A few days ago we shared with you a proposal to create Silo’s stablecoin. The project is part of a larger vision to build a Defi protocol that consists of lending and credit markets. To achieve this vision and remain competitive with large protocols in space, Silo needs to secure enough funds to extend its runway to around 2 years.

Proposal details:

• Expand the team: We plan to add 3 smart contract engineers, 1 business development lead, 2 front-end engineers, and 1 product designer to the team.

• Vest Future Contributors’ token allocation to the development fund’s multisig wallet instead of the DAO’s treasury. This action doesn’t change the current token allocation for Future Contributors but rather makes it easier for the team to manage new hires’ vesting contracts. Instead of asking the DAO to approve each hire’s token allocation, change an existing contributor’s allocation or revoke it if a hire leaves the team for any reason, the core team can take such actions in a timely manner. This is crucial to expanding and maintaining a strong team.

This proposal consists of two transactions:

Transaction 1

Transfer 3,125 ETH (equivalent of $7.5M) from DAO to the development fund (0xDfF2aeA378e41632E45306A6dE26A7E0Fd93AB07).

**Transaction 2 **

Replace the address vesting Future Contributors’ allocation from the DAO’s treasury to the development fund’s multisig (0xDfF2aeA378e41632E45306A6dE26A7E0Fd93AB07).