Announcing the Spin Down of MMM

👋 News and Community
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Introduction

With the recent announcement of Gitcoin’s restructuring, the MMM team will be winding down operations at the end of February. In this post, we’ll outline next steps to make this transition as smooth as possible and take a moment to reflect on the journey of this workstream.

Finances

At the time of this post, MMM has an aggregated balance of over $300,000, composed primarily of:

  • 261,991.095 GTC
  • 8,843.135 USDC
  • 3.395 ETH

Expected expenses in the month of February will total around $100,000, including:

  • Wages for contributors (approx. $87k)
  • Opex costs (approx. $3k)
  • Contractors (approx. $2k)
  • Whitepaper research (approx. $7k)

This means that MMM will not need to request additional funding in order to wind down, and will return any surplus funds back to the Gitcoin treasury.

Another important note is that funds for EthDenver will also be landing in the multisig, and expenses are being tracked meticulously. As per that original proposal, any unused funds will be sent back into the treasury (of which we are expecting to do since Electric Capital has agreed to partner with us on our keystone event).

Once funds have been paid out in full, a final report will be added as a comment to this post including total expenses and amount being sent back to the Gitcoin treasury.

From Art Project to High Performing Team

It is truly incredible to think about the journey of MMM. What started as a Gitcoin Grants art project eventually morphed its way into a tight-knit, high performing marketing team. So many amazing people contributed along the way and Gitcoin is incredibly fortunate to have had those contributions.

As a final ‘farewell’, the MMM team will be hosting a “Spin Down Party” in the way it knows best - a Memepalooza. For those unfamiliar, one of MMM’s early projects was running a meme-creation event called Memepalooza (of which we ran over 10!). Not only will we be spinning up great memes and giving out prizes, we’ll also take some time to reflect on the amazing journey that was the MMM workstream from both current and past contributors.

The event will take place in the Gitcoin Discord server in the DAO Community voice channel on Wednesday, March 13 at 18:00 UTC (1pm ET, 19:00 CET). Users must have a DAO Citizens tag to participate.

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End of an era but the only constant in life is change.

Thank you for all that you accomplished here as a team, it was inspiring.

And a shout-out to @Fred and @seedphrase, who started the mmmadness.

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Congrats to the team on everything accomplished over the past few years! I’m looking forward to join in the reminiscing and celebration of the end of an era! :wink:

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I have 2 updates to share here:

  1. A reminder that the spin down party is on Wednesday! Hope to see you there :slight_smile:

  2. As promised, here is a spending update on MMM’s final month:

  • Headcount: $74,352 (7 contributors)
  • Other Consultants $7,989 (# PT contributors and Metagov research paper about RetroPGF)
  • Software & Subscriptions $2,886
  • General and Administrative $115
  • Offsite payments $2,201 (this will be reimbursed by CSDO in April)
  • Gas subsidization $340
  • Total $87,883

The remaining funds (approx. $500K) will stay in the MMM wallet as it gets repurposed as the Ecosystem Collective multisig. Details about the exact amount will be shared in the Ecosystem Collective Budget Request post.

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It has been such a pleasure and honor to be a part of the MMM team since my arrival into Gitcoin in 2022. I saw MMM grow and expand within my time here and it’s been such a wonderful journey!

Truly is the end of an era. But I am excited for the next step in our journey! Going to be a bitter sweet party tomorrow! Can’t wait

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