Dawn of a New Epoch
Since our last Epoch update, we’ve shipped some exciting new products and features:
- Employee-Members have been increasingly using MUSDC (USDC on Polygon) to process payroll without paying Ethereum mainnet gas fees.
- Dashboard native payroll, enabling members to sign transactions on their dashboard to fund invoices.
- A new onboarding flow that will help Opolis scale to more jurisdictions around the world with ease.
- Canadians in the Ontario and British Columbia provinces have started onboarding as part of our Canadian Genesis to run their first payroll on January 1, 2023. (You can join that cohort here).
There’s been a lot of #BUIDLing behind the scenes this summer, and we fell a bit behind on $WORK Epoch distributions. Thank you for your patience, and know we’re in the process of catching up. We’ll be distributing the next few Epochs over the coming weeks.
If you processed payroll through Opolis during May 2022, your $WORK Rewards have been minted, and are ready for you to claim and stake in your dashboard!
Epoch Updates
Epoch 23
We cleared Epoch 23 on tax day, April 15, 2022 when we processed $1,345,001 in PCPV (clearing the $1,270,500 threshold). The 5M $WORK minted from that Epoch was distributed on July 14 and July 22, 2022.
Epoch 24 and Epoch 25
We then cleared both Epoch 24 and 25 on May 6, 2022 and May 20, 2022, respectively, when we ran $1,554,027 (clearing the $1,397,550 and $1,537,305 thresholds). The $WORK for these Epochs was distributed on October 20, 2022.
Upgrades Coming to the Staking Contracts
NOTE: New staking contracts will be launched in January that will fundamentally change how rewards are calculated and distributed.
How it currently works: Anyone who is staked from the beginning snapshot of the Epoch to the conclusion snapshot of the Epoch earns a pro rata amount of the 1M (20% of 5M $WORK) $WORK issued to Employee and Coalition Members who staked for the entire Epoch. You can estimate how much $WORK you’re going to earn by dividing your staked $WORK by the total amount of $WORK staked in the contract.
How it will work: We’re launching a new staking dashboard that will make it much cleaner and easier to see, to the block, how much $WORK you’re earning, because the contract won’t distribute $WORK based on two snapshots, but in real time. You will still need to be a Member to access the contract, and you will still earn a pro rata share of the 1M $WORK, but we will be front-loading the contracts on a timed 90-day distribution. When all of the 1M $WORK has been distributed, no more $WORK will be distributed until another Epoch is reached, at which point the contract will be “topped up” and rewards will turn on again.
This new contract, in addition to actually feeling like the DeFi contracts you’re used to, will make tangible the growth necessary to continue triggering Epochs. As it stands, there is too much of an abstraction for Members to really comprehend how their actions affect the community as a whole. It is hard to truly comprehend the power of making a single referral because the delayed gratification of earning $WORK makes this difficult to fathom.
We have a multi-step process to improving this, bringing the gratification to the fore, and these improved staking contracts are step one. Eventually, over the coming quarters, more and more of this data will be on-chain, which will give data analytics nerds (like me) the ability to develop (and commission) dashboards that demonstrate the power of the Opolis Employment Commons beyond the anecdotal.
Epoch 24 / 25 Highlights
How much $WORK did you earn for taking certain actions?
When it takes a few payroll periods to trigger an Epoch, the $WORK you earn per dollar is lower, but when 2 Epochs are triggered in a single pay period, the $WORK per dollar is NICE.
Employee Member (Payroll Consumption):
The average payroll that an Employee Member ran during Epochs 24/25 was $8,368. The average $WORK that those Employee Members earned for running $8,368 was 8,824 $WORK.
That means Employee Members earned 1.05 $WORK for every 1 $USD they ran in payroll through Opolis.
Member (Referrals Consumption):
30% of Epoch growth (1.5M $WORK) is allocated to Employee Member earnings, while 30% (1.5M $WORK) also goes to the Employee Member Referrers. So you would think that a referrer would also earn 1–1 that same 8,824, right? Nope. Only about 1% of our Members/Coalition Partners have made referrals, so the $WORK per Member earned was actually almost double that of just running your personal payroll.
The average Referrer earned 15,245 $WORK for making referrals this Epoch, almost double what an Employee-Member earned running their payroll.
Member (Staking Rewards):
This one is much easier to explain and calculate. During Epoch 24/25 there were 46,052,231 $WORK staked. Stakers are sharing 1M $WORK (20% of 5M $WORK). So if you staked 46,052.231 $WORK (which would be .001%) — you would earn 1,000 $WORK.
Looking ahead
Wen Next Epoch?
The Periodic Commons Payroll Volume (PCPV) at the end of Epoch 25 was 1,554,027. The Threshold to trigger Epoch 26 was $1,691,035.50, which we cleared on July 15, 2022 with a PCPV of 1,732,558. This distribution will be imminent, so please stay tuned for announcements regarding staking deadlines and distribution. That moved the threshold to $1,860,139.05, which we cleared to trigger Epoch 27 on August 19, 2022 with a PCPV of $1,863,110. From there, growing 10% moves the next Epoch threshold to $2,046,152.96, which we have not yet cleared.
With forecasted growth due to Open Enrollment and the beginning of a fresh tax year, we’re anticipating an Epoch-triggering-frenzy to end Q4, the same way we did last year. January 1st is always our explosive growth month, and with your help, December will be the busiest we’ve seen yet.
We’re shooting for 6,250,000 PCPV by January ($150M ACPV), which would equal 12 Epochs triggered within a 6-week period.
Making Referrals & Frens Farming (NEW!)
Making a referral at Opolis has always been super easy. You just need to introduce your friend, colleague, chef, neighbor, driver, degen, nomad, real estate agent, Canadian girlfriend who definitely existed when you were in high school, etc. to a Membership steward and they literally take it from there — just make the intro.
But we’re going to make this even easier. We’ve launched our new “Frens Farming” referral program. This will be our first time ever offering cash for referrals.
You can earn up to $300 in cash (in addition to the $WORK rewards according to the tokenomics), exclusive swag, and once-in-a-lifetime experiences. You’ll earn $100 when a qualified lead completes a meeting with one of our Membership stewards, and another $200 when they join the Employment Commons (and after they run two paychecks). We’ll also be debuting a leaderboard with custom referral links to make it even easier to track your earnings! I can feel your anticipation for your custom referral link through the keyboard.
Become an Ambassador
In the meantime, if you’re interested in hosting, or getting resources to attend and present on Opolis at local meetups, please fill out this form for consideration in our Ambassador program.
We’ve had some exciting Ambassador events in Toronto, SF, Denver, Cleveland, and more! If you love Opolis and want to help us grow in your area, join us.
UNEMPLOYABLE Podcast — Launch November 9th!
We have a new podcast debuting on November 9th titled “UNEMPLOYABLE”. It is a forum that bridges the gap between Web 2 freelancers and this beautiful Web3 world. Making the transition is easier than it seems, but there are some rough spots to overcome. But you know that already because you’re here. If you’re a Member and you have a compelling story you want to tell, about your journey into Web3, life as an independent worker, entrepreneur, etc. — email unemployable@opolis.co to potentially become a guest!
Thank you for reading — and please remember to claim and stake your $WORK by Wednesday November 2 to have that $WORK included in the Epoch 26 tabulations.
Have additional questions? Visit Opolis.co to learn more about how the Commons brings portable employment to the independent, self-sovereign worker.
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