Weekly Catchup [21/10/2024]

The Budget Committee discussed three main topics:

1. Dubai Presentation Plans:

• The Committee plans to present a proposed Treasury withdrawal range of 300-500 million ADA

• The presentation will outline high-level goals and committee work types, without specific budget allocations

• There was discussion about managing the withdrawal's impact on ADA price

• The plan involves gradual conversion to fiat/stablecoins rather than a single large conversion

• Historical data suggests Treasury withdrawals have not significantly impacted ADA price

1. Technical Consortium Discussion:

• A proposal was discussed regarding a technical consortium involving IOG and 15-20 partner companies

• Questions were raised about how this would integrate with Technical Steering Committee (TSC) decision-making

• Key concerns included:

  • Process for adding new engineering suppliers

  • Management of engineering hours allocation

  • Relationship between consortium and TSC authority

• The committee agreed more documentation and clarification is needed

1. Treasury Working Group:

• Discussion of forming a treasury working group including experts from different organizations

• Agreement to include regular reporting to the Budget Committee

• Plans to engage multiple auditors for financial and treasury management

• Focus on transparency and communication with the broader community

Additional points covered included discussion of onboarding new members and the decision to rely on a code of conduct rather than NDAs for managing confidential information.