The 0% Secret Foundation Tax Proposal

The combined community in conjunction with SCRT Labs (and in approval of the Secret Foundation) propose to reduce the Secret Foundation Tax to 0%. The employees of the Secret Foundation are still paid by the existing resources of the Secret Foundation. Since this is an extraordinary situation for all of us, we decided to expedite the voting process and waive the seven day waiting period as set forth by the Secret Code of Conduct.

The community and SCRT Labs proposes to temporarily secure the funding of the Secret Agency in the meantime, which is currently financed by the Secret Foundation. For this we propose to temporarily use the Foundation Tax module to set a 4% temporary tax to pay the Secret Agency until a sustainable solution for its funding is found. The 4% tax will be paid out to a multi-signature wallet (a 3 out of 4 threshold multi-sig wallet with address: secret1hf8vtc4w0f9nwgrwvqlmtc9fek7tkuc8twz2af) held by the core Secret Agency DAO members Brendan Kittredge (secret1k8g46g5s6hd8tuv30xcxg4n7kzjwjy7fmphktq), SecretSkrillah (secret1d829vvchhyxqegufyplcwddc2ndt4t28hw3jqt), Ertemann (secret13tafewexrzqnmq3dhz4j4zl4vt7nf3xcvkysut) and Sean (secret1m0ja4qxs03cgv5cd0zk7pj7pyepwg75yrwr9e4).

The Secret Agency DAO (a Marshall Islands NON-PROFIT LLC) will receive these funds until the TEMPORARY transition period of THREE months is over. After that, the TEMPORARY funding has to be reassessed by another governance vote. The community will decide what will happen to any remaining funds after the three months are over.

SCRT Labs deployed a new splitter contract at secret1mq2h80q7rd9jlg5mj23ckl3zn4axrw3aagcfr8 (split between 6% tax for Terra Builders Fund and 4% TEMPORARY tax for Secret Agency), to which we will propose the change the on-chain “secretfoundationaddress” parameter.


This is a great short term solution. Thanks!


I agree with this move in the interim and it is consistent with my comments on the issue previously on the Secret Forum:

Secret Foundation has resourced the Agency since its inception and fully supports its members. We are happy with how they have performed and have collaborated actively over the past months.

The Agency has changed their operating agreement to include the above multisig and remove members not included in the multisig. Our Operating agreement is included in this post together with our official instantiation document. I have redacted our names from the OA.

You can verify the amendment by looking at the proposal votes on our addresses.

The DAO did NOT handle funds before this month meaning it has never interacted with the foundation officially (was done via whispernode and Secure Secrets). The first funds will come in via this proposal.

Link to files: community_shared - Google Drive

Edit: I would love to hear some feedback from the community on what they deem as enough transparency. We intend to share our budget every month after the fact and provide a quarterly summary as well similar to how we have done so far. The budget will be available as a total divided over the category: Leads, Agents, discretionary. We can share 100% of the details on the discretionary funding, we cant on the payroll, i hope that is okay. Expect the q4 summary this week.

An overview of the past budgets totals (details were shared monthly, or can be shared if asked) :