Quick recap

The steering committee reviewed May's performance metrics and discussed various revenue challenges, including reduced marketing spending and decreased handle registrations, while exploring potential partnerships and engagement improvements. Updates were provided on Fio's marketing campaigns, new partnerships, and infrastructure development, including worker proposals for core infrastructure and growth initiatives. The team evaluated competing worker proposals for August 1st and discussed potential restructuring of the proposal process, while also addressing trademark disputes and website messaging concerns.

Summary

Revenue Shortfall and Partnership Strategies

The steering committee discussed May's performance, where Wayne reported revenue was $1,697 under budget, primarily due to reduced marketing spending. The foundation generated revenue was down by $7,695 against a target of $12,000, largely due to Opera's elimination of their web3 tools which reduced handle registrations from 20-30,000 to 2-3,000 monthly. Wayne explained they are working to offset these losses by contacting Trust Wallet and pursuing other partnerships, while also improving engagement metrics on X despite flat follower growth, with engagement rates increasing by 74% and account bans being resolved through upgrading to a verified organization status.

Fio Marketing and Integration Updates

Wayne provided a comprehensive update on Fio's marketing and integration efforts. He highlighted successful campaigns like the Ohio Spring Zealy campaign and the Bitcoin Pizza Day event, which saw significant engagement growth on Telegram and social media platforms. Wayne also discussed new partnerships, including a deal with Pi 3 for a native integration, and ongoing talks with various wallet providers like Cake Wallet, Tandem, and Exodus. He emphasized the importance of targeting organic engagement and expanding Fio's reach through new social media platforms like Rumble and True Social. Wayne also touched on upcoming events like NFT NYC and Permissionless, and the potential for new integrations with institutional wallet providers like Ledger and Utilla.

Infrastructure and Team Updates Meeting

The meeting covered updates on the core infrastructure worker proposal, including budget adjustments and simplified KPIs. Pawel reported on the completion of the explorer and ongoing work on the FIO relic, noting potential funding challenges due to increased scope. Luke discussed financial updates, including reduced expenses and a streamlined process for receiving funds from market makers. The team also addressed the resignation of a board member and upcoming board elections. Finally, Sarn presented a new worker proposal for the growth team, similar to the previous one but with some changes in team composition.

FIO Identity Strategy Shift Proposal

The team presented a worker proposal focusing on shifting FIO's strategy from crypto payments to identity solutions, as payments are not currently a market demand. They plan to increase domain sales through integrations with platforms like wallets and marketplaces, emphasizing high-impact partnerships and revenue-sharing models. The team will leverage content creators and third-party marketing to build trust and education around FIO, while also improving the user experience for new domain buyers. The budget remains relatively unchanged from previous proposals, with funds allocated to marketing, business development, and potential consultant fees.

FIO Domain Sales Strategy Proposal

The team presented their proposal to improve domain sales for the FIO protocol, highlighting their experience in social media growth and content creation. They emphasized their unique approach of copying successful Web2 domain sales strategies while leveraging FIO's distinct features. The team, consisting of Sarn, Justin, Narek, and others, discussed their plans to increase domain sales through targeted outreach to KOLs, content creation, and partnerships. They expressed confidence in improving current sales figures of 10-20 domains per month, with Sarn sharing his track record of growing social media following and revenue through organic content creation.

Steering Committee Discusses Worker Proposal

The steering committee discussed Sarn's worker proposal, which aims to cover all aspects of Wayne's proposal and includes a $5,000 allowance for external consultants. Luke shared a document from 2022 expressing concerns about the project's financial sustainability and suggesting a focus on waiting for market interest in payments. He emphasized the difficulty of voting to replace one's own team and expressed hope that block producers and integration partners will step up to support the protocol in the future.

Worker Proposal Funding Discussion

The steering committee discussed worker proposals, with Wayne and Sarn submitting competing proposals for August 1st. The board recommended continuing the reduced funding level of 62% for the next batch of worker proposals. Adam was tasked with improving or redesigning the worker proposal process to address potential conflicts of interest. Wayne suggested splitting his proposal into three separate work proposals to avoid any perceived conflicts of interest with Emily's involvement in the steering committee.

Worker Proposal Restructuring Discussion

The team discussed the potential restructuring of worker proposals and their associated responsibilities, with Wayne proposing a split of content creation and marketing efforts. Pawel explained that the current governance model, which prevents worker proposal leads from voting on their own proposals, remains in place until further changes are codified by Adam, who is leading this effort. Luke and others highlighted the importance of maintaining cohesion and avoiding silos, as previous individual proposal systems led to confusion and conflict. Sarn emphasized the complexity of governance and the need for active participation, while Micah expressed a desire to avoid the siloed approach of the past.

Worker Proposals and Trademark Review

The steering committee discussed two worker proposals, with one team having until the end of June for voting and questions. Luke suggested implementing pilot programs to build confidence in the voting process, while Pawel emphasized the need for smaller steps before major decisions. The committee also reviewed a trademark dispute legal bill proposal submitted by Leonard, which Emily had already approved. Wayne mentioned he would discuss website messaging separately with Pawel and GP, as they were involved in its development.

Next steps

• Steering Committee members to review and vote on Sarn's worker proposal by the end of June.

• Wayne to submit his competing worker proposal for the next funding period.

• Adam to lead the effort of potentially improving or redesigning the worker proposal process to address conflict of interest issues.

• Wayne to set up a meeting with Pawel and GP to discuss website messaging changes.

• Steering Committee members (Emily, GP, and Wayne) to vote on Leonard's trademark dispute legal bills worker proposal.

• Luke to provide access to his 2022 document about FIO's market position to any steering committee member who requests it.

• Sarn and team to consider implementing small pilot programs or initiatives before the end of June to demonstrate their capabilities.

• Steering Committee members to ask any additional questions about Sarn's proposal in Discord or the Jira ticket.

• Wayne, Emily, and Asheron to discuss FIO token selling strategy in their upcoming call.

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