbook get associated with illicit activities. That’s all!
It’s becoming a common standard within grants programs. Nothing new. Please tell me if you need further information.
Transparency in fund disbursement, everything is on-chain.
Turn-around time (TAT) of 2 days.
Oversight and mentorship to make sure milestones are hit.
Blockchain Lawyers Group (BLG) will be working with us to ensure legal compliance. BLG’s independent legal advisors will support CGP 2.0 with contractual drafting, KYC standards, and any legal issues that may arise during the grant disbursement phase, and provide early-stage legal support to projects.
You’re all caught up now. If you or someone you know is passionate and believes they can contribute meaningfully to Compound, we encourage you to apply through the QuestBook tool on the 16th.
We are looking forward to your proposals.
For more information about the program and how it was developed, check out this thread.
If you have questions, please reach out to us in the #grants channel in the Compound Discord.
Here are the one-pagers from the domain allocators about their domains for CGP 2.0. The program is going live on 16th January, please feel free to share any feedback you have on any of the programs here. These documents have comment access to everyone with the link. Thank you!