TL:DR: Now that Indigo Protocol V2 has been implemented and with passage of Proposal 40, the Labs team seeks approval from the DAO members of the transfer of INDY from the DAO Treasury to Foundation wallets.
A ‘yes’ vote on this Proposal provides the DAO’s approval of making payments to service providers for past work, and provides the Foundation funds to use in the next 7 months for future payments to service providers and Lemma and CLS as services providers, and approves the creation of bank accounts and several Foundation-controlled multi-sig wallets.
SUMMARY OF PAST BILLS
The DAO members have voted in the past to retain and pay various service providers to provide services to the Indigo Protocol. Some service providers, like MLabs and AWS, have been paid by Indigo Labs (under the Labs’ April 2023 Services Schedule, Proposal 17). Other service providers, like Labs and TxPipe, agreed to defer payment until after V2 when the Foundation would be able to make payment using the DAO Treasury.
The chart below summarizes all past bills incurred under those DAO votes which the Foundation is now in a position to pay:
| Service Provider / DAO Proposal | Services / Date | Fees / Services | Pass-through Expenses |
|---|---|---|---|
| Indigo Labs \ Proposal 17 \ Proposal 30 | April 2023 Services | $25,136.95 | $0 |
| May 2023 Services | $50,237.20 | $12,053.52 | |
| June 2023 Services | $43,129.75 | $11,116.81 | |
| July 2023 Services | $23,779.90 | $17,181.05 | |
| Aug 2023 Services | $21,862.15 | $25,916.94 | |
| Sept 2023 Services | $30,965.45 | $19,806.00 | |
| Oct 2023 Services | $28,342.95 | $24,013.00 | |
| Nov 2023 Services | $27,134.55 | $21,949.72 | |
| Dec 2023 Services | $16,366.25 | $18,884.85 | |
| Jan 2024 Services | $16,035.00 | $29,805.13 | |
| Feb 2024 Services | $12,528.30 | $29,810.69 | |
| Mar 2024 Services | $16,391.25 | $28,347.81 | |
| April 2024 Services | $19,114.65 | $21,574.32 | |
| May 2024 Services | $10,609.65 | $15,955.46 | |
| Sub-Totals: | – | $341,634.00 | $276,415.30 |
| Combined Total: | – | $618,049.30 | |
| TxPipe / Proposal 31 | Monthly Service @ $380 , March, April and May 2024 | $1,140 | |
| Carey Olsen (Legal) / Proposal 17 | Foundation Formation Expenses | $19,734 | |
| Zedra / Proposal 1 | Annual services for 2023 ($34,626.59) and 2024 ($34,779.03) | $69,405.62 | |
| Lemma / Proposal 40 | April 2024 Services Agreement ($25,000 setup, $14,500 May monthly fees) | $44,500 | |
| MEXC | 2024 Listing Fees | $60,000 | |
| CLS / Proposal 40 | 2024 Services for April and May | $12,000 | |
| TOTALS | – | $824,828.92 |
ESTIMATED FUTURE COSTS
| Vendor / Payee | Service | Terms | Estimated 2024 Budget (June 2024 through December 2024) |
|---|---|---|---|
| Indigo Labs | Technical services | Hourly fees. Indigo Labs continues to provide services to the Foundation under the April 2023 Services Schedule. Historically, the fees have averaged $28,000 per month. However, until the DAO approves a specific set of further technical developments, we recommend a budget of $25,000 per month. | $175,000 |
| MLabs | Technical services | Hourly fees. MLabs has presented a Proposal to the DAO to approve a direct services agreement with the Foundation starting June 1, 2024. That proposal includes authorization of a minimum of $15,000 per month for the seven remaining months in 2024. | $105,000 |
| AWS | Web app hosting | Use-based fees. Historically fees have averaged approximately $3,400. We anticipate that average to increase as the Platform experiences greater use, and we estimate $3500 for this table. | $42,000 |
| TxPipe | Cardano Kupo Port and Ogmios Port authentication key services | Monthly flat rate of $380 = $4,560/year. Potential additional fees for overages on requests or connections. | $5,000 |
| Zedra | Supervisor & Independent Director Services | 2024 payment for 2025 services. Estimated $27,000 / year for director services; $8,000 / year for Supervisor and related services. | $35,000 |
| CLS | Treasury Management Services | Estimated $2,000 per month. | $14,000 |
| Lemma | Financial Services | Estimated $14,500 per month | $101,500 |
| Alpha Growth | Marketing, Business Development and Community Development Services | Estimated $3,000 per month | $21,000 |
| General Admin and Op Budget | General funding of foundation expenses | Estimated at approximately 10% of expenses. | $50,000 |
| TOTAL: | $538,500.00 |
Summary
The DAO members have already committed to making these payments by approving services agreements with each of these vendors. A ‘yes’ vote on this Proposal approves the above-listed 2024 budget and the transfer of INDY sufficient to pay for the services provided in the past.
These additional steps to get the Foundation operating more fully have been two years in the making and part of the Indigo Protocol’s decentralization story from the start. We hope to have everyone’s support and look forward to answering any questions.