XIP#31 - Hire Apoorv to lead NFTX Protocol Development

Authors

Core Team

Glossary

Solidity

DAO

DeFi

Summary

This proposal is intended to hire Apoorv as protocol lead at NFTX for a pre-defined timeframe (12 months), becoming mainly responsible for leading protocol vision, research, and development. After the 12 months period ends, when there is a mutual interest to extend the position, a new proposal will have to pass through governance.

Rationale

Since the release of NFTX v1 back in early 2021, a lot has changed in the NFT x DeFi scene. We’ve seen market makers aimed at NFT assets rise, liquidity protocols expanding further than fractionalized AMM pools, and we’ve seen a highly competitive scene spawn in the marketplace/aggregation vertical.

With NFTX, we want to remain a key player in the NFT liquidity sector, developing the tools necessary to remain the go-to liquidity engine for both market makers and retail liquidity providers, while maximizing value added to the overall NFT sector.

To achieve this, we’ve been looking for additional senior talent to lead the next chapter of protocol development at NFTX. Through this proposal we would like to hire Apoorv, who has been working on a rehauled protocol offering (NFTX v3) together with Alex Gausman & Kiwi over the past months, of which details will be shared closer to launch.

The position to lead NFTXs’ protocol efforts is targeted to have a 40h/week workload, which is reflected in the offered package.

Effect

Opportunity

  • Apoorv has been working with the entire team through a work trial for the past weeks, showing good working synergies with the entire core squad.

  • Apoorv has extensive protocol experience, having worked as smart contracts developer for DeFi and NFT-focused protocols (like Zapper.fi and Sound.xyz).

Risk

  • As this position determines the overall direction of protocol development, this role is critical for the success of NFTX. Due diligence, therefore, is very important.

Specifications

Hiring Apoorv will make him responsible for:

  • Leading NFTX Protocol Vision

  • Lead and extend the NFTX protocol team when needed to grow

  • Develop and/or delegate feature development of protocol

  • Creating and sustaining technical resources for the NFTX builder ecosystem such as documentation, technical blog posts, and other resources that help extend our success.

Funding request - Yes - Implementation Requires Funding

In order to appoint Apoorv to protocol lead, we’d like to offer him the following competitive package, for which funds are required from the DAO treasury. Packages are paid as defined below:

  • USDC 175000 12-months vesting schedule using Sablier.

  • NFTX (Worth 75000 USD total/y) paid on a quarterly basis, calculated at spot price each quarter.

These funds are to be paid upfront after the vote passes. Extension of his position after 12 months at NFTX will require an additional proposal. As Apoorv has been sourced through MKT (headhunter), a 10% sourcing fee will be due on the USDC part of his package (17.5k/y), paid upfront.

Communication

Proposed points of discussion.

  • Compensation in line with responsibilities?

Quorum (For forum)

  • Minimum Quorum: At least 5 votes

  • Passing Threshold: More than 50% must vote in agreement for the XIP to Pass. For changes to the NFTX contract, more than 70% must vote in agreement for the XIP to pass.

Proceed with the proposal
  • Yes
  • No

0 voters

Apoorv’s previous experience is what brought him to the top of the list of potential protocol leads at NFTX and the work that has been done recently as a trial with the existing core team has been impressive.

I’m certainly in favour of getting Apporv on the core team to continue the great work.

1 Like