Weathering the Storm: Our Path to Epoch 28
After 10 months of new Employee Members asking “wen token” the moment has finally arrived. On the 8/19/22 paystub, we cleared $1,860,139.05 in payroll to close the 27th Epoch.
To trigger Epoch 28, the Periodic Commons Payroll Volume (PCPV) had to grow by 10% to $2,046,152.96. 16 payroll cycles later, on May 19, 2023 we cleared Epoch 28 by running $2,073,591 in payroll volume. To close Epoch 29, we’ll need to run $2,250,768.26.
This was one of the longer (if not the longest) stretch of payroll periods since the inception of the Employment Commons in May 2020 that we’ve gone without completing an Epoch. From the Terra Luna collapse through Celsius and BlockFi and FTX, this “crypto winter” has been hard on the full-time contributors in the Web3 ecosystem. It has been hard watching Employee Members leave because their DAO could no longer support paid contributors, or their savings got caught up in a CeFi scam.
One of the stand-out data points we’re most proud of is that the Employment Commons never had a down month. Though Employee Member churn was at its peak, we continued to grow by more Members than we lost. We believe the triggering of Epoch 28 is proof of light at the end of the tunnel. Churn has subsided and growth has started picking back up. This is evident in the payroll data and that “We’re so back”.
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Because it took 16 cycles, a lot of payroll was run during this Epoch: $34,749,438. This also means this was an all-time low of $WORK earned per payroll dollar: 0.04 $WORK.
Briefly unpacking this, if you set your annual salary as $120k, you pay $5000 each invoice. If Epoch 29 closed after a single paycheck, your $5k would be 0.0022% of the overall payroll volume. Employee Members earn 30% (1.5M) of the Distribution, so you’d earn 3332.195 $WORK for that $5000 of payroll, or 0.6664 $WORK per $. Epoch 28 was 0.04 $WORK per $ because of how many pay periods transpired during the Epoch.
Another bright highlight is the increase in the number of unique referrers. Employee Members are more actively referring their friends. If you’re reading this, I’m certain you played a part in helping the growth of the Ambassador program and Frens Farming program. So, thank you. If you haven’t signed up yet, but would like to, join here. Opolis is still paying out $100 for a qualified lead and an additional $200 when they convert to Membership and process two paychecks.
Finally, Season 1 of Unemployable was a smashing success. We appreciate the likes, shares, and subscribes. After EthCC we’ll begin recording episodes for Season 2. If you would like to share your story, shoot your shot by emailing Unemployable@opolis.co with your story and how Opolis has helped you be Unemployable.
We thank you for being a part of the Opolis community, stay tuned for more updates and announcements in the coming weeks!
Have additional questions? Visit Opolis.co to learn more about how the Commons helps independent workers own their employment.
