As 2024 draws close, the Transition Council expresses gratitude for every contribution to shaping our new DAO. Although there has been significant progress, every aspect of the transition will not be final before the end of the year as originally planned. The council remains fully committed to completing the process and will resume discussions on January 3, 2025, following a brief holiday pause. Additionally, the community will now refer to its operational cycles as Waves, not Seasons, with Wave 1 to start January 2, 2025. The TC also announced Waves will follow the 16-week calendar previously used for Seasons, with room for adjustments if the community deems it necessary.

A big thank you to everyone who voted — Bankless Academy has secured a spot in the Octant Epoch 6 funding round, joining 18 of the 47 projects that made it through. The BA team deeply appreciates the community’s support in making this happen.

This week’s article recaps the community call, the Transition Council’s year-end updates, the Black Flag Initiative, and practices for rest and reflection as we prepare for 2025 while capturing what makes Black Flag DAO unique — purposeful growth, thoughtful planning, and collective strength.

Have a memorable holiday season, spend quality time with family and friends, and stay tuned for more updates in January 2025, including a special Community Call and POAP, to commemorate Wave 1 as Black Flag DAO.

Contributors: Lucent, Tonytad, Angelspeaks, Boluwatife, Kornekt, WinVerse

This is an official newsletter of Black Flag DAO. Please subscribe and share to help us grow our audience as we fulfill our mission to build user-friendly crypto onramps.

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🏃‍♀️ Catch up: Listen to this week's Community Call recording.

Reflections and Rest

Author: Boluwatife

Just like when bears hibernate, machines get powered off, and plants enter their dormant phase, the members of the Black Flag DAO community are taking a much-needed rest. As 2024 draws to a close, the community reflects on this closing chapter marked by meaningful growth, thoughtful transitions, and promising new initiatives.

The latest community call was quite insightful with two new members joining the conversation. Their fresh perspectives on community building immediately made the discussions more vibrant. Most of their questions and observations were related to Black Flag's mission, which is the creation of a vibrant, sustainable community with organic, purposeful growth. Their participation proved that new voices bring more than just numbers, they also bring a fresh perspective and introduce different ways of solving discord.

The Black Flag Initiative

An update from the community call came from the steward of The Black Flag Initiative. This platform aims to support in-person events organized by DAO members through dedicated and deserved funding. Though in its initial phase, this initiative shows its determination to connect digital and physical spaces. The steward announced that 2025 will bring more comprehensive planning and development. The steward also mentioned that members interested in organizing events could potentially secure funding by adding a black flag emoji to their event proposals, provided they meet the established terms and conditions that align with the DAO's values.

Transition Council Updates

The Transition Council shared several key updates as the year concludes. The council’s representative stated that while all year-end goals have not been met, steady progress continues. The council's regular meeting schedule will be skipped on December 27, 2024, due to the holiday break, with sessions resuming on January 3, 2025.

There was also an announcement concerning the DAO's operational structure. Moving forward, the periods previously known as Seasons will be rebranded into the term Waves — a term that captures the community's dynamic spirit. Wave 1 launches on January 2, 2025, which means the already established 16-week cycle will be retained. The community can anticipate updates throughout January, including a special Community Call and commemorative POAP marking Wave 1's commencement.

Taking Care of Yourself

The importance of rest and reflection had its segment during the call, with members discussing two approaches to help boost mental clarity and emotional balance. The first approach is called the RAIN method, which stands for Recognize, Allow, Investigate, Nurture. Members who have practiced this shared that it presents a structured way to process thoughts and emotions, allowing for intentional action to be taken instead of actions that are purely reactionary.

Alongside it, the practice of Loving-Kindness meditation was also introduced as a tool for developing self-compassion and empathy as we connect and interact with individuals in the space.

These practices show that progress extends beyond visible achievements. It also covers the nurturing of both individual well-being and community bonds. The holiday season presents an ideal moment for members to embrace these practices, as we step back from digital engagement to refresh and reset.

As we wrap up 2024, the newsletter team extends warm wishes to every member of the Black Flag DAO community. May your holiday season be filled with rest, reflection, and moments of genuine connection. We look forward to riding the first Wave of 2025 together, creating a community that's not just sustainable but truly thriving.

Wishing you all a beautiful Christmas and a peaceful holiday season.

⛴️ Black Flag Content

🧠 Crypto Sapiens

Thanks, Bold!

The Black Flag DAO’s website is officially live. It’s your go-to resource for everything about our community, from ongoing projects and official links to governance processes. Be sure to check it out to learn more. Shout out to 0xZFi and the Transition Council for their stellar work in bringing this to life.

In other news, the Black Flag Collective has received funding approval from the multisig. If you’re hosting an event and would like to receive funding from the Collective, all you need to do is:

1. Include a black flag on your online promotional material.

2. Take a picture at or during the event and post it on the Discord channel.

Once those are done, you will be added to the Snapshot for retroactive funding.

This week’s article poses you with a challenging question, and it’s a question only you can answer, so take a moment, clear your mind, and read purposefully. Additionally, Bankless Academy is participating in the Octant Epoch 6 Snapshot Shortlist for the first time, and they need your support. Note that only 18 out of 41 projects will make it, so if you’re a GLM locker, head to the Octant Snapshot and cast your vote before the voting window closes on December 17, 2024.

As we wrap up 2024, it’s easy to get caught up in all the frenzy that comes with the end of the year. Don’t forget to take care of yourself. Eat well, exercise, and rest, so we can start the new year refreshed, healthy, and ready to fly the black flag even higher.

Enjoy your weekend, friends.

Contributors: Lucent, Tonytad, Angelspeaks, Boluwatife, Kornekt, WinVerse

This is an official newsletter of Black Flag DAO. Please subscribe and share to help us grow our audience as we fulfill our mission to build user-friendly crypto onramps.

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🏃‍♀️ Catch up: Listen to this week's Community Call recording.

What Does the Black Flag Mean to You?

Author: Lucent

Yesterday’s community call discussion shed some light on our ecosystem, especially for our community and where we stand in the bigger picture. The conversation stemmed from the incident early last week where someone, frustrated by systemic issues, took a presumably unacceptable action to bring attention to his grievances. We all agree that violence is never the answer, but that incident can be a wake-up call to us and how we can help the system we belong in. There is no perfect system, but the members of that system can do a lot to make it function more seamlessly. This is why the larger conversations should be about the community and the systems we strive to build.

BanklessDAO became Black Flag DAO to change most people's ideas about DAOs. Most folks see it as an entry into blockchain, and while that may be right, who says a DAO cannot be much more than that? Who says it cannot be a tool for positive change in the web3 ecosystem? When we changed our identity, it came from a new purpose which is to build an onchain community of changemakers focused on vibing, thriving, and exploring decentralized systems. Therefore, one thing is clear: we want to bring change. How then can we do that?

Building Something New

We have the potential to redefine how people collaborate, create, and solve problems. We know that centralized systems concentrate power in the hands of a few, but we can build a network that makes transparent decisions, builds accountability, and values contributions based on merit, not hierarchy. Funding and executing public goods projects is a way to start. For example, who wouldn’t appreciate or embrace a clean energy initiative, open-source technology, or decentralized education? Profit-driven institutions often overlook these projects or execute them selfishly and poorly while focusing only on their gains. We have started this through the Black Flag Initiative, which although still budding, has the potential to show the world how much we value the well-being of people and how decentralized systems can impart the real world in due course.

Rebuilding What’s Crumbling

Remember what started this discussion, the incident where someone took action in his own hands to get the system to listen to him? Therefore, permit me to quote the words of fin4dao from the call.

I think since the co-dependency of capitalists and employees is going down, the balance that held up democracy is dwindling. Employees are being replaced by digitalization and AI. Democracy is not a given, it was fought for for hundreds of years. Progress is being reversed wherever possible. I think physical violence might be the factor that's still available for rebalancing democratic structures in the future. In any case, I don't think it helps to underestimate the changing role of physical violence.

The centralized system itself is crumbling and some people are already losing faith in them and turning to violence to be heard. Although our purpose does not include exploring centralized systems, we could start a cultural shift and create a chance to rebuild the definition of governance and trust in systems designed for the many, not the few. Once we have that in decentralized systems, we will have rebuilt the foundations of DAOs themselves, which are people and their actions.

What Does the Black Flag Mean to Us?

The black flag has different meanings across different fields of life. To some, it stands for defiance, aggression, and resistance to authority. While some people might be quick to tag us with that, it is entirely different from what the black flag means to us. At Black Flag DAO, we aim to create meaningful connections and act as a connective tissue for the people and the system that houses them. People are as important as the system to which they belong. We want to be a community that shows, not just tells. We want to get to a point where we can show the world that we solved problems even in the centralized world by exploring and doing meaningful things in decentralized systems.

We can demonstrate our roles as changemakers through action, problem-solving, and building trust, ultimately proving that decentralized systems can deliver real-world solutions, even in spaces traditionally dominated by centralization. As we gear up for the new year, it is on you as a community member to figure out what the black flag means to you, and as long as it does not mean rebellion, you will always be welcome.

⛴️ Black Flag Content

🧠 Crypto Sapiens

Thanks, Bold!

The end of the year is upon us, and with the market riding the bull, we’re hopeful our community will close out the year on a high note too. With our new purpose and identity fully reflected across our socials, the Transition Council is working hard to finalize our membership structure, and we expect they address tokenomics soon. Also, work on our website is progressing, and we’ll share more updates as soon as they’re ready.

This week’s editorial addresses the foundations of a DAO based on the discussions in this week’s community call. It’s an important conversation as we continue to shape the future of our community.

In the meantime, two important proposals are live on Snapshot: The first is an updated tlBank Snapshot proposal to fund the Weekly Rollup newsletter through the end of the year. Voting ends December 13, 2024. The second is a proposal from the Black Flag Collective to fund IRL events, with Farcaster Fridays Toronto being the only event in the proposal for now. Vote as soon as possible, as this proposal's voting period ends on December 10, 2024. Also, the monthly retro reimbursement transaction for Software-as-a-Service (SaaS) payment is up, with the multisig expected to sign off early next week.

As we begin to wrap up the year, we’re excited about how far we have come. Stay involved, stay aligned, and let’s keep flying the black flag.

Contributors: Lucent, Tonytad, Angelspeaks, Boluwatife, Kornekt, WinVerse

This is an official newsletter of Black Flag DAO. Please subscribe and share to help us grow our audience as we fulfill our mission to build user-friendly crypto onramps.

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🏃‍♀️ Catch up: Listen to this week's Community Call recording.

Snapshot Votes

• Which Nov 2024 IRL events should we fund?

• [UPDATED] Fund DAO Newsletters Till End of Year

The Fundamental Foundations of a DAO

Author: Lucent

There was little work in the community last week as some members were away to celebrate Thanksgiving. The Transition Council, however, did not put its job of figuring out the best membership structure on hold, making the basis for this week’s community call discussion. The discussion centered on DAO structure and the fundamental building blocks of a DAO. The common school of thought supports the notion that people are the most important foundation of a DAO. However, while that might be true, action is another important block, if not the most important, in a DAO structure.

The goal of every community is to progress, but that will happen only when there is an action to get them moving. In physics, Newton's First Law of Motion, also known as the Law of Inertia, states: "An object will remain at rest or in uniform motion in a straight line unless acted upon by an external force." If we relate this law to the DAO context, our community is the object, and what propels us or brings us to a halt are actions. Therefore, we need actions to propel us forward and prevent us from stopping.

One Action Births Another Action

Did someone ever invite you to a party at a location you weren’t familiar with? What did you do? Did you stay home to find out the venue? No. You stepped out, got into the car, and found your way there, right? Stepping out of the house and getting into the vehicle are little actions that makes you arrive at the venue. In the same vein, the appointment of the Transition Council to oversee the reorganization was an action that led to several other actions, like the cleanup of the server and the adoption of a new purpose and identity. From one action, other actions were born to give us a new direction. This proves that an action is not a one-time thing, but something that starts a chain reaction. The action we begin with dictates how the community will be in the long run.

People Take Actions

We have seen that actions are born from an initial reaction, and when followed through, bring direction and growth. However, actions don’t take themselves that’s why we need a guiding principle, a “weight point” that anchors us to our purpose. For us, this weight point is vibing and thriving while exploring decentralized systems. This means that before taking any action or adopting any initiative, we should feel connected to our purpose through it. That connection is a sign that the action will create the right conditions for more actions to follow, and not leave us stuck when challenges arise.

The Fundamental Blocks of a DAO

Therefore, the foundations of a DAO are people and their corresponding actions. None of them should exist in isolation. Actions are the DAO just as much as people are the DAO. A group hanging out without direction from their actions is just a group. To truly function as a DAO, we need a structure that empowers everyone to take intentional, impactful actions. This moves us from being just a Decentralized Autonomous Organization to a Direction-Aligned Organization, where every action comes from people with purposeful intentions, birthing other actions. We must remember this as the Transition Council continues their great work of restructuring our community.

⛴️ Black Flag Content

🧠 Crypto Sapiens

Thanks, Bold!

After a thoughtful process by the Transition Council, we are excited to introduce a new logo that reflects our name and purpose. The logo depicts a simple, friendly vibe, with the word “DAO” included, emphasizing that we are not a corporate entity masquerading as a cooperative. You can learn more about the logo on the resource page, where you will also find different downloadable versions.

Additionally, we have successfully registered a domain for our new name, thanks to the efforts of our InfoSec team and HiroKennelly. However, while we update the site, we will temporarily redirect the current domain to our Notion page.

We also want to clarify that we no longer use the old BanklessDAO Discord URL. Some individuals have been attempting to use it as a phishing server, which could lead to confusion. This week’s article addresses areas where confusion might arise, including branding, membership, and projects, and works to clear up any uncertainty that might come up.

Finally, the proposal to fund the newsletter through the end of the year is now live on Snapshot. The proposal seeks retroactive funding for work done in the L2 Review and funding for the Weekly Rollup until the end of the year. There’s work to be done, and we encourage value-aligned community members to contribute as we fly the black flag.

Contributors: Lucent, Tonytad, Angelspeaks, Boluwatife, Kornekt, WinVerse

This is an official newsletter of Black Flag DAO. Please subscribe and share to help us grow our audience as we fulfill our mission to build user-friendly crypto onramps.

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Snapshot Votes

• Fund DAO Newsletters Till End of Year.

A Distinctive Black Flag Brand

Author: Lucent

Black Flag DAO now has a new logo, and the logo (with our new name) is already being updated across various social media pages. The logo is no longer the bold white-lettered “DAO” text with a thick red line underneath it on a black background. Instead, our new logo illustrates a person waving the black flag with an almost visible happy aura. Here is how it looks.

Including the word “DAO” above aims to remove any doubts that we are not a community-based organization but just a regular company. We are truly open to exploring decentralized systems on-chain. It is also important to note that the logo has different versions that show various colors and gradients with the constant factor of the illustrated person happily waving the black flag. Check out those other versions and banners on the logo resources page.

Squatting and Verification

After we cleaned up our Discord server, changed our name, and reorganized our community, some phishers and scammers picked up the old Bankless DAO Discord URL to act like a legitimate community. This tactic, known as domain squatting, involves malicious actors taking over previously used URLs to deceive users into thinking they're interacting with the original organization. Therefore, we want everyone to know we no longer use the old Bankless DAO Discord URL. Please use https://discord.gg/blackflagdao to access our server instead.

The Transition Council is still processing the adoption of a membership structure, but pending the adoption, we suggest using Collabland to verify membership. This simplifies the process because, from feedback, folks seem to have issues using the guild page. We trust the TC to adopt a single verification process to avoid confusion as we move forward.

Information Security

Information security is a top priority, and our InfoSec team demonstrated this by successfully securing our domain, thanks ‌to community OG HiroKennelly for playing a major role. Now, we have full control and configuration of it. However, updating the webpage will take some time. Coupled with the limited value of the current Notion page and outdated information on the old website, the Transition Council has opted to redirect our domain from “https://www.bankless.community/” to “https://blackflagdao.notion.site/” pending the time the website becomes updated and active.

Black Flag or Bankless Project?

A key concern raised in the community call is how to differentiate our projects from scammers and copycats, as opportunists will try to exploit our former name for scams or phishing accounts on social media. Projects like Bankless Academy still use the Bankless name, which might make it challenging to clarify that they are official Black Flag DAO projects and avoid confusion. One suggestion was to host a space on X, during this transition. This means DAO projects will be present to discuss strategies to prevent copycats from exploiting the BanklessDAO name. Should they also adopt the Black Flag brand to remove confusion and leave no room for vulnerability? A space on the main X account might be the best approach to answer these questions and develop a strategy to avoid future complications.

Beyond branding, membership, and adopting initiatives, it is important that we communicate brand changes across necessary platforms to minimize confusion and doubts that will lead to difficult circumstances in the future. To keep things collaborative, a forum post could be a great way to hear from the community about how they think we can strengthen our new identity, minimize confusion, and create a brand distinct from others in the ecosystem.

⛴️ Black Flag Content

🧠 Crypto Sapiens

Thanks, Bold!

A big thank you to everyone who joined Monday’s Governance Call featuring guest David Ehrlichman, co-founder of HATS. David shared valuable insights on membership levels, role requirements, and strategies for better organizing our community as we continue our transition. If you missed it, you can listen to the recording to catch up on all the details and get an idea of what our future could be shaping into.

There are currently three active proposals on the Forum that need your input. The first proposal focuses on funding community newsletters through the end of the year, the second seeks feedback on funding new initiatives, and the third addresses retroactive funding for Optimism intentions campaigns. These proposals were the discussions in this week’s Community Call and will serve as the foundation for this publication’s editorial. How can we best align our community priorities, especially regarding retroactive rewards and future funding requests?

Things are progressing, with the major topic currently discussed being the community’s membership structure. As the new iteration of the DAO takes shape, we urge you to keep showing up and contributing. Take some time off this weekend, refresh, and let's keep building next week.

Contributors: Lucent, Tonytad, Angelspeaks, Boluwatife, Kornekt, WinVerse

This is an official newsletter of BanklessDAO. Please subscribe and share to help us grow our audience as we fulfill our mission to build user-friendly crypto onramps.

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🏃‍♀️ Catch up: Listen to this week's Community Call recording.

Proposals in Discussion

• Should we be funding new initiatives now?

• Newcomer to B DAO through podcast…and a warning!

• Optimism “Intentions” Campaign Retroactive Funding - Multisig Distribution

Navigating DAO Priorities: Balancing Retroactive Rewards and Future Funding

Author: Boluwatife

Transition is in full swing and official changes are in the process of execution around the DAO. Keeping in line with these changes, there are new forum posts that discuss progress around some unsolved issues and sentiments regarding moving forward with funding.

Optimism "Intentions" Campaign Retroactive Funding - Multisig Distribution

This particular topic has been a bone of contention for quite some time now between the multisig and some projects that participated in the Optimism Intentions campaign under the umbrella of BanklessDAO. Initially, there was an agreement between all the projects that participated in the campaign, where retroactive funding would only be released if the laid down requirements were met. The campaign has long ended and the funding was sent to the BanklessDAO multisig after proper alignment and clarification. The multisig in response to that decided to distribute funds based on the DAO's governance structure. Due to this, funds were not distributed by default and some projects did not receive their respective retroactive funding. The multisig claimed that this was because members did not see any clear contributions to the intentions campaign in particular and while they do not have the adequate resources to vet all deliverables adequately, they believe they do not align with the campaign or fulfill their requirements. Plus, they believe that contributors have been adequately compensated for their efforts in the form of BANK or Optimism’s RPGF.

Members from the affected projects have come forward to say that the requirements were actually fulfilled and that the previously made agreement should be honored. This has led to some back and forth with the multisig eventually putting up a forum post to address the lack of clarity. Do view it here, and also drop your comments. They would be highly appreciated.

Fund DAO Newsletters Till End of Year

This proposal was put up to request funding for the work done by the newsletter team for the Weekly Rollup and the Layer 2 Review newsletter. This proposal contains a budget and full breakdown regarding compensation for contributors. So far, the sentiment has been to fund the Weekly Rollup as it is more aligned with the DAO and helps with its transition but with certain conditions. The community would love to hear your opinion on this. Head over here to view the post and put down your thoughts.

Should We Be Funding New Initiatives Now?

TheThriller, a member of the DAO, put up a Forum post to get sentiment regarding funding new initiatives. When the restructuring process started, the plan was to halt funding till the process was complete, with exceptions to small value-aligned groups of contributors that fit into the transition.

During the community call, most members agreed that the sentiment has not changed, but if there is a project that thinks they have what it takes to receive funding by being value-aligned, it can be brought forward and if it passes necessary requirements, it will make it to Snapshot for the community to decide. However, projects that might get funding right now are those directly contributing to the transition.

That will be all for this week folks. Do check out the community’s Forum, share your thoughts, join meetings, and participate in discussions. Your opinion is highly appreciated.

Have a beautiful weekend.

Thanks, Bold!

The Transition Council is inviting logo submissions to capture the spirit of our community. Members can submit designs in JPEG or PNG format to the designated channel until 22:00 UTC on Thursday, November 14. If you've shared a design before, please resubmit it for consideration. Selected designs may be fine-tuned in collaboration with the designer, and while retroactive rewards are a possibility for the chosen logo, this is still under discussion. Designers should also be ready to provide files in various formats, including high-resolution, web-friendly, and scalable vector versions. For more detailed information, visit the announcement channel.

Per bDIP-02, we are aligning all meeting schedules in Coordinated Universal Time (UTC) irrespective of the set back by one hour in many regions. All weekly meetings will follow UTC for clarity and consistency, and this started with yesterday’s community call. The Community Call happened on Friday at 16:00 UTC, with the Transition Council working meeting happening at 19:00 UTC. Governance discussions continue on Mondays at 19:00 UTC.

In other updates, join us for a special governance meeting on Monday, November 11, with guest speaker David Ehrlichman, co-founder of HATS protocol. David will guide our community and the Transition Council in exploring how we can better understand membership roles within Black Flag DAO. This is a unique opportunity to learn about HATS, a system built to organize role management in decentralized organizations. The meeting will be recorded and is open to all community members. Join us on Zoom at 19:00 UTC. Don’t miss this opportunity to engage with innovative governance solutions and support Black Flag DAO.

As our community continues to grow, we expect more updates. So stay tuned, stay involved, and let’s plant the black flag together.

Contributors: Lucent, Tonytad, Angelspeaks, Boluwatife, Kornekt, WinVerse

This is an official newsletter of BanklessDAO. Please subscribe and share to help us grow our audience as we fulfill our mission to build user-friendly crypto onramps.

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🏃‍♀️ Catch up: Listen to this week's Community Call recording.

Proposals in Discussion

• Fund DAO Newsletters Till End of Year.

Balancing Community Growth with Procedure

Author: Lucent

As we move through this transition in the community, we’ve seen many proposals, including the multisig election and the Transition Council authority. The latest talking point from the community call was the snapshot proposal to use treasury yield to fund IRL events. This idea attracted mixed reactions, with views divided almost evenly between support and opposition.

The proposal aims to create two “no-loss” savings pools by depositing assets (USDC and WETH) into a yield source (in this case, Aave). The yield generated would fund in-person events for the community, bringing in around $250 per month from the initial $100,000 deposit from the treasury. Some members believe the proposal was rushed to a snapshot vote without adequate forum discussion, while others claim it lacks crucial details. The project champion, a respected community member, argued that too much focus on procedural formalities can stifle the post’s intent: to support the community’s growth. The following highlights the discussion from the call.

Emotion vs Procedure

We’ve often seen people support initiatives based on their trust in the person behind them, especially when that person has a sound record, integrity, and expertise. However, relying mainly on personal trust can create biases and sometimes prevent critical examination of the proposal’s content. The procedure to ratify that proposal provides an objective framework that ensures transparency and fairness, allowing everyone to assess proposals based on set criteria rather than personal relationships. However, when the procedure becomes too strict or bureaucratic, it risks slowing down flexibility and responsiveness. This is why we need to find a balance between these, so we’re not letting procedure bog us down but are still using it to make sound, fair decisions for the best outcomes as a community.

Procedure vs Process

As we rebuild and rebrand, some processes guide this change. The first step was to create a Transition Council to manage the transition. We’ve reorganized our Discord server, adopted a new name, and established the Transition Council as an official authority. We followed certain procedures during each step to ensure the right decisions were made with everyone’s best interests in mind. Therefore, we ought to objectively evaluate new initiatives to ensure they align with the community's direction and values. Following procedures doesn’t mean losing sight of the broader process; instead, both work together to create a fair, inclusive, and successful path forward.

Outcomes

Our outcomes should reflect a balanced assessment that respects both process and procedure. Every proposal or initiative needs to meet baseline requirements, but sometimes, balancing both sides and not becoming a bureaucratic organization means allowing the process to adapt when unique factors arise, ensuring flexibility without sacrificing fairness. We’re a community built on shared values and respect for each other, with a deep value for every member’s opinions, thoughts, and initiatives. However, we also don’t want to become a community that ignores procedures or disrupts the process just because of sentiment. As one member pointed out during the call, we cannot make decisions now and ask questions later. Any initiative we take must align and gain the support of the majority before we move forward.

You are at the core of this community. We may not always agree, but growth comes when we learn to debate respectfully, recognizing that disagreements can strengthen us, as Thomas Jefferson said, “Every difference of opinion is not a difference of principle.” No matter your view, we respect your voice. Keep engaging, making your thoughts known, and helping us fly the black flag high.

As next steps to DAO building, we will be having a deeper dive into membership structures with David, co-founder at Hats Protocol giving a demo on Zoom. You can join the conversation on Monday at 19:00 UTC.

⛴️ BanklessDAO Content

🧠 Crypto Sapiens

🗞 Layer 2 Review

Thanks, Bold!

The Snapshot election for the Transition Council Authority ended on Friday, and we’re excited to congratulate the Transition Council on gaining BANK-holder ratification. This is a big step forward in our restructuring journey. With the TC now empowered to prioritize community-driven changes, it can sort out important pending issues, such as refining membership models, tokenomics, and other essentials.

Another Snapshot vote went live yesterday, proposing to use treasury yield to fund in-person events. The plan involves depositing 55,000 USDC and 20 WETH of unused treasury assets into no-loss PoolTogether v5 pools, which the DAO can withdraw at any time, keeping the funds risk-free. The yield generated will support community events. Find out more information on the Black Flag Initiative website. Voting is open until November 8, so head to Snapshot and cast your vote.

This week’s editorial discusses the successful ratification of the Transition Council’s authority and examines key membership processes, including proposed onboarding and engagement metrics. It also highlights the new Black Flag DAO initiative, what to expect, and other important insights.

With the TC guiding community decisions, the path to bringing our shared vision to life is clearer than ever. However, this doesn’t mean we should stay silent. Our voices and participation are important as we move forward. So, let’s stay active, keep sharing our perspectives, and plant the black flag together.

Contributors: Lucent, Tonytad, Angelspeaks, Boluwatife, Kornekt, WinVerse

This is an official newsletter of BanklessDAO. Please subscribe and share to help us grow our audience as we fulfill our mission to build user-friendly crypto onramps.

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🏃‍♀️ Catch up: Listen to this week's Community Call recording.

Snapshot Votes

• Use Treasury Yield to Fund IRL Events

Proposals in Discussion

• Use Treasury Yield to Fund IRL Events

Progress

Author: Boluwatife

Coming together is a beginning; keeping together is progress; working together is success. — Edward Everett Hale

The most recent community call highlighted many updates from the community. One of them was the proposal to ratify the Transition Council authority. Now passed, the six members of the TC have been vested with the authority to make decisions regarding the DAO’s progress to the extent that has been stated in the proposal. This is a welcome development among members of the community as out of 78 votes, a high percentage was in favor as opposed to against. This shows that the community believes in the progress of the DAO and has confidence in the TC to execute the DAO’s best interest.

Meetings are Back

Due to the confusion regarding Transition Council authority and ways to move forward, the TC meeting was put on hold. Now there is clarity, meetings are back on, and they will be held at the regular time every Friday, 19:00 UTC.

Also, the governance calls still hold and everyone is welcome to join and air their opinions, perceptions, and observations.

Membership Procedure Ideas

The strength of our DAO lies in its members. We're setting up membership procedures that go beyond simple token holding. Our aim is to build a community of dedicated individuals who understand and support our mission.

Ideas brought forward by community members detailed a process where new members will go through a structured onboarding process. This process isn't about creating barriers, rather it's about ensuring everyone who joins understands what we're building together. While the membership procedures haven’t been defined yet, several key areas are being looked at, including:

• Project participation credits

• Technical contribution tracking

• Community engagement metrics

• Governance participation points

For those looking to join, we want to make the path clear and rewarding. Each new member will have opportunities to demonstrate their alignment through:

• Active participation in governance calls

• Contributing to ongoing projects

• Engaging with existing members

• Sharing expertise in their areas of strength

• Supporting other community members

Building a Self-sustaining Structure

The heart of our vision is creating a DAO that thrives through distributed leadership. If we will still be in the business of incubating projects, we need to make sure they are guided on their way to stability.  Every project should be able to move forward independently, powered by its own community of contributors. This approach ensures that projects remain stable and productive even during leadership changes or market fluctuations. It's about creating resilient systems that can:

• adapt to changing conditions

• scale effectively

• maintain momentum

• preserve institutional knowledge, and

• support continuous improvement.

Black Flag DAO Initiative

Our latest community initiative opens new doors for real-world connections. We're proposing to put 55,000 USDC and 20 WETH of our treasury into PoolTogether v5 pools. It will take on the presence of a smart savings account for our community. The best part? The DAO can withdraw these funds anytime, making it a risk-free way to generate about $250 monthly for in-person meetups every month.

What makes this wholesome is that every DAO member gets a say in which events receive funding. Want to organize a meetup? You'll be able to put your idea up for a vote. The proposed idea is all for keeping things transparent with simple rules — events need social media presence and should happen regularly. This isn't just about funding meetups; it's about building real connections in our community. This is because in web3 communities, shared purpose is important.

The next phase gets even better. The initiative plans to distribute Black Flag tokens monthly to everyone who participates. These tokens aren't just for showmanship; they'll give members voting power on future events and help shape our community's direction. It's our way of rewarding members who actively participate and believe in what we're building.

Ready to vote on this proposal? Head over to the Snapshot.

That will be all for this week. Do have an amazing weekend ahead ✨

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The Snapshot vote for BANK-holders to ratify the Transition Council's authority is live! This vote is your chance to weigh in on the TC’s power to make key changes, as outlined on Snapshot. Important note: the TC had to repost the vote because the initial version mistakenly set a 3-day timeline instead of seven days. If you voted before 17:59 UTC on October 25, please re-cast your vote on the new link to make sure it counts. Voting closes on November 1.

BCard, a valuable community project, has just launched OpenMedF on its platform. By signing up, you can support OpenMedF’s fresh, collaborative approach to research on ME/CFS and long COVID. OpenMedF is not only funding research but also connecting specialized research hubs around the globe and building a powerful network to tackle these issues. Learn more and support the mission on BCard!

This week’s article recaps highlights from this week’s Community Call, where members discussed building a sustainable membership and governance model. There was also discussion about the type of membership structure we might adopt and the qualities we value in contributors that can help align us with our purpose. A strong takeaway is the clear value a strong membership brings to any model we decide to adopt.

Have a great weekend, frens!

Contributors: Lucent, Tonytad, Angelspeaks, Boluwatife, Kornekt, WinVerse

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🏃‍♀️ Catch up: Listen to this week's Community Call recording.

Snapshot Votes

• Vote to Ratify Transition Council Authority

Building a Sustainable Governance Model

Author: Lucent

With a new name and purpose, we aim to build a sustainable governance model that reflects that purpose and supports us long term. Membership will play a big part in this, and yesterday’s community call brought lots of perspectives on how we could shape it.

A Simpler Membership Structure

One suggestion was to simplify the membership structure to make it easier to adopt, with everyone having a clear understanding of what it takes to become a community member. This model would focus on two principal components:

1. Economic Buy-in

New members would join by contributing financially. This buy-in would go into a pooled contract, where the yield would help fund DAO operations. This approach allows us to meet the financial needs of membership while generating revenue on a long-term basis. In other words, we adopt a permissionless entry model with a built-in way to support the community financially.

2. Current Member Ratification

To balance the open entry, the model would add a social layer through onchain voting. Members could then vet and approve other members who want to advance to higher levels of membership. This way, we can maintain the community vibe and align on values. We would still need to iron out some questions, such as determining the buy-in amount, identifying the tokens or NFTs involved, and assigning voting power. However, it's worth noting that this suggestion is still preliminary, and we haven't finalized anything yet.

The NOUNS DAO Model: Should we ‘fork’ it?

NOUNS DAO came up during yesterday’s call as an example of a community with sustainable governance, where communities or projects can use the infrastructure they provide to establish their own governance and operational frameworks, with Purple DAO and Builder DAO as case studies. We could learn a lot from NOUNS DAO about how they use their NOUNS token for membership and governance. While we aren't currently considering running NFT auctions, NOUNS DAO can provide us with insights on the adoption of accessible membership tokens and NFTs in issues of membership, voting, and community culture. Other DAOs have already forked NOUNS, and from the call, it seems some of our members might be interested in exploring a similar path.

Grants DAO Model?

The question to be answered here is: should we be open to rewarding value-aligned projects to co-build? In our previous DAO, we were quite open to giving out grants, but according to some reactions from the call, many would prefer we move away from that. This is also evident from the results of the poll in the purpose post on the Forum where grants giving got 5% of the total votes from community members. This implies that to build a sustainable governance model, we must engage in thorough discussions about moving forward with this. If we want to continue being a community that supports value-aligned projects through grants, we need to adopt a balanced approach to avoid repeating past mistakes.

Clarifying Membership Intent

This might arguably be the most important aspect in our quest to build a sustainable governance model, as this can help the Transition Council adopt the best membership model that suits our community. It is one thing to know the membership structure and another to know who we want that structure to attract. There should be qualities to see in members that can set them up to be voted into other membership levels if we end up with a multi-layered membership model. We need collaborative, honest, action-oriented members who can agree and reasonably show their disagreements to the community. Members who can put themselves out there without the fear of planting the black flag in public.

It’s also important to reflect on what motivates us as individual contributors. What is your primary goal for being here? We want a community that's here to build, fund, and innovate within the ecosystem. To make that happen, we need members ready to contribute ideas, support each other, and take an active role in pushing things forward. That’s what Black Flag DAO is all about.

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Understandably, some of us are still getting used to our new name, but as a community member wisely pointed out, Black Flag DAO is more than just a name, it’s a mindset, an energy that flows through everyone committed to making the world a better place.

With this new identity, we stand at a crucial decision point. The Transition Council believes it's essential to have the community's formal and documented support as we shape the future. That's why they're seeking BANK holders' backing to affirm their authority in implementing these vital changes. If you're a BANK holder, visit the Forum, engage with the proposal, and share your feedback.

This week’s editorial focuses on the Transition Council Authority, highlighting its role in the community's evolution. Rest assured, it’s an informative read that won’t sway your decision on the proposal — just a helpful insight.

The work continues, and we need everyone’s voice and effort to keep pushing us in the right direction. Stay involved, share your thoughts, and let’s keep moving forward together.

Enjoy your weekend, and keep flying the Black Flag high!

Contributors: Lucent, Tonytad, Angelspeaks, Boluwatife, Kornekt, WinVerse

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🏃‍♀️ Catch up: Review Listen to this week's Community Call recording.

Proposals in Discussion

• Transition Council Authority

A New Chapter: Navigating Change in Our DAO

Author: Boluwatife

Transition Council Authority

The Transition Council, established to guide our community through this transformative period, is seeking formal endorsement from BANK token holders. This move aims to solidify the Council's mandate in implementing crucial changes for our DAO's future.

Six members were appointed to the Transition Council during the June 24, 2024 Governance meeting, following a tlBANK Snapshot vote. These individuals have been working diligently, assuming the support of active DAO members regarding consultations and decision-making around our new purpose, name, and brand identity.

However, before taking further steps that will shape the DAO’s collective future, the Council believes it's vital to secure explicit backing from the broader community. This endorsement will provide the necessary legitimacy for the Council to act on behalf of all members and emphasize that this transition is a shared responsibility.

If approved, the Transition Council will be empowered to:

1. Roll out the new name and brand identity (Black Flag DAO) across our online presence.

2. Determine the future of the BANK token and potential new token issuance.

3. Modify membership requirements and organizational structure.

4. Select and implement the necessary tools for these changes.

5. Update governance processes to reflect new membership and token ownership rights.

6. Draft and implement a revised Constitution encompassing all changes.

The Council commits to maintaining open communication channels, providing transparent reports on major decisions, and working closely with the DAO Vault multisig signers to ensure the DAO's long-term stability and integrity.

A BANK-holder Snapshot vote will be held no earlier than seven days after the related Forum post, seeking approval for the affirmation of the Transition Council's authority. The Snapshot vote will be set to the block height as of Friday, 11 October 4pm UTC, coinciding with the recent Community Call that sparked this decision.

To read more about this proposal, ask questions, and give feedback, check out this Forum post.

The Road Ahead: Preserving Our Digital Footprint

During the community call, questions came up about the fate of our existing social media accounts, especially with the inevitable implementation of a new brand identity. The primary concern that was brought up revolved around maintaining the verifiability of past contributors' work. The representative of the Transition Council present assured that these valuable records of our community's history and contributions won't be lost. The plan is to maintain the content, and social media assets ensuring it remains accessible for future reference.

By preserving our digital footprint, we're not just safeguarding memories, we're protecting the professional records of those who've played a part in our story. This approach allows us to honor our roots while embracing our evolving identity.

DAOs: The Workforce of Tomorrow

Another interesting discussion that came up during the community call was the current state of DAOs. Many members acknowledged that despite economic uncertainties in various parts of the world, and the flaws that the system has, Decentralized Autonomous Organizations (DAOs) continue to stand out as one of the most innovative and effective ways to collaborate, create value, and earn a living. While many DAOs aren't yet established as profit-driven entities, they represent a progressive approach to work that's gaining traction globally.

Members also made observations about how the DAO ecosystem is far from static. In the coming years, we can expect to see groundbreaking tools and platforms that will further enhance the DAO experience. The discussion also highlighted that there are already signs of this progressive direction coming from projects like AragonDAO and Hats Protocol and these are just the tip of the iceberg.

Embracing the Journey Ahead

This transition period is more than just a change in name or structure – it's an opportunity for us to redefine what we stand for and what we can achieve together.

There is optimism in the community right now with members excited about all the progress the community has achieved and the impact our DAO will make in the world.

Your voice matters in this process. Whether you're a long-time contributor or a recent addition to our community, your insights and ideas are valuable. The DAO encourages you to engage in discussions, share your thoughts on the proposed changes, and participate in upcoming votes.

Have an amazing weekend! 🥂

Thanks, Bold!

Welcome to our first Weekly Rollup as Black Flag DAO! Yes, you heard that right. After a long but thoughtful process by the Transition Council with valuable feedback from the community, we have a new name and a refined purpose. The purpose was refined because of some concerns about the use of the term "regenerative systems." The Council listened, revisited the statement, and here’s the new version:

Purpose:

To build an onchain community of changemakers focused on vibing, thriving, and exploring decentralized systems.

Next up is our brand's visual identity. After a call for logo submissions from the talented designers in our community, the Transition Council will soon select the design that best represents Black Flag DAO. Submissions continue into next week but we’ve already seen some stunning designs. We trust the Council to choose one that truly reflects our spirit.

As for the multisig election, the Transition Council has decided to move ahead with a Snapshot vote, including all current applicants — regardless of whether they met all the requirements. Regarding where this election would be hosted, discussions are still ongoing around it.

The goal is to be changemakers who vibe and thrive together. So, as always, get involved, explore, and fly the Black Flag with pride!

Contributors: Lucent, Tonytad, Angelspeaks, Boluwatife, Kornekt, WinVerse

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Proposals in Discussion

• Re: bDAO Multi Sig Signers: Bankless Africa Optimism Campaign Report

Multisig Election Snapshot Wrangle

Author: Boluwatife

The highlight of the community call this week was information about the multisig elections. The conversation was originally supposed to revolve around the announcement of its commencement, providing updates, and then inviting the candidates to express themselves to the community members. This was to allow members know the candidates and their plans. However, after the announcement that the elections would be conducted via the tlBANK snapshot, there was pushback to utilize that space for this purpose.

tlBANK vs BANK Snapshot Debate

After the representatives from the Transition Council announced that the election would be held on the tlBANK snapshot, a counter-opinion was presented, stating that it would be best if the election was held on the BANK Snapshot. Here are the arguments from both parties:

Pro-tlBANK Snapshot

The representative of this opinion highlighted that using tlBANK would prevent an unfair election and provide a gated way to vote that would involve dedicated members true to the cause of the DAO. Currently, the BANK governance token price is very low, meaning anyone can buy many tokens and influence decisions being made in the community, which would be unfair to those present and determined to make the community work.

Therefore, the election will not be token-weighted by BANK, but will be done by equating 1 tlBANK to one vote. However, if you would like to vote for two candidates, your tlBANK will allow you to do that, but it will still be counted as one vote for each candidate.

It will be held on the tlBANK snapshot. The Transition Council representative explained that they made this decision after much thought and consideration. It was also acknowledged that while it might appear that many BANK holders are being disqualified from voting, this was the best way they could think of to ensure a free and fair election.

Pro-BANK Snapshot

The argument for using the BANK snapshot came from a party on the multisig camp with equally valid points. This opinion highlighted that many people are holding BANK, some who have never sold, some who have earned and held BANK since the beginning, and that disqualifying them from the election just because they don't have tlBANK is quite unfair. The representative also stated that the majority of people with tlBANK might not be those with the highest value of BANK, and to disqualify those who have a very high value and have shown dedication by not selling goes against the value alignment goal of the community.

Decision-making Authority

With both sides expressing their points, the question arose about which group actually has the power to make these decisions. The Transition Council argued that they were elected by the DAO to make decisions regarding this transition process, while the party on the multisig argued that it has some limitations. It is quite obvious that there is still some uncertainty regarding the rights and responsibilities. This needs to be addressed, and this is why we have a community – it allows everyone to see what's wrong and then right it.

Further Steps by the Transition Council

The Transition Council has decided that following this new development, a proposal will be put up on the Forum to get clarity on its responsibilities. This will decide the way forward, as the multisig elections cannot be held without this clarification.

Black Flag Logo Submission

As the new logo for the DAO could not be chosen on the community call, it is still open for submissions. Please check out the transition council channel to drop your submissions and do not forget to follow the due process for making a logo.

Thank you for reading, and have an amazing weekend!

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In the whirlwind of change, one thing remains true which is the ability to disagree and still commit — that's what keeps us moving forward. This message from our recent community call perfectly captures the essence of what we're experiencing as a DAO during this pivotal time.

With the rebranding of the DAO, we’ve solidified our name and mission. However, the work isn’t done yet. Next up is tackling other operational aspects such as token implementation, and creating brand identity elements such as logos and banners which would authentically represent our identity.

Meanwhile, a lot of preparations are ongoing for the new community as changes to how members participate in channels are coming, streamlining engagement and strengthening collaboration across the board.

The journey ahead is full of excitement and potential. Our strength lies in unity. We are all one voice; so let's speak as one. Let’s carry this spirit into the coming weeks as we build a stronger and more unified community!

Contributors: Ritaakubue, Tonytad, Angelspeaks, Boluwatife, Kornekt, WinVerse

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You're Entitled to Your Voice, but Not Your Way

Author: Boluwatife

The energy during this week's community call was nothing short of electric. As community members shared updates about their ongoing projects, it became increasingly clear that we're building something truly special. The diverse array of initiatives being developed within our community showcased not just individual innovation, but the power of collective creativity. Having a community of like-minded individuals has proven invaluable as there's always someone to bounce ideas off of, challenge your thinking, or offer a fresh perspective. This collaborative environment has become our community’s backbone, fostering growth and innovation in ways that isolated development never could.

Transition Council Updates

The Transition Council has reached a significant milestone in its journey to shape our DAO's future. After extensive consultation with the community regarding fundamental aspects such as our DAO's purpose, operational methodology, and organizational structure, the council has announced a shift in its approach. Moving forward, they will be internalizing decision-making processes for specific operational aspects, including token implementation (with consensus building on Base), brand identity elements like logos, and membership frameworks.

This approach isn't about limiting community input, but rather about enabling efficient and fast execution. The council has absorbed the community's wisdom and perspectives, and will now focus on translating these insights into actionable decisions.

Member Sentiment

One of the most thought-provoking discussions during our meeting centered around how council decisions might impact member participation and engagement. The community raised valid concerns: what happens when members disagree with certain decisions? Could disapproval lead to reduced participation or community stagnation?

Many members drew upon democratic principles to illuminate this situation. In any democratic system, not everyone gets their preferred outcome, but everyone gets their voice heard. This is where our title becomes particularly relevant: "You're entitled to your voice but not your way." This principle acknowledges that while consensus is ideal, progress shouldn't be held hostage to unanimous agreement. Just as in any healthy democracy, members can voice their perspectives, contribute to the discussion, and influence the direction but the final decision may not always align with their individual preferences.

The Benefits of Balance

One of the most crucial aspects of the DAO’s evolving system is the emphasis on balance, particularly regarding financial considerations. The community has recognized the importance of finding the sweet spot between pure volunteerism and profit-driven motivations. This balanced approach acknowledges that while passion and community spirit are essential drivers, sustainable economic models are equally crucial for long-term success.

Rather than swinging to extremes, we're cultivating an environment that values both contribution and compensation appropriately. This balanced perspective ensures that participants can maintain their commitment while receiving fair recognition for their efforts, creating a sustainable ecosystem that benefits all stakeholders.

The DAO Moving Forward

As we continue our journey, three key principles will guide our path:

1. Keep Moving Forward: Progress is our priority. While we may not always agree on every detail, maintaining momentum is crucial for our success.

2. Think Long-term: Our decisions today shape our tomorrow. We're building for the future, not just addressing immediate concerns.

3. Embrace Iteration: We're not afraid to refine and adjust our approach as we learn and grow. Flexibility and adaptability are our strengths.

The path ahead is exciting, and your voice matters in shaping it. This is because every perspective adds value to our collective journey and it's your participation and engagement that makes our community thrive.

Have an amazing weekend!

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Monday’s governance call focused on revising the new purpose statement and gathering feedback from members. The feedback made it clear that we needed to revisit the drawing board to ensure the statement was not too wordy and that it accurately represented our community. This spurred the Transition Council into action, and during yesterday’s community call, they presented two new purpose statements for us to choose from. Along with addressing the name issue, it's safe to say we can expect a refined statement soon that truly captures what we stand for.

In other exciting news, BCard, an affiliated community project, has been accepted into the Octant Accelerator program. This four-week initiative, running from September 26 to October 24, 2024, is designed to help builders in the web3 space focus on growth and sustainability, which is exactly what BCard is all about. Congrats to the BCard team.

This week’s editorial addresses the discussion around our name; should we use the acronyms DOO, DAO, or DOC? What do these terms mean, and how do they set us apart? Keep reading, it promises to be an interesting read.

Stay healthy, friends, and have a wonderful weekend!

Contributors: Lucent, Tonytad, Angelspeaks, Boluwatife, Kornekt, WinVerse

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🏃‍♀️ Catch up: Catch up with this week's Community Call **recording;** listen-only here.

DOO, DAO, or DOC?

Author: Boluwatife

In recent weeks, our community has been buzzing with discussions about our core purpose and how we define ourselves. These conversations have been both exciting and challenging, pushing us to really think about who we are and what we're trying to achieve together.

Boiling Down Our Purpose

One of the main topics that came up during our last community call was the length of our purpose statement. Many felt it was too wordy, making it hard to remember and share with others. In response, two shorter versions were presented for everyone to consider:

1. "To build an onchain community of thriving changemakers vibing and exploring decentralized systems."

2. "To build an onchain community of changemakers enjoying and exploring decentralized systems."

Both of these capture the essence of what we're about – creating a space for people who want to make a difference, all while diving into the world of decentralized tech. The main difference? Whether we want to emphasize the "thriving" and "vibing" aspects or if we want to classify ourselves as “enjoyoors” and keep it a bit more straightforward.

DOO, DAO, or DOC?

Another hot topic has been what we call ourselves. We've been tossing around a few acronyms:

• DOO: Decentralized Onchain Org

• DAO: Decentralized Autonomous Organization

• DOC: Decentralized Onchain Community

Each option has its pros and cons, and folks have been debating which one fits us best. Interestingly, many members have mentioned that they're not so hung up on including "DAO" in our name anymore. This is because they are not really sure if our community is a DAO or if we want to operate that way.

Methods of Operation: More Than Just Names

It's crucial to understand that these terms – DAO, DOO, and DOC – aren't just fancy names. They represent different methods of operation, each with its own implications for how we function as a group.

Take DAOs, for instance. DAOs are all about using smart contracts and blockchain tech to make decisions and manage resources. It's actually very cool, but it can also be complex and intimidating for newcomers.

Decentralized Onchain Orgs (DOOs) are similar, but they might have a bit more flexibility in how they use blockchain tech. They're still all about transparency and community governance, but maybe with a softer touch on the automation side.

As for Decentralized Onchain Communities (DOCs), they put the emphasis squarely on the people. While they still use the blockchain, the focus is more on building connections and fostering collaboration among members.

The tricky part is that these terms are still evolving. What one person thinks of as a DAO might look more like a DOO to someone else, there's a lot of overlap and room for interpretation.

The Struggle to Explain: Breaking It Down

Now, let's talk about the elephant in the room — explaining what we do to outsiders. It's one thing to debate the nuances of DAOs vs. DOOs among ourselves, but try dropping those terms at a family dinner and watch the confused looks roll in.

Part of the challenge is that we're dealing with not widely known concepts. Decentralization, blockchain, and smart contracts are ideas that are reshaping how organizations can work, but they're not exactly household terms yet.

But here's the thing: the concepts behind what we're doing aren't that complicated. At its core, we're talking about a group of people coming together to make decisions and work towards common goals, just using some new tools to do it more efficiently and fairly.

So, how do we bridge this gap? Maybe it's about finding relatable analogies. Instead of diving into the tech details, we could talk about how we're like a digital co-op or a global club where everyone gets a say. Or we could focus on the problems we're trying to solve rather than the methods we're using to solve them.

The key is to remember that not everyone needs (or wants) to understand all the technical ins and outs. What they care about is what we're trying to achieve and how it might affect them or the world around them.

Vibes

Throughout all these discussions, one thing has become clear: the energy and enthusiasm of our community — our "vibes" — are what really make us special. As one member put it, "The life force of decentralized systems is vibes." It's not just about the tech or the structure; it's about the people and the passion we bring to the table.

This intangible quality is what breathes life into our community, regardless of what acronym we use or how we explain ourselves to others. It's the excitement of exploring new possibilities, the satisfaction of solving problems together, and the sense of belonging to something bigger than ourselves.

Moving Forward

As we continue to refine our purpose and identity, it's important to remember that these conversations are part of what makes our community unique. We're not just accepting labels or structures handed down, we're actively shaping who we are and how we operate.

So, let's keep the dialogue going. Share your thoughts on the purpose statements, throw out new ideas for what we should call ourselves, and most importantly, keep bringing those good vibes to everything we do.

Have an amazing weekend!

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What better way to wrap up the week than with the launch of our new community purpose? With thoughtful deliberation from a productive community call, the Transition Council has finalized a purpose that aligns perfectly with our community's rebranding.

Our New Purpose:

To foster a vibrant, onchain community dedicated to the advancement of self-determination, regenerative systems, and collaboration.

We empower passionate changemakers to learn and thrive while exploring decentralized spaces.

Together, we're breaking barriers, creating new freedoms, and building a future where everyone can find their path and amplify their impact.

With this clarity, we can now turn our attention to other important aspects of reorganization, starting with our community’s name. As always, we welcome suggestions; you can drop them in the Transition Council channel.  You can also join the governance call at 19:00 UTC on Monday and the community call at 16:00 UTC on Friday to share your thoughts. Your input will help the Transition Council catch the community's vibe and shape the direction forward.

Additionally, the proposal to elect a new member to maintain the seven-member structure of the multisig is still up on the Forum. If you're interested, learn more about the requirements and application process by reading through the proposal, then apply as a reply to the post.

We’re moving in the right direction, and this purpose shows that every community member’s contribution plays a key role in shaping our unique identity.

Contributors: Lucent, Tonytad, Angelspeaks, Boluwatife, Kornekt, WinVerse

This is an official newsletter of BanklessDAO. Please subscribe and share to help us grow our audience as we fulfill our mission to build user-friendly crypto onramps.

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Proposals in Discussion

• Election of One New Vault Multisig Signer

A Defined Purpose to Create a New Identity

Author: Lucent

Following the assignment in the recent community call, where members were asked to suggest purposes that align with our ongoing reorganization, the Transition Council has finalized a purpose statement that captures the collective voice of the community.

Our New Purpose:

To foster a vibrant, onchain community dedicated to the advancement of self-determination, regenerative systems, and collaboration.

We empower passionate changemakers to learn and thrive while exploring decentralized spaces.

Together, we're breaking barriers, creating new freedoms, and building a future where everyone can find their path and amplify their impact.

This purpose reflects what makes any web3 community thrive. It’s not about vague ideas but about delivering something tangible, something that directly impacts community members. If we recall, it captures many of the key concepts that emerged from the purpose post on the Forum a few weeks ago — education, self-sovereignty, decentralization, and more.

Education: A Defined End

Education has always been a fundamental pillar in onchain communities but too often, it’s reduced to a generic call for "learning." Our purpose goes beyond that by defining a clear path for members to not only gain knowledge but thrive in the process. We aren’t just telling people to "learn more about web3". Instead, we are creating a structured process to explore, engage, and grow within the community.

Creating New Freedoms

The term "self-sovereignty" might seem abstract to some, but our purpose brings clarity. The third paragraph shows we are creating new freedom where everyone can find their path.

We are providing a platform where individual visions can flourish. Folks can find their path here, and, more importantly, express it without being tethered by rigid structures or outdated systems. This gives more meaning to the word “self-sovereignty,” with members having the freedom to think, act, and build alongside the community, while also creating a platform to amplify their impact.

Collaboration and Collective Decision-making

A major pillar of our purpose is collaboration. In decentralized systems, collaboration isn’t just encouraged — it’s essential. As a community, we already push this initiative quite well with the most recent community call further proving our solidarity as a group.

Regeneration: Beyond Sustainability

Sustainability has been used in many discussions in communities. While sustainability is important, our focus is regeneration, which is a more ambitious and impactful goal.

Sustainability focuses on maintaining current systems, and minimizing the tendency to drop in quality. As OxZFi puts it:

Regeneration enables communities to not just survive, but thrive. Through regenerative systems, our community becomes self-sustaining, growing in a way that doesn’t require constant rehashing of old issues, building a presence that will last and continuously adapt with the times.

Defining Our Identity

The word "community" is used so frequently that it risks becoming meaningless, but with our commitment to education, self-sovereignty, decentralized governance, and regeneration, we’ve planted our flag. We’re not just another group claiming to be a community, we are bound by every concept embedded within our purpose, from education to collaboration.

Our purpose has always been at the heart of discussions since the reorganization started. Now that it’s here, it clarifies other aspects of our identity. Our brand name is one of them. This would be the discussion for the next governance meeting and community call and you wouldn’t want to miss those. The community is ours and we must play our part in creating a unique one.

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A recent proposal to elect a new multisig signer is on the Forum. This will serve as a replacement for OxLucas on the Vault Multisig, as he has requested to step down. The proposal outlines the steps to elect a new member to maintain the seven-member structure of the multisig. If you're interested, visit the Forum for details on the requirements and the application process.

Meanwhile, the multisig rejected some OP token distribution transactions, leading to mixed reactions from the community. The multisig urges concerned community members to remain calm, as steps are being taken to resolve the issue as soon as possible.

In light of these events, this week’s editorial focuses on the core principles that shape our community: decentralization, transparency, and accountability. The Vault Multisig is a vital part of this system, and understanding the responsibilities and rights of the signers and the broader framework is key to ensuring effective governance.

As a community, we’re on a journey toward improvement, and the sooner we acknowledge that it’s a gradual process, the faster we can achieve collective success.

Contributors: Lucent, Tonytad, Angelspeaks, Boluwatife, Kornekt, WinVerse

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Proposals in Discussion

• Election of One New Vault Multisig Signer

Navigating Growth, Community, and Accountability

Author: Boluwatife

The DAO Vault multi-signature wallet, often called the Vault Multisig, is an important aspect of the DAO's financial security. It hosts the primary assets of the DAO and requires a quorum of four out of seven designated members to execute any transaction. This structure ensures that no single individual has complete control over the organization's funds, upholding the principles of decentralization and collective responsibility.

Recently, 0xLucas, one of the existing Multisig signers, has requested to step down from their role. This decision led to a carefully designed process to elect a new signer to maintain the seven-signer structure.

Rights and Responsibilities of Vault Multisig Signers

Being a Vault Multisig signer is a position of great trust and responsibility within the DAO. The role comes with specific rights and duties that are crucial for the DAO's operation and security:

Rights:

1. Creation of transactions for consideration by other signers.

2. Discretionary approval or rejection of proposed transactions.

3. Authority to post proposals to the DAO’s Snapshot space.

Responsibilities:

1. Ensuring the DAO's perpetuity in alignment with its mission, vision, and values.

2. Timely signing and execution of approved transactions.

3. Thorough vetting of transactions for alignment with agreed decisions.

4. Validation of individual transactions in mass payouts.

5. Continuous monitoring of the vault multisig's activity.

6. Management of access and permissions to the multisig.

7. Maintenance of secure and up-to-date personal software and hardware.

8. Vetting of Snapshot proposals for compliance with governance procedures.

9. Stewarding the process of moving proposals to Snapshot.

These responsibilities are very important as they highlight the critical role that Vault Multisig signers play in maintaining the integrity and security of the community’s financial operations.

The Application Process

For those interested in stepping into this crucial role, the application process is straightforward but well-detailed:

1. Eligibility Check: Candidates must meet specific criteria:

• Hold tlBANK tokens as of block height 18,652,139.

• Have previously held a leadership position in BanklessDAO.

• Possess experience as a signer on a multi-signature wallet.

2. Application Submission: Eligible individuals submit their applications by replying to the official announcement post on Forum, with details including:

• Their Discord handle.

• A statement explaining their motivation for applying.

• Qualifications that prove they meet the required criteria.

3. Review Process: The Transition Council reviews applications, potentially disqualifying candidates who don't meet the requirements. Any disqualification comes with a clear rationale.

4. Election: Following the submission period on Forum, an election is held using a tlBANK Snapshot, allowing the community to vote for their preferred candidate.

This process ensures that the new Vault Multisig signer is not only qualified but also enjoys the trust and support of the community.

The Power of Community in Web3

In web3, community isn't just important — it's everything. Unlike traditional centralized systems, web3 projects thrive on the active participation, shared vision, and collective efforts of community members. This sense of belonging and shared purpose is what drives innovation, adoption, and the overall success of blockchain-based initiatives.

While web3 operates primarily in the digital space, the importance of in-real-life (IRL) events is very important. These gatherings are crucial as they bring the virtual community into the physical world and build deeper connections among participants.

Transparency in Action: OP Intent Campaign Funds Review

The recent discussion about the funds review for the OP Intent Campaign during a community call highlights how transparency and accountability are very important in web3. The multisig team reviewed the deliverables and transactions but there were some questions about the quality of work eventually temporarily halting payouts. This led to contributors seeking a clear reason for this rejection. The Multisig assured that the rejections were not done out of malice and that every transaction that was rejected had a reason, and would still go through more review.

Understanding the Review Process

The multi-signature wallet team, responsible for managing and distributing funds implemented a thorough review process for transactions. This process ensures that:

1. Contributors who have completed quality work are fairly compensated.

2. Funds are not disbursed for subpar or incomplete work.

3. The DAO's resources are used efficiently and effectively.

However, they are not perfect. To address these rejected transactions, the Multisig calls on the recipients of these funds to help them properly go through this process. It's important to note that a rejected transaction doesn't necessarily mean the funds won't be distributed. The review process is designed to ensure accuracy and fairness, not to discourage contributors. The community emphasizes that giving up is not an option and encourages contributors to work through the process.

The Path Forward

This transparent review process serves multiple purposes:

1. It maintains the integrity of the DAO's financial operations.

2. It ensures that high-quality work is appropriately rewarded.

3. It provides an opportunity for contributors to understand and meet the DAO's standards.

4. It reinforces the community's commitment to responsible resource management.

By openly discussing these processes and challenges, the DAO continues to set a standard for transparency and accountability in the web3 ecosystem.

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We are in a new month; it's the perfect time to reflect on how far we've come. It’s a new season, and it's great to see we've made incredible strides in our transition. We have come this far with the input of several community members.

During this week’s community call, Links proposed a suggestion that generated much discussion. The idea involves securing funding for the new iteration of the DAO by purchasing a stake in the GLM token, locking it, and using the yield to generate funding.

While no final decision has been made, we encourage everyone to share their ideas and thoughts during our weekly governance calls at 19:00 UTC on Mondays, and the community calls that happen at 16:00 UTC on Fridays.

Let's continue to work together as a team to shape the future of our DAO. Your ideas and participation are crucial to our success.

Happy new month friends!

Contributors: Lucent, Tonytad, Angelspeaks, Boluwatife, Kornekt, WinVerse

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Growth Through Participative Ideation

Author: Lucent

Everything we see — principles, laws, or structures — begins with an idea. No matter how big or small, an idea not properly generated and followed up leads nowhere. It's easy to have ideas, but the challenge lies in executing them effectively. That's why the maxim, Ideas are cheap, but execution is everything, holds.

Several ideas have emerged in recent weeks as we reorganize as a community. These include updates to our Discord server, adjustments to community entry requirements, and more. The Transition Council (TC) has taken significant steps to implement many of these ideas with surgical precision. However, as community members, we can make the execution process even easier for the TC. We all have a role in bringing ideas to life in ways that drive our community forward. The abundance of ideas is not the issue — it's about execution through thoughtful planning. This piece explores the principles of effective execution and how we, as a community, can contribute to it.

Aligning With Vision and Mission

The first step in executing any idea is to ensure it aligns with the community’s vision and mission. This serves as a filter, helping to discard ideas that don’t contribute to our broader goals. While we haven't officially declared our new vision and mission, we contributors understand that our community aims to be a leading force of positive change in the ecosystem — whether in education, media, or other sectors — while also maintaining an element of fun. With this in mind, we can be clear in our ideas, helping the TC execute them precisely.

Ideas and Execution Start with Participation

Ideas don’t materialize out of nowhere. They come from active participation. You can’t have a meaningful idea about something you're not engaged in. Participation, immersion, curiosity, and active involvement spark new ideas. As community members, our participation is critical, and there are three key ways we can contribute to aid the execution process:

Provide Feedback: When we contribute to discussions and offer important feedback, we help ensure that different viewpoints are considered in the implementation stage.

Take Initiative: An important aspect here is volunteering to lead projects and challenging ourselves to be involved in crucial matters in the community. This can help us become better contributors while inspiring others to get involved.

Share Knowledge: By sharing experiences and insights, we contribute to a collective learning environment where past mistakes are not made again thereby improving future execution.

An inclusive environment where everyone participates taps into the diverse skills of our members, significantly improving the quality of execution. This is another reason the TC deserves recognition for fostering such an environment.

A clear, structured, and community-driven approach to execution allows us to manage resources efficiently and prioritize what's important. This results in high-quality outcomes that meet the community's needs, and builds a framework for continuous improvement and adaptability, ensuring our long-term success.

Creating a community driven by ideas and committed to their effective execution is not the responsibility of one person alone. Building a sustainable structure where ideas become actions that push us toward our collective goals is a responsibility that rests on all of us.

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It's still Transition O'clock, and we're steadily moving towards redefining our community's identity. This was the focal point of discussion during this week’s Community Call as we reviewed the results of the recent Forum proposal. Our ongoing transition spans key areas like our name and identification, logo and brand design, internal culture, and external identity. There is definitely momentum building.

Last week, we emphasized the importance of value alignment as a cornerstone for any thriving community. We must remind ourselves that our commitment to these shared values will make the Transition Council's work smoother and more effective. Staying purpose- and value-oriented is essential to achieving our collective goals.

Let's continue to work together toward greatness. As Helen Keller wisely said, "Alone we can do so little; together we can do so much."

Have a wonderful weekend, frens.

Contributors: Lucent, Boluwatife, Tonytad, Kornekt, WinVerse

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What Is Our Narrative?

Author: Boluwatife

This week's discussion focused on some takeaways from the recently closed brand identity proposal. It was enlightening as members shared their honest feedback on the results of the polls. This Weekly Rollup editorial will delve into the key points raised during these discussions.

Organizational Structures

Since its inception, web3/crypto has adopted and implemented different organizational structures for making governance decisions. This approach has helped boost the ethos of decentralization and enabled individuals to make personal decisions. However, in this restructuring process, many are concerned about the deliberate process of DAOs, especially considering that the web3 ecosystem is moving at an insane pace. The takeaway suggested that the community should be open to exploring more organizational structures for operation that might not necessarily fit the traditional DAO model.

DAO: A Method, Not a Brand

Calling an organization a DAO is not a brand but rather a method of operation. It's what the community does within the organization that ultimately determines its brand identity. This realization opens up new possibilities for how the organization presents itself to the world and structures its operations.

Results from the polls show there is a strong emphasis on the need to lead with values, mission, and vision. By clearly defining and communicating these core elements, the community can create a framework within which members or anyone who joins the community can lead and contribute effectively. This approach allows for self-initiative and aligns individual efforts with collective goals.

Improving Conflict Resolution

While there was appreciation for the initiative of establishing an ombudsman role in what is now the former BanklessDAO, feedback indicated that the community could do better in terms of its process or protocol regarding conflict resolution. This suggests an opportunity to refine and strengthen mechanisms for addressing disagreements and ensuring a thriving community environment.

Community Access and Membership

Discussions also touched on the kind of restrictions around members who can gain access to the community. This raises important questions about inclusivity, security, and the balance between openness and maintaining the integrity of our community culture.

Inspiring Self-Initiative Through Language

Another interesting point of feedback was the importance of using language that inspires self-initiative. By carefully choosing words and communication style, the community can encourage members to take ownership of projects and ideas, allowing for a more dynamic and engaged community.

Conclusion

These discussions provide valuable insights into how we can evolve our organizational structure, brand identity, and community processes. By remaining open to new ideas and continuously refining our approach, we can build a more resilient, effective, and inclusive community that stays true to our core values while adapting to the continuous world of web3.

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While there's not much ‘fresh’ news to report this week, the work of reorganization and strengthening our community continues on top gear. Our identity is a key topic that remains at the forefront and was still discussed in detail during this week’s community call. As we progress, we must paint a clear and vibrant picture of who we want to be, so engage in the ongoing discussions in the Forum and stay tuned as we await further guidance from our Transition Council.

Value alignment is essential in any thriving community. As we progress through this revamp, we must ensure our values resonate internally and with the wider community. This issue, among others, will be central to this week’s editorial.

One thing is clear: we are moving forward. The future is bright, and there’s a genuine sense of momentum building. Hop onboard and be part of this journey to a better, stronger community.

Enjoy your weekend, friends.

Contributors: Lucent, Boluwatife, Ornella, Tonytad, Kornekt, WinVerse

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🏃‍♀️ Catch up: Listen to this week's Community Call recording.

Proposals in Discussion

• Redefining Our Identity

The Importance of Being in Value-aligned Communities

Author: Boluwatife

Since the development of human society began, being in groups or communities that know what they stand to achieve has always yielded benefits. This is because value-aligned groups are the entities responsible for great innovations.

In the last community call, members talked about their growth in different spaces while putting in the hard work and acknowledged that it all started from the now-former BanklessDAO. This just shows that a working community is a great asset to launching great minds. Many members appreciated the DAO for their growth and showed great interest in being here to continually try and build it in the right direction.

Value alignment is very important in a community as it draws people to put effort into the community. The DAO knows this and has been focusing its restructuring process to fit that purpose. We hope you stick with us and help us develop the community to its next phase.

Transition Council Nuggets

The Transition Council has been tirelessly working to bring the reorganization process of the DAO up to speed, and so far they have made significant changes and decisions. This week at the community call, their representatives informed us of how they have nominated a project manager, 0xZfi, to organize their activities as well as their decision to lengthen their tenure as transition council members.

Their reason for this extension stems from the fact that there is still much to be done. Some of these include:

• Work on the purpose of the DAO

• Branding of the DAO

• Revision of the Constitution

• Discussion regarding DAO token, voting rights, and membership structure.

If you're interested in joining the conversations, the Transition Council meets at 19:00 UTC every Friday in The Amphitheatre voice channel.

As always, your feedback is appreciated; please continue to give it. If you have any questions, make sure to ask in the appropriate channel and someone will respond to you. Thank you all for being here and have an amazing weekend.

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This week's community call started on a high note, with positive vibes and shared love for music before transitioning into discussions about the Transition Council's recent activities. Earlier in the week, an announcement from the council acknowledged the progress made so far while recognizing the need for more time to make key decisions in the transition process.

During the call, there was a strong consensus that the Council should take the necessary time, even if it meant the transition extending until the end of Season 12. As we look ahead, the new year could mark the beginning of exciting new chapters or seasons. One thing is certain: this journey continues shaping into one worth being a part of.

The Council remains open to feedback and suggestions, welcoming input through votes, and comments during the Governance calls, Community calls, and other forums. The most recent request for input is OxZFi’s post on redefining our identity and it would be great to see your votes and hear your thoughts.

Have a splendid week!

Contributors: Ifeoluwakiitan, Lucent, Boluwatife, Tonytad, Kornekt, WinVerse

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Proposals in Discussion

• Redefining Our Identity

The Identity of Our Future

Author: Lucent

When the reorganization of our community started, it was clear that the road ahead would be long. However, with the recent announcement from the Transition Council, we now have a more defined timeline — Season 13 (or Season 1) will kick off on January 2, 2025. We appreciate the Council’s dedication to making us a stronger community.

Discussions around our community’s purpose and values have gained significant traction since the transition started, and the result from the poll in the redefining our purpose proposal revealed that our priority values as a community are decentralized governance, integrity and transparency, self-determination, and social connectivity. However, while there is still chatter around decentralized governance, now is the time to focus on redefining our identity.

In this most recent Forum post, the Transition Council suggests that our brand identity aligns with what our community stands for, authentically reflecting our values and purpose while representing who we are within the ecosystem. To prevent identity crises during this transition, they outlined four key areas to address: name and identification, logo and visual imagery, internal culture, and external identity.

Name and Identification

As we develop into a newly revamped organization, our name is one of the first things to address. We must consider whether to include ‘DAO’ in the name and whether it should reference specific technologies like ‘blockchain’ or ‘web3.’ One of the most popular suggestions so far is to choose a name that reflects our core values. This isn’t surprising, given the poll results on purpose and values. Other suggestions, like adopting a playful or humorous tone or opting for a name that conveys professionalism and seriousness, have received mixed reactions.

Logo and Visual Imagery

Symbols and imagery play a crucial role in communicating our values and purpose. A strong visual identity can simplify complex ideas, evoke emotions, and transcend language barriers, making our values accessible and culturally significant. As we consider our logo, a simple, minimalistic design that will accurately represent our brand is part of the factors to consider. Color, text, and shape are key to creating a cohesive visual identity.

Internal Culture

Our internal culture is vital, as it shapes the language and processes that define our identity. Since the community supports self-determination as a core value, it is a given they also support processes that empower and inspire self-initiative as a culture. Consideration is also given to the organizational structure and hierarchy we adopt, ensuring it promotes a casual and relaxed workplace culture. We must think about our onboarding system as we move forward, as these elements will define our internal activities as a community and ultimately influence how the broader ecosystem perceives us.

External Identity

The TC is also gauging feedback to see what the community thinks about creating a legal entity. Our voice within the web3 community and our stance in the social sector will shape our external identity. One key question we must address is whether our membership should be inclusive or exclusive. Partnership decisions are also crucial — do we accept partners with values that differ slightly from ours, or do we only align with those whose values fully align with ours? These considerations will affect our external image and our relationships within the ecosystem.

These issues are crucial for guiding the Transition Council in making the right decisions as we move forward. The Council encourages everyone to participate by casting their votes in the Forum. Support the suggestions you believe in, remain neutral on those you have no strong opinion about, and reject those that don’t resonate with you. Bring up any important aspects that were not addressed but are essential to our rebirth in the comments or create a new proposal. It goes without saying that our community’s revamp is the collective work of all its members so make your voice heard.

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The recent community call centered on a significant discussion regarding Jengajojo's Forum proposal, which coincided with a Snapshot proposal addressing the same issue— the distribution of the recently unlocked OP tokens. These tokens were initially locked for a year as part of Optimism’s S4 Intent 3: Spread Awareness of the Optimistic Vision, and executed by four org units — IMN, Bankless Africa, Bankless Publishing, and the Marketing Department. The Forum discussion reflected underlying tensions, highlighting the need for clear, transparent decision-making as funds flow into the DAO's Treasury. Whether it's multisigs returning assets or payments of OP tokens, clarity is essential to prevent future monetary disputes.

Additionally, Links suggested an innovative idea to establish a yield farm using ETH deposits, with the generated yield being allocated to fund in-real-life (IRL) events to foster stronger community bonds and provide practical ways to support the Black Flag Initiative. It might also include sharing funds with community members to host local events, thereby expanding the initiative's impact. While this concept is still in its early stages and may not yet have widespread support, it's a call to action for the community to engage, propose ideas, and contribute to a collective vision.

As we continue rebranding and redefining our community’s purpose, it's crucial we think about revenue. However, revenue alone won't sustain us; we must also stand for something meaningful and deliver tangible value. By working together, we can build a transparent, purpose-driven future and strengthen our community’s foundation for the long term.

Contributors: Lucent, Boluwatife, Tonytad, Paulito, Kornekt, WinVerse

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Snapshot Votes

• Proposal to Disburse OP Received for Optimism 2023 Collective Intents Campaign

Proposals in Discussion

• Funding our shared future [OP Distribution]

Building Financial Trust for the Future

Author: Lucent

Monetary discussions are usually very volatile, and working through them takes a lot of patience and careful reasoning. This discussion came up in this week’s community call in response to the Forum proposal by Jengajojo. The issue centers around the distribution of the recently unlocked OP tokens, which were locked for a year as part of Optimism’s S4 Intent 3: Spread Awareness of the Optimistic Vision. The campaign which kicked off in July 2023 and spanned three months was carried out by four DAO org units: International Media Nodes, Bankless Africa, Bankless Publishing, and the Marketing Department.

Jengajojo’s “Funding our Shared Future” proposal suggests that the distribution of these tokens should take into account the work done by some of the campaign contributors who were either underpaid or not paid at all. In contrast, the Snapshot proposal requests that tlBANK holders authorize the DAO’s multisig to disburse these OP tokens per the terms of the already agreed budget. The community’s response to Jenga’s proposal showed displeasure as it seemed unnecessary and a distraction at this stage of our reorganization.

The reaction to the Forum proposal shows that the community is focused on forging ahead, leaving the past behind, and not giving a chance for our future to be haunted by the past. The return of the DAO’s assets by different org units to the DAO Treasury, most recently the Education and Marketing departments, is evidence that the future is the priority right now. Another piece of evidence is the current percentage of the Yes votes in favor of the Snapshot proposal for payment of work done a year ago by DAO contributors.

The Yield Farm

Money is an important tool in executing an idea and in building community, and while this might not be a direct response to the redefining our purpose mission, Links suggested setting up a yield farm where ETH can be deposited and the yield from that farm can be used to fund IRL events to help build a bond in the community. The funds from this farm can also be shared with some community contributors to host events in their area, hence creating an IRL and practical method to redefine our purpose and make it a pivotal part of the Black Flag initiative. Of course, this is not something everyone in the DAO should agree with immediately. Links only put this idea out to see if some members of the community will be open to it. Therefore, if you also have an idea that can make this initiative even better or more beneficial to the community, as always, feel free to engage.

We are still in the purpose-finding stage of our community, and revenue is important as we seek to rebrand ourselves in the best way possible. Still, we cannot rely on getting revenue without standing for something and trying to give value, so we should keep working together to build a better, transparent, and purpose-driven future and make our community strong again.

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Following up on the announcement made in early July, the Transition Council started the shutdown of guilds and departments, which is evident in the visible cleanup of our Discord server. As part of this shutdown, they are also recovering outstanding DAO assets that remain in these DAO subgroup multisigs. The Transition Council requests that assets remaining in these groups’ multisigs be returned to the DAO Treasury.

The discussion around purpose has been the elephant in every room over the past few weeks. From the community call to the governance meeting on Mondays, purpose and value have been central to discussions. A poll is up on the Forum in response to this important quest to redefine our purpose. Head over and vote based on what resonates with you and what you feel is best for the DAO.

This week's editorial addresses the issues raised during the community call, aiming to keep everyone informed about what the community feels should be important as we continue to reorganize and transition into a more refined version of ourselves.

Remember, it's up to us to pioneer a better community, so we should keep making our voices heard.

Have a beautiful weekend, frens.

Contributors: Lucent, Boluwatife, Tonytad, Kornekt, WinVerse

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DAO Structure

Author: Boluwatife

This week's discussion was an active continuation of the conversation surrounding DAO redefining and the path forward. The highlights during the community call centered on "structure." Many members expressed interest in potential structures the DAO might adopt as the community moves forward. Various opinions were aired, but two stood out: the rule-based and the incentive-based structures.

Rule-based or Incentive-based Structure?

Supporters of the rule-based structure discussed how having such a framework would prohibit certain activities in the DAO, such as inactivity or making unauthorized decisions. The implementation plan would involve members agreeing to these rules before joining the server. It could be as straightforward as "This is the constitution of this DAO, and it applies to everyone who joins this server. Agree and continue." Proponents of this approach argued that if the community were to become legally registered, the community's constitution would be binding, the forums would be binding, and decisions made would be binding. Therefore, anyone who does not adhere to these rules would be subject to consequences.

Many opposed this idea due to concerns about enforceability, ambiguity, and vastness. They argued it would be too much to expect one person to enforce and remember all these rules, making it practically unenforceable. There's also the issue of anonymity, as many people enter the community anonymously, making it very difficult to serve or sue them if they were to rug the community and disappear. Some felt that having so many rules at once could stunt the growth of the community and its members.

Supporters of the incentive-based system highlighted that incentives are a more productive way to ensure alignment and growth than rules. They argued that people would be more interested in working when there are incentives rather than rules because if the DAO is doing well, they also get to benefit from it.

The proponents of the incentive-based structure detailed that a rule-based system would be harder to enforce, especially in a large community such as a DAO. While it might have worked in smaller circles where everyone knows everyone and could ensure enforcement, it would be less effective in a large system. With the population of the DAO, it would be easy for someone to find loopholes in the system or simply rug and leave.

It was emphasized that designing a new incentive structure, rather than focusing on rules, is key. Additionally, planning for bad actors that might come along, whether it's the multisig or someone else, is crucial for the DAO's continuity and stability.

What Attracts You to Decentralized Governance?

The community call concluded with members sharing their personal motivations for engaging in decentralized governance. This segment provided valuable insights into the diverse perspectives within the DAO and highlighted the core values that drive participation in this innovative form of organization.

Coffee-crusher emphasized the accessibility of decentralized governance, stating, "The ability to make proposals and vote on Snapshot without necessarily meeting a specific threshold is what draws me in." This sentiment underscores the importance of lowering barriers to participation, allowing a wider range of voices to be heard in the decision-making process. It reflects a desire for a more inclusive governance model where influence isn't solely determined by wealth or status.

Links focused on the transformative potential of decentralized governance, saying, "It's not just about making decisions, but having the ability to effect real change. No kings. No one person can override the community." This perspective highlights the shift away from centralized power structures, emphasizing the collective strength of community-driven initiatives. It speaks to the empowerment that comes from participating in a system where every voice has the potential to shape outcomes.

0xZFi shared a more personal motivation, expressing a desire for active involvement: "I want to have a voice and participate. It feels way more immersive than traditional governance models." This comment reflects the engaging nature of decentralized governance, where participants can experience a deeper sense of ownership and connection to the decision-making process. It suggests that decentralized models can foster a more engaged and invested community.

Droste.eth offered a philosophical take, stating, "While community governance might be messy and complex, it's better than a well-ordered private monarchy. Being orderly is nice, but is everyone happy? Decentralized governance actually addresses problems that humans have been grappling with since we started organizing." This perspective acknowledges the challenges of decentralized systems while asserting their superiority in addressing long-standing issues of fairness and representation. It suggests that the potential for broader satisfaction and equitable outcomes outweighs the complications of a less hierarchical structure.

TheThriller expressed excitement about the technological aspects, saying, "Blockchain technology and how it enables decentralized governance is what attracts me. I want to experiment with these types of decentralized governance due to the new technology. The development of technologies that make decentralized communities possible is particularly exciting." This viewpoint highlights the intersection of technology and governance, emphasizing the innovative potential of blockchain in reshaping organizational structures. It reflects an enthusiasm for pushing the boundaries of what's possible in community organization and decision-making.

These diverse perspectives collectively paint a picture of a community drawn to decentralized governance for its potential to democratize decision-making, empower individuals, and address systemic inequality. The variety of motivations demonstrates the broad appeal of decentralized models and suggests that such systems can accommodate a wide range of interests and priorities.

As the DAO continues to evolve, these insights into members' motivations can serve as guiding principles, ensuring that the development of governance structures and processes aligns with the values and aspirations of the community. The enthusiasm and thoughtfulness expressed by these members indicate a strong foundation for continued experimentation and growth in decentralized governance.

There are still conversations happening on Forum, make sure to lend your voice and have an amazing week ahead 🥂

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