# MIP55c3-SP15: Phoenix Labs Initial Funding (SPF)

## Preamble

```
MIP55c3-SP#: 15
Author(s): @PhoenixLabs
Contributors:
Tags: SPF
Status: Accepted
Date Proposed: 2023-02-08
Date Ratified: 2023-03-09
Amount Requested: 50,000 DAI
Recipient Address: 0xD9847E6b1314f0327F320E43B51ca0AaAD6FF509
Forum URL: https://forum.makerdao.com/t/mip55c3-sp15-phoenix-labs-initial-funding-spf/19733
Ratification Poll URL: https://vote.makerdao.com/polling/QmYBegVf#vote-breakdown
```

## Sentence Summary

This SPF requests 50,000 DAI for legal and incorporation expenses of Phoenix Labs, an R&D company focused on creating new products for MakerDAO.

## Paragraph Summary

This SPF provides the initial funding for Phoenix Labs to work on all the legal requirements that will allow us to launch [Spark Lend by April](https://forum.makerdao.com/t/announcing-phoenix-labs-and-spark-protocol/19731). This request aims to cover the expenses related to conducting legal research to determine the type of legal entity which best matches our objectives and ---after deciding on the company structure--- incorporate it in a way that allows us to fulfill all legal requirements to launch the Spark Protocol and a base front end. 

This research will be available for any team approved by the Maker Governance that wants to build a decentralized product. With this, we will help future Ecosystem Actors join Maker in implementing the Endgame Plan.

## Motivation

Phoenix Labs comes from the need to have an Ecosystem Actor working on innovative crypto products using Maker. Over the last months, we have seen other DeFi protocols launching new products, and we think it’s time for Maker to build and generate synergies that help DeFi grow using Maker as the foundation.

We have been working in our spare time on the initial concept of Spark for the last six months, and it is time to launch. We decided to work with the current governance mechanisms to launch Spark Lend (MIPs and SPFs), but we want to migrate to the future Ecosystem Scope framework once it's ready. Besides the benefits for Maker by attracting new users and generating a new line of business, this is a great way to build the Endgame Plan and the future creator subDAOs.

## Special Purpose Fund Name

Phoenix Labs Initial Funding.

## Special Purpose Fund Scope

- Two weeks of Legal Counsel leading the research and a final deliverable of the list of options.
- Consultation with various legal firms.
- Incorporation of the legal entity.

### Funding Breakdown

- Funding will be done in a lump sum upon Governance Approval of the SPF.
- Excess funds will be held in the multi-sig until the work is complete.
- Unspent funds will be returned to the Surplus Buffer.

### Special Purpose Fund Details

```
Official Contact or Group Name: Phoenix Labs initial Funding.
Contact Email/Handle: @Nadia, @hexonaut 
Date Added: 
Total Amount: 50,000 Dai
Wallet Address: 0xD9847E6b1314f0327F320E43B51ca0AaAD6FF509
Comptroller signers: @Nadia (https://forum.makerdao.com/t/mip55c3-sp15-phoenix-labs-initial-funding-spf/19733/6), @0xdeniz (https://forum.makerdao.com/t/mip55c3-sp15-phoenix-labs-initial-funding-spf/19733/8)
```