GCCP-2

IMPLEMENTED

Simple Summary

This proposal aims to adjust the remuneration of Illuvium Main Council (IMC) members since they are no longer bound by the additional responsibilities and risks mandated by VARA regulations. The monthly stipend will be reduced to USD 3,750 per month - paid in $ILV, which more accurately reflects their role & responsibilities.

Abstract

With the introduction of Gov V3, Illuvium Main Council (IMC) members’ remuneration increased to a monthly stipend of USD 5,000 due to the additional responsibilities and risks introduced by VARA regulations. All other responsibilities and requirements around skills, expertise, and commitment for the role remained unchanged during the transition from Gov V2 to Gov V3.

As VARA compliance is no longer a responsibility of Illuvium Main Council (IMC) members, and they are no longer required to adhere to these stringent rules and standards, it is appropriate to revert to the previously established remuneration structure. Reference material: Gov. V3 - Compliance and Identity Verification

The reduction of 25% is consistent with ICCP-2, where Council pay was reduced from US$ 5,000 down to USD $3,750 per month.

Additionally, by reducing compensation for the IMC it aligns with decisions made by Illuvium Labs to reduce overhead and the monthly burn. This demonstrates that the DAO is unified in making these tough decisions and is equally committed to shared sacrifices and reinforcing trust, while also ensuring that funds are used efficiently and appropriately. This sends a powerful message about collective responsibility and commitment to the long-term success of the project.

Proposed Remuneration Structure Changes

Current Stipend: USD 5,000 per month, paid in $ILV

Proposed Stipend: USD 3,750 per month, paid in $ILV

Implementation

The proposed remuneration structure will be implemented starting March 5th, 2025, marking the beginning of the next 3-month pay cycle for Epoch 10 (this new stipend will be effective for service months # 7, 8, and 9). This remuneration will become the new standard for IMC in future epochs.

Rationale

This proposal seeks to realign the remuneration of Illuvium Main Council (IMC) members with prior standards, reflecting the original scope and responsibilities of the role. Due to the added risks associated with VARA compliance, their remuneration was increased to USD 5,000 per month (per Gov V3). As the VARA compliance risks are no longer a requirement of the role, the Illuvium Main Council’s pay structure should be adjusted accordingly.