bDIP-10: Revision to BanklessDAO Constitution

Draft Authors: Trewkat, HiroKennelly, links, Ernest of Gaia Working Group: Trewkat, HiroKennelly, links, Ernest of Gaia

BDIP SUMMARY

• BanklessDAO’s Constitution lacks clarity and completeness.
• We have created a revision of the BanklessDAO Constitution which simplifies the language without making any changes to governance.
• This bDIP is to replace the entire existing Constitution with the entire revised Constitution. The revised text is available here .

BDIP BACKGROUND

This work has been supported by the Governance Department with the dual goals being:

• to update the wording of the existing Constitution so that the information is presented in clear and concise language within an intuitive, numbered structure.
• to document information about existing governance practices which were not included in the existing Constitution.

The goal for this round of work has NOT been to introduce new governance principles or practices, except where there was concurrent work happening and its inclusion made sense.

Notes from the Temp Check This bDIP follows a Temp Check which included polling on various aspects of the proposed revision.

As a result of Poll 1, the following section of the proposed version has been updated, as follows:

• 4.6.4 Grants Committee Election Process “… any Level 1 Member may self-nominate … “

The Constitution currently states “anyone may self-nominate”, but 89% of Poll 1 voters were in favour of changing this language to reflect current practice.

Text referred to by the other polls in the Temp Check was already included in the proposed document and this text was accepted by the majority of voters.

• Poll 2 resulted in 100% of votes in favour.
• Poll 3 resulted in 84% of votes in favour.

Poll 4 asked whether the proposed revised Constitution is ready to proceed to a bDIP in its current form, and resulted in 91% of voters in favour.

Lastly, as a result of the recent tlBANK proposal passing Snapshot, Section 3.2 of the proposed version has been updated from what was first referenced by the Temp Check to incorporate language about tlBANK. Note the added text does not match the text approved in bDIP-09 but retains the intent.

Vote Time! It’s now time to vote on whether the proposed revised Constitution should replace the existing BanklessDAO Constitution in its entirety, remembering that no changes to governance rights, responsibilities, or processes are enacted by this new version.

BDIP SPECIFICATION

Rather than include the full text of both documents in this proposal, the relevant links can be accessed below.

|Current Form|Proposal| | --- | --- | |BanklessDAO Constitution & Community Handbook |BanklessDAO Constitution |

EXPECTED IMPACT

We anticipate that if the revised version of the Constitution is implemented it will clarify our current governance practices and establish the foundation for future governance revisions.

ANALYTICS

n/a

NEXT STEPS

We expect this to be designated as a Major change; although it does not make changes to governance, it is a substantial revision to the existing document. Therefore, the following governance proposal thresholds must be met on Forum before the bDIP proceeds to a Snapshot vote:

|Governance Update|Forum Quorum|Approval %|Timeline| | --- | --- | --- | --- | |Major|63|70%|1 week|

Snapshot proposals run for seven days and require ≥66% approval. If the bDIP proceeds to Snapshot and is approved, the Governance Department will be prompted to update the Constitution.

WORKING GROUP BACKGROUND

Trewkat, Ernest of Gaia, HiroKennelly, and links are long-time Level 2 Contributors.

POLL

Do you support this proposal for the revised Constitution text to replace the existing BanklessDAO Constitution in its entirety?

• Approve
• Abstain
• Reject

Title: Deposit fees from the UNIv3 liquidity position to the multisig Squad: Icedcool, Tomahawk, Ernest of Gaia, Sprinklesforwinners Date Created: 1/26/23 Forum Post: Link

TLDR:

• BanklessDAO has earned on its full range Uniswap liquidity position. 2
  • ~1.1 million BANK
  • ~9.76 ETH
• This proposal is to pull these fees and deposit them into the BanklessDAO Multisig. 3

BACKGROUND

The snapshot vote Tokenomics - Migrate DAO-Owned Liquidity to Uniswap V3 1 pulled the liquidity acquired from OlympusPro Bonding, owned by the treasury, and migrated that over to Uniswap v3 as a full-range position. This was sought in order to have a price oracle that could integrate with RARI (which now no longer supports borrowing) or other DeFi platforms in the future. The UNIv3 position has additionally benefited us by consolidating the BANK-ETH liquidity, driving the majority of the volume to Uniswap and improving fee revenue to the DAO treasury.

Uniswap offers a 1% fee pool for smaller market cap tokens with higher volatility (perfect for BANK), and this pool is now where the majority of the existing liquidity lives. Making Uniswap v3 the primary source of liquidity for BANK has shown to be a clear benefit, supporting the majority of transaction volume and maximizing fee revenue to the DAO treasury.

SPECIFICATION

The steps would be as follows:

1. BDAO multisig 2 would submit a fee-collecting transaction 1 to collect accrued fees 2 from the UNIv3 liquidity position.

2. The fees that have been earned would then be deposited into the BanklessDAO multisig.

POLL

Approve Abstain Reject

Title: BanklessDAO Multi-sig Wallet election Authors: Editors: senad.eth#8782, links#7868, Trewkat#1933, HiroKennellyᵍᵐ#0001 Forum Date: 3/22/23 Relevant Links: Forum Post, bDIP-8 Election and Selection of BanklessDAO Vault Multi-Signature Wallet Signers

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BanklessDAO Vault Multi-Signature Wallet Election

The BanklessDAO Vault multi-signature wallet (vault multisig) is the holder of DAO funds, and disburses BANK to DAO Organizational Units. It is managed by a team of seven BanklessDAO members, and requires four of the seven members to sign in order for any transaction to be executed.

Multisig Wallet Election Process

This election contains the new electees from this forum post, and to ensure that the multisig always hold enough members the previous holders are available for re-election unless they step down.

The potential new electees are:

• Rowan#3669
  • Application
• senad.eth 🏴#8782
  • Application
• Mr. V | mariokondo.eth#2771
  • Application
• jengajojo🏴#5896
  • Application
• Bananachain🏴 (Nanner)#6171
  • Application
• links🏴#7868
  • Application

The potential previous holder electees are:

• 0xLucas#3124
  • Application
• Above Average Joe#5427
  • Application
• Grendel#3875
  • Application
• Icedcool🏴#4947
  • Application
• Kouros#2107
  • Application

Multisig Holders stepping down:

• frogmonkee#6855
• RedVan🏴🍌#0611

Vote:

Token weighted voting

Title: bDIP-9: Level update to include tlBANK Draft Authors: Icedcool, Ernest of Gaia, Sprinklesforwinners, Tomahawk Working Group: Tokenomics Squad Forum Post: Link

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BDIP SUMMARY

This bDIP recognizes tlBANK as a component of L1 membership, and a core primitive of BanklessDAO.

BDIP BACKGROUND

As the utility of the BANK has evolved organically, the token itself has evolved beyond its original use to provide services within the ETH ecosystem. To keep up with these changes, it is imperative that the token itself evolve. tlBANK was first introduced on the forum here 5. Since then, we have seen support for the use of tlBANK grow. This can be seen in multiple forum posts that have obtained quorum. This can be seen here 5 and here 2. The use of tlBANK was ratified in this 2 snapshot vote.

BDIP SPECIFICATION

Recognize tlBANK as L1

|Current Text|New Text| | --- | --- | | L1 - Members | L1 - Members| |Full DAO members are those who have accumulated the requisite 35,000 BANK and are authenticated in the Discord server. The benefits of L1s include access to additional Discord channels and no longer needing to renew the guest pass.|Full DAO members are those who have accumulated the requisite 35,000 BANK and are authenticated in the Discord server. The benefits of L1s include access to additional Discord channels and no longer needing to renew the guest pass. DAO Members that mint the preset tlBANK will also be given L1 Membership with the included benefits. Only the tlBANK minting address receives the L1 access.|

EXPECTED IMPACT

• This will create secondary use cases for the BANK token by:
  • Allowing tlBANK to trade on any NFT marketplace.
  • Creating new areas of involvement and alignment of projects.
• UI will define lockup, but open ended on the back to allow projects different involvement.
• ONLY the minting address will receive the L1 Access to the DAO.

NEXT STEPS

• Upon ratification, go to snapshot
• Upon snapshot approval, modify CollabLand configuration to support tlBANK as an L1 level.

POLL

• Approve
• Abstain
• Reject

Title: Grants Committee Election for S8 and S9 Author: p8ul.eth Quorum Requirement: Not Applicable Voting Threshold: Not Applicable (Weighted Voting) Forum Post: Governance Election: Season 8 - Grants Committee Election Submission

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SUMMARY

According to the BanklessDAO Constitution, there are four seats open for the Grants Committee for the next term (Season 8 and Season 9). One spot remained empty in S7.

Additionally, one extra seat is available for half a term (Season 8 only) due to bananachain stepping down.

Members stepping down

• sprinklesforwinners
• Senad.eth
• thinkDecade
• bananachain

Election:

Due to the limitation of characters that Snapshot imposes, it is not possible to have the full applications in this page.

You can get more information about this election and see all applications here: Governance Election: Season 8 - Grants Committee Election Submission

In summary these are the 7 candidates by their Discord handle:

• Baer.eth#6344
• Icedcool🏴#4947
• Paulito#8869
• Daolexa#0001
• Links🏴#7868
• LiviuC#7835
• Steff#7452

The voting system is weighted voting. You can distribute your vote to as many candidates as you wish and also choose the weight on it.

The 4 candidates with the most tokens will be elected as Grants Committee members for the next two seasons.

The candidate with the 5th most tokens will be elected as a Grants Committee member for the next season only.

Title: Grants Committee Election for S7 and S8

Author: Icedcool

Forum Post: Link

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SUMMARY

According to the constitution there are four seats open for the Grants Committee for the next term (Season 7 and Season 8).

Additionally, one extra seat is available for half a term (Season 7 only) due to a member removal.

GC Member terms ending:

• p8ul.eth
• raybankless.eth🏴
• Bananachain🏴(Nanner) (half)
• tesa_fc (half)

Election:

You can get more information about this election and see all applications in this forum post.

In summary these are the 3 applicants by their Discord handle:

• p8ul.eth
• raybankless.eth🏴
• Bananachain🏴(Nanner)

Since only 3 applicants applied within the submission period, Grants Committee will function with 6 members for Season 7.

With only 3 applicants for 4 open positions, to accurately collect community sentiment this vote will be Single Choice Voting of Approve/Reject to elect all 3 candidates.

Additionally, this vote will be using Shielded Voting as per the Shielded Voting Testing.

Title: bDIP-01: Correcting Grant Proposal Requirements

Scope: patch (bug fix)

Draft Authors: links

Working Group: links, hirokennelly, trewkat, siddhearta

BDIP SUMMARY

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

Title: Season 6 Seasonal Funding, Final Budget Items

Proposal Champions: Icedcool🏴#4947, 0xZFi#4882

Date: Nov 14, 2022

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SUMMARY

This additional budget package is to authorize the disbursement of 12,202,000 BANK for Season 6 budget items beyond Guild, Department, and Project funding to the Grants Committee Multisig.

Historically, these budget items have been included in the Seasonal Specification rather than the Seasonal Funding Request. In implementing the recent changes to the Season 6 Specification and the Season 6 Guild, Department, and Project Seasonal Funding Request, these items were unintentionally omitted from the seasonal transition documentation altogether.

Going forward, all allocations shall be defined within the Seasonal Funding Request.

Lastly, this budget package includes an accidentally omitted amount of 1,700 USDC to be sent to the Treasury Department to pay for the BanklessDAO Asset Repository (BrightDash). These funds were approved in the S6 Treasury Dept Funding Request by the Grants Committee, but did not make it onto the Season 6 Budget Snapshot.

SPECIFICATION

• Coordinape = 4,500,000 BANK
• Grants Committee Allocation = 702,000 BANK
• Grants Committee Project Fund = 7,000,000 BANK
• Treasury Department = 1,700 USDC

Total = 12,202,000 BANK and 1,700 USDC

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POLL

Approve Abstain Reject

Title: Grants Committee Election for S6 and S7

Author: jameswmontgomery.eth

Quorum Requirement: Not Applicable

Voting Threshold: Not Applicable (Weighted Voting)

Forum Post: Here

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SUMMARY

According to the BanklessDAO Constitution, there are four seats open for the Grants Committee for the next term (Season 6 and Season 7).

Additionally, one extra seat is available for half a term (Season 6 only) due to a member removal.

Members stepping down

• lion917
• jameswmontgomery.eth
• links
• 0xRene
• Ap0ll0517

Election:

Due to the limitation of characters that Snapshot imposes, it is not possible to have the full applications in this page.

You can get more information about this election and see all applications in this forum post.

In summary these are the 7 candidates by their Discord handle:

• senad.eth🏴#8782
• Bananachain🏴#6171
• Infinitehomie.eth#4930
• thinkDecade🏴#718
• Sprinklesforwinners#1125
• tesa_fc#9745
• Feems#4876

The voting system is weighted voting. You can distribute your vote to as many candidates as you wish and also choose the weight on it.

The 4 candidates with the most tokens will be elected as Grants Committee members for the next two seasons.

The candidate with the 5th most tokens will be elected as a Grants Committee member for the next season only.