# MIP55c3-SP13: Special Purpose Fund for developing Proof-of-Performance for Viridian Cluster

## Preamble

```
MIP55c3-SP#: 13
Author(s): @Hajive 
Contributors: @Viridian  
Tags: spf, viridian-cluster, Endgame
Status: Rejected
Date Proposed: 2022-12-07
Date Ratified: N/A
Amount Requested: 500,000 DAI
Recipient Address: TBC on SPF approval
Forum URL: https://forum.makerdao.com/t/mip-xx-special-purpose-fund-for-developing-proof-of-performance-for-viridian-cluster/19077
Ratification Poll URL: https://vote.makerdao.com/polling/QmRLpjTi
```

## Sentence Summary

This MIP will set up a Special Purpose Fund of 500k DAI to fund a set of RWA projects to be undertaken by the [Viridian Cluster](https://forum.makerdao.com/t/viridian-cluster-introduction/18332) within the 6-month period of Jan 2023 - Jun 2023.

## Paragraph Summary

This MIP sets up a SPF of 500k DAI which will fund the due diligence, completion, and ongoing management and monitoring of the following projects: [MIP65](https://mips.makerdao.com/mips/details/MIP65), [MIP81](https://mips.makerdao.com/mips/details/MIP81), [MIP88](https://mips.makerdao.com/mips/details/MIP88), and potentially others brought for evaluation to the community where Monetalis will act as Arranger in the next six months. It allows Maker to continue key RWA projects in the interim period until MetaDAOs can be launched and allows the Maker Community to evaluate the work of the Viridian Cluster ahead of a potential adoption of the cluster to a Protector MetaDAO. Importantly, it also allows the resources of the Viridian Cluster to work on the Protector MetaDAO implementation.

## Motivation

We, the Viridian Cluster, believe it is key in the period until MetaDAOs can be launched that Maker does not lose steam in its engagement with RWA. This SPF is intended to allow the Viridian Cluster to accomplish a set of key Maker RWA projects that we believe are important for Maker’s engagement with RWA. Also it provides essential resources necessary for implementation of the Protector MetaDAO format. In addition, we find it good people risk management to test out a potential MetaDAO Cluster before considering an adoption. This accomplishes all of these.

## Special Purpose Fund Name

Viridian Cluster Special Purpose Fund

## Special Purpose Fund Scope & Credentials

### Projects & Funding Break-down

| Component | Why? | Amount (DAI) |
|---|---|---:|
| Project Manager & Facilitator | @Hajive from MakerGrowth CU will act as the Project Manager & Facilitator for the cluster, whilst phasing out/reducing his Growth CU responsibilities for the European region through this period. <br/><br/>**Note:** MakerGrowth CU will continue to fund the fixed component (not commissions) of DAI compensation and MKR bonus for this resource at least until Jun 23 as per its already allocated budget.  | 330,000 (total for three resources)  |
| Legal & Compliance Lead | @Kam will, as contractor, act as head of legal and compliance for the projects.<br/><br/>**Note**: @Kam has already been engaged on a project basis working with CUs as well as partner legal teams for legal assessments and reviews. |  |
| Credit & Risk Lead | @Kempaj will, as contractor, act as head of credit and risk for the projects. |  |
| Professional third party services (Legal, Credit and ALM) | Funding relates to professional third-parties providing final legal opinions, credit evaluations and ALM reviews. <br/><br/>**Note:** Top tier law firms/consulting firms with relevant jurisdiction and asset expertise to be engaged based on individual project requirements.  | 150,000 |
| Admin & Misc | Charges related to onboarding and payment processing for professional services/contractors and any other charges (e.g., Travel and Expense   for the management of the cluster during the period | 20,000 |
| Total Funding |  | 500,000 |

### Credentials / BIOs

- @Hajive is the Growth Core Unit lead for Europe. He has extensive experience with Business Development and Product Strategy across multiple segments of financial markets, including large TradFi firms (JPMorgan and Refinitiv), as well as fast scaling Crypto CeFi firms (Wirex and Luno, a DCG Company).
- @Kam is an English qualified and practising lawyer; she has over 14 years of professional experience and a track record of working on debt transactions delivery in the global financial services industry. She has held senior legal counsel positions, on a contract basis, with Barclays Bank and HSBC. In recent years, Kam has also worked for various DeFi projects, including AllianceBlock.
- @Kempaj has a 30 year career in banking and European credit fund management. He has directly managed and led teams managing European corporate credit exposure in a variety of financial institutions. He has experience of working with private equity sponsors, super-national financial institutions, hedge funds, and commercial banks, including Lloyds Bank and the European Investment Bank.

### Notes

- @SebVentures, as a Viridian cluster member, is already fully budgeted for via the Strategic Finance Core Unit (SF-001) budget and hence there is no additional funding requirement for this resource.
- The cluster will work in partnership with SF-001 and in support of SF-001’s [expanded mandate](https://forum.makerdao.com/t/mip39c2-sp36-modifying-strategic-finance-core-unit-mandate-sf-001/17750) regarding RWAs.

### Funding Return Rules

- Excess funds will be held in the multisig until the work is complete.
- Unspent funds will be returned to the Surplus Buffer.

### Special Purpose Fund Details

```
Official Contact or Group Name: Viridian Cluster Special Purpose Fund
Contact Email/Handle: @hajive
Date Added: N/A
Total Amount: 500,000 Dai
Wallet Address: To be setup
Comptroller signers: @SebVentures (https://forum.makerdao.com/t/mip55c3-sp13-special-purpose-fund-for-developing-proof-of-performance-for-viridian-cluster/19077/11), @Patrick_J (https://forum.makerdao.com/t/mip-xx-special-purpose-fund-for-developing-proof-of-performance-for-viridian-cluster/19077/6)
```