STP-5: Development/Sales Working Group

Author	Spartan Glory, Kain, ML_sudo
Status	Implemented
Implementor	TBD
Release	TBD
Created	2023-06-14

Simple Summary

This STP proposes an allocation of $500k to establish a Development/Sales Working Group for a trial period of 6 months. The group will function as a sophisticated white-glove service to onboard high-level traders and funds onto the Synthetix platform, offering incentives, technical support, and ongoing correspondence. See job description.

Abstract

This STP suggests investing $500k to form a Development/Sales Working Group for a trial duration of 6 months. The group will have the primary role of engaging with sophisticated traders and funds, aiding in their onboarding onto the Synthetix platform, and providing continuous support. The group will offer incentives and technical support, alongside maintaining ongoing communication.

The group will be headed by a lead coordinator, sourced from either the Synthetix community or traditional finance, equipped with a deep network, comprehensive understanding of financial derivatives, and substantial knowledge of crypto and DeFi.

Motivation

This STP aims to bolster Synthetix’s ongoing efforts to attract and sustain sophisticated traders and funds. While Synthetix offers a valuable venue for trading and risk management for serious traders, Synthetix has lacked a dedicated entity to facilitate onboarding and support for high-value participants. With the continuing growth and success of perps v2, it has become clear that the community needs a team to facilitate this. Not having a dedicated sales team has hampered the platform's ability to attract and retain these key players.

Specification

Overview

The proposal involves the allocation of a $500k budget for a trial period of 6 months to form a working group. This group will collaborate with the existing core contributors to develop a BD and sales function focused on the sophisticated trader and fund segment.

This team will focus on:

Lead Generation, Qualification and Sales closure
Research to identify product needs
Technical Integration and Support
Incentives
Ongoing Support and Direct Comm’s

See job description for more details.

Rationale

Attracting traders and funds to the Synthetix platform necessitates a dedicated and skilled group that can engage effectively with these entities, providing necessary incentives and support. The proposed working group will fill this need, hence driving platform growth and usage.

Financial Specification

$500k will be transferred into a pool to be allocated to the working group over a trial period of 6 months.
Approximately $150k-$200k of this budget will be dedicated to securing a lead for the group, with the remaining funds allocated for the supporting sales team and related activities.
The Treasury Council will have monthly check-ins with the appointed BD working group lead, and reserves the right to halt the funding of BD working group if deemed to be necessary.