siddhearta.eth

siddhearta.eth

siddhearta.eth

Past Votes

40

bDIP-00: Seasonal Funding Process Clarification

Title: bDIP-00: Seasonal Funding Process Clarification

Authors: 0xZFi#4882, Rowan#3669, Icedcool🏴#4947

Working Group: 0xZFi#4882 (Champion), Rowan#3669, Bpetes#9961, links#7868, Icedcool🏴#4947

BanklessDAO Constitution: Link

BDIP SUMMARY

This change is required to enable a timely Season 6 transition. Established procedures through Season 5, including the Season 5 Specification process, were superseded by the Constitution, which was ratified during Season 5. As a result, the governance processes around the season transition require clarification.

This bDIP proposes new wording to the Funding section under Seasonal Budgets to accurately reflect current Seasonal Process. Its passage will allow seasonal funding to continue as intended, given the short timelines leading up to Season 6. Future bDIPs will be developed to further clarify the Constitution in this respect.

It is our intent to minimize the delay of funding disbursement for Season 6. If this bDIP passes, a seven day delay is expected. If this bDIP does not pass, the delay is unknown.

BDIP SPECIFICATION

This is intended to be a Minor Change to the Constitution, as the proposed revision simply aims to provide procedural clarity for the seasonal funding process. As such, the Constitution would be updated to v1.1 if this bDIP passes the Forum and Snapshot votes.

|Current Form|Proposed Change| | --- | --- | |Old text in Funding, under Seasonal Budgets:|Revision to Funding, under Seasonal Budgets:| |New seasons are initiated by all guilds and projects submitting proposals for funding. If these proposals pass Forum approval, they are packaged together in a single seasonal budget approval Snapshot vote. If this budget is approved, then the DAO multi-signers are responsible for issuing disbursements in line with the approved budget.|Before new seasons begin, all previously funded guilds and projects must submit a funding proposal to the forum for the Grants Committee to review. Funding proposals that pass the Grants Committee review process are packaged together in a single seasonal budget Snapshot vote. If this budget is approved then the DAO multi-signers are responsible for issuing disbursements in line with the approved budget.|

EXPECTED IMPACT

Passage of this bDIP would clarify and align the Constitution to current operations and enable the seasonal funding for Season 6. This would establish the operational procedure through which seasonal budget requests are approved going forward.

ACKNOWLEDGING RISKS

If this proposal does not pass on the Forum, we will be holding up the season transition and the funding requests that have already been approved by the Grants Committee. This bDIP would need revision until it passes. Only then could we continue with the seasonal funding round.

NEXT STEPS

This bDIP will be posted to the Forum for 7 days. If it passes on the Forum, it will be posted on Snapshot for 7 days. In order to facilitate timely Season 6 funding, the Season 6 Specification will be posted to Snapshot the day after the bDIP is posted and the votes will run simultaneously. Assuming the bDIP passes, the Season 6 Specification can also pass, and funding will be disbursed.

Approve
327,113 votes
1 year ago

Season 6 Specification and Community-Indicated Direction

Title: Season 6 Specification and Community-Indicated Direction

Draft Authors: 0xZFi#4882, Icedcool🏴#4947, Ernest_Of_Gaia🚐 🏴ccNFTs🪐#4762

Working Group: 0xZFi#4882, links#7868, Icedcool🏴#4947

Summary of Season 6 Operational Specifications

This is the BanklessDAO Season 6 Specification. It has been reformatted to adhere to the procedure of governance changes as defined by our newly codified Constitution. If this Seasonal Specification passes Snapshot, the following timeline will be ratified. Special considerations for focus in Season 6, as indicated through the Season 6 Community Vote, are included here as well.

Background

After Draft 1 of the Season 6 Spec had been posted to the Forum, it was brought to the attention of the author that the Seasonal Specification process was superseded in Season 5 by the Constitution.

As such, the Seasonal Specification has been limited in scope to operational timeline ratification including community-indicated direction with bDIP suggestions.


Season 6 Timeline

  • Season 6 will start on Monday, November 7, 2022.
  • Season 6 will end on Sunday, February 5, 2023.
  • Formal gap week will be February 6 through February 12, 2023.

Delayed Transition Timeline

  • The Season 6 Budget Proposal will be posted to Snapshot November 4, 2022.
  • The Season 6 Specification will be posted to Snapshot November 4, 2022.

Community-Indicated Direction

These changes have acquired consensus on the Forum but do not require addition to, or alteration of, the Constitution. They simply express the direction the Community has indicated they would like to take for Season 6 as a result of the Community Vote.

  • The community has signaled an interest in increasing the utility of BANK tokens. Any guilds, departments, or projects whose purview encompasses this topic are encouraged to develop ideas and collaborate on this throughout Season 6.
  • The Otterspace verifiable credentials pilot will begin in Season 6.
  • The Grants Committee shall be allowed to remove an inactive and unreachable member with a unanimous consensus among other Committee members.

Changes that Require a bDIP

Any potential changes to our Constitution would require a bDIP. bDIPs for the items below will be drafted for a formal voting process in Season 6.

  • Member-Based Guild Funding (previously called Automatic Guild Funding) will begin to apply for Season 6. Guilds, as categorized in Season 5, are to choose between continuing as a Guild or a Department, as defined by the taxonomy post here, and to submit funding requests accordingly.

The full Season 6 Specification post can be found here.


POLL

Approve the Season 6 Specification, disapprove, or abstain.

Approve
327,113 votes
1 year ago

Season 6 Seasonal Funding

**Title:**Season 6 Seasonal Funding

Proposal Champion: links#7868

Date: Oct 28, 2022

SUMMARY

Per current operating procedures, Department, Guild, and Project funding requests were reviewed by the Grants Committee and were approved for a total of 22,032,292 BANK.

Of this amount, 50% of project funding (6,037,828.50 BANK) will be held by the Grants Committee Multisig to disburse mid-season, based on KPIs being reported.

This proposal seeks to ratify the distribution of these budgeted allocations.


SPECIFICATION

Department Funding = 3,730,635 BANK

  • Operations Department = 1,869,985 BANK
  • Marketing Department = 993,000 BANK
  • Education Department = 472,650 BANK
  • Treasury Department = 395,000 BANK

Guild Funding = 6,226,000 BANK

  • Writers Guild = 1,000,000 BANK
  • Research Guild = 833,000 BANK
  • Legal Guild = 733,000 BANK
  • DAOlationships Guild = 663,000 BANK
  • Design Guild = 650,000 BANK
  • AV Guild = 643,000 BANK
  • Translators Guild = 638,000 BANK
  • Dev Guild = 573,000 BANK
  • Project Management Guild = 493,000 BANK

Project Funding = 12,075,657 BANK

  • Bankless Africa = 1,590,000 BANK
  • Newsletter Team = 1,569,000 BANK
  • Bankless Academy = 1,430,000 BANK
  • EPA = 1,268,000 BANK
  • Crypto Sapiens = 1,200,000 BANK
  • International Media Nodes = 1,084,000 BANK
  • The Rug = 1,035,000 BANK
  • Podcast Hatchery = 708,000 BANK
  • Decentralized Law = 639,000 BANK
  • bDAO@Global Events = 590,000 BANK
  • Infosec Team = 562,657 BANK
  • DAO Dash = 400,000 BANK
  • Making Bank Podcast = 0 BANK

Total Seasonal Funding Request: 22,032,292 BANK


POLL

Approve the Season 6 Seasonal Funding and distribute funds as per the specifications, disapprove, or abstain.

Approve
327,113 votes
1 year ago

BanklessDAO Constitution & bDIP Standard

Title: BanklessDAO Constitution & bDIP Standard

Authors: 0xJustice

Working Group: GSE Team

Date: September 17th, 2022

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:


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

Approve
777,928 votes
2 years ago

Tokenomics - L2 Liquidity Deepening

Title: Tokenomics - L2 Liquidity Deepening

Author: Icedcool🏴#4947

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.

Approve
646,157 votes
2 years ago

BanklessDAO Season 5 Specification

Title: BanklessDAO Season 5 Specification

Authors: Rowan, Rowan, Above Average Joe, 0xLucas, René

Copy Edits: Trewkat

Date: July 6, 2022

Forum Proposal: Draft 1, Draft 2

SUMMARY

This proposal introduces a specification for BanklessDAO Season 5. If this proposal passes Snapshot, the following details will fall into place:

  • Season 5 will start on Monday, August 8, 2022
  • Season 5 will end on Sunday, October 30, 2022
  • Formal gap week will be on the week of October 31, 2022
  • Governance Solutions Engineers will have the ability to change or replace the Seasonal Specification, subject to forum and/or Snapshot voting in order to implement the BanklessDAO Constitution & Community Handbook
  • The Grants Committee will receive increased compensation funding starting in Season 5 (702K $BANK, increased from 400K $BANK in previous seasons).
  • Seasonal Automatic Guild Funding will be implemented pending discourse on appropriate measures and considerations.
  • The way BanklessDAO distributes contributor rewards through Coordinape will change starting in Season 5.
  • 11.5M $BANK allocated for the Grants Committee. 7M for inter-season funding and 4.5M for contributor rewards.

SPECIFICATION

You can read the full specification here.

Approve
608,128 votes
2 years ago

Grants Committee Election for S5 and S6

Title: Grants Committee Election for S5 and S6

Author: Icedcool

Quorum Requirement: Not Applicable

Voting Threshold: Not Applicable (Weighted Voting)

Forum Post: Here


SUMMARY

According to the specifications for Season 1, there are three seats open for the Grants Committee for the next term (Season 5 and Season 6).

Members stepping down

  • Kouros (term limit)
  • Chuck
  • Icedcool (term limit)

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 4 candidates by their Discord handle:

  • paul🏴#1559
  • Ap0ll0517🏴#5781
  • jengajojo.eth🏴#5896
  • Bananachain#6171

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 3 candidates with the most tokens will be elected as Grants Committee members for the next two Seasons.

558,992 votes
2 years ago

Tokenomics - Stake 10 ETH from Treasury using Rocket Pool

Title: Stake 10 ETH from Treasury using Rocket Pool Authors: 0xHunter#3863 Date Created: March 9th, 2022 Date Posted: March 30th, 2022 Status: Snapshot [Draft->Voting->Forum Voting->Snapshot->Closed] Forum Post: Post

TLDR

  • Stake 10 ETH from the Bankless treasury with Rocket Pool
    • Generate 4.3% annual yield (potential ~10% after the PoS merge)
    • Support permissionless staked ETH pooling infrastructure
    • Gather data to support staking larger percentage of Bankless treasury ETH in the future

Summary

The proposal is to stake (10 ETH) of our ETH in the treasury (34.45 ETH) for rETH to generate passive yield on ETH and support permissionless, decentralized PoS ETH staking. The reason for starting with a 10 ETH stake is to minimize our initial Rocket Pool protocol risk exposure, and we should stake more after we are more confident in the benefits of staking our ETH with Rocket Pool. rETH is liquid and can be swapped back for ETH at any time if needed.

The future vision that this proposal will aid in proving out is to make holding rETH (or other decentralized ETH PoS pools) the standard for the BanklessDAO treasury using any ETH not set aside for gas. This proposal is our initial foray into this vision.

BACKGROUND

We currently have 34.45 ETH in our treasury that could be passively generating low-risk yield via securing the ETH PoS network using Rocket Pool’s protocol.

Rocket Pool docs: https://docs.rocketpool.net/ 1

MISSION & VALUES ALIGNMENT

This proposal would extend our treasury runway by generating low-risk yield, which would allow BanklessDAO to allocate more funds to support our mission.

This proposal is also highly aligned with BanklessDAO’s commitment to supporting fully permissionless, decentralized systems. Rocket Pool is currently the only fully permissionless, decentralized ETH PoS Staking system. This system allows anyone with less than 32 ETH and anyone willing to maintain a validator to secure the ETH PoS consensus mechanism. In the same way that the Ethereum community has elected to maintain low block size in the PoW consensus mechanism to allow for a higher degree of decentralization, Rocket Pool allows any amount of ETH to be staked, further decentralizing the upcoming PoS consensus mechanism.

Why not Lido?

Lido is not a truly permissionless platform and whitelists validators. This mitigates slashing risk but does not promote true decentralization. Rocket Pool has collateral mechanisms to mitigate slashing effects instead of whitelisting, which is outlined in the specification below.

SCOPE OF WORK

Stake 10 ETH from our treasury for rETH

SPECIFICATION

Yield: Currently, Rocket Pool’s website lists a 4.33% APR, which will decrease slowly as more ETH is staked and potentially jump up to ~9-12% APR (Reference by Justin Drake) after the PoS merge and fees are distributed to PoS validators.

Income generated per season:

10 ETH stake:

  • 0.099 ETH per season pre-merge

  • 0.249 ETH per season post-merge

Future potential of 34.45 ETH stake:

  • 0.345 ETH per season pre-merge

  • 0.861 ETH per season post-merge

Slashing risk: There is a slashing risk losing underlying ETH if the Rocket Pool validators misbehave, but this is heavily insured by the ETH and Rocket Pool token collateral that validators have to put up. And the pooled nature of rETH spreads the risk across all holders (Reference: 🤔 Frequently Asked Questions | Rocket Pool).

Smart contract risk: There is a risk of the Rocket Pool contracts being exploited, although greatly reduced as they have been audited by Sigma Prime and ConsenSys Diligence and have been operational on mainnet since November 9th 2021 and have gone through multiple rounds of beta testing (Reference: 🤔 Frequently Asked Questions | Rocket Pool).

SUCCESS METRICS OR KPIS

Yield: Any yield would be considered a success against our current ETH generating no yield. Slashing and Rocket Pool smart contract exploitation could move our yield below 0%, so we should still consider this a success despite a slashing event or smart contract exploit if our yield stays above 0%.

NEXT STEPS

Stake 10 ETH from our treasury for rETH

Approve
356,518 votes
2 years ago

Tokenomics - Fulfill Contractual Obligation with Balancer Regarding the BANK/wETH Pool on Ethereum Mainnet

Proposal Name: Tokenomics - Fulfill Contractual Obligation with Balancer Regarding the BANK/wETH Pool on Ethereum Mainnet

Program Champion(s): Icedcool, nonsensetwice, general tokenomics crew

OP Date: April 2022

Status: Snapshot [Draft->Voting->Forum Voting->Snapshot->Closed]

Forum Post: Post

CONTENTS

  1. TL;DR
  2. Multisig Address
  3. Background
  4. Solution

TL;DR

Per bDAO’s agreement with Balancer Protocol, Balancer requires 475K BANK to distribute rewards to those who provided liquidity during the rewards period for the original BANK/wETH pool on Ethereum Mainnet.

MULTISIG ADDRESS

0xc38c5f97B34E175FFd35407fc91a937300E33860

BACKGROUND

The BanklessDAO (bDAO) Tokenomics team works to find and create opportunities for BANK token owners to incentivize their holding of the token. One such method is to partner with specific decentralized finance (DeFi) protocols to allow BANK token owners to increase their holdings by providing liquidity mining incentives to any BANK token owner that provides liquidity (Liquidity Providing/Provider, or LP) to BANK pools in those protocols. This mechanism not only allows for a higher yield percentage on fees accrued in said pools, but also provides rewards in the form of more BANK tokens, as well as protocol tokens.

One such agreement was made in August of 2021 to launch an 80/20 BANK/wETH liquidity pool with Balancer protocol[1] . The proposal passed and the BANK/wETH Balancer Pool on Ethereum Mainnet was established with liquidity mining benefits that allowed Liquidity Provider (LP) token owners to earn both BAL and BANK for participating. Due to miscommunication with the timing for rewards distribution, Balancer ran rewards for five weeks beyond what was agreed upon. As a result, they have come up short on BANK to distribute. Because bDAO values our partnership with Balancer, we want to address this discrepancy and provide Balancer with the necessary BANK to distribute as rewards to those who provided liquidity during the extended rewards period.

SOLUTION

This proposal addresses this inconsistency and fulfills bDAO’s obligation to Balancer and LP token owners. Upon approval, bDAO will provide 475K BANK to Balancer to distribute five weeks worth of liquidity mining rewards to LP token holders during the reward period, not only honoring bDAO’s agreement with Balancer, but in appreciation for their willingness to provide rewards . This will also serve to maintain bDAO’s social capital, as potential partners can be confident that bDAO executes on its responsibilities.

Approve
356,518 votes
2 years ago

Season 4 Project and Guild Funding

Title: Season 4 Project and Guild Funding

Proposal Champion: links#7868

Date: April 29th, 2022

SUMMARY

Per the Season 4 specification, Guild and Project funding requests were reviewed by the Grants Committee and were approved for a total of 22,015,570 Million BANK with 1.2 ETH.

Of this amount, 50% of project funding (6,681,754.5 BANK) will be held by the Grants Committee Multisig to disburse mid-season, based on KPIs, as per this forum proposal.

Additionally the Grants Committee was allocated 11.5M BANK, with 4.5M set aside for contributor rewards, 7M set aside for Project funding, and 400K set for GC Remuneration.

This proposal seeks to ratify the distribution of these budgeted allocations(between guilds and projects).

BACKGROUND

Guilds

Upon review of all the Guild requests, the total request was for 8,652,061 BANK + 1.2 ETH, itemized below.

Projects

Upon review of the Project Requests, the total request was 13,363,509 BANK, itemized below.

SPECIFICATION

Guild Funding = 8,652,061 BANK + 1.2 ETH

  • Operations Guild = 1,063,000 BANK
  • Analytics Guild = 793,000 BANK
  • Marketing Guild = 792,000 BANK
  • Writers Guild = 709,000 BANK
  • Translators Guild = 698,000 BANK
  • Legal Guild = 688,000 BANK
  • Design Guild = 678,450 BANK
  • Research Guild = 668,100 BANK
  • Treasury Guild = 635,000 BANK + 1.2 ETH
  • AV Guild = 592,591 BANK
  • Dev Guild = 546,000 BANK
  • Education Guild = 398,981 BANK
  • DAOlationships = 169,939 BANK

Project Funding = 13,363,509 BANK

  • International Media Nodes = 2,564,509 BANK
  • Bankless Academy = 1,340,000 BANK
  • Crypto Sapiens = 1,200,000 BANK
  • BanklessDAO Bounty Board = 1,130,000 BANK
  • Governator Project = 965,000
  • Newsletter Team = 948,000 BANK
  • Bankless Africa = 898,000 BANK
  • DAO Dash = 850,000 BANK
  • EPA = 845,000 BANK
  • Podcast Hatchery = 796,000 BANK
  • Bankless Indices = 750,000 BANK
  • Infosec Team = 390,000 BANK
  • Bankless Loans = 387,000 BANK
  • Website Project = 300,000 BANK
  • First Quests = 0 BANK

Guilds and Projects Funding Summary:

22,015,570 Million BANK + 1.2 ETH

POLL

Approve the Season 4 Project and Guild Funding and distribute funds as per the specifications, disapprove, or abstain.

For
356,518 votes
2 years ago

S4 - Grants Committee Vacancy Election

Title: S4 - Grants Committee Vacancy Election

Author: Icedcool🏴#4947

Quorum Requirement: Not Applicable

Voting Threshold: Not Applicable (Single Choice Voting)

Forum Post: Here

TLDR

  • Grendel stepped down from the Grants Committee for Season 4
  • Based on the Grants Committee Spec(link) and the Grants Committee Vacancy Forum post(link) this snapshot vote is to elect applicants into the final Grants Committee seat.

SUMMARY

Grendel recently stepped down from the grants committee and due to this the Grants Committee has a vacant seat.

This post is to take applicants to fill that position, based on the initialization spec(link).

The voting period will last one week, ending on 4/27/22.

Election:

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

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

  • 0xRene#6523
  • paul🏴.eth#1559

Because there are two candidates the voting type will be Single Choice Voting.

The candidates with the most votes will be elected as Grants Committee members for the next two Seasons.

0xRene#6523
409,018 votes
2 years ago

BanklessDAO Season 4 Specification

Title: BanklessDAO Season 4 Specification Authors: Rowan, J. Berg, 3DHippy, Above Average Joe, 0xLucas Date: April 8th 2022 Forum proposal: Draft 1

SUMMARY

This proposal introduces a specification for Bankless DAO Season 4. If this proposal passes Snapshot, the following details will fall into place:

  • Season 4 will start on Monday, May 2, 2022
  • Season 4 will end on Friday, July 29th, 2022
  • Formal gap week will be on the week of August 1st, 2022.
  • Season 4 will not include a cap on Project and Guild funding, though the Grants Committee will review budgets
  • In Season 4, BanklessDAO will start supporting Gelato Vaults BANK/ETH liquidity ERC20 tokens for membership access
  • Projects will have access to flexible funding
  • Flexible Guild and Project budgets will be subject to increased accountability constraints
  • Guild and Project budgets greater than 100,000 BANK will be requested to use KPIs, milestones, and reporting
  • Projects funded through the Grants Committee will be subject to increased accountability requirements
  • The Governance Solutions Engineering Team (GSET) will have the flexibility to modify the Seasonal Specification throughout the Season
  • 11.5M $BANK allocated for the Grants Committee. 7M for inter-season funding and 4.5M for contributor rewards (Please note this is a correction to an error in the specification where it says the allocation for contributors rewards is 4M. However, it is 1.5M each month so the total is 4.5M)
  • Grants Committee compensation: 400K BANK
  • Ombuds Compensation: 222,000 BANK

SPECIFICATION

You can read the full specification here.

Approve
409,018 votes
2 years ago

Grants Committe Election for S4 and S5

Title: Grants Committe Election for S4 and S5 Author: Kouros#2107 Quorum Requirement: Not Applicable Voting Threshold: Not Applicable (Weighted Voting) Forum Post: Here

SUMMARY

According to the specifications for Season 1, there are three seats open for the Grants Committee for the next term (that is for Season 4 and Season 5).

Members stepping down

  • 0xLucas - Term limit
  • AAJ (Joe) - Term Limit
  • Eagle

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 six candidates by their Discord handle:

  • paul🏴.eth#1559
  • montgomery#8177
  • FreedomFighter🏴#6267
  • lion917#3637
  • jengajojo.ethᵍᵐ🏴#5896
  • links#7868

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 3 candidates with the most tokens will be elected as Grants Committee members for the next two Seasons.

361,382 votes
2 years ago

Governance Solution Engineer Program - Re-Implementation

Title: Governance Solution Engineer Program - Re-Implementation Author(s): Icedcool🏴#4947 Date Forum Posted: February 25th, 2022 Date Snapshot Posted: March 14th, 2022

Reference documents:

Quorum Removal Snapshot: Link Invalid GSE Spec Snapshot: Link Invalid GSE Election Snapshot: Link GSE Specifications: Link GSE Submissions: Link


Governance Solutions Engineer TLDR:

GSE Definitions:

Governance-minded DAO members elected to spec out a comprehensive solution to mission-critical DAO infrastructure challenges.

Specification:

  • 5 GSE Electees
    • 75K per electee
    • Additional 750K bank for potential bonus to be paid at the end of the season.
    • Potential Total per GSE: 225K BANK
    • Potential Total for GSEs Overall: 1.125M BANK
  • Two Operational pools of 500k BANK for additional contributors in each problem space to be involved, and distributed per the groups decision (potentially coordinape).
    • 1M Bank in total.
  • TOTAL BANK OVERALL: 2,125,000 BANK

Focus:

  • Contributor Alignment
    • Refine membership (Guest pass, L1, and L2)
      • Including potential ways to offboard contributors that no longer meet activity thresholds)
    • Create compensation frameworks that can be updated
      • Define global compensation standards that support contributors for the entire DAO.
      • Provide guidance on guild/project local compensation.
    • Refine and develop new incentive models that reward long-term contributors that stick with the DAO for long periods of time.
    • Work with guilds to standardize guild roles and Coordinape rounds
    • Work with guild Talent Scouts and First Quest to identify challenges and better retain talent entering the DAO.
  • Strategic Prioritization
    • Model and present various strategic directions for the DAO.
    • Develop a potential business plan based on identified strategic model
    • Create an evaluation framework based on identified strategy to help the DAO make strategic decisions with treasury and grant funding.
    • Create evaluation PROCESS that optimizes community consensus and responsible decision making to act on above framework.
    • Design a system that actually measures the output of funding projects and incorporates those findings into the eval process.
    • Balance funding cost centers with projects that generate revenue or token value appreciation.

Requirements:

  • GSEs need to make this their #1 Priority.
    • May have other positions but must disclose them.
    • Lower order activities and involvement are fine (newsletter work, etc).

Process:

  • The 5 electees can organize any way they see fit, as long as it is transparent, open and public.
    • GSEs are to work with the DAO to find the optimal solution by progressively designing solutions, presenting them to the DAO, capturing feedback, and iterating.

Deliverables:

  • Detailed specification to implement mid season 4 or at the start of season 5
    • Ex Season 1 spec
    • Community consent and feedback must already be included.

Financial Process:

  • Each Gov SE is guaranteed a 75,000 BANK salary.
  • At the end of the Season, the DAO will vote on two deliverables produced by the GSEs via forum vote. One for strategic prioritization and one for contributor Alignment. Each deliverable will be rated on a scale of 1 to 5, which will unlock additional compensation.
    • Each deliverable will unlock a maximum of 375K BANK, for a total of 750K.
    • Each rating will unlock 75K in funding. 1 = 75K, 2 = 150K, 3 = 225K, 4 = 300K, 5 = 375K
    • Additional compensation is only for GSEs. Distribution will be up to the 5 GSEs. They can choose to use Team Set Salaries or Coordinape.
  • The two working groups (Contributor alignment and Strategic Prioritization) will have an allocated budget of 500,000 BANK EACH to collectively decide how to allocate and compensate members of the working group. Gov SEs may not draw from this allocation.
  • Funds will be held in a multi-sig held by the 5 GSEs
    • Once all compensation has been distributed, GSEs must produce a financial report outlining how funds were distributed.
    • Any funds not distributed will be returned to the treasury

Approve
361,382 votes
2 years ago

Tokenomics - Migrate DAO-Owned Liquidity to Uniswap V3

Proposal Name: Tokenomics - Migrate DAO-Owned Liquidity to Uniswap V3 Program Champion(s): 0xLucas, Icedcool, HashedMae, tokenomics crew OP Date: March 4, 2022 Status: Snapshot Vote Discord Voting Link: Discord Vote Forum Voting Link: Forum Vote

TL;DR

  • Migrate Sushiswap protocol owned liquidity to Uniswap V3 full range position.
  • This move will create a price oracle, allowing us to launch a Rari lending market and generate more revenue as the Uniswap position has fees defined at 1% (Sushiswap is 0.25%).

Background

The Tokenomics Department is working on creating lending markets for $BANK. This will initially begin with deploying a Rari Capital Fuse Pool on Ethereum mainnet while opening up the ability to also launch on a Layer 2 lending protocol (Market.xyz on Polygon or Rari on Arbitrum) in the future.

Adding a lending market has multiple benefits. For one, it allows BANK holders to deposit and borrow against their holdings rather than having to sell. More importantly, this allows the treasury to open up its own lending market.

In order to kick this off, we need strong price oracles for $BANK that’s supported by lending markets. Rari Capital leverages Uniswap V3 oracles; however, all of the DAO owned liquidity is on Sushi. As such, we can easily bootstrap a lending market by migrating our liquidity to Uniswap v3 as a full range position (the position providing the strongest oracle).

Implementation

This proposal looks to pull the liquidity that we have acquired from OlympusPro Bonding, owned by the treasury, and migrate that over to Uniswap v3 as a full range position. As of writing, this amounts to $500,000 in liquidity. As a result, this will allow us to have a price oracle that is integrated with Rari, and any future integrations with other defi platforms.

Additionally, Uniswap offers a 1% fee pool. This fee tier is for smaller cap, exotic tokens with more volatility (perfect for BANK) and is where the majority of the existing liquidity lives. The benefit here is that this will make Uniswap the primary source of liquidity for BANK, driving the majority of the volume Uniswap and the fee revenue to the DAO treasury.

For reference, Sushiswap fees are 0.25%, meaning the treasury can generate 3x the revenue by migrating.

More info on uniswap oracles: Uniswap oracles

Approve
327,682 votes
2 years ago

BalancerDAO’s collaboration with BanklessDAO

Title: BalancerDAO’s collaboration with BanklessDAO (Newsletter Sponsorship, Polygon Liquidity Pool, Written content and Podcast) Forum Post: Link Authors: @eagle, @grendel, @siddhearta, @Andrea BalancerDAO, @Icedcool Original submission Date: 1/13/22 Resubmission Date: 3/6/22 (post Quorum)

SUMMARY

BalancerDAO offers to sponsor one BanklessDAO newsletter for the entire 2022 in exchange for a strong economic incentive in BAL for the BANK/WETH pool on Polygon.

Moreover, Balancer is interested in awarding a grant to BanklessDAO for obtaining media coverage concerning its DAO and the aforementioned BANK/WETH liquidity pool on Polygon.

DIFFERENCE FROM PREVIOUS SNAPSHOT VOTE: We will be migrating BanklessDAO owned Balancer liquidity from L1 to L2 to provide the liquidity needs for this Balancer pool. To do this, we will unpair the DAO owned balancer liquidity, migrating it up to L2, then submitting for L2 incentive distribution.

BACKGROUND

Balancer is a well-known DeFi platform, which recently decided to launch its DAO.

Balancer and BanklessDAO collaborated together in the last season. Balancer has awarded to BanklessDAO an educational grant and has launched a liquidity BANK/WETH pool 1 on Ethereum. Recently, Balancer has launched a BANK/WETH pool 3 on Polygon.

MISSION & VALUES ALIGNMENT

The mission of BanklessDAO is to help the world go Bankless by creating user-friendly onramps for people to discover decentralized financial technologies. Due to its characteristics, Balancer is the perfect example of a DeFi project which could help the world go Bankless, in allowing to create liquidity and to earn from assets which are deposited in the Balancer’s pool. Moreover, in launching its DAO, Balancer - in line with the more advanced web 3.0 culture - demonstrates the willingness of decentralizing its operations.

Moreover, this type of collaboration demonstrates that BanklessDAO has reached a mature status, where projects show up and demand for client services. In the future, sponsorships and paid services will make our DAO financially sustainable.

SPECIFICATION / BUDGET

  1. Polygon BANK/WETH liquidity pool incentives and BanklessDAO Newsletter sponsorship

BanklessDAO is requested to deposit in the BANK/WETH 80/20 Polygon liquidity pool:

  • 4M BANK
  • 14 WETH

Balancer will grant for the entire 2022 a weekly reward of 300 BAL (apx. 5k USD) for depositors. It means that if, for instance, BanklessDAO holds 50% of the liquidity in the pool, a revenue of 10k USD in BAL will be granted to the DAO treasury on a monthly basis (as 1200 BAL per month have a value of apx. 20k USD).

As consideration of the pool incentives, BanklessDAO will host BalancerDAO as the main sponsor on the “Weekly Roll-up” newsletter or the “State of the DAOs” newsletter for the entire 2022. The precise collocation of Balancer’s sponsorship will be determined on a seasonal basis.

  1. BalancerDAO’s grant for media coverage

BalancerDAO would like to award to BanklessDAO a grant of 7k USD in BAL for:

A medium post where the collaboration between Market and BanklessDAO will be announced (500 USD)

2 medium articles, which will be tweeted 2 times by the BanklessDAO account and that will be mentioned in the weekly roll-up. (2,500 USD)

Article 1: The Multi-chain Strategy of Balancer

Article 2: The Creation of the Balancer DAO (with a short version in the State of the DAOs DAO Spotlight section)

A Crypto-Sapiens Podcast where the founders will present the Balancer DAO (2,000 USDC)

A strong marketing campaign concerning the liquidity pools (4 tweets with graphics prepared by designers) (1,000 USD)

1,000 USD for the project champions

FINANCIAL IMPLICATIONS

In order to get the pool incentives on a yearly basis, BanklessDAO is requested to deposit in the BANK/WETH 80/20 Polygon liquidity pool:

  • 4M BANK
  • 14 WETH

IMPORTANT: Funding will be provided by the BanklessDAO treasury. We will use the BPT tokens that are DAO own, unpair them on L1, migrate them to Polygon, then submit to the polygon liquidity pool.

As to the media coverage, Balancer will cover the entire costs.

BRAND USAGE

Every published item will present BalancerDAO and BanklessDAO logos together.

SUCCESS METRICS OR KPIS

Success will be evaluated from the number of views of the articles, the likes of the tweets and from the number of the participants at the podcast and at the workshop.

Moreover, Balancer will also evaluate whether the media coverage has brought an increment in the usage of the BANK/WETH liquidity pools.

NEXT STEPS

The proposal requires a snapshot vote.

In case of approval, the champion of the proposal will organize the teams to cover the planned work.

Writers’ Guild Client Services will organize the written content and the publication on Medium. BalancerDAO’s founders will be put in contact with representatives of Crypto-Sapiens in order to organize the podcast.

SQUAD BACKGROUND

@Eagle is the Legal Guild Coordinator and member of the Grants Committee. He is a Law Professor and Lawyer interested in blockchain technology, DAO governance and DeFi

@Grendel is the Translator Guild Coordinator and member of the Grants Committee. He is a IT entrepreneur who designs and implements fungible and non-fungible tokenization blockchain projects.

@andrea Balancer is a Balancer core contributor and marketing strategist

@siddhearta is the Bankless DAO Newsletter Coordinator.

Approve
327,682 votes
2 years ago

Quorum Removal Vote

Title: Quorum Removal Vote Authors: samanthaj Forum proposals: [Proposal] Quorum Requirement: 36.84M BANK Voting Threshold: 77.64%

Summary

Background on the quorum requirement issue: Here.

For additional context, the quorum was set based on extremely high estimations of involvement, and despite having high involvement, we haven’t met them since for any vote.

This has left us unable to implement snapshot votes despite approval of the vote. Ex, got approval on the GSE vote(23M votes), but didn’t reach 36.84M BANK vote, so it didn’t pass.

Our plan is to abolish the quorum requirement with this vote, then re-propose the votes so that we can implement the GSE, then the GSE will re-propose a more researched quorum requirement.

The snapshot vote of this must reach the 36.8M BANK Quorum in order to be enacted.

Approve - Remove Current Quorum
319,617 votes
2 years ago

Governance Solutions Engineer Program

Title: Governance Solutions Engineer Program Authors: frogmonkee#6855 Date Created: December 16th, 2021 Date Posted: January 20th, 2022 Forum proposals: [Draft 1] [Draft 2] Quorum Requirement: 36.84M BANK Voting Threshold: 77.64%

⚠️Once you have voted on this proposal, please click this link and elect the 5 GSEs for this program.

SUMMARY

This proposal, seeks to activate groups of people to address two important challenges for the DAO:

  • Contributor Incentives
  • Strategic Prioritization

It outlines the need for these two problem spaces to have a dedicated team responsible for designing scalable solutions that align with the community’s sentiment.

Deliverables are defined as a thorough and community-aligned specification in order to update our governance procedures and create room for growth. A close comparable is the original Season Specification that continues to act as an important cornerstone in our governance model.

As such, this proposal calls for:

  • Five elected members of the DAO to lead these two problem spaces, known as Governance Solutions Engineers (GSEs). Each GSE will be granted 75,000 BANK as an initial allocation in Season 3 (375K total). At the end of the Season, when deliverables are presented to the DAO, the DAO will vote on whether to apply a bonus of up to 750,000 BANK.
  • 500,000 BANK set aside for each problem space to incentivize participation in working groups, led by the five elected members (1M total). This would be allocated to the working group and distributed as per the group’s decision, not at the GSE’s discretion.

BACKGROUND

When building an organization, there’s this mental model of working in the organization vs working on the organization. I highlighted this distinction in Onwards to Season 3! under the Season 3: Revenge of Moloch heading, so I’ll just quickly summarize here:

As organizations grow and scale, their underlying operational model must change too. As new organizational behavior and information arise, systems must adapt and modify. Our current operational model - grants, guilds, projects, proposals, compensation - was largely ideated between May 4th and June 8th.

Six months in, we’re seeing where the existing operational model is insufficient:

  • In Season 2, the Grants Committee ran out of funding with a month left in the Season, despite increasing the budget by an additional 40% from Season 1
  • Projects have come back for funding without a clear way to evaluate whether these projects should be funded a second or third time.
  • Community voting does not reflect critical evaluation. We largely vote yes without taking the time to evaluate the full scope of a proposal.
  • (Related to above) People do not have the bandwidth to participate in proposal discussion
  • Grants Committee sometimes does not have sufficient subject matter expertise to evaluate project scope (namely developer projects)
  • We have no way to evaluate the value that a project brings do the DAO when coming back for funding
  • Compensation was set at 1000 BANK/hr, back when BANK average 5 cents per token. Today, we sit at 15.
  • Compensation varies heavily in the DAO between standard roles like Talent Scout, Guild Coordinator, Secretary, etc.
  • L2 contributor status doesn’t accommodate for Guest Pass members that have shown themselves worthy of L2 status.

The points above reflect challenges that come from outgrowing our current framework.

I see the problems broken down into two main categories:

  • Contributor Alignment - How do we properly reward active DAO contributors, accounting for the varying skillsets and time commitment people are making?
  • Strategic Prioritization - What should we say no to? How do we, as a DAO, learn how to say no? How do we do this in a way that empowers the community to make decisions while also letting high-context individuals influence outcomes?

My point here is that, in Season 0, we directed our attention in working on the organization and building systems/processes. In Season 1 and Season 2, all those same people worked in the organization. Now, we have new information and behavior that are forcing us to re-evaluate those systems/processes that we built.

Now you may stop and say, “Well okay, why don’t we just spin up a working group in this…? Let’s just find a bunch of people interested in solving these problems and let’s get on with it!” Good question! I tried. Nearly 3 months ago, I created this forum post: ALL HANDS ON DECK: Compensation and PLM Working Groups . In it, I called for a group of interested parties to help scope out our inadequate compensation guidance. The result? Despite having 15 people signal their interest , we only met three times and we delivered on this flimsy forum post .

I see this failure resulting from two factors:

  1. Our working group did not have explicit signaling from the DAO that this was a major priority. We’re all fucking busy in our respective niches. Without an explicit mandate from the DAO saying “This is important, we need people on this project,” it’s really difficult to activate people to redirect their resources and attention on this matter.
  2. I did not have the time and bandwidth to lead this working group. I was active in a number of different places in the DAO, and without some social signal and explicitly incentivization, it eventually fell down my priority list.

Given my experience here, I want to propose a new model - One that creates an explicit mandate from the DAO to focus on these two problem areas and properly incentivizes participation.

Ladies, Gentlemen, and non-binaries, I’d like to introduce the Governance Solutions Engineer Program

MISSION & VALUES ALIGNMENT

I’m going to be lazy here, but in the Onwards to Season 3! forum post, I did a quick temp check on this topic with overwhelming support of a focus on Governance and Coordination.

SPECIFICATION

What are GSEs?

In the failures section just above, I pointed out how I did not have the bandwidth to coordinate/lead the Compensation working group. As such, the working group ended up falling to the wayside on my list of priorities.

Given this outcome, I think it’s important to explicitly assign coordinator responsibility. We need people who view it as their #1 priority to lead these working groups. As such, I define GSEs as:

  • Governance-minded DAO members elected to spec out a comprehensive solution to mission-critical DAO infrastructure challenges.
  • These members are not to operate in silos and make decisions on behalf of the DAO. They are to work with the DAO to find the optimal solution by progressively designing solutions, presenting them to the DAO, capturing feedback, and iterating.
  • GSEs have appropriate context for the problems they are working on and properly embody the values of the DAO. They are trusted by their social reputation for acting in the best interest in the DAO.
  • GSEs must make this their #1 priority. Given the scope of activity in the DAO, many qualified members hold multiple other positions. Instead of requiring that GSE only hold one other role, max, any member can apply but must disclose their other responsibilities, both in the DAO and IRL (ie if they have a job). In this way, the DAO can decide if they feel people have the appropriate bandwidth. (The change from 3 to 5 GSEs from Draft1 and the modified comp model allow for some flexibility for GSEs that have additional responsibilities.) Additionally, once elected, members may not accept any additional roles.
    • For example, if I applied, I would disclose my role as Ops Guild coordinator and part time editor for BanklessHQ.
    • They may participate in lower order activities. Eg, if I wanted to write a piece of the Newsletter, I can do that. But I cannot accept a role on the newsletter team.
    • Gov SEs can be on the Grants Committee, but must disclose

A successful Gov SE program should result in major clout for Gov SEs in the DAO. At the risk of sounding vain… what if there were more frogmonkees? Ooh ooh aah aah motherfucker.

What is the Scope of Work?

Expected 25-30 hours per week for each GSE. Plan accordingly.

Right now, I think the scope of work should be limited to our most existential threats: (1) Contributor Alignment and (2) Strategic Prioritization. We do have other important challenges that we can expect down the pipeline, but given this is the first time testing a program like this, I would caution against taking on more we can chew without testing this first.

Deliverables Deliverables would include a detailed specification that we can begin to implement in Season 4. The closest comparable is the original Season Specification that still serves as an important guiding document for the DAO to this day.

This deliverable would have to be in its final form, if not extremely close. The idea is to have something we can implement by the end of Season 3 going into Season 4. As such, community feedback must already be included. I want to acknowledge that this community feedback can take time but if Draft 1 is done properly, much of the community consensus will already be aligned.

Contributor Alignment

  • Refining the Guest Pass, L1, and L2 system to be more inclusive
    • Includes ways to offboard contributors that no longer meet the activity/recognition threshold
  • Create a compensation framework that can be updated and:
  • Envisions a new incentive model that rewards long-term contributors that stick with the DAO for longer periods of time.
  • Work with guilds to standardize guild roles and Coordinape rounds
  • Work with guild Talent Scouts and First Quest to identify challenges and better retain talent entering DAO

Strategic Prioritization

  • Model and present various strategic directions the DAO can take (present to DAO for feedback)
  • Outline a business plan based on an identified strategic model
  • Create an evaluation framework based on the identified strategy to help the DAO make strategic decisions with treasury and grant funding
  • Create a new evaluation process that optimizes for both community consensus and responsible decision making (will likely deprecate the Grants Committee as it stands)
  • Design a system that actually measures the output of funded projects and incorporates those findings into the evaluation process
  • Balancing funding cost centers with things that generate revenue or token appreciation

Gov SEs and Working Groups

Earlier, I said about Gov SEs:

These members are not to operate in silos and make decisions on behalf of the DAO. They are to work with the DAO to find the optimal solution by progressively designing solutions, presenting them to the DAO, capturing feedback, and iterating.

One method of working with the DAO is to create a working group around these two problem spaces. As such, Gov SEs will have to work publicly in these working group. Part of their responsibility will be coordinating these working groups, somewhere between a Guild Coordinator and Project Manager.

Elections

Elections are live.

FINANCIAL IMPLICATIONS

Maximum funding for this initiative would be: 2,125,000 BANK and come from the main treasury. Any BANK unallocated will go back to the treasury at the end of this program. Funding will come from the BanklessDAO treasury and must follow the framework presented in this snapshot.

2,125,000 BANK is broken down as:

  • Each Gov SE would be guaranteed 75,000 BANK salary
  • At the end Season 3, the DAO will vote on two deliverables produced by the GSEs via forum vote. One for strategic prioritization and one for contributor Alignment. Each deliverable will be rated on a scale of 1 to 5, which will unlock additional compensation.
    • Each deliverable will unlock a maximum of 375K BANK, for a total of 750K.
    • Each rating will unlock 75K in funding. 1 = 75K, 2 = 150K, 3 = 225K, 4 = 300K, 5 = 375K
    • Additional compensation is only for GSEs. Distribution will be up to the 5 GSEs. They can choose to use Team Set Salaries or Coordinape.
  • The two working groups (for each problem space) will have an allocated budget of 500,000 BANK to collectively decide how to allocate and compensate members of the working group. Gov SEs may not draw from this allocation.
  • Funds will be held in a multi-sig held by the 5 GSEs
    • Once all compensation has been distributed, GSEs must produce a financial report outlining how funds were distributed.
    • Any funds not distributed will be returned to the treasury

SUCCESS METRICS OR KPIS

Delivery of two detailed specifications by the end of Season 3 that already has community feedback folded into in order to execute and implement during Season 4.

Needs revision
273,155 votes
2 years ago

Governance Solutions Engineer Elections

Title: Governance Solutions Engineer Elections Authors: frogmonkee#6855 Date Created: December 16th, 2021 Date Posted: January 20th, 2022 Applications Quorum Requirement: Not Applicable Voting Threshold: Not Applicable (Weighted Voting)

⚠️The results of this election are conditional on passing the Governance Solutions Engineer Program which is concurrently being voted on Snapshot. If you have not voted for the program, please navigate to the previous page and vote there as well.

SUMMARY As proposed by the Governance Solutions Engineer (GSE) Program, the DAO is to elect 5 GSEs.

The submission period was held between January 5th and 19th.

Please read each applicant's response thoroughly and elect the 5 GSEs based on their qualifications and ideas. This is not a popularity contest. The decisions made here will have long-term implications for the DAO.

APPLICATIONS Please review applications here. Snapshot has a character limit that prohibits copying and pasting each applicant's submission here.

The voting mechanic here is weighted choice voting.

Each voter may spread voting power across any number of choices

Select and allocate your tokens to as many applicants as you would like. The top 5 applicants will be elected as GSEs.

273,155 votes
2 years ago

BalancerDAO’s collaboration with BanklessDAO

Title: BalancerDAO’s collaboration with BanklessDAO (Newsletter Sponsorship, Polygon Liquidity Pool, Written content and Podcast) Link to forum post

Authors: @eagle, @grendel, @siddhearta, @Andrea BalancerDAO

Date: 13 January 2022

SUMMARY

BalancerDAO offers to sponsor one BanklessDAO newsletter for the entire 2022 in exchange for a strong economic incentive in BAL for the BANK/WETH pool on Polygon.

Moreover, Balancer is interested in awarding a grant to BanklessDAO for obtaining media coverage concerning its DAO and the aforementioned BANK/WETH liquidity pool on Polygon.

BACKGROUND

Balancer is a well-known DeFi platform, which recently decided to launch its DAO.

Balancer and BanklessDAO collaborated together in the last season. Balancer has awarded to BanklessDAO an educational grant and has launched a liquidity BANK/WETH pool 1 on Ethereum. Recently, Balancer has launched a BANK/WETH pool 3 on Polygon.

MISSION & VALUES ALIGNMENT

The mission of BanklessDAO is to help the world go Bankless by creating user-friendly onramps for people to discover decentralized financial technologies. Due to its characteristics, Balancer is the perfect example of a DeFi project which could help the world go Bankless, in allowing to create liquidity and to earn from assets which are deposited in the Balancer’s pool. Moreover, in launching its DAO, Balancer - in line with the more advanced web 3.0 culture - demonstrates the willingness of decentralizing its operations.

Moreover, this type of collaboration demonstrates that BanklessDAO has reached a mature status, where projects show up and demand for client services. In the future, sponsorships and paid services will make our DAO financially sustainable.

SPECIFICATION / BUDGET

  1. Polygon BANK/WETH liquidity pool incentives and BanklessDAO Newsletter sponsorship

BanklessDAO is requested to deposit in the BANK/WETH 80/20 Polygon liquidity pool:

4M BANK

14 WETH

Balancer will grant for the entire 2022 a weekly reward of 300 BAL (apx. 5k USD) for depositors. It means that if, for instance, BanklessDAO holds 50% of the liquidity in the pool, a revenue of 10k USD in BAL will be granted to the DAO treasury on a monthly basis (as 1200 BAL per month have a value of apx. 20k USD).

As consideration of the pool incentives, BanklessDAO will host BalancerDAO as the main sponsor on the “Weekly Roll-up” newsletter or the “State of the DAOs” newsletter for the entire 2022. The precise collocation of Balancer’s sponsorship will be determined on a seasonal basis.

  1. BalancerDAO’s grant for media coverage

BalancerDAO would like to award to BanklessDAO a grant of 7k USD in BAL for:

A medium post where the collaboration between Market and BanklessDAO will be announced (500 USD)

2 medium articles, which will be tweeted 2 times by the BanklessDAO account and that will be mentioned in the weekly roll-up. (2,500 USD)

Article 1: The Multi-chain Strategy of Balancer

Article 2: The Creation of the Balancer DAO (with a short version in the State of the DAOs DAO Spotlight section)

A Crypto-Sapiens Podcast where the founders will present the Balancer DAO (2,000 USDC)

A strong marketing campaign concerning the liquidity pools (4 tweets with graphics prepared by designers) (1,000 USD)

1,000 USD for the project champions

FINANCIAL IMPLICATIONS

In order to get the pool incentives on a yearly basis, BanklessDAO is requested to deposit in the BANK/WETH 80/20 Polygon liquidity pool:

4M BANK

14 WETH

:warning: Funding should be provided by the BanklessDAO treasury

As to the media coverage, Balancer will cover the entire costs.

BRAND USAGE

Every published item will present BalancerDAO and BanklessDAO logos together.

SUCCESS METRICS OR KPIS

Success will be evaluated from the number of views of the articles, the likes of the tweets and from the number of the participants at the podcast and at the workshop.

Moreover, Balancer will also evaluate whether the media coverage has brought an increment in the usage of the BANK/WETH liquidity pools.

NEXT STEPS

The proposal requires a snapshot vote.

In case of approval, the champion of the proposal will organize the teams to cover the planned work.

Writers’ Guild Client Services will organize the written content and the publication on Medium. BalancerDAO’s founders will be put in contact with representatives of Crypto-Sapiens in order to organize the podcast.

SQUAD BACKGROUND

@Eagle is the Legal Guild Coordinator and member of the Grants Committee. He is a Law Professor and Lawyer interested in blockchain technology, DAO governance and DeFi

@Grendel is the Translator Guild Coordinator and member of the Grants Committee. He is a IT entrepreneur who designs and implements fungible and non-fungible tokenization blockchain projects.

@andrea Balancer is a Balancer core contributor and marketing strategist

@siddhearta is the Bankless DAO Newsletter Coordinator.

For
273,155 votes
2 years ago

Season 3 Project and Guild Funding

Title: Season 3 Project and Guild Funding Proposal Champion: Icedcool🏴#4947 Date: January 9th, 2022

SUMMARY

Per the Season 3 specification, Guild and Project funding requests were reviewed by the GC and were approved for a total of 19,185,085 Million BANK with 6.50 ETH.

Additionally the Grants Committee was allocated 11.35M BANK, with 4M set aside for contributor rewards, 7M set aside for Project funding, and 350K set for GC Remuneration. Lastly, the Ombuds program will be remunerated for 222K BANK.

This proposal seeks to ratify the distribution of these budgeted allocations(between guilds and projects).

BACKGROUND

Guilds

Upon review of all the Guild requests, the total request was for 8,060,985.00 BANK + 6.00 ETH, itemized below.

Projects

Upon review of the Project Requests, the total request was 11,124,100 BANK + 0.50 ETH, itemized below.

SPECIFICATION

Guild Funding = 8,060,985.00 BANK + 6 ETH

Project Funding = 11,124,100.00 BANK + 0.50 ETH

Guilds and Projects Funding Summary:

19,185,085 Million BANK + 6.50 ETH

POLL

Approve the Season 3 Project and Guild Funding and distribute funds as per the specifications, disapprove, or abstain.

For
230,219 votes
2 years ago

Funding for Season 2 Approved Projects

Summary The budget of the Grants Committee allocated for projects has fallen to 71,234 BANK and we have had 4 projects requesting for funding in Season 2 for which we don’t have the funds for it in the GC and all of them have had soft consensus in the forums and approved by the GC. These projects are: *Bankless Mobile App (368,329 BANK) *Bankless Index Growth Squad (150,000 BANK) *Ombuds Service (222,000 BANK) *Bankless Africa (200,000 BANK)

Therefore we need 869,095 to fund these projects.

We have had a forum post to ask Bankless DAO what option is preferred by the community but there hasn’t been a clear winner and since one of the options in this proposal asks about the use of funds from the main Treasury we need hard consensus.

We have simplified the options to:

  1. Get extra funding from the Main treasury to fund these projects.
  2. Fund these projects from the allocated budget of the Grants Committee for projects in Season 3

Fund projects from S3 allocation
235,219 votes
2 years ago

BanklessDAO Season 3 Specification

Title: BanklessDAO Season 3 Specification Proposal Champion: frogmonkee#6855 Date: December 31st, 2021 Forum proposals [Draft 1] [Draft 2]

SUMMARY

  • Season 3 will start on Monday, January 10th, 2021
  • Season 3 will end on Friday, April 8th, 2021
  • BanklessDAO will hold a formal gap week between April 9th and April 15th.
  • Season 3 will not include a cap on Project and Guild funding, though the Grants Committee will review budgets and provide suggestions to minimize budget bloat
  • 11M $BANK allocated for Grants Committee. 7M for inter-season funding and 4M for contributor rewards
  • Grants Committee compensation: 350K BANK
  • Ombuds Compensation: 222,000 BANK

SPECIFICATION

You can read the full specification here.

POLL

Approve the Season 3 specification, distribute funds as per the terms, and abide by the dates set forth.

For
235,219 votes
2 years ago

Firming Up Governance

Title: Firming Up Governance Proposal Champion: frogmonkee#6855 Date: December 31st, 2021 Forum proposals [Draft 1] [Draft 2] [Draft 3]

SUMMARY

This proposal introduces some voting parameters and guidelines in response to feedback around the recent Proposal: Olympus Pro post.

Included are:

  • Specificity on what goes to snapshot and what does not
  • Quorum and voting requirements
  • Community education guidelines
  • Proposal wording and presentation

SPECIFICATION

Read the full specification here.

POLL

Vote to abide by the quorum, voting, education, and presentation guidelines set forth within this proposal.

For
235,219 votes
2 years ago

Execute swap with Tokemak for BANK reactor ignition

Title: BanklessDAO <> Tokemak Proposal Champion: Icedcool#4947 Date: October 21st, 2021 Forum proposal

Summary

BanklessDAO has challenges with the $BANK token of liquidity depth and deployment. Right now we have fractionalized liquidity across Uniswap, Sushiswap, and Balancer.

Insufficient liquidity results in poor pricing and volatility. This negatively impacts exchanges looking to offer the best possible pricing for the token, and the individual, hoping to avoid slippage due to the price impact of their trade. Additionally, in the future BanklessDAO interacting with other projects’ tokens require reliable liquidity.

As BanklessDAO grows we need to continue to address the issue of liquidity.

Through Tokemak we can solve that problem and deploy liquidity quickly and effectively using the platform.

The integration of BanklessDAO and Tokemak, would enable the quick and efficient deployment of liquidity, create a token swap opportunity for the DAO to be exposed to the valuation of TOKE, as well as give BANK holders a novel opportunity to single sided stake their bank on the TOKEMAK platform, enabling further liquidity for the BANK token.

BACKGROUND

The current state of DeFi is comprised of fragmented, unpredictable, and expensively sourced liquidity. Providing 50/50 paired liquidity is expensive for an individual, and has the looming risk of impermanent loss. Traditional market making solutions are opaque for native DeFi builders, highly centralized, and expensive. Finally, reliance upon whales to provide liquidity results in a perpetual state of uncertainty.

Tokemak enables users to both provide liquidity and control where that liquidity goes.

Liquidity Providers deposit single-sided assets into individual Token Reactors and/or Genesis Pools (ETH, USDC), and earn yield in the form of TOKE, Tokemak’s native protocol token.

Liquidity Directors stake TOKE into individual Token Reactors and vote how that liquidity gets paired from the Genesis Pools and to what exchange venue it gets directed. They too earn yield in the form of TOKE.

TOKE can be thought of as generalized or tokenized liquidity. TOKE holders are able to generate liquidity on demand for whatever tokens they want, on whatever exchange they want, by controlling and directing Tokemak’s TVL. This is done through single sided staking on their platform of the token (BANK) then directing liquidity with TOKE via their front end.

Tokemak has several different mechanics and guardrails in place to mitigate IL risk to ensure that Liquidity Providers can always claim their underlying assets deposited, 1:1. These mechanics involve some risk to TOKE stakers, but only as a last resort.

The protocol captures fees from providing liquidity across DeFi. Over time, this will allow Tokemak to build a strong reserve of various assets in Tokemak’s PCA (Protocol Controlled Assets). In the end, the PCA is controlled by TOKE holders through decentralized governance.

It offers opportunities for exchanges to reinforce their liquidity and for market makers to leverage the PCA to create deep liquidity for a specific project.

MISSION & VALUES ALIGNMENT

Tokemak provides invaluable infrastructure for BanklessDAO as it grows and migrates from L1 to L2’s. The support that the platform would provide for liquidity to the BANK token, would enable the tokens use both internally to the DAO, and externally as other platforms begin to integrate with BanklessDAO.

With the Tokemak platform managing the liquidity for BanklessDAO, the DAO can focus on onboarding 1 billion people into crypto without having to worry about the liquidity of the token.

SPECIFICATION

  • $3,000,000 in notional value, swapped in BANK for TOKE(details below)
  • Kick off a token swap with a 30-day moving average for BANK and TOKE

FINANCIAL IMPLICATIONS

To kickstart a Tokemak Reactor, BanklessDAO will need to do a token swap of $3,000,000 in notional value of BANK for TOKE. This will be a backing for the platform to minimize slippage and risk to single sided BANK stakers.

SUCCESS METRICS OR KPIS

  • Deep Liquidity in the chosen AMM of BanklessDAO
  • Ability to quickly deploy to different AMM’s, and later L2’s.
  • No or low slippage for trades (buy or sells)
  • Staking opportunity for BanklessDAO members(BANK holders)
    • Treasuries (DAO, and GUILDS) and BANK holders could stake BANK for TOKE rewards
  • Increased treasury value from token swap (TOKE)
    • BanklessDAO would gain exposure to the TOKE token value, and if the platform does well and accrues value, the valuation of TOKE would increase.

POLL

Execute swap with Tokemak for BANK reactor ignition - dependent upon C.O.R.E voting results.

For
182,466 votes
2 years ago
spinner

© 2024 BanklessDAO

Powered by

NodeBlocks

Incubated by

CityDAO