Atom Accelerator DAO Transparency Report: Month 1
Introduction:
This is a transparency report of the first four weeks of the Atom Accelerator DAO prepared by the oversight committee. The objective of this DAO is to support the development of the Cosmos Hub blockchain by funding relevant projects and distributing grants in a transparent and professional manner for the benefit of the Cosmos Hub ecosystem and ATOM token. During the first four weeks, the team established member roles, DAO processes, and goals.
Team and Structure:
The DAO will be split in two teams: the core DAO and the oversight committee. Together the core members are responsible for program setup, review of proposals, interviewing of applicants, distribution of grants, and multisignature operations. The oversight committee is responsible for ensuring the DAO operates efficiently and in the best interest of the Cosmos Hub by implementing policies and procedures, transparency reporting, and having oversight of internal operations.
Internal Policies:
In order to properly guide internal operations and to mitigate any financial and operational risks and procedures were implemented and communicated with each member. Some of the policies and procedures involved code of conduct, business expenses, and financial operations. Several other processes are being finalized such as, RFPs, application review, KPIs, due diligence procedures, and accounting ledger books.
Website Development:
The team discussed website updates regarding UI/UX, theme, and logos. Several samples were shown where the team made inputs of which design language to move forward with. The team discussed finalizing content for medium posts and FAQs and including Atom Accelerator Application form. To date the total cost of completing the website launch has been ~ $3000.
The official website of the report is now live: https://www.atomaccelerator.com/
Multisignature Operations:
Multisignature operation strategies were initialized.The DAO will operate on two wallets, the main multisignature wallet from which all grants are delivered, and the other a smaller multisignature wallet that handles operational expenditures. Following guidance from the oversight committee, the operational multisignature wallet was a 2 of 3 multisig, while the main multisignature wallet consists of a 4 of 7 multisig. It was decided that a member from the oversight committee, the accountant, is to be present during transactions involving single wallet executions. The main wallet consisted of swapping 45,333 $ATOM to axlUSDC for financial stability of future operational expenditures. In order to reduce financial risks involved in the operation, a total of 5 tranches was executed consisting of a maximum of 9,066 $ATOM per tranche sent to a single ACCELERATOR DAO member to perform the swap. Once each tranche was swapped, it was sent to the multisig before the second transaction was initiated. The stablecoin swap was executed to hedge against market volatility for fixed operational expenditures denominated in USD and to maintain the funds needed for upcoming grant distributions. The second procedure involved transferring 13,800 $ATOM to the operational wallet. In total $500K of ATOM was swapped.
Main wallet address:
cosmos1jggracsvp6fkw0ktf544lpda6dwrrxggx9a20n
Operational wallet:
cosmos14scyumpc9gw2p2py6ms06n4j9ejv650d0jx76v
Grants:
The Atom Accelerator Application Form was completed and is now included directly on the program website. Guidelines for research were established on the future of Cosmos Hub proposals. Worth noting that all grants will be paid in ATOM meanwhile the axlUSDC will be used only for operational expenditures within the DAO. We plan to be actively involved with the community, by hosting Twitter spaces, monthly transparency reports, and collaborating with other grant-making programs in the Cosmos ecosystem. Applicants may apply here: https://www.atomaccelerator.com/apply-now
Summary/Conclusion:
The Atom Accelerator DAO has progressed in developing the Cosmos hub by establishing a framework to support promising projects through funding and mentorship. The team has completed the development of its website, established two multisignature operations, and created policies and frameworks for grant distributions. The team values transparency and plans to record and summarize all transactions, expenses, and grants on future transparency reports. The team is in the process of developing a dashboard with application level tracking and transparency in the next website upgrade. The team intends to maintain transparency throughout their decision-making process and address any challenges that may arise in the future. The Atom Accelerator DAO is enthusiastic about continuing to support the Cosmos ecosystem and is looking forward to upcoming projects and milestones.