Bankless DAO Weekly Rollup #19 | September 10
Catch up with what happened this week in the BanklessDAO!
This week in the BanklessDAO: go fund the Bankless Academy in the Gitcoin Grant round 11, UMA Protocol diversifies their treasury with $1 million in $BED, we received educational grants from Balancer and Perpetual Protocol, and planning for Season 2 continues with an upcoming Coordinape round. All this and so much more! (Did someone mention some NFT alpha?)
Authors: Bankless DAO Writers Guild (BcEthHunter, Ap0ll0517, siddhearta, nonsensetwice)
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: Are you Rabbit?
🏦 Auction Type: 42 editions
💰 Price: 0.035 ETH
Prisoner's Dilemma: The chicken or the egg?
A rabbit has been spotted breaking into the Central Bank Federal Reserve System. This rabbit appears to have stolen fiat and replaced it with a CBDC coin. The same rabbit then appears again at the scene of the crime to replace the CBDC coin with fiat. We are unsure of the rabbits motives at this time. We are currently investigating all known suspects and have brought in Are You Rabbit for questioning.
Community Highlights
🛌 UMA Protocol diversifies treasury with $1 million in $BED: UMA has bought $1 million USD 🤑 in BED to hold in their treasury, further solidifying BED as a great investment and an even greater bet into the future of crypto. Join UMA and get into BED!
🧢 👕 Back to School Collegiate Drop: The latest MetaFactory drop will be this weekend featuring a BanklessDAO hat and collegiate hoodie. Don't forget, purchases made through MetaFactory receive a 42% rebate in 🤖 ROBOT. Add your ETH address to your order to be eligible to claim your rebate.
🏆 Season 1 POAP contest poll is open: There are 5 amazing POAPS for you to choose from. All very different and all very cool. Go vote and show your support for your favorite design. Congrats and good luck to all the people who entered.
💰 Season 1 Coordinape Round: Season 1 is coming to a close and Level 1 and Up contributors are eligible to enter the Season 1 Coordinape distribution to reward participation and engagement. This is a great opportunity to recognize the hard work of your peers and to be rewarded for your work. The submission form is open for two weeks, followed by a one week allocation round before distributing rewards. Want to know about how this works? Read about decentralized payroll management.
What’s New
🤝 DAOs: The New Coordination Frontier: BanklessDAO and GitcoinDAO have curated a comprehensive report on DAO creators and contributors this week. Read the report for insight into key takeaways such as:
DAOs are a worldwide trend & an emerging part of the Ethereum ecosystem.
Most popular responses on DAO related topics.
DAOs are geographically diverse, but age and gender diversity is a problem.
DAO fatigue is real.
And more!
👨🎤 DAOpunks: 🚧🚧 Currently Under Development 🚧🚧
There are only 1190 DAOpunk NFTs available and they are dropping sometime in October. This is the 🔥 ALPHA 🔥 of the alpha. Shhh! Don't tell anyone until you have yours. Join the DAOpunks Discord for news and updates. Get your punk! 👊
🏦 BanklessDAO receives a grant from Perpetual Protocol: The Perpetual Grants Program has granted the BanklessDAO a grant to start an educational campaign to make the DeFi community more aware of the role of Perpetual Protocol in the growing blockchain ecosystem. The grant will feature dedicated content and educational programs, with a final goal of offering the community a tool to self-evaluate the level of understanding of Perpetual Protocol’s functionalities and their potential. At the end of the path, users should be able to assess Perpetual’s value-proposition and be ready to test its amazing tools.
BanklessDAO x Balancer Education Grant: The goal of this grant is to start a joint educational campaign on the role of Balancer as a unique automated portfolio manager in the current development stage of the DeFi ecosystem. In addition, the grant will serve to set up a dedicated 80% BANK/20% WETH Balancer V2 liquidity pool with the aim of further educating the BanklessDAO community and increasing the liquidity of its native token.
Get Involved
🍁 Submit Project and Guild Season 2 Proposals: All Project and Guild funding for Season 2 by September 27th. The Grants Committee will review the proposed budget and provide feedback before the proposals go to Snapshot from October 6-13.
🤔 Knowledge Sessions: Knowledge Sessions are 30-minute sessions held biweekly on a variety of topics and interests. Next week on Tuesday, September 14, we will be learning about Subgraph for the Graph network with 0xNSHuman.
🏔 First Quest: Our BanklessDAO onboarding team is looking for designers to help with our web presence, 8bit game devs, and experienced social media mavens to spin up our social media presence. Join us in the #first-quest-project channel for more information.
📊 DAO Dash: The Analytics Guild is building data infrastructure so the data you need—in order to make decisions or to answer important questions—is available to you in the form of recurring Reports and/or a live Dashboard. If your ⚔️ Guild or 🚧 Project has questions that can be answered with data or if you have to make decisions that require data, the Analytics Guild can work with you to make that data available. DM @paulapivat or hop in the Analytics #project-requests channel.
🏴 Fly the Bankless black flag: Support self-sovereignty and the Bankless life. Add the black flag to your Discord handle and Twitter to be followed and promoted.
🙏 Sponsor: UMA — Diversifying DAO Treasuries. DAO Better.
Gitcoin Grant & Bankless Academy
If you’re not familiar with Gitcoin Grants, now’s the best time to learn and familiarize yourself with this project. This is such an exciting time because Gitcoin Grants Round 11 is now open and will close September 23 at 12AM UTC. Gitcoin is a community of builders, creators, and protocols that are on a mission to build an internet that is open source, collaborative, and economically empowering. They play such a pivotal role in creating the digital public infrastructure of today and tomorrow.
Gitcoin hosts quarterly fundraising events for projects of all sizes. It uses a very unique way of crowd-sourcing funds. First, a project submits a grant for approval. If approved, that project will be listed and able to receive donations. Donors will signal support for your project by contributing funds to your grant. This is the crowdfund round. In addition to donors’ contributions during the crowdfund round, a project can receive additional capital from a large pool of funds. This is called the match pool, and is allocated to matching the project’s donations. This matching technique is quadratic funding.
Quadratic Funding(QF) is a mechanism that ensures that projects, which the community values most, receive the most funding. A simple explanation is that projects are awarded a percentage of the match pool based on the results of the crowdfund round. However it’s not that simple. An algorithmic formula is used to determine what percentage of the matching pool is allotted to each project. When a project gets popular enough, some pretty amazing matching multiples can be offered. Assume in the example below there are 5 projects in the crowdfund round and $500 in the match pool. Each project raises exactly $100 with different amounts of donors. Using QF, the match pool would be distributed as such:
Project 1 raises $370.27 with $100 from 100 donors and $270.27 from QF
Project 2 raises $235.14 with $100 from 50 donors and $135.14 from QF
Project 3 raises $154.05 with $100 from 20 donors and $54.05 from QF
Project 4 raises $127.03 with $100 from 10 donors and $27.03 from QF
Project 5 raises $113.51 with $100 from 5 donors and $13.51 from QF
This reinforces the incentive structure of QF as a fundamentally-democratic institution. The projects backed most by the community receive the most funding. Since its launch in November 2017, Gitcoin has helped 33,580 funders reach an audience of 200,214 earners. In Q2 2021, Gitcoin facilitated $5.5m in value transfer. Q3 2021 is coming to a close and Gitcoin Grants has just opened Round 11 with $950,000 of matching funds for projects looking to raise capital!
Bankless Academy is one of the many projects looking to raise funds during this round. Thanks to the efforts of bfa, QZ, NFThinker, DidierKrux.eth, Above Average Joe, and others, we are receiving donations from the likes of Kevin Owocki! At the time of writing, our grant was trending!
We can really propel Bankless Academy into one of the most popular projects and maximize our fundraising potential. We have over 8,000 members in the DAO and we need all 8,000 to show support. If you have ever benefited from being a member of the DAO, please donate a small amount to the Bankless Academy project. A $1 donation from many supporters can easily become a $50 sum with $49 of matched funds. If all members donated $1, and that matching multiple was applied to every donation, over $400,000 could be raised! Navigate to the grant page to show your support.
Be aware that QF only matches funds from the match pool to donations from verified users. This is to prevent manipulation of the QF system through sybil attacks. The best way to prevent sybil attacks is through human verification. Verifying your Gitcoin account with some or all of Gitcoin’s identity partners will increase your trust verification score. If you don’t verify your account, your score will be 50% and none of your donations will be included for QF. This means that your donation won’t be matched. However, with each verification, your score increases. At 100%, your donations are eligible for QF matching. Now you have the opportunity to increase your trust verification impact score by up to 150%! Verification includes:
Remember, each verification increases your score. Your score only has to be at 100% to qualify your donations for QF matching. But why stop at 100%? Maximize your donation’s potential and push your score to 150%! You have an awesome opportunity right now. Gitcoin Grants Round 11 closes on September 23 at 12a UTC. You have just shy of 12 days to complete verification actions and donate to your favorite projects.
Proposals in Discussion
🍁 Season 2 Spec goes to snapshot on September 17th to Sept 24th: Draft 2 for the Season 2 spec is up. We only have a few more weeks left and there is a lot of work to do in the coming weeks. If you have Project or Guild funding, you need to submit those proposals by September 27 to the Grants Committee. Season 2 will have significant changes to the Coordinape rewards, as well as significant changes to the Treasury multi-sig. Make sure to read the entire Season 2 Spec and get ready for next season.
🏝 Nifty Island Project Collaboration: @Burtrico wrote a post on the governance forum about collaborating with a project called Nifty Island. We are looking for Bankless DAO members to show interest/support and then leadership can propose a formal collaboration to the project's founders if so. There are no specific requirements for the collaboration and plenty of opportunities for our DAO.
📚 Book Club (revised): This revised proposal includes more financial implications. The Book Club aims to combine the pool of knowledge, wisdom, and interests of all members into a regularly scheduled book club. The Book Club encourages members to take a group approach to learn and study Blockchain Tech, from simple, enjoyable topics to full deep dives into fundamentals and the various layers of the stack.
Action Items
💰 Opt In for Rewards: Sign up for the Season 1 Coordinape rewards.
📈 Level up: Increase your Gitcoin trust verification score to 150%!
💪🏾 Support: Make a small donation to the Bankless Academy grant on Gitcoin!
🏃♀️ Catch up: Review this week's community call notes or listen to the recording.
🙏Thanks to our sponsor
UMA
UMA helps DAOs build products to diversify their treasury. Most DAOs treasuries are imbalanced. By using UMA’s range tokens, KPI options, and call/put options, DAOs can prepare their treasury for any market.
👉 Join the #bankless Channel in the UMA Discord.
👉 Tell UMA What DAOs you belong to.
👉 Earn KPI Options. Go to the Discord to learn more.
