As requested by the Interlay community, I organized Polkadot governance referendum #714 to seek community/treasury support for Interlay’s decentralized iBTC as a common good. The goal was to create more collateral capacity so that anyone could use iBTC across the growing DeFi platforms in the Polkadot ecosystem.

The Polkadot community showed overwhelming support and engagement with our proposal, with 274 votes AYE with a voting power of 110.2M DOT. Unfortunately Giotto knocked us out of the first confirmation and other unknown whales knocked us out of the second confirmation period with 23 votes and 114.7M DOT voting power, leading to the referendum to unfortunately be rejected. However, the silver lining is that this drew the highest Polkadot voter turnout ever (225M DOT voting power), remained a professional discussion throughout, and we received glowing feedback:

It was one of the best socialized referendum as of late. Most parties were involved and it was open for feedback well in advance.

Therefore despite the shocking outcome, at the urging of the Interlay community I am submitting this compensation proposal for having coordinated this otherwise successful Interlay initiative. And don’t worry, we’ll continue to look for other solutions to improving Interlay bridging capacity and adding more money markets and vault collateral types.

I am requesting $5450 for 54.5 hours of work at $100/hr, paid as 249,542 INTR ($0.2184/INTR). Here is the breakdown of how I spent those hours: