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BanklessDAO Weekly Rollup #31: BANK on Polygon, Season 3 Planning, and Gitcoin Grants
Cath up with what happened this week in the BanklessDAO.
Dear Bankless Nation,
We’ve hit 500 channels on Discord, our favorite bot is in jail for a crime it didn’t commit, and today marks the 30th BanklessDAO Community Call. In other words, just another Friday in the world of going bankless!
There’s a lot of cool stuff happening as Season 2 winds down. The Legal Guild crushed the view count with an astonishing 13,200 views on the recent issue of Decentralized Law. We're going UP ONLY with respect to our percentage of the Sushi BANK/ETH pool in OlympusPro, and the Dev Guild is still finding time for dad jokes as they ponder digital identities across the DAO.
As we celebrate our successes, we’re also thinking about Season 3. Our primary focus is to align next steps and timelines with the overall direction of the DAO. If the community has a good understanding of what we’re trying to accomplish in Season 3, WAGMI together. One way to get this kind of alignment is to perform a temperature check: to examine the parameters that may need to be tweaked on a regular basis. This includes asking questions on where the membership threshold should sit and looking at all our budgets.
As fun as it is going West, it’s easy to get overwhelmed. Burnout is real. We’re looking at implementing a Season Gap Week—no meetings for a week to decompress, lay on your couch, and eat Cheetos (or whatever)—so your mental health doesn't suffer and you're recharged for Season 3. Check out the forum post on this and add to the discussion.
With that said, this is the Weekly Rollup!
This is the official newsletter of the BanklessDAO. You are subscribed to this newsletter because you were a Premium Member of the Bankless Newsletter as of May 1, 2021. To unsubscribe, edit your settings here.
BanklessDAO Weekly NFT Showcase 🔥
🧑🎨 Artist: Andre O'Shea
🏦 Auction Type: Open edition
💰 Price: 0.025 ETH each
Andre O'Shea “makes art for people who wanna escape reality & build the future.” This latest piece, titled “The Hodler,” evokes a modernized image of “The Creation of Adam” in the Sistine Chapel. Andre’s hodler reaches to the heavens, propelled skyward not by the prospect of grazing fingertips with the Creator, but rather at the chance of grabbing the symbol of ultrasound money (at least that’s one take on this piece). What’s your interpretation?
🤖 DEGEN Needs Your Help!
DEGEN needs your help! Some NGMI peeps reported it as spam and now our beloved bot has been banned by Discord. Please help us appeal the decision here. The information about the bot is in the screenshot below. To make it easy for you, here is the Bot ID to copy: 847651952539336715. Reunite Mad Hatter with his family y'all. 💔
As we jailbreak our favorite bot, we still want to make sure everyone can get their POAPs. Here's the new procedure to claim POAPs:
🤑 Bankless HQ Has You Covered on Tax Info
The U.S. tax season is just around the corner. Are you tax optimized? We all want to be! With 2021 wrapping up, the Bankless HQ Newsletter invited @DHannum8 from Zenledger to give us the ultimate crypto tax guide. Pssst ... there's a discount code.
🧭 FAQ Guide for HDAO Token Launch
The HumanDAO token (HDAO) launched on December 1st (15:00 EST). An FAQ Guide is available on the HumanDAO Medium page for your convenience. The auction is available on Ethereum as well as Polygon and will continue until December 6th (12:59 EST). The FAQ explores how to participate in the LBP, ideal time for buying, and how to see $HDAO in your MetaMask wallet.
Listen to episode 10 of the podcast and learn all about the open sourced crowdfunding platform, Gitcoin. Hosting @owocki this week, the show takes a deep dive into the Gitcoin platform and all of the great things being accomplished by funding projects via community support. With quadratic donation mechanics, every dollar counts, so head out and donate in the Gitcoin Grants #12.
🏴☠️ New Role Opening in Treasury Guild
The Treasury Guild has a new role opening for a treasurer responsible for the the Dev Guild. The treasurer will operate under Treasury Guild's guidelines but will be compensated by the Dev Guild. More specifications of the role can be found here. If you're interested, please submit your application through this form by December 10th, 23:00 UTC.
🐣 Podcast Hatchery
Introducing the audio equivalent of the newsletter team! We're working on shipping out some new podcasts and we have some really exciting things in the pipeline. Expect to see (and hear) great new content from a range of hosts. Think you've got the next Dick Biondi and looking to spin up a podcast?
Start by filling out this form and reaching out to the #podcast-hatchery-project channel for help.
📈 Bankless Academy Gitcoin Grant
Bankless Academy is a small collective of teachers with the giant mission of educating one billion students. Upon graduation, students will be fully competent Web3 users. You can explore all open Gitcoin grants and support Academy and/or another bDAO grant as listed below. And please remember that your donations on Gitcoin promote public good projects for Web3. Many great crypto projects have found their funding through this excellent program, now in its twelfth round. Be good, do good, and donate!
Keeping in line with tradition, this proposal is for a Season 2 POAP design contest like those held at the conclusions of Seasons 0 and 1. The POAP designs need to have "Season 2" and "BanklessDAO" mentioned; the selected one will be available to the members who vote in the Season 3 snapshot.
💰 The Three Circles of Coordinape
Calling all Guest Pass holders, L1s, and L2s - it's time to reward your fellow peers for their contributions. Participating, allocating, and other -ing words show you value contributions and allows for direct compensation of tasks. Use /coordinape form-request in any channel to sign up. Here are some important details and dates:
3 Circles: L1, L2, and Guest Pass
L1 Circle (500K): L1 can allocate and receive, L2 can only allocate
L2 Circle (500K): L2 can allocate and receive, L1 can only allocate
Guest Pass Circle (250K): Guest Pass receive. L1s/L2s allocate
Submission period: Dec 3rd - 7th
Upload to Coordinape: Dec 8th
Allocation period: Dec 9th - 13th
❄️ Season 3 Guild and Project Planning
🧐 Knowledge Shares
The next Knowledge Share is a Q&A with Nonsense on his Crypto Story, Tues. 7pm EST
$BANK on Polygon
Why would you want BANK on L2?
Polygon is a scalable EVM-compatible Layer 2 sidechain that offers low-cost transactions. Bridging BANK onto Polygon offers a cost effective way to use the BANK token in the many of the same ways we use it today, as well as opening up possibilities to optimize its utilization in the future. Let’s face it, Layer 2’s (L2) are the future and they couldn't come at a better time. With L1 transaction fees skyrocketing daily and 100 gwei being the new “low gas”, a feasible solution is needed. Polygon to the Rescue!!
How to get to L2 on the Proof-of-Stake Bridge
The PoS bridge designed and run by Polygon is a safe, fast and secure way to bring cross-chain assets to the Polygon chain.
Head over to https://wallet.polygon.technology/bridge/ and connect your wallet via the prompts.
Select “Deposit” at the top and under the “From” category select “Ethereum Chain.”
Next select “Bankless Token” and your available balance will be shown.
Select the amount of BANK that will be sent over the bridge.
Next select the destination, in this case “Polygon Chain.”
Click “Transfer” at the bottom.
The deposit process consists of two transactions on L1. (Total gas required for these shown and at the time of writing at roughly 100 gwei was $25.50 USD for the Approve Deposit and to complete the deposit was $106.50 USD).
Once all confirmed, the transfer will take less than 10 minutes on average and your BANK now lives on L2!
Open up the Metamask browser extension at the top right of your browser.
Select the 3 dots menu at the upper right side of the app and click “Expanded View” for a full screen view of MetaMask. This allows you to add information from another screen or tab without closing the extension causing you to start the process over.
Once in full screen, select the round icon above the same 3 dots to see your account information and select “Settings” at the bottom of the drop down.
Next, choose “Networks” and a list of all the added Mainnets and Testnets will be displayed.
In blue on the top right click “Add a network.”
Fill in the following information for the required fields. Note that the network name is up to you. Call it whatever you like.
Once clicking “Add” you will now be able to see the new network and can freely switch between the two in the dropdown menu. Note, switching networks while transactions are still pending will cause them to fail, so please switch with caution when performing transfers and interacting with the network.
Next, at the bottom of the asset list, “Import Tokens” should be selected followed by “Custom Token” at the top of the page.
Copy and paste the BANK Polygon Contract Address into the correct field: 0xDB7Cb471dd0b49b29CAB4a1C14d070f27216a0Ab
The Symbol (BANK) and Decimals (18) should be auto-filled.
Once the token is added, head back to the main wallet interface and under “Assets” you should find your newly deposited BANK.
Adding MATIC for gas
The MATIC token is needed to pay L2 gas fees on Polygon. If you need MATIC, you could send it to your wallet from a CEX like Coinbase, or visit a Faucet such as Matic Supply and they will provide you with 0.001 MATIC (enough to get started).
Next, you could purchase some MATIC from SushiSwap by converting some of your BANK to WETH (as that is the liquidity pool set up). Manually adding the BANK token to Sushi is needed and you can cut and paste the BANK token address as follows: 0xDB7Cb471dd0b49b29CAB4a1C14d070f27216a0Ab
Follow the prompts and approve the transaction.
Next, swap the WETH for MATIC and follow the same process by approving the transaction.
You should then see the new balance amount of MATIC under “Assets” in your MetaMask wallet.
You are now fully equipped and ready to take part in the L2 ecosystem!
Pros to L2
The main advantage of using BANK on Polygon is a major reduction in gas fees, allowing people to utilize the BANK token more effectively. This works especially well for smaller projects and tasks with smaller BANK remunerations, as the fees for any transaction are less than $0.01. Another important advantage is that Polygon settles transactions on Ethereum L1 and you will always have access to your funds, even if the application goes down. This is significant because it allows you to send BANK directly to a wallet address, so you truly own your $BANK without trusting third parties such as the collab.land bot. Not your keys, not your crypto!
Cons to L2
One con of using a different blockchain is needing a different token to pay for gas. In this case, MATIC is used to transact on the system. Luckily, hundreds of transactions could be done with one MATIC ($2 at the time of writing), which makes this a pretty easy trade off. Another challenge is that there are a lack of off-ramps to fiat from Polygon. If your intention is to trade BANK for fiat in order to use it IRL, it would require bridging BANK back to L1. The only way back to L1 is to use the Polygon Bridge to migrate your BANK back with the additional transaction costs, which today are about $200 (depending on gas) and a potential three hour waiting period. However, if the end goal is fiat currency, this can be achieved by swapping the BANK for WETH on Polygon and using a bridge such as Hop Protocol for near instant transfers to L1 with a transaction fee, of course. Then, you can transfer WETH to fiat on L1 using your usual off-ramps.
Voting on Snapshot
Soon, you will be able to vote on Snapshot proposals with your BANK on Polygon. The Treasury team is working to configure Snapshot to accept the new Polygon BANK contract address and then voting will work seamlessly. Keep a look out for the announcement in the Weekly Rollup for when that option is live!
Tipping usually happens inside the bDAO using Collab.land and could still be utilized with your BANK on L2. You would need to use a program such as Kchannels (a super fast payment L2), which is complicated for new users and probably not the best route to take yet. However, word on the street inside bDAO is that Sweetman and the DEGEN team are working on a tipping function that would run on L2, allowing members to utilize the tip function seamlessly to reward contributors with BANK directly on-chain! More to come in the near future!
SubDAOs and Bankless Brasil
Having the ability for the bDAO to grow into different parts of the world means tackling new obstacles as they come up. How can we align our goals with subDAOs? Certain projects are increasingly gaining independence and as such, how do we support their successes and nurture that relationship if they form subDAOs? One way is to have them all use the BANK token. This increases the number of BANK holders (always a good thing!). Plus, by paying people in BANK, we grow as a community and collectively work towards a common goal. Making BANK available to use on L2 means more countries and DAOs can fully utilize it, and by doing so, our values are aligned and everyone benefits! International media nodes such as Bankless Brasil are already using it with great success! We hope to see more international action as the usability and utility of BANK increases!
Overall, this is a very exciting time in the history of $BANK and the BanklessDAO! With the great L2 migration soon upon us, I for one am looking forward to a future with the newfound ability to travel around with almost zero gas fees and the ability to access the multiple dApps available on Polygon. The direction is West, Go Explore! 🌅
Proposals in Discussion
The forum proposal discusses the possibility of splitting 500,000 BANK—previously allocated for a single end-of-season Guest Pass Coordinape round—into monthly Coordinapes held in December and January. Until now, only L1s and L2s have had monthly Coordinape rounds. No additional funding is required; the amount would be split evenly into the two rounds. Guest Pass members will only be able to receive GIVE tokens while L1s and L2s will only be able to allocate them.
With Season 3 around the corner, this proposal discusses the possibility of taking a week or two off after Season 2 ends. The motivation is to promote healthy breaks among DAO members, essentially no votes, no CC, ideally no meetings at all.
The general temperature check for Season 3 is up! Please make your voice heard. The proposal discusses membership thresholds, budgets, contributor rewards, and much more. Poll away, Bankless Nation!
The proposal discusses the creation and remuneration of the Bankless Indices Growth Squad; the group will be handling the marketing, growth, and adoption of current and future Bankless indices. The proposal seeks 150,000 BANK for the compensation of the growth squad which is to be distributed using Coordinape.
Motown has given us timeless wisdom. “Money. That’s what I want.” is relevant to scaling BanklessDAO. To grow, we need to solve the problem of compensation. Each guild/project/initiative should determine transparent, fair incentives that take into account increased risk and foster long-term community alignment. Using compensation capture and compensation distribution as guidance solves this.
A data-driven look at onboarding members into BanklessDAO. As more people join, it’s imperative we review available data to see how we might be able to improve their experience for better overall retention.
CitaDAO has proposed BanklessDAO develop content for CitaDAO’s protocol. In addition to providing financial incentives for this work ($15K in fees), CitaDAO shares a similar vision to that of BanklessDAO, that of accelerating mass adoption to crypto. CitaDAO believes working together will help each DAO realize this goal.
🧑🏫 Apply: Grants Committee Applications opening soon!
🗳 Survey: Take the DAO Compensation and Governance Study.
🙏Thanks to our sponsor
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