Silo

PS: This proposal replaces SIIP-03. SIIP-03 will not reach quorum because of limited delegated voting pool at the time of SIIP-03 creation.

We’ve recently shared with you a proposal to create Silo’s stablecoin. The project is part of a larger vision to build a Defi protocol that consists of lending and credit markets. To achieve this vision and remain competitive with large protocols in space, Silo needs to secure enough funds to extend its runway to around 2 years.

Proposal details:

1. Expand the team: We plan to add 3 smart contract engineers, 1 business development lead, 2 front-end engineers, and 1 product designer to the team.

2. Vest Future Contributors’ token allocation to the development fund’s multisig wallet instead of the DAO’s treasury. This action doesn’t change the current token allocation for Future Contributors but rather makes it easier for the team to manage new hires’ vesting contracts. Instead of asking the DAO to approve each hire’s token allocation, change an existing contributor’s allocation or revoke it if a hire leaves the team for any reason, the core team can take such actions in a timely manner. This is crucial to expanding and maintaining a strong team.

This proposal consists of two transactions:

Transaction 1

Transfer 2,925 ETH (equivalent of $7.5M) from the DAO to the development fund.

From: 0xe1F03b7B0eBf84e9B9f62a1dB40f1Efb8FaA7d22

To: 0xDfF2aeA378e41632E45306A6dE26A7E0Fd93AB07

We used a 14-day price average to calculate the amount in ETH.

**Transaction 2 **

Replace the address that vests the Future Contributors’ SILO allocation with that of the development fund’s multisig 0xDfF2aeA378e41632E45306A6dE26A7E0Fd93AB07.

How to vote

PS: You can only vote if you delegated your vote before the proposal was created.

1. Visit Silo’s governance page on Tally

   https://www.withtally.com/governance/eip155:1:0xA89163F7B2D68A8fbA6Ca36BEEd32Bd4f3EeAf61

2. Visit the proposal page.

3. Click on Vote, and select an option.

4. Confirm the transaction