Guess What? It’s For Governance | BanklessDAO Weekly Rollup
Catch Up With What Happened This Week in BanklessDAO
Dear Bankless Nation 🏴,
During this week's Community Call, there was a prevailing sentiment that we have moved beyond peak bear and that the web3 community is poised for a resurgence. The Global Events team is forging ahead and has issued an open call for all content creators! With several upcoming IRL events, we have a golden opportunity to drive engagement in bDAO.
Events like Permissionless have been transformative moments for many of bDAO's members in their respective DAO journeys. Whether you plan to attend Permissionless 2023 or any other event, we invite you to join the Global Events group and actively participate. Help shape the content and create an exceptional experience.
Back at home, let's address a crucial topic in bDAO: contributor compensation. This week’s editorial is a tough-love take on one of the most-often misunderstood issues within the DAO. We are fortunate to have a fantastic group of dedicated contributors, and in the months ahead of us, we can make significant strides forward, but we need to be on the same page.
Enjoy your weekend, and let's raise a glass to living life on our own terms!
Contributors: Lucent, Chameleon, Ornella, Warrior, Boluwatife, MiuMan, theconfusedcoin, anointingthompson1.eth, Paulito, siddhearta, trewkat, HiroKennelly
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✅ Action Items
🎗️ Submit or archive a DAO for List of DAOs and earn BANK.
🗳️ Donate to Nación Bankless project of International Media Node.
🚧 Listen/Watch/Collect From Aa to Zzz: A Creator Economy Podcast.
🏃♀️ Catch up: Review this week's Community Call notes or listen to the recording.
🏛 Governance
Snapshot Votes
It’s not up yet, but it will be soon! Watch out for the Snapshot vote on the change to the BanklessDAO Constitution.
Guess What? It’s For Governance
Authors: Rollup Coordinators trewkat and HiroKennelly
This week’s planned editorial, prepared by Lucent, was written in response to recent discussion about whether to adjust the ‘rule of thumb’ that has been applied to compensation since the early days of the DAO: the idea that 1,000 BANK per hour is the rate that guilds, departments, and projects should use to create workable budgets for review and approval by the Grants Committee. The subtext of this conversation is that the DAO should be a place where people are able to earn sustainable wages, a living wage.
As we were getting the article ready for shipping, we made what may be the first overtly editorial decision in the Rollup’s history: we don’t believe it’s possible to earn a sustainable wage within the DAO and therefore entertaining the conversation is a disservice to the DAO and its contributors (this is no reflection on Lucent, who gave the topic a red hot go).
This is because the DAO was never designed as a place to earn a living. It was clear even from the beginning that BANK was only meant to be a governance token, not ever intended or designed for use as a contributor wage.
BANK has no financial value. It is a valueless token that simply represents participation in the bankless community.
Announcing BanklessDAO, May 2021
Those of us on multisigs see the U.S. dollar amounts of the transactions going out to our hardest-working contributors, knowing that there is no way these funds, even if fully off-ramped, could begin to support a person living in most places in the world.
The maths, as they say, doesn’t lie. Even if a contributor could manage to ‘earn’ 200,000 BANK per month, that only equates to about $775, a near-impossible amount to live on in many countries in the world, and challenging in most. And there is no indication that the price of BANK is going to increase any time soon, despite the promising efforts of our wonderful Treasury Department.
This is not an easy assertion to make, because after two years we have a group of amazing contributors, many of whom are somewhat or very reliant on swapping the BANK they receive to earn a living. Along the way, we have lost a number of excellent, value-aligned contributors as they have been forced to find other opportunities to support themselves financially. This is the painful reality, and one that will continue to bite if we continue to pretend to ourselves and newcomers that BANK is an adequate compensation mechanism.
First and foremost, BanklessDAO is a community, not a corporation. We are learning how to DAO, and we have to walk before we can run. Until we can run, we should focus our efforts on what we do have: each other, and the rich learning experience that is BanklessDAO. DAOs are about exploring alternative, participatory models for decision making and bringing together like-minded people who have a shared goal. In some DAOs, that goal has been set by a group of founders who gradually decentralize decision making after having secured funding for their vision.
BanklessDAO was founded to help the world go bankless, not to create income streams to support contributors. That’s not to say that it can’t, but it’s up to us to create our own future. It’s as simple as that. And given that we proudly carry forward the ethos of self-sovereignty, agency, autonomy, this is how it should be.
👀 In Case You Missed It
✍️ CC Roundtable Discussion Topic Survey — Governance
We are building a list of discussion topics for the roundtable session on the Community Call, and would love have input from DAO members via this survey form.
The aim is to educate the community and address concerns with our roundtable discussions, particularly in relation to Governance. Whether you’re interested in hosting a discussion or have ideas about what we need to figure out, please add your 2 BANK today!
🤑 Discounts for Students at ETH Milan
To encourage participation from students, ETH Milan is offering a 70% discount on their ticket prices! Click ‘Student Ticket Request’ and apply here. Please ensure you use your university email address.
🚀 Mosaic the Web3 Quora is Live
Mosaic, a project by bDAO’s Manuel Maccou, officially launched on on June 7. Mosaic aims to be like the Quora for Web3 — a place where learners can find answers to all their many questions. Check out the Twitter Space they conducted for their launch event to learn more!
🇮🇹 Spaghett.ETH — Uniting the ETH Community in Italy 🍝
Spaghett.ETH successfully brought together the diverse Italian Ethereum and global community in Italy for the second year running, this time in Naples. From May 24-26, the event was hosted at Foqus, an ancient monastery in the historic center of the city which is now hosting a school.
The conference explored key themes such as legal, security, education, and public goods. With an emphasis on knowledge exchange and regulatory approaches within the Italian legal framework, Spaghett.ETH fostered collaboration and showcased Ethereum's potential in Italy. BanklessDAO contributors OrnellaWeb3 and fa3io.eth attended this important gathering.
The event began with an inspiring opening ceremony, featuring speakers from various sectors. Alexander Guy from Zerion delivered an insightful talk on building a web3-ready wallet for self-custodial individuals, followed by PG from BanklessDAO discussing strategies for exponential growth. Makoto Inoue from ENS shared valuable insights on utilizing ENS for community development, while Luigi Cantisani of Legal Hackers Torino explored legal considerations for Dapp projects facing claims.
The second day featured insightful talks by Nikita Buzov (Solace DAO) on non-financial risks in DeFi and Vandalo Ruins (Sewer Nation) on the evolution of identity markets. Owen Barnes discussed the future of apps, while Joey Zhong (Desmo Labs) presented an on-chain settlement system for real-world assets. A panel on European ETH communities fostered collaboration, offering valuable insights into the different ways of building communities while showcasing Ethereum's transformative potential.
The final day featured Limone.eth (Urbe.eth) discussing social media protocols and Tiziano Tridico (MetalSwap) exploring decentralized hedging swaps. A panel on the dark forest of MEV included Robert Ellison (AllNodes) and Fabrizio R. Genovese (20squares). Cheeky Gorilla (Protocol Guild) discussed funding Ethereum's core development at Protocol Guild, Davide Carboni (Uniscrow) shared the history of Uniscrow, while Senad shared more on Solving the Compensation Lego in DAOs with Thrivecoin. The day highlighted important topics and facilitated networking opportunities for participants.
The evenings were filled with delightful entertainment, including DJ sets by Psichederica and ONLYMUSIX, providing attendees with a vibrant atmosphere for networking and socializing. The event concluded with a closing ceremony, a lively closing party and amazing street art by ALDAM.
Spaghett.ETH served as a pivotal moment for the Italian ETH community, bringing together professionals, developers, enthusiasts, and regulators under one roof. The event successfully fostered collaboration, exchanged knowledge, and established a stronger relationship between the global Ethereum community. With its comprehensive program and top-notch speakers, Spaghett.ETH plays a crucial role in advancing the Ethereum ecosystem in Italy and beyond. 🇮🇹
Check out our event recap by fa3io.eth and OrnellaWeb3’s interview with Alexander Guy from Zerion wallet. That’s all for now friends, reporting on behalf of the BanklessDAO Global Events team from Naples, Italy. See you at the next event!
🍔 Grab It While It’s Hot
⛴️ BanklessDAO Content
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🌍 Bankless Africa Podcasts
🙊 Under the Rug
✍️ Bankless Publishing
🌏 Bankless Africa Newsletter
👩🏼💼 Bankless Consulting Newsletter
🎉 Gitcoin Grants Beta Round
If you donated to BanklessDAO projects in the Gitcoin Grants beta round, your hypercert can now be claimed via Hypercerts View. Hypercerts are a new token standard for tracking and rewarding positive impact.
🗓 Set A Reminder
🎙️ Parcel Twitter Spaces
On June 13 at 17:00 UTC, we will be hosting Parcel on the BanklessDAO Twitter Spaces. Tune in to learn about all the updates and new features added to our favourite treasury management tool.
🔩 How To Sesh
Sesh is a bot for organizing activities like events and setting up polls on Discord. If you would love to know how to register and get your events on sesh, join the Education Department on Tuesday, June 13 at 13:45 UTC in the watercooler voice channel.
🎓 Uniswap and BANK Knowledge Session
Uniswap is an open-source protocol for providing liquidity and trading ERC-20 tokens on Ethereum. Join the Education Department on Wednesday, June 14 at 13:45 UTC in the watercooler voice channel to learn more about the utility of the BANK token and Uniswap.
📝 How To Notion
Do you want to learn how to effectively use Notion? If yes, join the Education Department on Thursday, June 15 at 13:45 UTC to get help with the Notion Ninja Learn to Earn courses. Understand how Notion permissions are managed and the skills you need to be an effective Notion user.
📚 Join the Education Department
Are you interested in helping to teach ‘How To Sessions’ or need one for your DAO project? Connect with us in the #🎓education-department channel to get more information on how to get started.
📬 Comm Demo
Comm is a crypto-native messaging platform based on federated keyservers — think web3 Discord. To learn more about this product, join this demo in the Amphitheater on Wednesday, June 14 at 18:30 UTC.
📡 StationX.network Demo
StationX is automating workflows for communities, syndicates, and DAOs, offering a base integrated infrastructure for token gating, decision making, and treasury, coupled with a powerful suite of automated workflows built on account abstraction. Join this demo in the Amphitheater on Wednesday, June 14 at 19:15 UTC to learn more about this product.
🔥 DAOpunks To Release a New Collection
The new collection centers on the question of what it means to be a DAOpunk… what it means to say I AM A DAOpunk.
The I Am A collection tells a story of each of the four DAOpunks archetypes, with the first of four to drop next week! Minting starts on June 14, and is happening on Arbitrum One. Each punk will be available for .03 ETH. Find out more information over on Twitter and daopunks.io/iama.
Each wallet that mints at least one NFT will be eligible to receive a new DAOpunk T-shirt of the minted archetype.
🤣 Meme of the Week
