Hey everyone,
So in terms of the dev wallet funds.
Looking at the graph we are spending the dev wallet funds on all of those categories, but particularly:
- over the last year we have expanded the dev team
- and spent well over $1mil on audits
Marketing is where we have spent the least amount of money. Please bear in mind that for most of the life of the dev wallet we haven’t had a product to market. We now obviously do and so will be dedicating more funds to that pursuit. This includes bringing on a dedicated marketing and community manager and building out that capability over time.
Our new marketing and community manager will be given a budget from the dev wallet, which will complement the funds already being spent by the pDAO. We will work with the new marketing and community manager to determine what that budget should be - as we want to match it to the strategy they come up with.
Some practical points about the dev wallet funds.
Firstly, the entire wallet is one big unrealised gain, which is great but it means that whenever we spend the funds we have to spend more to ensure we cover our taxes. Obviously not a reason to hold back spending but, when looking at the amount, bear in mind that a large proportion of it is going to go to paying taxes.
Second, as the last 3 months have taught us, bear markets are inevitable. RPL is now worth 1/3 of what it was 3 months ago. We prepare by swapping into stables but even still our overall operational buying power diminishes. We are a long term thinking team. Rocket Pool would not be here today if we had burnt through the dev wallet.
That said, we understand the frustration and thank you for raising the allocations with us. We are dedicating more of the funds to marketing and will develop a transparent budget, once our marketing and community manager is onboard. Additionally we will continue to expand the team in a sustainable way.