Purple DAO

This proposal is modeled after Prop 31, with minor changes highlighted below!

This is a proposal to fund 3 more Prop House rounds for retroactive funding of builders in the Farcaster ecosystem. The goal is to provide predictable times when builders can expect an opportunity to be rewarded by Purple. The proposal will move 15 ETH into the Prop House multisig, and Prop House rounds will be set up for voting on:

• January 31
• April 30
• July 31

Note: the proposed round rewards are different from Prop 31, and winners will receive:

• Places 1-3: 1 ETH each
• Places 4-13: 0.2 ETH each

Prop House Multisig

The Prop House multisig is responsible for distributing funds to winners of Purple Prop House rounds. Purple members vote for the grant applications they wish to see funded and the Prop House multisig must respect the outcome and quickly distribute funds to the winners.

There has been some discussion of rotating the members of the multisig, but that can happen outside the scope of this prop as necessary.

History

The first retroactive funding round was the first funding proposal passed by Purple and consisted of 5 ETH to be distributed as gifts for retroactive contributions to the Farcaster ecosystem. Subsequently, Prop 31 was passed to establish a schedule for rounds going forward. Now that the scheduled rounds have been completed, this proposal aims to schedule 6 more months of rounds for the first half of 2024.

Details

Retroactive gifts are a thank you to all of the developers and community members who have already been building things on Farcaster. Anyone with an Ethereum address can propose that their own project or someone else’s be considered for a retroactive gift. To be eligible for these rounds, grant recipients must have performed work prior to the start date of the proposal, and must submit their proposal with an address connected to a Farcaster account. Projects which have not yet started, proposals for future work, and proposals submitted by addresses not associated with a Farcaster account are ineligible for retroactive funding. A winner may submit again to a future funding round but must disclose their prior Purple funding.

Once each funding period ends, a voting period will start where Purple holders may vote for the proposal they believe should get funded (1 Purple token = 10 votes). Winners are simply those proposals which have the most votes.

If passed, the funds would be released from the Treasury and sent to the Prop House multisig. The Prop House multisig is responsible for distributing funds at the end of each round’s voting period to the winners.

For more information on Prop House, please visit https://prop.house.