Hire Advaith Sekharan as Founding Engineer?

Type
Operations Direct Action

Author(s)
Nallok, Proph3t

Overview
As specified in “MetaDAO Fundraise #2,” our goal is to build a core team in San Francisco. At this stage, we’ve found a highly-engaged candidate for the founding engineer role: Advaith Sekharan. We propose extending an offer to Advaith for $180,000 per year cash compensation and 1% of the token supply subject to the same terms as our co-founder allocation.

Specifications
The terms of its release would be the same as Nallok and Proph3t, except that the vest would begin in November 2024. Specifically:

• Fixed Token Allocation: If you exclude DAO holdings, the supply of META is 19,755.7. If you include Nallok and Proph3t’s potential allocation, the supply of META is 23,705.7. 1% of that is 237 META. So Advaith’s allocation would be 237 META, fixed regardless of future dilution.
• Linear Unlocks: 100% would unlock at a $5B market cap, with linear unlocks depending on price. For example, a $500M market cap would release 10% of the allocation or 23.7 META.
• Unlock Criteria: Decided at a later date, potentially using a simple moving average (SMA) over a month or an option-based system.
• Start Date: November 2024 for the purposes of vesting. October 16th for the purposes of retroactive salary.
• Vesting Period: No tokens unlock before November 2028, no matter what milestones are hit. This signals long-term commitment to building the business.
• Illiquid Vest: The DAO can claw back all tokens until July 2025 (8 months from start). Thereafter, tokens vest into a smart contract / multisig that can't be accessed by Proph3t or Nallok.
• Market Cap Definition: $1B market cap is defined as a price of $42,198 per META. Payouts are based on the value per META, not total market capitalization.

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