[ABIP-14] [RFC] - Pay all contributors and Team Only in pABI / veGABI

Summary

Currently the team and contributors are paid in ABI. The proposal will pay them pABI which can be staked for veGABI. This ensures the team is aligned for the long run and their tokens will vest with the other pABI unlocks.

Motivation
The team monthly overhead for Abachi is currently still quite low. We are spending roughly 22k - 25k per month in overhead costs. This means that the team is well under normal industry rates and is compensated monthly in ABI. Currently we pay 1000 ABI per month to contributors and all of these are funded by the Abachi Labs treasury.

Since we are reducing emissions and looking to put forth inverse bonds, everyone in the team and contributors has given a soft approval to lock their tokens which are paid as monthly compensation. They will now be paid in pABI instead of ABI which they can lock for veGABI.

All contributors are paid a USD portion also, which incentivizes them in short term.

Methodology
Simple change, just pay in pABI instead of ABI. No other changes as part of the proposal and payments are uniformly 100 pABI per core contributor per month.

  • Agree
  • Disagree

0 voters

Down with that :slight_smile:

Sorry forgot to attach poll. Also vote poll @FendiK

You’ll have to forgive my forgetfulness but…pABI is locked ABI that still receives rebases or does not receive rebases?

Assuming the ability to lock for veGABI is a mechanism to allow rebases to be gained plus additional yield too from the ve part?

I’m certainly all for changing to team payments in pABI but do the rest of the community have the ability to lock/stake their GABI for veGABI?

If not…could this be made possible?

In the future yes. RIght now veGABI is just locked gABI no additional benefits. When we do roll out the extra yields, absolutely it will be open to everyone regardless.

1 Like

Although I am fully OK with contributor payments being vested, I do wonder if this needs more work given the recent OHM related developments.

We have 3 new factors at play here:

  • ABI emissions down to 5% APR
  • Inverse bonds
  • Buy-backs with yield

The contributors ABI will be unlocked in about 3yrs at 15% additional token allocation. But at the same time, a MASSIVE supply will be unlocked for previous pABI holders, and all that can adversely affect the LP, treasury, backing, everything.

The risk/reward for current and future contributors needs to be better balanced, and the supply unlock needs to be phased in rather than having a metric ton of it hit the market in one go. I wonder if 1yr lockup and 2yr linear vesting is an option?

2 Likes

Since all contributors are first paid in USD and then any tokens, should not make a huge difference for them. But if it does, we should revisit this proposal at a later stage.

I should also mention a big portion of the pABI was bought back OTC. Some is outstanding but its not a huge amount. I’ll do some digging and find out how much is outstanding.