Another month of marketing activities has concluded and we are glad to see so many new assets created as a result of it. Now it is your turn by voting for your favorite agency and directing the budget to be spent efficiently.
This time we want to introduce several new improvements that should help further fine-tune the process. Let’s get into it!
1. Introduction of the DAOFunds Smart Contract
The DAOFunds smart contract is a new innovation that we are excited to introduce and which is explained in detail in the following article: Introducing the DAOFunds Smart Contract! | by LockTrip.com (LOC Token) Official Blog | Hydra Chain | Sep, 2023 | Medium
In a nutshell, it allows for a gradual release of the budget to contractors, which mitigates the risk of bulk-liquidations and the anticipation effects they generate. As a result, we expect it to have a positive impact on operations and contribute to the peace of mind of HYDRA holders.
2. Increasing the Working Period to Two Months
The first two months for the marketing framework performed quite well, resulting in noticable improvements between the first and second round. The DAO also voted to disqualify one of the three agencies we started with, which further showcases the self-improving nature of the framework.
As such, it would be fair to say that the framework made it through its trial phase successfully and is now showing signs of maturity. Therefore, the risks of execution have come down while the cooperation between the DAO and the agencies has strengthened.
To reflect this progress, we would like to propose the extension of the working period for agencies from the current one month to two months. Why do we propose this?
Working closely with the agencies, we noticed that the duration of a single month caused elevated stress levels for the agencies during their operations. Considering that the voting period already consumes at least one week, there usually remain only three weeks for the budgeting, planning, preparation, scripting and execution of the campaigns and the content.
Although none of the agencies complained about this, we noticed this ourselves and believe that longer gaps between adjustments could improve the efficiency and outcome of the campaigns. In addition to the increased care that can be put into the campaigns, this would also unlock new options that have lead times beyond 30 days.
Last but not least, the lower voting frequency would also reduce the overhead for the DAO, as every vote requires repeated evaluation and effort from everyone involved.
3. Introducing Optional Granular Votes
In addition to the above, we are also introducing the option to add granularity to the voting process. As you know, so far it was only possible to vote for your favorite marketing agency with a single vote. While this was an efficient method, sometimes it resulted in compromises where DAO members had to decide for one option, even though they might have liked two or more.
To solve this problem, future votes as part of the marketing framework (starting with this one) will allow for granularity as a completely optional approach. Votes of 0.1 HYDRA will still be fully valid, but they could also be split as per your preference. For example, you could vote 0.07 HYDRA for agency A and 0.03 HYDRA for agency B, which would represent a 70% and 30% split of your budget vote. What’s important is that the total sum of your votes amount to 0.1 HYDRA.
To further illustrate:
Single votes
- Sending one vote of 0.1 HYDRA is a fully valid vote and it will cast 100% of your weight to the agency that you like, same as it was so far.
Granular votes
- Sending one transaction of 0.07 HYDRA to Agency A will represent 70% of your voting weight
- Sending a second transaction of 0.03 HYDRA to Agency B will result in 30% of your voting weight
- Total of both votes = 0.1 and the outcome is valid
Sending two transactions that make up more than 0.1 by accident
- Sending one transaction of 0.07 HYDRA to Agency A will result in 70% of your voting weight
- Sending a second transaction of 0.04 HYDRA to Agency B will result in 40% of your voting weight
- The total of both votes = 0.11 and the outcome is invalid, because you are trying to cast 110% of your voting weight.
NB! In this situation, both votes will be invalidated, and you can place 2 new votes to correct this.
To change your vote, you can simply repeat the voting. Only the last votes that amount to 0.1 HYDRA total will be counted. Consider the following few more examples, to make sure the process is fully understood:
Case 1
- 0.08 — first vote
- 0.04 — second vote
- 0.03 — third vote
- 0.07 — fourth vote
The 0.03 and 0.07 will be considered from the third and fourth votes
Case 2
- 0.08 — first vote
- 0.04 — second vote
- 0.1 — third vote
Only 0.1 will be considered from the third vote
4. Introducing a $2,000 Minimum Allocation
Finally, we are also introducing a minimum allocation budget of $2,000. If the voted budget for an agency remains below that threshold, it will be considered disqualified and the budget will be distributed proportionally among the remaining agencies.
Vote for October/November 2023
Place your vote for the monthly budget allocation of the two agencies that compete for providing services under the pre-approved Marketing DAO Framework!
- Snapshot Time: September 30, 23:59 UTC time
- Voting Start: October 1, 00:00 UTC time
- Voting End: October 7, 23:59 UTC time
The allocations for the month of September were as follows:
- Atoz-PR
0.7557x of the total pool of $34,000 = $25,693 - Collibri Group
0.2443x of the total pool of $34,000 = $8,307
For the months of October & November, the budget allocations will be decided by the DAO community, based on the on-chain voting results. For that purpose, simply vote for your preferred marketing agencies by sending a total of 0.1 HYDRA to the respective wallet address (during the voting period!):
- Atoz-PR → HHxxxxATZx8BER23xxxxxxxxxxxxxD8GjL
- Collibri Group → HHxxxxCBRx8BER23xxxxxxxxxxxxyYq9dD
Every DAO participant has a total vote of 0.1 HYDRA available, which should be casted to the voting addresses of your favorite agencies (you can split it per your liking). The 0.1 HYDRA vote will map your entire voting weight (from the snapshot) proportionally to the agencies.
Note: The exponentiating formula will apply as usual.
Summary of Agency Activities
The summary report of agency activities can be accessed through the links below:
- Atoz-PR → Summary Report
- Collibri Group → Summary Report
Approval of the Two Months Working Period
By voting for the agencies, it is assumed that you approve the prolonging of the working period from one month to two months (as described earlier in this post). If you don’t agree with this change, then please send an additional 0.1 HYDRA to the wallet address below, in order to vote against the adjustment.
HHxxxxxREJECTx2MNTHSxxxxxxxy1ZBPHC
As always, thank you for participating and we can’t wait for the next wave of marketing activities!
Onwards and upwards Hydra!
Perhaps we will resort to his services a little later, since we know him directly without middlemen and have a chance to influence his opinion