Hello NEAR Community,
We are delighted to let the Community know that we have our new confirmed payout process.
Some elements will be familiar if you had the opportunity to read the earlier post indicating these changes to come but if not, here it is again with links so you can dig into the necessary identity checks and verification that are now key to this new process.
As of January 21, 2022, no payouts can be issued without an identity verification having been completed as outlined below.
Please follow closely and be sure to bookmark this post for future reference, as certain steps will need to be repeated each time you are looking to request funds:
Continue to post your [Proposal] in the appropriate category on the Governance Forum based on the content of the proposal.
After the proposal has received sufficient offline discussion on the Forum i.e. there are no more comments on the post to be addressed and the community has had time to respond to the contents of the proposal and receive clarification, the proposal receives implicit community approval.
- Please refer to the Marketing DAO and Creatives DAO funding guides for more information on their approval processes as their approval needs to be explicitly granted by the respective DAO Council on the Forum before a poll is posted on Astro DAO to have the proposal move to a full council vote.
- This discussion and engagement on the Forum is key to this entire process, so please share your thoughts positively and respectfully.
ONLY COMPLETE THE FORM ONCE YOUR ASTRO DAO POLL HAS BEEN APPROVED
Following this, you will be emailed with a prompt to complete a ‘Know Your Customer’ (KYC) identity verification. KYCs are common in the traditional banking sector and with cryptocurrency platforms and exchanges such as Crypto[dot]com and Binance for AML compliance. Our service provider for the KYC - until the decentralized solution SYNAPS or something like it is available - is Onfido and a piece of formal ID and photo will be required. Check which kind of documents are supported by region here.
[ ONE-TIME STEP ]
Denomination of the Proposal’s payout amount if the individual wishes to be paid in $NEAR continues to be in (USD), and the payout amount in USD and target wallet should be clarified on the Astro DAO poll either in the description or in the new comments feature. The representative will then receive an email to a ‘Reward Agreement’ [template here] confirming the token amount and requesting the representative’s signature.
- EDIT: there is no longer any need to show the $NEAR token conversion from USD on the poll and DAO councils are not required to update the payout value as the token price dips or rises.
- EDIT: the option now exists for payouts in equivalent USD $5K or less to be made in stable coin! The following coins can be accepted as of 2022-04-05T04:00:00Z: nDAI, nUSDC, nUSDO, and nUSDT.
- therefore individuals can now either request their payout in stable coin OR USD, which will be converted to $NEAR when NEAR Finance is executing on payment.
- Any proposals requesting USD $20K or higher will be encouraged to apply to the NF Funding for a grant.
After the above paperwork has been completed, the KYC verification has been passed, and the outcome of the Astro DAO poll is favourable, you’ll be invited to send the NEAR Foundation an invoice:
After this, NEAR Foundation Finance will execute on the approved payment. EDIT: The NEAR Finance team will convert the USD payout amount to the equivalent amount in $NEAR when the payout is being issued.
* The funds will be sent to the personal NEAR wallet address provided in the Google Form and it is up to the Guild or project representative to ensure these funds are transferred to the appropriate DAO.
Please give a MAXIMUM of 2 weeks for your payout to be processed