Summary
First, I’d like to apologize for posting twice in the forums without clearly articulating my case. This post encompasses everything valuable I wish to contribute to the Reserve ecosystem.
To reiterate, I am requesting a 3% revenue share from eUSD as compensation for driving its growth, and monitoring risk. I prefer this approach over seeking a grant from Confusion Capital because I aim to make RToken ambassadorship my full-time job. Confusion Capital cannot provide recurring grants and a one-time grant wouldn’t enable me to replace the income from my current job.
In this post, I’ll demonstrate that a 3% revenue share from eUSD will not just cover costs, but will unlock value for RSR stakers that exceeds their investment.
What Value does 0xTomSawyer add to the Electronic Dollar
In the previous forum post as well as in my recent video update, I talk a lot about the work I’ve done and will continue to do. In this post I want to highlight why this work is critical for the success of eUSD.
Governance:
I constantly monitor eUSD’s risk, this allows for the safety of all of its users. This ensures that yield farmers and everyday people using Ugly Cash stay protected. A good example of this would be the increase to issuance and redemption throttles proposal. Without this proposal whales would’ve had to mint in smaller increments. This proposal allowed for the market cap of eUSD to grow at a quicker rate.
Marketing/Social Media:
I maintain eUSD’s visibility on data aggregators like DeFiLlama, and post about the opportunities on eUSD’s dedicated X account. This assures yield farmers are always exposed to eUSD’s high yield opportunities, thereby indirectly driving TVL growth.
Research:
I bring forward ideas like the basket composition RFC that increased the yield profile, as well as decreased the cost to mint. This directly increased the revenue for RSR stakers. Additionally, this has made eUSD a better product for yield farmers and Ugly Cash users.
Why does a 3% revenue share make sense?
I spend between 20 - 40 hours per week (and sometimes more) working in the Reserve ecosystem, on top of my current 9 - 5 that is 100% in-office.
Clockify Report 11/1-11/7
It’s difficult to break down how many of those hours are specifically dedicated to eUSD compared to other RTokens I contribute to: for instance the recent emergency collateral update proposal was work that was relevant to all USD based RTokens, whereas the collateral basket change proposal 2 was work that was only dedicated to eUSD.
With eUSD at a $22.6m market cap and with the current yields pulled from the register app the yearly salary for a 3% Rev Share would be about $33,000. This comes out to about $2800 per month and an hourly rate of about $16.30.
According to Glassdoor the average annual salary for a Web 3 research analyst is around $97,097. The salary range for a Web 3 Social Media Manager is $85,000 – $110,000. For DAO operations and governance specifically, the salary was variable, with compensation ranging from $84,000 – $150,000.
For a week where I spend 20 hours in the Reserve ecosystem and dedicate my time equally to three RTokens, this comes out to about seven hours per week spent on eUSD.
For a week where I spend about 40 hours in the Reserve Ecosystem with the majority of those hours dedicated to eUSD, that comes to about 20 hours per week for eUSD research, proposal-generating, marketing and outreach.
With 20 hours per week dedicated to eUSD, that would be the equivalent of $66,000 annually, significantly below the market rate according to Glassdoor. I am asking for $33,000 at current m-cap.
My goal is to become a full time RToken Ambassador. With the current revenue share from the RTokens I receive revenue from, it is not enough to go full time. If the eUSD Rev Share proposal passes, the additional approximate $33k yearly income gets me significantly closer to that goal of being able to replace my income.
However, I still wouldn’t feel comfortable leaving my day job, if rates were to suddenly go down or the market cap of the collective RTokens were to drastically drop, then the income I would be earning would go down.
If the market cap and yields were to grow significantly and I’m suddenly flush with capital above and beyond a salary I would be able to hire someone or multiple people — geared solely at growing eUSD in these four areas: Social, Research, Gov Ops, Outreach.
I plan on posting quarterly updates on the forums, not just for eUSD but for all RTokens. These reports will keep track of KPI’s like TVL, onchain metrics and relevant DeFi integrations.
Engagement strategy
How do you capture attention? I meet weekly with other RToken Champions and ABC Labs team to talk and prepare content, hold governance reviews, and plan and enact strategy.
These include monthly content and copywriting sessions with Starl3xx, custom graphic designs with Fennec, notifications for eUSD for easy engagement, and reply-guy work.
I communicate with ABC Labs team on co-marketing opportunities and I welcome and implement critical feedback in order to enhance the effectiveness of social feeds. I hire other graphic designers to create custom GIF memes (with my own money).
Who are the personas? DeFi Yield Farmers, specifically whales and potential FinTech partners, a massive opportunity for eUSD
Why do they care? Yield, earn a safe return on their money and stability(depeg protection)…
What’s the message? It’s simple, you can earn yield with eUSD on multiple chains with several different opportunities ranging from LP’ing, to supplying eUSD in a lending market.
Outside of Ugly Cash and Reserve Ecosystem participant holders, the majority of users are DeFi farmers. The goal is to expand that user base and compete with larger stables through education and outreach.
Other plans include expanding eUSD’s presence to the Farcaster ecosystem in Q1-25, which is crypto-native and offers additional marketing opportunities.
WAGBI
- Yes, I support this proposal
- No, I don’t believe Tom Sawyer should be compensated
