Vote 007: Gro DAO Q1 2022 Marketing Budget

Background

Over the last few months, Gro protocol has seen unprecedented growth. To date, Gro has grown through word of mouth of our community. We have 12.4k Twitter followers, 2k GRO token holders and over $60mn TVL, all achieved organically.

For the next phase of Gro DAO’s growth, the core team would like to propose an ongoing quarterly marketing budget. DAOs need to use their treasuries to scale fast (blitzscaling) and build competitive moats: including brand awareness and scale from acquiring new users.

Marketing budget to spend on sponsorships, videos and other professional marketing content

One of the most frequent DAO requests is for more marketing. We recently launched the G-Force which has 12,000 GRO allocated from the allocated community incentives pot. As with all community incentives, this vests through the rewards centre.

We now want to create a broader marketing budget to promote Gro in the DeFi space and increase protocol TVL.

This could include (but not limited to):

  • Professionally produced videos (we have an animation studio ready to produce a series of explainer videos)
  • Podcast and newsletter sponsorship (eg Bankless, the Defiant, Coingecko)
  • Competitions with non-vested GRO rewards
  • YouTube and Twitter reviews
  • Anything else within budget that the community or core team feels will help communicate Gro to a wider audience

Proposal: $200,000 USDC, 100,000 locked vesting GRO and 20,000 liquid Gro quarterly marketing budget

Our proposed initial quarterly marketing budget is each of:

  • $200,000 USDC (<1% of treasury)
  • 100,000 vesting (locked) GRO (~0.1% of community incentives) and
  • 20,000 liquid (unlocked) (~0.1% of treasury GRO) Gro.

The budget would last from when the DAO vote passes until 31 March 2022 (end of Q1 ‘22). It would be spent in accordance with the guidelines set out below.

This would allow for the following example budget (all figures are estimates based on best available information):

  • 6x videos ($60k total)
  • 10x sponsorship opportunities ($30k total)
  • 6x G-force epochs (up to 100,000 locked GRO, depending on future iterations)
  • 10x Youtube and twitter reviews ($50k or 10,000 GRO)
  • 6x Community competitions (6000 GRO)
  • Miscellaneous Spending Items or other community suggestions

Budget setting guidelines

In addition to the marketing budget, we will propose several other DAO budgets over the next few weeks (e.g. operational costs for the DAO). In anticipation of these proposals, we have suggested some guidelines:

  • Budgets can contain a mix of USDC, Liquid (unlocked) GRO and Vesting (locked) GRO
  • Budgets should be agreed for 3 month periods (calendar year quarters)
  • Different types of assets may come from different sections of the total Gro allocation:
    • USDC spend will come from the Treasury allocation
    • Vesting (locked) GRO spend will come from the Community incentives allocation
    • Liquid (unlocked) GRO can come from either the Treasury or the Community Incentives, depending on whether the recipient is a current or new community member (e.g. G-Force, competitions) or an external organisation (e.g. sponsorships)

Budget spending guidelines

  • DAO votes on the Quarterly Budget in accordance with the process below, and the budget is moved from the treasury to an operational wallet. At the end of every quarter, any unspent funds will be rolled over into the next Quarterly Budget.
  • This vote could cover some already proposed Spending Items.
  • Anyone can propose a further Spending Item from the relevant budget on the community forum.
  • Initially, approval for Spending Items will be given by the core team, within the parameters of the Quarterly Budget. The core team may also propose further Spending Items.
  • The funds will be used transparently and there will be a dashboard (Google Sheets, Dune analytics or equivalent) tracking expenditure.

Proposed next steps and governance process

Once the community has had time (7 days) to comment on this forum post and discuss in Discord, we will create a new forum post with proposed exact wording and terms.

We will then allow at least 7 days to discuss this vote (including in dedicated new discord channels) and announce it at the community calls.

The vote will then run for a further 7 days, so the whole process from today should be 21 days.

6 Likes

Love the initiative from the team! Some followup questions/suggestions:

  1. For newer community members it may be useful for them to know what has been the marketing budget history so far for Gro (like in a bullet list format). This can help give them a comparison with prior runs thus far. Listing other DAOs marketing budget can also be helpful for reference points

  2. Will different kinds of marketing eligibility for the different marketing budget allocation be put up for further voting/discussion in the future e.g youtube videos will be compensated in liquid Gro? Or will this proposal give the green signal for the Gro team to use the pre-determined budget allocation as the team sees fit?

  3. If the budget isn’t fully consumed within a quarter, will it roll over to the next?

  4. In the possibility of multi-quarter marketing endeavour would it be covered under this budget or a different one?

1 Like

Agree very supportive of this

Very good initiative. Now GRO has various products it is time to market these products into the crypto jungle.

I have no comments regarding the proposal, but I have one about the process. I understand (and read the comments from the community) why this process is extended to three weeks (7d+7d+7d). But imo this process is too long. Especially when the proposal is a non-technical/no-coding proposal that does not require security/feasibility checks.

I would like to suppose a shorter term for non technical proposals. I would personally think about something like (4d+4d+3d). We would go from 21 days to 11 days, which I think is better so that certain non-technical matters can be decided on much more quickly by the community, before it looses its momentum.

1 Like

Hey @Organized_Chaos thanks as always for your input.

We had some feedback around Vote 5 that the process wasn’t long enough for people to hear about it, input and then to vote. But you’re right, 21 days does feel a bit long.

Maybe the first period is 7 days in total? i.e. 7 days discussion in the forum, with the option to extend if contentious or lots of comments.

The idea was that if we have a weekly community call/ written update then it’s important to include these things in there for people that don’t follow the discord in as much detail.

Would love to hear people’s thoughts!

I’m not sure if it is technically possible, but with other DAOs you have the option to start a poll (simultaneously with the proposal) before it goes to voting. This way, one gets a general sense of how the rest of the community is feeling before moving on to official voting. If after a few days the poll shows that there are doubts, the team could possibly decide to update the proposal and extend it.

So in my example this would look like: (4d incl. poll and possible extension + 3d finalization + 3d voting). This example for non-technical proposals

3 Likes

I agree that the process is too long especially if there is low engagement on the community forums. I think a poll in the discord/telegram would work and/or community call to answer questions or open a discussion.

1 Like

I agree with @Organized_Chaos that it is probably a good idea to start a preliminary “off-chain” poll as temperature check, for this proposal and future ones to come. Only those that pass the initial poll move forward to an on-chain vote.

The marketing budget proposal is comprehensive and well orchestrated. I am confident that we could ace Gro marketing.

1 Like

This is a great proposal. Just wanted to clear some doubts:

If a community member makes a high quality video content but he/she doesn’t have a big social media account then how will team assess the value of this contribution. Do we have a plan to make this high quality content visible to as many eyes as possible?

2 Likes

I support the proposal - time for the word to get out :smiley: Also agree with OC in that the vote timing may be too long!

Great comment / question and something we are thinking about

We are pulling together a list of podcasts, newsletters, and other media channels to share content on and will allocate some of the budget towards this

However any thoughts and opinions on this would also be appreciated!

1 Like

Following relatively few comments and nothing negative towards this proposal, we will put this up to https://vote.gro.xyz today

The vote terms will not be binary - as we have learned from previous ‘numeric’ votes that this can be confusing.

Instead we will use a range for each of USDC, locked vesting GRO and liquid GRO. The weighted average of the final outcome will then be used.

Given the initial proposal here states $200,000 USDC, 100,000 locked vesting GRO and 20,000 liquid GRO then the options should converge around that as the proposed outcome.

The proposed vote is therefore:

  1. 0 USDC, 0 locked vesting GRO and 0 liquid GRO
  2. $100,000 USDC, 50,000 locked vesting GRO and 10,000 liquid
  3. $200,000 USDC, 100,000 locked vesting GRO and 20,000 liquid
  4. $300,000 USDC, 150,000 locked vesting GRO and 30,000 liquid

Obviously this doesn’t allow voters to change the ratios but we should avoid too much complexity in the choices.

We will also do a discord polll today to sense check these options.

Scrap this :point_up:

Based on all Discord feedback and in the sake of simplicity, we will stick with the initial vote formulation of a binary ‘Yes/No’ vote for the above proposal of $200,000 USDC, 100,000 locked vesting GRO and 20,000 liquid GRO

Vote will go live later today :star_struck:

That vote went quick!

Haha it was an overwhelming and immediate ‘NO’ from Discord (including from our CTO @flabble !) to doing anything other than a binary vote

1 Like

:mega: Vote is now live for 7 days at https://vote.gro.xyz

Hey, My name is Aditya Kumar a.k.a Akkilla11 I am representing Hold My Ledger DAO you can look up us on twitter we are a growing DAO server and I hope to partner up with such a great organisation of yours.