Signers of the Times | BanklessDAO Weekly Rollup
Catch Up With What Happened This Week in BanklessDAO
Dear Bankless Nation 🏴,
As the old saying goes, ‘change is the only constant in life’. BanklessDAO members embrace change — after all, a change to the financial paradigm is what we strive for — and that it is evident in our actions, large or small.
This week’s Rollup features an informative piece by Vi-Fi, who provides a brief history of BanklessDAO multi-signers and their responsibilities, and suggests that the dwindling activity levels of most of our current signers is a signal it’s time for a change.
The DAO Drops project for retroactive public goods funding has some bDAO projects shortlisted for funding. You can connect your wallet to check whether you have been allocated points. If eligible, you’ll be able to distribute your points in the projects you think should receive funding. BanklessDAO is represented strongly through International Media Nodes, Bankless Africa, and Salman Needs a Job.
This week’s roundtable discussion was about the high value of the BanklessDAO brand and the accountability of brand users. Tetranome, NFThinker, HiroKennelly, Ornella, Jengajojo, and others contributed to an interesting conversation about the need for branding guidelines, brand-mission alignment, and whether a branding department needs to be formed. Did you know the DAO has a digital asset repository called Dash? Now you do, so there’s no need to make your own version of the logo 😀.
That means you’ve got time to enjoy the amazing content this Rollup presents to you; it is totally worth reading top to bottom — don’t stop ‘til you reach the meme and have a happy weekend!
Contributors: Vi-Fi, pub-gmn, anointingthompson1, theconfusedcoin, KingIBK, Austin Foss, Warrior, Allyn Bryce, WinVerse, siddhearta, Trewkat, HiroKennelly
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✅ Action Items
🏫 Learn: Attend the knowledge sessions this week from the Education Department.
⚖️ Think about the tlBANK proposal and offer your ideas on the Temp Check.
🗞 Subscribe: Engage with bDAO newsletters and stay up-to-date on web3 events.
🏃♀️ Catch up: Review this week's Community Call notes or listen to the recording.
🏛 Governance
Snapshot Votes
🏧 Season 7 Seasonal Funding — Final Budget Items
Several items were absent from Season 7’s budget specification before the deadline, due to “outstanding questions in relation to budgeting”. Accordingly a Forum post sought approval of S7 funding for DAOlationships Guild, Legal Guild, InfoSec, and Bankless Academy.
Voting is now live on Snapshot to approve 3,187,000 BANK for distribution. It will close next week, March 23, at 22:00 UTC.
Proposals in Discussion
⌛ tlBANK — Temp Check for Consensus and Implementation
This Forum discussion is worth a look due its potential to affect the whole DAO through the implementation of time-locked BANK, referred to as tlBANK. Project champion Icedcool, along with four other contributors, aims to bring BanklessDAO this new utility/governance token in partnership with Hedgy Finance, who will provide the smart contract infrastructure for the project.
Implementation of this token would be as an ERC-721 NFT. Minting the tlBANK NFT would grant L1 membership for one or two seasons as well as provide the same voting rights that non-time-locked BANK does. The NFT would be transferrable, with 10% of royalties being forwarded to the BanklessDAO Vault multisig. Even though this project has achieved strong approval for the temperature check it’s not too late to have your voice heard and provide input to the tlBANK design.
Signers of the Times
Author: Vi-Fi
There’s been a little-discussed issue in the DAO for several seasons, one which affects our core operations: over time the majority of signers on the DAO’s primary multi-signature wallet have become inactive. This should not come as no surprise, as the current batch of signers were ratified via Snapshot at the close of Season 1 when the Genesis team passed control of the DAO’s main multisig to the community.
Six seasons later, many of these signers have left the DAO, or are more active elsewhere in web3. While change is natural, it’s important that we ensure such evolution doesn’t impact our core operations. You may not know this, but our multisig signers are also the ones who move qualifying proposals from Forum to Snapshot, which means that two core functions, BanklessDAO Vault management and DAO-wide consensus on Snapshot, are affected by the lapse in activity.
The DAO’s Multisig Wallet
Like many DAOs, BanklessDAO uses SAFE (formerly Gnosis) multi-signature wallets. The main BanklessDAO Vault address, banklessvault.eth (DAO Vault), is used to disburse seasonal funding, and currently requires four of the seven members to sign a transaction before it can be executed. The substantial portion of the DAO’s assets are held at this address.
The current BanklessDAO Vault multi-sig signers are: Icedcool, frogmonkee, Above Average Joe, RedVan, 0xLucas, Eagle, and Kouros. Of these members, only Above Average Joe and Icedcool remain highly active in the DAO, although 0xLucas regularly serves as a liaison between the DAO and BanklessHQ. Every Snapshot in recent memory has been posted by Icedcool, which though appreciated is not fair for any one person to have to take responsibility.
A group of DAO members, led by Senad, have been working on drafting a framework to update the DAO Vault multisig signers, and generally provide clarity around that role. A Temp Check was recently put on Forum, and there was broad support for clarifying and updating the criteria for being a DAO Vault multisig signer.
Why This Is Important?
Being on the DAO Vault multisig isn’t just about disbursing seasonal funding and moving qualifying proposals to Snapshot. Ideally the multisig signers are the stewards of our community, and they carry our vision forward. The Temp Check proposed the following responsibilities, only some of which reflect current practice:
Given the importance of these responsibilities, and the necessity to have signers who are mission-aligned, invested members, the Temp Check also proposed the following requirements be considered for the role of DAO Vault multisig signer:
In the Forum post, the community indicated wide support for the proposed role requirements:
What’s Next?
With the Temp Check complete, members are working to finalize a bDIP to reflect the sentiment expressed in the proposal. If the bDIP is successfully incorporated into the Constitution, the next step would be to open applications for potential signers on the Forum, followed by an election on Snapshot.
There are potential roadblocks to implementing these changes, including the failure of the bDIP to reach Forum quorum requirements; to date only four of eight bDIPs submitted to the Forum have reached Snapshot (and all overwhelmingly passed).
BanklessDAO is hard at work, building a DAO that is designed to be resilient and sustainable. With your help, we can continue to be bDAO strong!
👀 In Case You Missed It
📺 Weekly Rollup Recap With Allyn Bryce
In last week’s video, Allyn reminds us, with a hearty chuckle, “you gotta walk, before you can DAO”. He takes us through the changes coming to the DAO’s Constitution, and everything that’s happening in the DAO, brought to you in 10 minutes of info and laughs.
You can find all the previous episodes on the BanklessDAO YouTube Channel.
🙏🏻 Turkey Disaster Relief Fund Update
Three weeks ago, a 7.8 magnitude earthquake struck Turkey-Syria. BanklessDAO’s swift response has helped many survivors fight through this dire situation and provided some relief by way of food and supplies. This update outlines how every 1 BANK donated makes a difference.
🎙 BanklessDAO Podcasts
🧠 Crypto Sapiens
🌍 Bankless Africa Podcasts
🙊 Under the Rug
🍔 Grab It While It’s Hot
🤝 BanklessDAO x ThePASS
BanklessDAO has joined forces with ThePASS, a leading DAO aggregator, to enhance the transparency and effectiveness of DAO treasury management, voting governance, and lots more. As part of this partnership, ThePASS will provide access to a comprehensive database on its platform, which will allow BanklessDAO members to track and monitor the DAO’s holdings, including NFT assets, in real time. This will help to ensure that all members have a clear understanding of the organisation’s financial position and can make informed decisions about future investments and expenditures.
⏰ Vertex Protocol’s Public Mainnet Launch
Vertex Protocol, a DEX built on Arbitrum, will be launching its Public Mainnet very soon! Vertex offers the best of DeFi all in one place. Spot exchanges, perpetual swaps, lending markets, fiat on/off ramps, and more — all bundled into a single unique product. Read this Twitter thread to understand what Vertex Protocol has to offer.
👩🎨 d’Art Drops
This week’s d’Art drop is the fourth and final instalment in this Decentralized Arts newsletter collaboration with cryptoartis.eth.
A man stands at the edge of a world collapsing in financial ruin. Despite the perceived loss this collapse may suggest, the man is filled with hope; his future was not dependent on a predatory financial system but was built on the promise of financial liberty through cryptocurrency. As the old world falls away, the man sees the potential of a new world to be raised in its stead.
✍️ Bankless Publishing
🌏 Bankless Africa Newsletter
🗞 The Rug Newsletter
👩🏼💼 Bankless Consulting Newsletter
🗓 Set A Reminder
🤩 New Joiner Session s7x03
Join us for this New Joiners Session to learn more about BanklessDAO and how to get involved. At this session you will meet mentors who could guide you on your journey into DAO life and other new joiners like you who may become a fellow traveller on your journey. This session will be held on Zoom. Please be prepared to share a little about yourself.
RSVP to have Zoom meeting details emailed to you nearer to the event, which will be held on Monday, March 20 at 13:45 UTC.
💵 How to Gitcoin
Gitcoin is a platform where coders and developers can get paid to work on open-source software in a wide variety of programming languages. Users can also submit their own project ideas to the Gitcoin platform in order to crowdsource funding from contributing donors.
Join us on Tuesday, March 21 at 14:00 UTC in the watercooler voice channel to learn how Gitcoin and Gitcoin Passport utilize Gitcoin Grants as a quarterly crowdfunding mechanism, leveraging Quadratic Funding to democratically allocate matching funds and make progress on important projects and causes.
Remember to hop in 15 minutes before the event start to be onboarded to the Zep platform.
📒 Liquidity Pools Knowledge Session
Liquidity pools enable users to buy and sell crypto on decentralized exchanges and other DeFi platforms without the need for centralized market makers. To learn more about liquidity pools and how they work, join the Education Department on Wednesday, March 22 at 14:00 UTC in the watercooler voice channel.
Hop in 15 minutes before the event start to be onboarded to the Zep platform.
🏦 BANK in DeFi Knowledge Session
Are you well-balanced? Would you like to learn about how to put your BANK to use on the current DeFi Protocols? If yes, join the Education Department on Thursday, March 23 at 14:00 UTC in the watercooler voice channel. RSVP to set a reminder for the event, and remember to hop in 15 minutes before the event start to be onboarded to the Zep platform.
NB: This event will be held in Zep Classroom 7!
🎫 Slice Demo — Decentralized Storefront Infrastructure
Slice is a decentralized infrastructure for commerce and payments, where you can sell items, mint NFTs, token-gate, split payments, and more from your own decentralized store. Join this demo in the Amphitheatre on Wednesday, March 22 at 19:30 UTC.
🌐 BanklessDAO x SeoulBound
SeoulBound is a curated 3-day gathering of ‘DAO East&Rest’, happening in the heart of Seoul. The event aims to create an environment for collective learning by bridging ancient wisdom with the value system of decentralization, emphasizing the importance of the human element under the theme of “Weaving Wisdom for a New Era — Ancient Wisdom, Modern Knowledge, and Planetary Minds.”
Apply now and include SeoulBound in your journey! The application closes this week. If you are traveling for ETH Tokyo, Seoul is your convenient next stop. You can follow Seoulbound on Twitter and Telegram.
