Community Call 29/09/2023
Type
cadence
Flow
Date
Sep 29, 2023
Note-taker
Jaux
Attendance
Last Edited Time
Sep 29, 2023
Last edited by
Community Call #124 - 29th Sept 2023
AGENDA
- Announcements
- Governance
- Project/Guild Updates:
- Bankless Africa
- Crypto Sapiens
- Education Department
- Treasury Department
- Get Involved!
- Bounties
- Events
- Roundtable Discussion
- 🎤 Speaker - Icedcool
- Topic: Treasury Department
ANNOUNCEMENTS
Announcements
Speaker: Above Average Joe
Claim your POAPs (Guild.xyz distribution)
- Links shared in: 🔗cc-links channel
L2 Nominations:
- Boluwatife, Freedo_Minant - Congratulations
Seasonal Updates
Grants Committee Updates:
- New CC KPI incoming!
- New Grants Reform - Link
Subscribe to Bankless Publishing:
Speaker: MC
- BanklessDAOs’ Application is up for ArbitrumGrants Fest hosted on Gitcoin’s Grants stack!
- Folks who donate maybe eligible for future airdrops on Arbitrum organized by Plurality Labs
- Only 2 days to go!
- Thrivecoin contributors raffle draw
📢 Governance
Pending Quorum:
- N/A
Actions to take
- Vote on Snapshots!
- N/A
Add feedback
- Temp Check - Does The DAO Need a Legal Entity? Does this need to be discussed? - Here
- Temp Check - BanklessDAO Grants Reform-Here
GUILD & PROJECT UPDATES
Bankless Africa
Speaker: thinkDecade
Updates
- new podcast episode live -> Jengajojo & thinkDecade on Decentralized Governance
- Newsletter metrics going parabolic
- Content revamped to provide more value to audience
- Getting
Call to Action
- listen to podcastRead newsletter
Crypto Sapiens
Speaker: Humpty
Updates
- New pod alert! “Building a Decentralized network city” with CabinDAO founder. Go listen, give it a ❤️ and share https://t.co/w6ArYNFOjI
- Don’t Say NFT episode 3 - Identify is also out, go listen on Podcast
- We have been exploring possible areas in order to establish self-sustainability. Anticipate the big announcement 🎉🎉
Call to Action
- Subscribe to our Newsletter and mint articles
- Subscribe to our YouTube channel Give us a follow on Podbean
- Finally give us a follow on Twitter
Education Department
Speaker: KingIBK
Updates
- New Joiner Session s9 x 02
- Monday, October 2nd @ 2:00pm UTC
- Venue: Zep [RSVP]
- Are you new and would like to get plug in right away? lost in the weeds of endless bee-like activity within the DAO?
- Well. that's what the New Joiners Session is for. A human-frenly, no-bot-allowed chat session with you.
- Introduce yourself in the #new-joiner-session channel in discord.
- Live Sessions
| How to Gnosis/Safe Tue., October 3rd @ 2:00pm UTC Venue: Zep [RSVP] | In this session, you will have the opportunity to add the goerli testnet, learn how to create a multi-signature wallet, and join a test net multi sig. https://zep.us/play/2e5X7P |
| How to Collab.landWed., October 4th @ 2:00pm UTCVenue: Zep [RSVP] | Learn how tipping and the gating works in discord. Participate in showing appreciation to frens who work with you and have an impact on you in some way. https://zep.us/play/2e5X7P |
| Praise Bot Knowledge SessionThur., October 5th @ 2:00pm UTCVenue: Zep [RSVP] | Come learn how to show support and appreciation to frens within the bankless community with the Praise Bot. https://zep.us/play/2e5X7P |
Treasury Department
Speaker: Icedcool
Updates
- Tokenomics
- tlBANK Update
- Analytics - in process
- New UI updates coming soon!
- Primarily focused on payment
- Liquidity
- Earned: 233K BANK, 0.4863 ETH ($1.6K)
- Delegation Strategy in the works
- Treasury Management
- Capital efficiency strategies coming soon
- Reports forthcoming
- DAO Monetary policy discussion next Wednesday!
If interested Join us! - Wed, Thurs, Fri - 11am EST
Get Involved!
- Bankless Academy - teaching Web3 basics - #academy-start-here
- Bankless Africa -fulfilling the BDAO mission in Africa - #ba-start-here
- Bankless Card - funding every community - #bankless-card
- Bankless Publishing - content reaching the entire ecosystem - #bp-start-here
- Crypto Sapiens - Voices of Web3 podcast - #crypto-sapiens-start-here
- IMN - translating content for the non-english speaking world - #imn-start-here
- Newsletter - educating on how to become Bankless - #newsletter-start-here
- Podcast Hatchery - helping launch Bankless podcasts - #podcast-hatchery-general
BOUNTIES
Bounty Board
BDAO Open Bounties
- Governance Lead [L2 Contributor]- 32000 BANK (Link)
- Grants Research Lead - (contact jenga)
- Lobbying Sqaud - DAOStewards
- IMN Monthly Stats Team Member -3000 BANK (Link)
ROUNDTABLE DISCUSSION
Speaker: Treasury Department (MikeT, Iced facilitating)
Treasury Department
Bankless DAO Mission & Tokenomics
- A DAO with a token that consistently depreciates in price is not a sustainable model and is in jeopardy of failing its mission. The downward price directly undermines the DAO’s ability to accomplish its mission in a number of ways:
- Easier it is to attack bDAO
- Discourages new members from joining
- Erodes the value of the Treasury & members
- Holders of BANK are subsidizing sellers of BANK.
- Effectively reduces the value of payments made in BANK.
Selling Pressure > Buying Pressure
- A primary cause for the price depreciation of BANK over the past 21 months, aside from macro market forces, is selling pressure that results from the fact that Bankless DAO spends much more than it receives.
- Buyers:
- New members
- Investors/speculators
- bDAO Treasury
- Sellers:
- Contributors paid in BANK
- Investors/speculators
- A majority of the selling pressure comes from Bankless DAO members who are paid in BANK and subsequently sell BANK for various reasons such as to diversify crypto holdings, pay bills, supplement income, etc.
Season 8 Example: Expenses > Revenues
- Significant selling pressure needs to be offset by:
- hundreds of new members purchasing BANK
- the Treasury purchasing BANK
- investors/speculators purchasing BANK.
The Power of Expectations: A Virtuous Cycle
- Expectations can become a self-fulfilling prophecy. An explicit commitment from the Treasury to target of 1% monthly increase in BANK will create a virtuous cycle strengthening BANK on a consistent schedule. Benefits include:
- Protect Bankless DAO from attacks.
- Encourage new members to join
- Strengthen the value of the Treasury
- Strengthen the value of tokens held by members
- Improve the value of payments made in BANK
A Call to Action: Defend The Price of BANK
- In order for Bankless DAO to accomplish its long-term mission, it needs to stabilize the price of BANK by reducing the selling pressure on BANK AND supporting work. There are several means to accomplish this:
- Treasury makes an explicit commitment to defend the price of BANK using the below tools:
Bankless DAO Treasury Tools
- Pay contributors with a combination of TLBank and BANK to limit the BANK that is sold.
- Encourage bDAO members to lock their BANK.
- In Debate - Treasury defends the price of BANK by making periodic purchases to offset the selling pressure. Excess reserves used for purchases can be accomplished by bringing bDAO spending inline with revenues.
Final Words
- Go share your thoughts and vote on forum and snapshot! Your opinion matters!
- We are headed west. This is the frontier. It’s not for everyone, and we are glad you are with us at BanklessDAO.
BanklessDAO strong! ✊🏼