Fair questions. Considering how recklessly many DAOs spend their funds, we appreciate your prudence. Blockchain is all about transparency, so we’re happy to lay out the numbers for you.
ICON has been our sole focus, for which we have 3 sources of income: validator rewards, BALN worker rewards, and OMM worker rewards.
These rewards are expected to cover all user-facing work for Balanced and Omm, including product design, QA, website updates, documentation, marketing, and hosting costs, as well as frontend development on Balanced. Our work in the ecosystem is interconnected, so we also do peripheral work to solve problems we’ve identified, like an onboarding funnel (whyicx.com) to help more people get started with ICON and our products. We are not paid extra to do this.
We’re one of 6 teams Balanced delegates ICX to, and one of the 4 defaults on Omm, which gives us just over 14M total votes.
Everything we’ve earned in the ICON ecosystem over the last 3 years has been invested into our bond, which has since dropped 80% in $ value and allows us to earn 60% of our potential rewards. For that position, we earn 340 ICX per day, currently worth 58 USD or $21,170 per year. Our node on AWS cost $793 last month, so deduct $9,516 for a net return of $11,654.
As discussed earlier, our share of Balanced worker tokens pays out $43 a day at current prices. The amount of BALN received drops daily, but assuming a steady rate and price, that’s $15,695 per year.
We hold 15% of the Omm worker tokens, which pay out 13,500 OMM per day (currently worth $136). Ignoring the inflation decrease in August, at current rates we could expect to receive $49,640 over the next year.
11,654 + 15,695 + 49,640 = $76,989 per year
We’re currently attempting to split that between 4 people and a business, meanwhile every single one of us could walk into a Web2 job with a $120k+ starting rate.
We love working in the ICON ecosystem, but our position is not sustainable.