BanklessDAO Weekly Rollup #34: Season 3 Snapshot, The Rug, and DAOpunks Xmas Cheer
Catch up with what happened this week in the BanklessDAO.
Dear Bankless Nation, 🏴
How bullish are you about BanklessDAO? The recurring theme for our most recent Community Call was that “You are not bullish enough!” (MW). Seriously though, we all expect great things in 2022. When we reflect on how much our DAO has grown and developed over a period of 8 months, it is hard to fathom where we will be in another year. All we know for sure is BanklessDAO is going up. Let’s Fly!
‘Tis the season to be jolly, and this was the vibe in the latest Community Call. People shared how much they enjoy participating in the DAO, the opportunities it has brought them, the spirit and sense of community. We thank you all for your support in making BanklessDAO great, and we look forward to seeing what Season 3 brings.
(Content warning for those that may have little degens around - this issue contains the F word 😇)
This is the official newsletter of 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.
The Rug releases its third issue today! This latest edition will surely fill you with festive spirit. It is free to read, but if you’re an NFT collector, you might want to snap up one of the 69 NFTs available for 0.069 Eth.
🚀 Look Out for the Bankless DeFi Innovation Index ($GMI).
Tracking the performance of emergent DeFi apps, the fund provides exposure to experimental DeFi projects with a greater potential for future growth.
🎉 BanklessDAO Featured in a Coinbase Tweet!
According to the tweet, “[DAOs] have the ability to transform how we organize any manner of economic activity.” We agree 💯. Check out their post here:
🎄 DAOpunk Xmas Song by Trewkat
DAOpunks held a competition to punk a well-known Christmas carol. Trewkat won an original artwork by Sinjun for this shiny effort!
(Sung to the tune of Jingle Bells)
Dashing through the DAO
in a crypto-laden sleigh,
To Web3 we go,
Laughing all the way.
What will Santa bring?
Our future's shining bright.
What DAOpunks love is anything
that takes on corporate might, oh!
Fuck the banks, fuck the banks,
Fuck them all the way.
Oh what fun it is to glide
With a blade of punks this way, hey!
Fuck the banks, fuck the banks,
DAOpunks lead the way.
Oh what fun it is to glide
With a blade of punks each day, hey!
BanklessDAO is a community working to drive adoption and awareness of decentralized money systems like Bitcoin, Ethereum, and other DeFi protocols. In this episode we discuss the origin, history, mission, and future of Bankless DAO with Frogmonkee. Hear his perspective on lessons learned during the first six months of this awe-inspiring social experiment. Hosted by Humpty Calderon.
✍️ Latest Releases from BanklessDAO
Thank you to everyone who responded to the We Love Colors survey, sharing all the items you would like to see in an upcoming NFT/Merch drop!! We Love Colors decided to close the year by thanking BanklessDAO members with a 20% DISCOUNT and FREE shipping (within USA). Enter the following gift code during the third step in the checkout process to apply this deal. Grab the offer before December 31, 2021.
Gift Code: bankless2021
🙋♂️ Talent Collective
Don’t have a job yet in crypto? Let our team handle that for you. The Talent Collective is currently open for L2s and will be open for everyone next year. But don’t let that stop you. If you’re keen to get started and are L1, we will accept applications that are sponsored by two L2s.
Fancy making some BANK? Fight Club has just launched their NFT design competition. Offering 10,000 BANK per winning entry, with two NFTs to be chosen, a total of 20,000 BANK is up for grabs. They are looking for fierce artwork, and we know our designers won’t disappoint!
🚨 Snapshot Primer: Season 3 Specification
Season 3 Snapshot Vote Opens December 25
Onwards to Season 3! Season 2 was a success, no doubt about it. As BanklessDAO continues to fly, it is important that we make some changes to correct our course. Before we focus on what’s coming up in Season 3, let’s take a brief look at Season 2’s numbers. The member count on BanklessDAO Discord has reached 18,500 to date. The Grants Committee allocated over 7M BANK for Season 2 projects such as Bankless Academy, Newsletters, Mobile App, DAO Dash, DEGEN, Bounty Board, and many others. You can find the full list here. These projects support the Bankless mission to onboard one billion people to crypto.
In Season 3, 11M BANK has been allotted to the Grants Committee with 7M for inter-season funding and 4M for contributor rewards. The BanklessDAO treasury is sitting at a healthy 350,000 USD (excluding BANK), having doubled since Season 1, and this is not even including the full revenue streams generated by projects like Client Services!
At the start of Season 2, we had about $1M in total liquidity, compared to a whopping $2.8M at the end of the season. As an added bonus, BanklessDAO now owns over one-fifth of the entire BANK-ETH liquidity depth on Sushiswap, providing us with ongoing revenue from daily trading fees!
Another awesome development we saw this season was guild maturity. Our Talent Scouts did an amazing job with onboarding new talent for the DAO. This is extremely important to our mission because having new members feel welcome to start contributing is the way we will expand our reach.
Key Changes in Season 3
Gap Week Between Seasons 3 and 4
To start with, our members have been working very hard to take BanklessDAO and its mission to the moon! The last thing we want is for our contributors to burn out. To manage stress and encourage a strong vibe, BanklessDAO will be taking a formal gap week at the end of Season 3. Season 3 will finish on April 8th and Season 4 will start on April 15th. This is to ensure that members get some breathing room before embarking on a new season of activity and growth.
Guild and Project Funding
Guilds and projects are the lifeblood of BanklessDAO. Every guild is allocated seasonal funds to pay for operating expenses, roles, bounties, software expenses, and rewards contribution as they see fit. In Season 2, guilds were funded directly through treasury, as were projects that had already been funded in Season 1. For Season 3, we’re following a similar model and these budget submissions were due for submission to the forum by December 20. A notable difference is that guilds and projects will operate on a flexible budget. Instead of a shared 5M budget, there is no cap on the total funding that can be granted. The rationale is to ensure we capture and run with new ideas in this bull market. All budget proposals will be sanity-checked by Grants Committee before approval.
In essence, the guild and project budget proposals will follow this timeline
Budget submissions are received by Dec 20.
Grants Committee began reviewing the submissions as on Dec 21.
Teams will workshop proposals and resubmit before Dec 28.
Grants Committee will review a final round on the Dec 28.
Grants Committee Nominations
The Grants Committee is responsible for vetting budget proposals and allocating funds to guilds and projects. As per the Season 1 spec, four out of the seven seats on Grants Committee are now in rotation. Submissions will be open until one week prior to the start of Season 3 (submit your applications here). Previously, nominations and elections were held in Discourse, and later ratified on Snapshot. This time, nominations will occur in Discourse and elections will be in Snapshot with a weighted snapshot vote—meaning you can select as many nominees as you like, but would have to split your tokens across them.
Rewards are an intrinsic part of incentivizing contributors and building a culture of ownership. At BanklessDAO, we do this through our Coordinape rounds. Season 2’s Coordinape was a huge success, with generous rewards shared between L1s, L2s and Guest Passes.
Season 3 will see monthly Coordinape rounds with separate circles for Level 1, Level 2, and Guest Passes. The allocation is 500,000 BANK per circle per round, totaling to 4.5M BANK. The total for Guest Passes has increased from 500,000 per season to 1.5M. This is a response to an observed increase in Discord users who hold less than 35K BANK; many of our new contributors are Guest Pass members and should, arguably, be compensated on par with other DAO members as to increase accessibility.
Working on the DAO
In Season 0 we focused on governance, with guilds and projects just starting to form. Season 1 saw many projects form and receive funding. Season 1 and 2 together saw a dramatic increase in membership and, with that, certain onboarding challenges. We have spent much of Season 1 and 2 working in the DAO, and as a result many governance challenges have started to pile up, including:
Centralization around Grants Committee
In light of this, it is again time to work on the DAO. There is a need to cement our governance processes while trying to maintain the cadence we’ve established thus far. There has been some progress in this regard: see the [Draft 3 - Final] Firming Up Governance or the compensation working group project. However, there needs to be a way to crowdsource ideas and distribute the workload. Stay tuned for more ideas for this on our forum posts.
Here is the timeline for the lead-up to Season 3:
Dec 25 to Jan 1: Season 3 Specification Snapshot goes live.
Dec 31: Grants Committee nominations close.
Jan 3: Projects and guilds review and re-submit their proposals.
Jan 1 to Jan 8: Grants Committee Snapshot goes live.
Jan 4: Grants Committee reviews final round of submissions.
Jan 1 to Jan 8: [Draft 3 - Final] Firming Up Governance Snapshot goes live.
Jan 5 to Jan 12: Project and Guild budgets Snapshot goes live.
Jan 8: Season 3 officially begins (WOOHOO!) 🚀
⚡️ BanklessDAO Snapshot Vault: Easy Access Portal for All of Your Voting!
We made great progress in Season 2, with notable success in onboarding new members and the creation of strong guilds and projects within BanklessDAO. To continue these successes and address some of the challenges that arose this season, we ought to work on the DAO once again. So, we’re going to be shifting our focus to this in Season 3.
We also recognize that a strong DAO culture requires adequate time to rest and that giving everyone space allows for more creativity and innovation, so we are building a gap week into the end of Season 3. Next season, we will also see no cap on funding for guilds and projects to best utilise all of the new talent and take full advantage of the current bull market. Powering all our activities, our contributors will be rewarded through Coordinape rounds with a bigger pool this time.
There are many changes coming up next season. Make sure to cast your vote and get involved in all of the conversations about how we can best make our way forward.
After successfully launching the Beta version in Season 2, the plan for Season 3 is to focus on growth towards being a platform for other projects in the DAO and organizations outside it, as well as adding new content to the system. This proposal highlights the budgetary requirements and method of this plan.
The proposal outlines the budget and role requirements for further development of the Bankless Mobile App. The focus for Season 3 is going to be the development of new features that are universal in DAO communications and operations, as well as promotion of the mobile solutions to other DAOs.
The purpose of this Guild will be to ensure that the BanklessDAO brand is used effectively and consistently across all Bankless projects. The Guild will also offer consulting to incubation projects for properly branding themselves on their self-sustaining journeys.
This proposal highlights the marketing scope as part of the BanklessDAO <> CitaDAO proposal that was cited in an earlier edition. BanklessDAO accepted $15k in fees from CitaDAO to develop content for their protocol through regular Twitter and Instagram posts.
This proposal looks to expand the functionality of the Bounty Board with a renewed focus on revenue generation. The success achieved so far, the future roadmap and the revenue model of the project is explained in detail.
🗳️ Vote: On the Season 3 Snapshot.
🌱 Talent Collective: Get a crypto job.
🏃♀️ Catch up: Review this week's community call notes.
🙏 Thanks to our sponsor
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