The BanklessDAO Constitution failed to capture the operational realities of the Grants Committee, and incorporated incorrect requirements (quorum, ungated polls) for grant proposals. This bDIP will bring the Constitution in line with the practices of the Grants Committee, providing clarity for future funding requests.

BDIP BACKGROUND

The BanklessDAO Constitution lists Forum quorum requirements for grant applications which are specified in the Firming Up Governance 6 Snapshot vote. Those quorum requirements were interpreted by the Grants Committee as having been vacated by the Quorum Removal Vote 2. In the perceived absence of a quorum, the Grants Committee created its own quorum adjustment method 2, with help from the GSE, and this has been in operation since July, 2022. Later, the Constitution was enacted via a Snapshot vote which incorporated the incorrect quorum information 4.

The BanklessDAO Constitution also states that proposal votes are REQUIRED to be ungated. This was never specified in any seasonal specification or previous Snapshot, and introduces significant security issues (sybil attacks). There have already been one suspected and one confirmed case of non-BanklessDAO members voting for grant proposals to meet quorum requirements, so it’s important we ensure the Constitution does not encourage this.

This bDIP’s intent is to patch the two bugs listed above.

BDIP SPECIFICATION

Since this is a “bug fix”, this bDIP can be considered a patch.

Current Form

Forum voting leverages one vote per user and is not token-weighted or gated. Forum proposals require 70% approval to pass to successive stages of governance. Proposals must be posted for one week unless the request exceeds 1M BANK. In these instances, they must be posted for two weeks. Forum quorum is the minimum number of voters that need to be present for the vote to be valid and is listed in the following table. For example, if your Forum post is asking for 50,000 BANK or less, only 25 voters need to cast their votes for the vote to be valid.

|Requested Bank|Forum Quorum| | --- | --- | |< 50k BANK|25| |50k - 250k BANK|31| |250k - 500k BANK|40| |500k - 1M BANK|51| |> 1M BANK|63| |Governance (Major)|63| |Governance (Minor)|51| |Governance (Patch)|40|

[See Snapshot 6]

Proposed Form

Proposal votes are one vote per user and are not token-weighted. Grant proposals must meet the quorum requirements set by the Grants Committee (available on their Notion page 3), which may be adjusted seasonally at their discretion.

Governance quorums are listed below.

|Governance Update|Forum Quorum|Approval %|Timeline| | --- | --- | --- | --- | |Major|63|70%|1 week| |Minor|51|70%|1 week| |Patch|40|70%|1 week|

EXPECTED IMPACT

The Constitution will accurately reflect the current quorum requirements in effect at BanklessDAO.

NEXT STEPS

1. Get Forum consensus (40 votes) - DONE
2. Get Snapshot consensus
3. Update the Constitution

WORKING GROUP BACKGROUND

links was the Grants Committee Lead from S4-5 and Champion of Bankless Card. HiroKennelly is a long-time DAO member and helps lead various projects… Trewkat is a member of Writers Guild and Lead Staff Editor of the EPA. Siddhearta is the Writers Guild Coordinator and Newsletter Team Champion.

Poll

Approve Reject

Forum Posts: Post 1, Post 2

SUMMARY

This snapshot is to adopt the BanklessDAO Constitution as our lead governance document and the location of our living agreements within the DAO.

The BanklessDAO Constitution represents BanklessDAO’s values, mission, structure, processes, and governance according to the best of our community’s ability to capture it. It is the codification of our community operating system and is meant to serve, rather than constrain its members.

The constitution includes sections defining:

• BanklessDAO
• DAO Membership Levels
• DAO Organizational Units
• DAO Cycles (Time Cycles)
• DAO Governance
• DAO Funding
• Code of Conduct

Additionally, this document and snapshot formally instantiates and adopts the BanklessDAO Improvement Proposal (bDIP) as the standard for making changes to the BanklessDAO Constitution and updating our living agreements.

POLL

Approve

Deny

Title: DoinGud BanklessDAO Membership Authors: Tetranome Forum post: Link

SUMMARY

This snapshot is to approve BanklessDAO's application for Tier 3 membership @ 1.1 ETH for one year at DoinGudDAO - the Impact DAO behind ETHBarcelona and the hosts of their own social impact NFT marketplace on Polygon.

This is based on the votes from the proposal here.

Annual Community Membership Perks:

• BanklessDAO receives 5x governance seats at DoinGudDAO.

• BanklessDAO receives collaboration priority on events with DoinGud and the consortium of DAO members at discounted sponsorship rates. For example, at ETHBarcelona there were sponsorship tiers that enabled sponsors to present a talk, receive brand marketing around the event etc.

• BanklessDAO receives a communications boost across DoinGud socials.

• BanklessDAO L1+ members receive allow list access to the DoinGud Soulbound Membership NFT sale + an 11% discount.

Governance seats will be filled by a Discord poll in - #polls - running the length of this snapshot, in order to meet the DoinGudDAO application deadline.

Any L1+ member can apply.

Governance Application Poll:

Link

Vote:

Approve Deny

Discord Vote: Link

Forum Post: Link

TLDR

• In Balancer L2 we have a liquidity depth of $46,419 (2184423 BANK and 5.4556 ETH)
  • This translates into high slippage for AMM operations on Polygon.
• We need sufficient liquidity on every chain $BANK is implemented on to enable BanklessDAO operations.
• To resolve this we would like to migrate 50k of liquidity from L1 to Polygon Balancer
  • Sushiswap Liquidity (705,194.04 BANK and 7.49 ETH ≈ $24,122.29) - (50/50)
  • Balancer Liquidity (1217788 BANK and 3 ETH ≈ $25,878) - (80/20)

SUMMARY

BanklessDAO has the Balancer pool on Polygon which has a volume(usage) of around $1,000 daily. Currently we have a liquidity depth of 46k on L2, which is resulting in high slippage for people using and trading on L2. BanklessDAO needs to support the liquidity depth for operational usage on all chains, and so plans to migrate 24k of liquidity from Sushi (low usage) and 26k from the Balancer L1 pool for a total of 50K liquidity to support depth on Polygon L2.

This proposal is to gain approval from the DAO to migrate this liquidity to enable Polygon operations.

SPECIFICATIONS

• Sushiswap Liquidity (705,194.04 BANK and 7.49 ETH ≈ $24,122.29) - (50/50)
• A portion of Balancer Liquidity (1217788 BANK and 3 ETH ≈ $25,878) - (80/20)

IMPLEMENTATION

Implementation steps would be as follows:

1. BDAO multisig would unpair the Sushiswap liquidity.

2. The multisig would unpair a portion of the Balancer Liquidity (1217788 BANK and 3 ETH ≈ $25,878)

3. The multisig would then migrate the total amount of assets to Polygon via the Treasury Guild Bridging Service (TBS) to the Polygon multisig (X ADDRESS)

4. FInally the multisig would deposit the assets into Balancer pool at an 80/20% ratio.

5. The Sushi assets (50/50) would be auto balanced to the 80/20 ratio.

Post implementation the liquidity depth will be at roughly 100k worth of depth, which should enable Polygon Operations and usage.