Black Flag DAO Codex
Version 1
Date approved: 11 April, 2025
Preamble
The Black Flag DAO Codex records the agreed membership and governance parameters adopted by the community known as Black Flag DAO and/or BFD.
These parameters, and their explication within the Codex, may only be modified via a community-led process of discussion and subsequent vote by eligible members of Black Flag DAO.
Section 1: Introducing Black Flag DAO
1.1 The Purpose of Black Flag DAO
To build an onchain community of changemakers focused on vibing, thriving, and exploring decentralized systems.
1.2 Black Flag DAO Overview
Black Flag DAO welcomes new community members, who can initially join the BFD Discord with the Flag Curious role. To be eligible for proposal and voting rights, members can apply for the Flag Raiser role, and with time, the Flag Bearer role. The Flag Keeper Council is elected by, and responsible to, the Flag Bearers.
Section 2: Membership
There are three types of membership available within the Black Flag DAO: Flag Curious, Flag Raiser, and Flag Bearer. The Flag Raiser and Flag Bearer roles require both a financial commitment by the individual and BFD community endorsement before the associated membership rights are activated. The financial commitment requires staking in a PoolTogether contract, the yield from which goes to the DAO treasury.
2.1 Flag Curious
This role is available for guests to explore the BFD community with the intention of deciding whether to proceed to membership.
Guests with the Flag Curious role have limited access to the BFD Discord. To access this role, guests must complete the Bankless Academy Wallet Basics course, claim the course-completion NFT, and verify with the wallet that holds the NFT.
2.2 Flag Raiser
Membership Requirements
Members with the Flag Raiser role must:
- deposit 500 USDC in the Black Flag DAO staking pool.
- complete the Bankless Academy Web3 Security course, claim the course-completion NFT, and verify with the wallet that holds the NFT.
- post an application for Flag Raiser membership to the Membership category on the BFD Forum. One existing Flag Bearer must endorse the applicant on the Forum post before the membership is active.
Membership Rights
Members with the Flag Raiser role can:
- read and write in all BFD Discord channels.
- vote on any Community Action Proposal (CAP) to a maximum value of 5,000 USDC.
- initiate CAPs only with support of a Flag Bearer champion.
2.3 Flag Bearer
Membership Requirements
Members with the Flag Bearer role must:
- hold Flag Raiser membership for 6 months.
- keep 500 USDC in the Black Flag DAO staking pool.
- post an application for Flag Bearer membership on the BFD Forum. Six existing Flag Bearers must endorse the applicant.
A Snapshot to approve membership must reach 70% approval and meet a quorum of 25% of Flag Bearers.
Membership Rights
Members with the Flag Bearer role can:
- read and write in all BFD Discord channels.
- endorse and/or vote on any Membership Proposal.
- initiate, support, and/or vote on any CAP.
- propose and/or vote on a change to the BFD Codex.
- propose and/or vote on Flag Keeper elections.
- propose and/or vote on membership rights removal.
2.4 Transition Arrangements Applicable to Previous BanklessDAO Members
Black Flag DAO was previously known as BanklessDAO. Previous BanklessDAO members were permitted to join BFD with a 100 USDC deposit until March 2, 2025, without the need for a Snapshot vote.
Section 3: Governance
3.1 Voting Framework
The voting framework specifies voting categories, which BFD members may vote, and the minimum period each proposal type should be available for discussion before proceeding to a Snapshot vote, the time period for which will be seven days.
The proposal author must initiate a Snapshot following the minimum discussion period on the BFD Forum. Only Flag Bearers may post proposals on Snapshot.
Voting parameters for proposals which do not fit any of the following categories will be decided by the Flag Keeper Council.
| Vote Category | Description | Voting Members |
| Flag Bearer Membership Vote | Snapshot for new Flag Bearers. • Minimum 7 days discussion prior to Snapshot vote. • One of the endorsing Flag Bearers is responsible for initiating the Snapshot. • Refer to the Membership section for additional detail. | Flag Bearers |
| Community Action Proposal (CAP) | A proposal which seeks funding from the BFD treasury and/or endorsement by the BFD community. Proposals must denominate funding in USDC. CAPs must be championed by at least one Flag Bearer, who is responsible for initiating the Snapshot. • Minimum 7 days discussion prior to Snapshot (Up to $5k USDC in value). • Minimum 14 days discussion prior to Snapshot (Above $5k USDC in value). • To pass, the vote must reach 70% approval and meet a quorum of 25% of eligible voters. | Flag Raisers (Up to $5k USDC in value) Flag Bearers (all CAPs) |
| Codex Change | A change to the BFD Codex. • Minimum 14 days discussion prior to Snapshot. • To pass, the vote must reach 70% approval and meet a quorum of 40% of eligible voters. | Flag Bearers |
| Propose a Flag Keeper Election | Propose a Flag Keeper election. • Any Flag Bearer may propose a Flag Keeper election for one or more seats via the BFD Forum. To proceed to Snapshot vote this proposal requires endorsement by a further 6 Flag Bearers for each seat to be voted on. • Minimum 7 days discussion prior to Snapshot. • To pass, i.e. proceed to an election, the vote must reach 70% approval and meet a quorum of 25% of eligible voters. • The exception is where a Flag Keeper chooses to vacate their seat, in which case proceed to Flag Keepers Elections. | Flag Bearers |
| Flag Keeper Elections | Flag Keeper elections. • Where a Flag Keeper election is to be held as per Propose a Flag Keeper Election, any Flag Bearer may self-nominate for an available seat. • Nominations will be invited via a post on the BFD Forum. • Minimum 7 days discussion prior to Snapshot. • Flag Keeper seats will be filled in order of most votes received, for the number of seats available. In the event of a tie, there shall be a runoff between those members. The overall vote must meet a quorum of 40% of eligible voters. | Flag Bearers |
| Removal of Membership Rights | Removal of BFD community membership rights including governance and Discord access. • A member who redeems their USDC deposit from the Black Flag DAO staking pool forfeits membership privileges. A 24-hr grace period applies for members who change wallets and notify Flag Keepers. • Any Flag Bearer may call for the removal of a community member’s rights but must provide a rationale via a post on the BFD Forum. • Minimum 14 days discussion prior to Snapshot. • To pass, the vote must reach 70% approval and meet a quorum of 25% of eligible voters. | Flag Bearers |
If a vote fails to meet quorum after two attempts spaced at least 14 days apart, the Flag Keeper Council may authorize a one-time exception vote with a reduced quorum of 20%.
Section 4: Stewardship
4.1 Flag Keeper Council
The Flag Keeper Council comprises seven Flag Bearers who are responsible for stewarding the DAO’s operations. In practice, this includes, but is not limited to, signing multisig transactions, managing tooling, and appointing members to community roles.
The seven members are elected, and may be removed, by Flag Bearers according to the Voting Framework in Section 3.1.
The Black Flag DAO multi-signature wallet is the holder of DAO funds. It is managed by the seven Flag Keepers, and requires four of the seven members to sign in order for any transaction to be executed.
In case of urgent threat, the Flag Keeper Council may act without a community vote to secure the DAO’s infrastructure or treasury.
Section 5: Tooling
5.1 Tooling Selection
Although this Codex references specific tools used for governance operations, this tooling may be changed at any time by Community Action Proposal. If approved, the change will be reflected in the Codex without the need for a further vote.
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