Proposal “DIF-SUPPLEMENTAL-FUNDING-Apr-2021“ (Completed)Back
| Title: | DIF Supplemental Funding Apr 2021 |
| Owner: | TheDIF |
| One-time payment: | 450 DASH (13392 USD) |
| Completed payments: | 1 totaling in 450 DASH (0 month remaining) |
| Payment start/end: | 2021-04-13 / 2021-05-13 (added on 2021-04-14) |
| Votes: | 688 Yes / 57 No / 4 Abstain |
Proposal description
This is a proposal for supplementary funding of 450D for the month of April.
What Does This Proposal Fund?
All Dash received are for only two purposes:
1) reserves and
2) fund management/admin/legal expenses.
Currently, our operational costs are approximately $50,000 per annum plus one-off legal costs associated with individual deals that the DIF may explore and enter into. We are also exploring securing the services of an accountant. We expect this will increase our operational costs. This expense is to prepare documents for reporting to the community. An accountant is better trained to prepare reports. Also this expense frees up supervisor time for other tasks.
How Much Does the DIF Currently Have in Reserve?
Supervisors have prepared our Q4 2020 report, and it can be viewed here. Slides for that report have been produced and approved. You can find them here:
https://github.com/DashInvests/dif-communication/blob/master/DIF-BoS-Q4-2020-slides.pdf
After $300k of outlay in investments we currently have 1447 Dash and just under $220,000USD cash on our balance sheet as of the 31st March end of Q1 2021. The Q1 2021 report will contain a more detailed breakdown of the financials when it is released next month. Around $250,000 worth of Dash and USD equivalent (split roughly 60:40) is making the new DASH/USD market on liquid exchange. Liquid is a FastPass partner. The results of this are encouraging and we look forward to providing an in-depth update of our market making activities during our quarterly report.
The DIF’s Vision
The DIF will:
DIF Mission: "The Dash Investment Foundation will invest in ecosystem partners on behalf of the Dash DAO to grow Dash’s footprint and deliver greater value with the resources available."
Selected recent earned media
Old list of recent press releases
What Does This Proposal Fund?
All Dash received are for only two purposes:
1) reserves and
2) fund management/admin/legal expenses.
Currently, our operational costs are approximately $50,000 per annum plus one-off legal costs associated with individual deals that the DIF may explore and enter into. We are also exploring securing the services of an accountant. We expect this will increase our operational costs. This expense is to prepare documents for reporting to the community. An accountant is better trained to prepare reports. Also this expense frees up supervisor time for other tasks.
How Much Does the DIF Currently Have in Reserve?
Supervisors have prepared our Q4 2020 report, and it can be viewed here. Slides for that report have been produced and approved. You can find them here:
https://github.com/DashInvests/dif-communication/blob/master/DIF-BoS-Q4-2020-slides.pdf
After $300k of outlay in investments we currently have 1447 Dash and just under $220,000USD cash on our balance sheet as of the 31st March end of Q1 2021. The Q1 2021 report will contain a more detailed breakdown of the financials when it is released next month. Around $250,000 worth of Dash and USD equivalent (split roughly 60:40) is making the new DASH/USD market on liquid exchange. Liquid is a FastPass partner. The results of this are encouraging and we look forward to providing an in-depth update of our market making activities during our quarterly report.
The DIF’s Vision
The DIF will:
- Facilitate the solicitation, negotiation, and due diligence of investments of potential interest to the Dash DAO
- Guide entrepreneurs seeking funding from the DIF by educating them on the process and best practices to improve the chances for a successful investment
- Manage reserves for the network in a manner that balances the needs to grow the reserves, and to limit risks
- Seed the liquidity and growth of emerging Dash financial markets or products
- Conduct all activities with a high degree of transparency - while providing a bridge to the needs of potential partners desiring to protect non-public information
DIF Mission: "The Dash Investment Foundation will invest in ecosystem partners on behalf of the Dash DAO to grow Dash’s footprint and deliver greater value with the resources available."
Selected recent earned media
- https://finance.yahoo.com/news/craypay-gets-investment-dash-investment-185439460.html?.tsrc=fin-srch
Old list of recent press releases
- Appointing additional supervisors: https://newsroom.dash.org/110892-dash-investment-foundation-appoints-additional-supervisors
- ReadyRaider announcement: https://newsroom.dash.org/preview/RG3fIBZjEafFRH1gRELYGQ
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Discussion: Should we fund this proposal?
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Additionally I am hesitant to vote Yes on this. I agree with the decision to remove MNOs from the decision making process of individual investments, but I worry if that is paired with the default of all remaining Dash every cycle going to the DIF we will end up with a cycle of wasteful spending, where opportunities are always funded even if they aren't particularly good, because the money is there for it.
Are there open discussions with potential investments that require another 450 dash on top of your already hefty reserves?
I'm open to being convinced to vote Yes, but as of right now my vote is most likely a No.
The CrayPay app should be in testing in about 1-2 weeks, and they still aim to launch before the end of April, as previously announced.
Concerning the financial service, we recently experienced a breakthrough there and expect to make an announcement soon. Again, in that case the investment is complete, but for competitive reasons the investment would reveal the planned integration, and the partner urged us to wait until the product was ready. It should be announced within weeks.
Thank you for your patience... both efforts have been a lot of work, but I hope they are both very fruitful. Meantime, we are working on additional opportunities.