Terms of Tenure for STEP program manager
AI summary
This Arbitrum proposal addresses a funding shortfall for the STEP program manager, Steakhouse Financial. The DAO initially allocated 100,000 ARB (which converted to $86,581) for the role, but Steakhouse Financial's accepted bid was $174,000. The proposal asks the community to decide whether to approve a 6-month contract, allocate additional funds from RWA yield to cover the full year, liquidate the Real World Assets (RWAs) if no manager is appointed, or hold a new election for a manager willing to work for $86,581 per year.
If passed, this proposal will either shorten Steakhouse Financial's tenure, increase their payment by $87,419 from RWA yield, or potentially lead to the liquidation of $30 million in RWAs if no manager is found. The decision will directly affect Steakhouse Financial's contract and the management of the DAO's diversified assets.
Voting results
🐳 Whale votes
0 votes > 5% VPFull proposal
Abstract
On June 12th 2024, the DAO held an election for the role of STEP program manager to oversee ~$30 million diversified into liquid, stable and yield bearing RWAs. Steakhouse Financial won the vote with 60% in favor of their selection, with fees of $174,000 quoted in their application.
The Tally proposal in April 2024 listed 100k ARB as program management costs, which converted to $86,581 in June-July 2024 by the Arbitrum Foundation. This is insufficient to cover one year of Steakhouse Financials fees. Note: even if the ARB price had gone up, they would not have earned more - all …