Bankless DAO Weekly Rollup #17 | August 27

Catch up with what happened this week in the BanklessDAO.

BanklessDAO is gearing up for Season 2 with an emphasis on revenue generating activities. With Season 1 almost at its end, we have already exceeded expectations and laid the foundation for something special. We are creating meaningful partnerships while providing culture and education through multiple avenues such as podcasts, newsletters, merch sales, and NFT showcases. Come for the DAO, stay for the alpha!

Authors: Bankless DAO Writers Guild (siddhearta, Ap0ll0517, cart_collector, patey.eth)

This is the official newsletter of the Bankless DAO. If you were a Premium Member of the Bankless Newsletter as of May 1st 2021 you have been subscribed to this newsletter at launch. To unsubscribe edit your settings here.

BanklessDAO Weekly NFT Showcase 🔥

🧑‍🎨 Artist: Yusaymon

🏦 Auction Type: 1/1 Auction

💰 Price: Starting bid 1 ETH


Maybe you cannot see the reference of an inverted pyramid in a beautiful chaos. Like all programmable principles, I like to mix the rudimentary way of painting with the abstract form of a code behind a "beautiful system" or "beautiful software". I think the title speaks by itself.

Community Highlights

🛌 BED Index turns a month old: Since its launch, just over a month ago, the BED Index is up over 60%, has garnered $3 million in TVL, and outperformed holding just BTC or DPI alone. Not bad kiddo, not bad!

Lend/ Borrow BED on Rari Capital: BED has been added to the Index Coop Pool on Rari Capital which means you can now lend or borrow with BED. Act fast and you could qualify for a supadoopah Rari supply NFT.

What’s New

🎨 Season 1 POAP Design Contest: To commemorate Season 1, we are launching a contest to design a POAP that people can claim when voting for the Season 2 specs Snapshot later next month. This contest is only open for BanklessDAO members and there will be a limit of one submission allowed for each member. The deadline for submissions is Wednesday, September 8th 12:00 PM UTC. The POAPs need to be PNGs, 500px round shape and less than 200KB each. Please DM your designs to @Kouros in order to enter the contest. There will be a poll where BanklessDAO members will select the winning design, along with a grand prize of 10,000 BANK.

🐝 NFT Scavenger Hunt in Seattle: Cyber hornets have invaded Seattle! Follow the clues, capture the hornets, and recruit your friends.

👩‍💻 Do you work for a DAO?: GitcoinDAO and BanklessDAO have banded together to create a survey to explore the DAO work environment and build a better map for the future of work. Your input matters and we appreciate you sharing your voice.

Get Involved

🚌 Back to School: VOTE! For your favorite collegiate hoodie design for the upcoming MetaFactory drop. It's a tight race and there can only be one winner.

🏁 BanklessDAO Academy Logo Poll: The submissions are in and now the real fun begins. The Bankless Academy Logo contest generated about 40 submissions. Now we have to decide which design will represent the Bankless Academy moving forward. There will be 4 polls open during the next 24 hours. You can select as many options as you like. The 2 most popular options from each poll will advance to the final round. The final poll will determine the contest winner and the lucky designer will receive 10,000 BANK - it closes Monday, 8/30/21 at 10:00pm UTC!

🙏 Sponsor: UMA — Diversifying DAO Treasuries. DAO Better.

NFT Mania Spreads to BanklessDAO

OpenSea, the leading platform for buying and selling NFTs, made 1 billion in trading volume in August. This increase might be the result of steep price appreciation of many projects, that in turn leads to excitement in the respective communities formed around these projects.

NFT Twitter is exploding with activity. New projects launch every day and try to capture the attention of collectors. Popular methods include asking people to tag friends, like and share their announcements, or promise a giveaway present to one lucky participant. In addition, people promoting "send one get two" scams seem to have been replaced by shills for low-quality avatar projects.

In the midst of all this, many members of the DAO caught themselves chatting about NFTs and formed a members-only NFT club. When asked how he came up with the idea for the club, James Montgomery explained: "We needed a space to talk jpegs. Because I wanted a place to shill Animetas."

It is natural to want to "talk your bags" - after all, we buy the things we like because we try to show off our good taste and express who we are. However, there are also people learning how to "flip" profitably - buying inexpensive NFTs and selling them at a higher price, a practice reminiscent of traditional day-traders.

The demand for such strategies might explain why Crypto Bushi's #NFT-club-hangouts have been popular. During the calls, the participants explore how to find and value good, upcoming projects; how to appreciate the art and the effort put into it; the importance of the artist, the community, and the vibes they give out; and the dynamics of bot sales among many other interesting topics.

Starting with only a handful of eager learners, the club has ballooned into regularly having 20 BanklessDAO members in attendance, some of which are taking alpha and profitably flipping NFTs.

As long as new money enters the market, there will be demand for NFTs, and the price will increase. On the other hand, many say that they cannot keep track of everything already, in large part due to the low-quality cash grabs. How long will the fun last? Nobody can say for sure.

NFT-Club is a membership perk. To join in on the fun, grab yourself (or earn) 35,000 $BANK and hop into the Membership Perks category!

Proposals in Discussion

🍁 Onwards to Season 2: Season 2 starts on October 1 and there is a lot to plan, prep and execute over the next few weeks. This is a must-read for how we are going to double down on revenue-generating activities, promote happiness and retention, and deliver on guild-based objectives.

🏦 Outbound Grants Squad: This proposal would create an Outbound Grands Squad to facilitate BanklessDAO’s mission in building educational and innovative tools to facilitate the entry into crypto of as many people as possible. The Outbound Grants Squad would take care of the research and application of available grants and would be remuneration based on a % of the grants received.

🏴‍☠️ DAO Control of the Treasury Multisig: This proposal will transfer ownership of the treasury multisig wallet from the genesis team to the DAO. This action would further decentralize the DAO by transferring ownership from a “centralized” genesis team to the DAO.

🪙 BanklessDAO sub-DAOs and sub-tokens: This proposal begins to explore various ways we could create and organize subDAOs linked to BanklessDAO.

BanklessDAO x Balancer Campaign: This proposal would establish an educational and marketing partnership between BanklessDAO and Balancer. Balancer has approved a grant proposal presented by @eagle and @grendel for up to 10k USD to be paid in BAL + some incentives for a liquidity mining program. Balancer has asked to present a program, setting out milestones that will be connected to part payments. The organization of the work requires the prior consent of the community.

BanklessDAO Book Club: The goal of this club is to encourage members to take a “learn in public” approach to topics including but not limited to: cryptography, tokenomics, macroeconomics, game theory, and more.

Action Items

🍃 Start planning for Season 2: Catch up on the upcoming proposals moving towards Snapshot, deliberate on DAO priorities, and start planning those project budgets.

📊 Vote for your favorite Bankless Academy Logo.

🏃‍♀️ Catch up: Review this week's community call notes or listen to the recording.

🙏Thanks to our sponsor


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👉 Join the #bankless Channel in the UMA Discord.

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Meme of the Week