SecretSwap Committee Renewal Proposal

SecretSwap Committee Renewal Proposal


The SecretSwap Committee’s goals are to provide dedicated resources and personnel to support and help grow the SecretSwap protocol.We administrate and help to grow the SecretSwap social channels among many other community services.

Our philosophy is to remain 100% accountable to the community & membership is open to all. We help create & curate dedicated educational resources (the SecretSwap docs @, video tutorials, & high quality scalable vector graphic resources, & more. Since we began growing the SecretSwap Telegram channel, for instance, membership has increased 4x. We have established a SecretSwap Instagram, LBRY, & administrate the official SecretSwap Twitter. Over the past 3 months we have worked as a collaborative effort to prioritize and ensure completion of SecretSwap related items (market cap on Coingecko, sending updates to CMC, etc.) We provide a space for community members to participate, give feedback and help to determine ways we can improve the platform for the end user in collaboration with the developers. We provide a platform to discuss ongoing governance items & assist community members pursuing proposals. We also have provided countless hours of dedicated customer support for end users experiencing difficulties and collaborated with Engima support to get a support ticket system instituted in the Secret Network Discord & help to work those tickets.

Scope of Work:

The SecretSwap Committee is the only community based dedicated resource for SecretSwap & SEFI. Originally, Iowascero – Ethan Wood, was the only dedicated paid representative, as elected by Secret Governance, prior to SEFI Governance going live. This was done as a test effort to determine if additional resources & dedicated personnel were worth pursuing. We believe this has been proven effectively. With this proposal, we propose to expand these dedicated efforts to push SEFI & SecretSwap into the next stage of growth. We have recently added Eric Waisanen as a second committee lead & SEFI executive committee representative. Additionally, we’d like to expand opportunities for community members, providing bounties, rewards, and incentives for awareness, design, and support activities.

This involves working with people to resolve difficulties & troubleshoot issues encountered, documenting these issues to ensure developers are aware of issues as soon as they arise, providing channel management for all SecretSwap social channels, helping to grow, and supporting growth through retention efforts. Bounties & rewards will be offered for graphic design opportunities (collaborated with & outside of the design committee with interested community members), support opportunities, educational material creation for the protocol & testing/troubleshooting upcoming applications and/or additions to the SecretSwap platform.

Practically, this manifests as several continual deliverables:

  1. Dedicated customer support.
  2. Dedicated grassroots marketing/awareness efforts for SecretSwap.
  3. Accountable representation on the SEFI Executive Committee.
  4. Dedicated business development efforts & partnership pursuit (outside communities, exchange listings currently under negotiation (CEX & DEX) etc.
  5. Continual improvement of the SecretSwap platform through incentivized testing and troubleshooting efforts.
  6. Continual opportunities to engage the community & create ways for community members to earn for their efforts.
  7. Collaboration with & integration of any hired Enigma & Secret Network product personnel.


We meet weekly as a community via Discord. The main SecretSwap Committee Meeting is held on Wednesdays from 4pm-5pm UTC - immediately following the Governance Committee meeting in the Secret Network Discord. Additionally, open office hours are held at 8:30PM UTC on Saturdays. A general agenda template for these weekly calls has been outlined as follows:

  • Introduce new members
  • Review bugs being tracked and/or fixed
  • Discuss new bugs reported
  • Review progress & current priorities which may include but not be limited to:
  • Community Tasks
  • Social Media Updates, Targets, & Strategy
  • Exec Committee Updates
  • Governance Proposal Discussion
  • Open Discussion


Total: 950,000 SEFI

  • Ethan Wood: 450,000 SEFI
  • Eric Waisanen: 450,000 SEFI
  • Discretionary Budget: 50,000 SEFI

Lead pay: 450,000 SEFI per lead for the next 3 months (calculated at $7000 per lead with a .047 90 day moving average price point | ~40 hours+ per week

Discretionary Budget: 50,000 SEFI

We’d like to use this to pay community members that have been actively contributing and to provide bounties to increase participation & better the protocol as a community, rewarding that process throughout.

No payment has been provided to either Lead, nor will be sought for these efforts without SEFI governance oversight. This is a community effort & should always remain accountable, transparent, and beholden to the community. Backroom payments would erode that trust so we’re seeking compensation publicly and transparently.

Any excess budget not used during the 3 month time frame will carry over into future months.

In the past, Secret Governance funded this committee as a boot-strapping effort until SEFI Governance was live. It has been an insanely busy 3 months, and every day the work has grown. The time has come for SEFI to stand on its own two feet and we need you!


E.S. Wood (Iowascero):

  • 13+ years of Customer Service, Troubleshooting, and Support experience,
  • 3 years of Fraud Analysis/Global Trade & Regulatory Compliance
  • 5 years combined Business & Security Administration experience
  • SecretSwap Committee founder & lead for the past 3 months.

Eric Waisanen | Secret Code Podcast - Eric

  • · 4+ years of active involvement in the Enigma/Secret Network community
  • · Runs the Secret Code Podcast, a community-led media group that creates content focused on exploring, illuminating, and growing the Secret Network ecosystem.
  • · 4 years working as a Client Service Representative for a Law Firm
    • Primary duties were: Client intake correspondence, electronic organization, and filing Bankruptcies
    • Contributed substantially to the development of software for a company focused on streamlining legal processes – rewarded with significant equity in the company
  • · 6 years as a Table Games Dealer
    • 3x Employee of the Month
    • Lead of a ‘Think Tank’ at the #1 Casino in California
      • Responsible for over 80% of actionable items selected for growth
      • Caught an oversight that cost the casino $280k because they ignored me for 3 days
  • · B.A. in Philosophy

Major Goals/Deliverables within the next 3 months:

  • Provide regularly incentivized opportunities for community members.
  • Organize events with giveaways & prizes
  • Add bounties for testing, education, and awareness opportunities
  • Continued social media administration and channel growth trajectories for social media/chat channels – for instance, a 1200 member minimum target has been set for the SecretSwap telegram channel.
  • Secure at least one exchange listing minimum through the Leads executive functions
  • Continue to provide and expand support efforts to ensure new users on the protocol have the best experience possible.
  • Create additional design resources, a codified brandbook, and collaborate with the Secret Network Design committee in order to help to create a better looking SecretSwap & SecretSwap materials.
  • Work on a minimum of 50 support tickets through the Secret Network Discord & provide a minimum allotment of 15 hours a week to supporting users and resolving issues in the Telegram channels & on other social media sites where users are encountered with needs or issues.

The SecretSwap Committee Charter can be found here, for reference:


I strongly support this proposal!

No in all seriousness though guys we’ve been busting our tails and things are going very well! Please come out and vote once this goes to SEFI Governance and give us the ability to keep pursuing and creating a better SecretSwap.


My question is,
You guys are being paid already for a role? Promoting “your brand” in these channels anyways!

Snaks I think you call them?

When does everyone stop dipping into Sefi to pay for everything?

APY Scrt-Sefi was once 300%, avg about 220%, then I think (foundation-enigma & cash back) came into play & took that down to avg 90% APY!

Then XMR & 2 other pools came in and lowered the allocated % by 25% (along those lines) and now we are at 60% APY!

Your $7,000 avg is almost certain to double/triple/mega quadruple with the bull run & the forecast Scrt road map!

I would think, the avg will more likely be $50,000 + each for 3 months & that’s piggy backing the work that has previously been done!

It’s great to see passion and innovation, I’m just torn about the figure you guys are asking for compensation!

I would perhaps prefer to see $14,000 ripped out now & see how the 3 months goes, rather then let you guys sit on 950,000.00 SEFI each an cash out in 3 months when SEFI is at perhaps .30 or even $1!

I want to see direction yes! But I am getting frustrated as an early investor into the Scrt-Sefi LP and continuely getting shat on!

Kind regards!

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How do they get paid for this already?

Also, why should people have to significantly lower their pay off a guess that the value of SEFI will increase?

People have to eat today, they can’t delay it till SEFI moons.


I mentioned they already have a role within Scrt Network & paid!

By all accounts, pay them $7,000 each right now! I said that!

My apologies but we’re not asking for 950,000.00 SEFI each, that’s the amount for both of us combined with the budget, the total ask. Please read the proposal more closely. I work over 60 hours a week for this network in this capacity and I don’t work for Secret Code, nor did I get a dime from them. In fact, with the price drop 3 months ago, I made a third of what I negotiated and still completed my term despite great personal hardship. What Eric is paid for his Podcast is completely separate work and irrelevant to this discussion. I have never received a snac or any other compensation from the Foundation.


SNAC Concern: Our podcast received $4,000 to start up a podcast 2 months ago. We’ve spent over $1,000 of it hiring people and paying up front bills for programs and subscriptions that will better our ability to deliver. The other $3,000ish was split two ways between Paul and I.
Since then I’ve put in WELL over 20 hours per week, delivering FAR more than promised, without compensation.

SEFI Will Go Up Concern: Literally the opposite of your concern about us being overpaid happened to @Iowascero already. He agreed to terms, worked more than 4x the hours agreed upon (this is literal, not an exaggeration), and ended up getting paid substantially less than initially agreed. This is a risk, not a feature. Most people don’t have jobs that force you to immediately invest your paycheck. Most jobs have health benefits.

I do believe that SEFI will go up. I believe that strongly… because I see what @Iowascero and I are working on all day every day! We’re meeting, building, testing, helping ideate, connecting with 3rd parties, organizing and educating the community, doing honestly SO much. Between this and the podcast I’ve worked over 60 hours in the last 4 days.

I’m taking a substantial risk agreeing to the terms proposed here. I’m willing to leave a 6-figure job with great benefits to gamble on myself and this platform. I’m willing to do that because I believe in it, this network, and my ability to provide it FAR more value than I’ll ever extract via payment. $7,000 per month with no benefits for competent, dedicated, and efficient executive work is an unbelievable bargain for the community. We’re asking too little. Take advantage of that.

Will there be overlap between this and the podcast? Yes. I’ll make tutorials (our next big endeavor) that cover SecretSwap, but not exclusively. Me using the podcast platform as a means of advertising the Swap is free marketing. I’m not counting an hour working on a podcast episode or tutorial relating to the Swap as 2 hours worked, 1 each. I’m literally willing to consistently give this network and my roles in it over 60 hours per week minimum. Sometimes much higher based on the demand. It’s scary, but my wife trusts and supports me doing this for you, the community.
Both Ethan and I have shown time and time again our dedication to this community, and our ability to execute our responsibilities.


Micromanagement and pocket watching will get us nowhere. Y’all have been putting in the work. You put your reputation on the line once you ask for community funds. Let projects put themselves out there and prove themselves. If it doesn’t work, we will have to adjust in the future.

Y’all have my support for this proposal.


Current price of SEFI: $0.05

3 month (quarter of a year) compensation per developer: 450,000 SEFI x $0.05 = $22,500

yearly compensation per developer: $22,500 x 4 quarters = $90,000 a year if SEFI price stays the same

Discretionary budget: 50,000 SEFI = $2500 every 3 months

I think we should wait on this proposal at least until we see what happens with the other two active proposals, which are set to be finalized in a few days. These two active proposals will effect the price and supply of SEFI.

Thank you for your feedback, I value added thought and interaction. I will address some thought slides and repercussions of following your sentiment. Though I strongly disagree with your sentiment, know that I am not at all upset with you and value your contributions to the community and committee. It’s important to enumerate things like this which is what the forums are for.

  1. We don’t have a guarantee for one year of funding. There is no job security, no benefits, just tons of work and a transparent community ask for pay.
  2. We have already been working, putting in the time and effort, without getting paid.
  3. IF the price goes up, it’s absolutely thanks to our dedicated hard work.
  4. If the price goes down are we supposed to ask for more? And back-pay?
  5. How are we supposed to feed our kids (8 combined) NOW?
  6. One of the active proposals literally lists my name twice and links to my forum post and the hours of thought, debate, and marketing I’ve poured into it.

I FULLY intend for the price of SEFI to go up. That’s literally what I’m working on. Adding value to SecretSwap, marketing that value, and capturing that value.
If the price goes up substantially, we’ll ask for less SEFI next term, but still a fair dollar amount. This is 100% the goal! It should be of every person that gets paid in crypto for work in that ecosystem.

Summary: I think that asking us to wait EVEN LONGER, while still utilizing and profiting off of our hard work, so that we can get paid less, BECAUSE our hard work has proven effective, is not at all a fair request.


Both @Ewais001 and @Iowascero have been putting in a lot of work for SEFI and SN. Strongly support them getting paid well.


A lot of industries have rubrics where you can look up the average pay for a certain kind of position. Is there something like that for crypto and/or DeFi protocol developers? For example, how much do developers at SushiSwap, Kyber, 1inch, Balancer, etc. get paid, how often, what are the expectations from them, and so on.

I believe most of us here are more than happy to have you two get paid as full-time developers but some of us may not have an idea of what is appropriate.

I would also suggest a slightly larger percentage for the discretionary budget.

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Again, we aren’t developers, but are executives and leads. Feel free to look up the info you suggested if you’d like, and then also consider what percentage of a genesis block they received and how many hours they work. I think you’ll find they actively make well more than we’re asking, and also in back pay received significant chunks that we did not, all while working less hours than us. We’ve also each contributed SIGNIFICANTLY on projects that would’ve been hired out for. @Iowascero himself fully did a project that would’ve cost over our individual monthly check, while still fulfilling all other roles and duties.

If you would like us to raise our ask for the discretionary budget that can be done, but again there is also a dev pool that can be used for important bounties. If we genuinely get the significant amount of community involvement we’d like then we’d be happy to raise our discretionary ask in 3 months.


I think it would be unwise to take 90MA to calculate $ equivalent pay. In my opinion, you should use the same MA in future proposals as you do in this one. Taking 90-day now (resulting in a beneficial price for you) can’t turn into a 7-day in the future. A 90MA means that if the market were to crash at some point and you are up for renewal, you would get a low $ value worth of SEFI. Which could mean SecretSwap loses the both of you as you won’t be able to cover expenses continuing this work.
Longest MA for committees on Secret Network = 25MA afaik.

Other than that I think it is a well-written proposal. I would have liked to see some more specifics in the deliverables. For example, ‘organize events with giveaways & prizes’. How many? 1 a month? 1 a week? There is a couple like that, but I won’t focus on that as I know that can be hard to define and I trust you both will make the best of it.

Some feedback on the discussion that followed and has the hairs in my neck stand up:

I appreciate that, but it is a risk you took. You can’t take a risk you took on your own financial situation and use it as an argument why people should pay now.

I can’t believe you say this. In fact, I strongly suggest you don’t. Price if SEFI took a considerable hit since the SecretSwap committee has started. Is that price drop thanks to your hard work? This is one of the most volatile markets out there. A market that moves more by big news items, regulations, and big investors than it does by 2 individuals (I like you, but this is a gross overstatement of your influence on price).

Don’t bring your kids into a salary discussion, not cool


Thanks for your feedback. You do have some good points.

I’ll work up what it would be for a 30-day MA, but don’t really have a problem with using 90 day in the future as well. I agree it would remain consistent, and I think at least @Iowascero’s continued work after price drop has shown our fortitude to stay and fulfill our terms and obligations. I will prove that as well should it happen.

We’ll stay open with this kind of stuff in the SecretSwap committee groups and meetings, but yes it’s hard to force deliverable KPI’s if it takes away from other important projects.

I disagree. I’m not asking for backpay, but it was also in response to somebody asking us to continue to work without pay.

This is a fair criticism and was certainly poorly worded by myself. I apologize and should not have made that insinuation and will not in the future. Again it was in response to somebody suggesting using future markets to manipulate our funding. Had that been the case, we could’ve purposefully NOT been helpful, so that the price went down, and then asked for more. That is the point I meant to make but went about it very poorly and I apologize.

In general I agree. And again I didn’t do this in the actual proposal. I’m not begging, I’m proposing. But the insinuations of the objections to which I responded needed to be addressed pragmatically.


Regarding how much you would be paid in SEFI:

We could use a curved graph to help balance out volatility in the markets while still providing incentive to work for the price to go up. As the price of SEFI goes up, you earn less SEFI, but still more in terms of stablecoin/fiat. Conversely if the price of SEFI goes down you would get more SEFI but still less in terms of fiat currency.

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Again, if I’m long-term focused (which I am) this would incentivize me to delay project releases and items likely to help price and development in order to secure larger bags or voting power.

I’m open to this if the community strongly feels this way, but oppose it personally.

Excellent actionable feedback though!

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Honest question why is their pay such a hot topic when literally every other committee only has 15 hours on their proposal but are paid between 60-100 dollars an hour vs their request of around 40 an hour for work when both do the equivalent of work of 5 or more people each. Theyre the only full time dedicated people for secret swap vs secret network having how many subsections to help them?


I think it’s because they are not developers and using these community / dev pools for non-technical work seems to come with the most scrutiny and the lowest voter turnout. That said, I love the work that @Ewais001 and @Iowascero have done, I think it’s fine to pay them this much. The pools should pay competitively to retain dev and non dev talent and I think it’s in sefis best interest to retain them🤙🏾


That was part of the point I should have pointed out just because most other leads aren’t devs so I didn’t get the pushback I’m sure devs are paid a good amount more as they should, just as people in executive positions who are making listing deals should get paid a fair amount. Glad to see you in support tho