Hi Nomadeocc, I’d be happy to answer this and provide some clarity for you.
Where are the funds coming from?
The funds are coming from our recent financing round, a total of $2.25M, raised from Polygon, Arcanum and Sandeep Nailwal. Additionally, the core team has also contributed almost one million USDt, which has not been reimbursed or rewarded to any team members for their contributions. For more info: A new FLP on allocation for institutional contributors | by Lucidao | Apr, 2022 | Medium
Is the budget based on previous or expected projections?
There are some fixed costs that we have determined from our daily operations that will help shape the expected budget projections. We know marketing will play an essential role in the project’s growth, and collectively we have allocated a significant budget for this. Once the marketplace is functional and oracle’s collectibles are uploaded, we can execute our marketing plan. It’s also important to note that we have not spent a single dollar on marketing LUCIDAO to date, but have managed to develop relationships with world-class oracles, secure investment and increase LCD community holders.
How are wages positioned in relation to the reference market? Are they medium, high, or low?
- The wages we envision are in line with the market rates for the sector. We also know that crypto is a highly competitive industry, and we would like to provide value to our team for long term development and growth.
What positions is the team composed of?
- Chief strategy x 2
- Development team/Tech x 4
- Operations x 2
- Community and Oracles relations x 2
- Marketing x 2
Do the marketing activities have quantitative objectives to be achieved to verify their efficiency at the end of these six months? What are outputs expected at the end of the six months?
Marketing will play a significant role in the future growth of LCD, once the first marketplace has been launched we will focus our energy on growth. We understand the return on advertising spend can often be difficult to identify accurately, but our primary goal will be to achieve the following:
- Continued business development with world-class brands & businesses with the goal of onboarding Oracle partners.
- Increase LCD holders and our community
- Increase exposure to high-quality contributors, who will continue to support the protocol, and its Dapps.
- Generate global press that identifies Lucidao as one of the leading protocols in our category.
After this period, we will be able to have a report of the budgetary consumption against the results achieved for a possible new budget to be approved?
- After six months, we will provide some clarity on the results that were driven by expenses. Marketing expenses and ROAS for events and awareness will be monitored to make sure they meet our projected milestones. This will allow us to adjust and scale our budget accordingly.