2023.05.20 Weekly Rollup
Season 8 Is a Clean Slate | BanklessDAO Weekly Rollup
Catch Up With What Happened This Week in BanklessDAO
Dear Bankless Nation 🏴,
Welcome back from the gap week! We hope you all had a rejuvenating time off and are ready to dive back into the exciting activities of the DAO. During the gap week, we paused to reflect, recharge, and prepare for the upcoming season. In this week’s editorial, Boluwatife leads us through the initiatives BanklessDAO has in store for Season 8.
As usual, there is always room to participate in DAO governance. In light of this, your vote is needed on proposals on Forum and Snapshot. Every vote counts!
Our Forum’s lack of Sybil resistance was the subject of this week’s Community Call roundtable discussion. There are a few approaches we could take, including use of Discourse plugins or a combination of Discourse and external tools such as Governator or Snapshot for voting. The option to migrate to another platform entirely was also considered. Listen to the recording or hop in the Governance channel to learn more about available options and the pros and cons of each.
We’re sad to report that the Weekly Rollup Recap video series won’t be produced in Season 8. Thank you to Allyn Bryce, WinVerse, and Droste for the laughs we’ve enjoyed along with the highlights of the previous week’s edition.
There’s still plenty happening though, so enjoy the content — and contentment — that this season’s first Weekly Rollup Newsletter brings you. Let's make Season 8 the most impactful season yet!
Contributors: Boluwatife, anointingthompson1.eth, theconfusedcoin, KingIBK, MiuMan, Paulito, Warrior, Trewkat, HiroKennelly
[subscribe button]
✅ Action Items
🏛 Governance
Snapshot Votes
🗳️ BanklessDAO Multi-sig Wallet Election
The vote for seven individuals who will act as signers of the DAO's multi-sig wallet is live on Snapshot. These individuals are representing the DAO, so it's important for every member of the DAO to engage in the decision-making process.
💰 Uniswap Fee Claim
The DAO has earned on its full-range Uniswap liquidity position. This proposal is to move these fees into the DAO's multi-sig.
Proposals in Discussion
🌡️ Proposed Revision to BanklessDAO Constitution
The current BanklessDAO Constitution has been found lacking in clarity and completeness, so this revised version — which clarifies the language and layout without making any changes to governance — has been drafted as the first step towards future governance updates. This temp check seeks feedback from DAO folks on the revised document itself as well as input on a few outstanding questions.
Season 8 Is a Clean Slate
Author: Boluwatife
As the waves from a tumultuous ending to Season 7 subside, we can look up and see Season 8’s sunshine peeking over the horizon. Because BanklessDAO is one of the most active DAOs in the ecosystem, it has attracted a strong and dedicated community who are passionate about creating an accessible financial system. In this upcoming season, the DAO is poised to build on its previous successes, address some ongoing deficiencies, and take its mission to the next level.
In Season 8, BanklessDAO will continue to focus on governance, with particular emphasis on revamping the Constitution and increasing our Sybil resistance. In big treasury news, the election for banklessvault.eth multisig signers is live now, and the DAO will soon be transitioning to new membership options based on tlBANK. We also have five new Grants Committee members, a few of whom have previously served on the GC. Icedcool and links have been confirmed as Grants Committee Leads for the season and we look forward to the group developing the cohesion needed for successful discussions.
In short, there’s a lot of DAO action in the works for Season 8. Add in some new projects and ecosystem funding opportunities, and we have a lot to talk about!
Governance
On the governance front, much of the work of Season 7 continues. The temp check for the Constitution revamp just got up on Forum, and early indications are that there’s broad community support for the revisions made to the document. Expect to see a bDIP in the next few weeks. Even if the bDIP to revise the Constitution is approved via Snapshot, that is just the first step to further refining the Constitution and introducing a separate Community Handbook, a sort of operations manual for BanklessDAO.
Another area of focus will be implementing Sybil resistance on the Forum. Sybil resistance is the idea that each user should be limited to one account, because when a user uses multiple identities on one platform, it undermines the integrity of that platform. There are a number of solutions under consideration, including forthcoming Discourse (Forum) integrations, using a hybrid of Discourse and a gated voting platform such as Governator or Snapshot, or migrating to a completely new platform such as Commonwealth or CharmVerse.
For many seasons, there has been confusion as to whether there are seasonal quorum requirements on Forum proposals for previously funded projects. This question may be resolved in Season 8 along with the introduction of more rigorous Sybil resistance.
Treasury
The main issue directly implicating BANK is the tlBANK initiative and accompanying changes to our membership structure. Another important discussion towards the end of Season 7 and into Season 8 is a conversation around whether remuneration in the DAO has been and should be based on 1,000 BANK per hour.
tlBANK
tlBANK is currently a very hot topic in the DAO right now, and it is being spearheaded by the Tokenomics department. With time-locked BANK, contributors to bDAO stake their BANK, and an NFT is minted for proof of that stake. The proposed parameters are 40k BANK for six months or 80k BANK for one year. The resulting NFT provides Level 1 membership to the owner for the specified period, an alternative route to simply holding 35,000 BANK in a wallet. The NFT will be tradable on secondary markets but will not confer Level 1 membership status to the new owner.
As tomahawk wrote in a previous Weekly Rollup, tlBANK enables
“future use cases that will help us focus on longevity and sustainable operations, and once proven, this time-locking core primitive can be extended and generalized to drive long-term value alignment in any guild or project. Locked-BANK NFTs incorporate art value and open up new trading opportunities for value-aligned BANK investors looking to acquire tlBANK at discounted prices. Projects can incentivize a sustainable, long-term approach to building by offering tlBANK as rewards.”
Compensation
Nearly since the DAO’s inception, there’s been a suggested ‘rule of thumb’ that contributors are remunerated at a rate of 1,000 BANK per hour, or at least that budgeting uses that rate as a basis. There have been previous Forum posts on the issue, and folks are again talking about it. When BANK was at 10 cents USD, 1,000 BANK per hour equated to 100 USD per hour, a great wage for anyone wanting to earn a living through DAO work. With BANK currently valued at under half a penny, that same remuneration equates to less than $5 per hour, more than a 95% reduction in real buying power.
Expect to see more conversations like the one below in Season 8, while we grapple with the reality that the DAO can’t actually afford to increase that rate until revenue is much, much higher, and we debate the pros and cons of having a governance token which is also regularly exchanged for a wage and the sell-pressure this creates on the token.
DISCORD SCREENSHOT IMAGES
Grants Committee
There are five new Grants Committee members, including returning members Icedcool and links. Among the things we expect the GC to take up this season are to further clarify seasonal funding requirements for guilds, departments and projects. Chief among the questions is whether GC will enforce Forum quorum requirements and whether these organizational units will see grants offset against their multisig holdings.
There’s been concern among members about the amount of BANK that is disbursed, so we should also expect a discussion this season about BANK emissions and our financial runway.
Projects
A few projects launched towards the end of Season 7 that are expected to drive both attention and revenue to the DAO in Season 8.
BanklessWallet
BanklessWallet (bwallet) is an account-abstracted hardware wallet. This project is a unique hardware wallet that comes with a smart-contract companion. With bwallet, you no longer have to worry about keeping your private keys safe or losing your hardware wallet. Head over to the proposal if you are interested in learning more.
The L2 Newsletter
The BanklessDAO Newsletter team launched a newsletter focused on the Layer 2 ecosystem, the Layer 2 Review. In a new model, the team isn’t seeking any BANK funding, but instead will apply for grants and retroactive public good funding. The Review is shipping monthly to start, but will become more frequent as it becomes more established.
Launch of Spanish-language SubDAO
Confirmed at the end of Season 7 but really launching this season, a Spanish-language subDAO will increase translation capabilities and produce written and audio-visual content to promote the importance of crypto knowledge and bring financial, artistic, and inclusive tools to the 500 million native speakers of Spanish.
Ecosystem Funding
Many BanklessDAO media and educational project teams were recognized for their outstanding work, receiving retroactive public goods funding from Optimism. Bankless Publishing, Newsletters, IMN, and The Rug received nearly 30K OP tokens combined. Bankless Academy received “optimistic news” after participating in the RetroPGF round, receiving a whopping 58,000 OP tokens. This funding came at a good time for the community, as we all know it is not easy to continually build during the bear market.
INSERT TWEET IMAGES
A Conclusion, But Only to Season 7
Each Weekly Rollup newsletter adds a chapter to the story of BanklessDAO, and this week we’ve put the plot twist that was Season 7 firmly in the past by showcasing all that is to come. Season 8 is an opportunity for a clean slate, but rather than starting with nothing we can carry forward the experience and wisdom gained in our first two years.
We are now and always bDAO strong.
Adiós 🤗
👀 In Case You Missed It
📊 Our Journey So Far
ThePass wrote a Twitter thread highlighting bDAO’s key milestones, treasury updates, and governance activities over the last year. With some great infographics, this thread gives a good snapshot of the year that’s been!
🗓 Set A Reminder
🤩 New Joiner Session S8 x 01
Join the New Joiners Session to learn more about BanklessDAO and how to get involved. You will meet mentors who could guide you on your journey into DAO life as well as other new joiners who may become fellow travelers on your journey. This session will be held on Zoom. Please be prepared to share a little about yourself.
RSVP to have Zoom meeting details emailed to you nearer to the event, which will be held on Monday, May 22 at 13:45 UTC.
🧰 How To Discord
Learn how BanklessDAO uses Discord on Tuesday, May 23 at 13:45 UTC in the watercooler voice channel. RSVP and remember to bring your questions about bots, threads, permissions, and navigation. You can always find Discord Help documentation in the How To Guides on the home page of the DAO Notion site.
📝 How To Notion
Do you want to learn how to effectively use Notion? If yes, join the Education Department on Thursday, May 25 at 13:45 UTC to get help with the Notion Ninja Learn to Earn courses. Understand how Notion permissions are managed and the skills you need to be an effective Notion user.
⚖️ Tally Demo — bDAO BizDev
Tally is a front end for on-chain DAOs. Tally gives users real power in their decentralized organizations to delegate voting weight, create or pass proposals, manage a protocol, or upgrade a smart contract. Join this demo on Tuesday, May 30 at 18:00 UTC in the Daolationships Voice Channel.
🏗️ DAOstruct Demo
DAOstruct is an end-to-end DAO aggregation, governance, and research platform with a mission to facilitate the mass adoption of DAOs and build systems and frameworks. Their DAO discovery dashboard, a partnership with DeepDAO, has more than 4500 DAOs listed.
🚀 Launchnodes Demo
Launchnodes provides nodes for solo staking ether, and RPC nodes for native access to blockchain data, specifically pre-synced Geth, Beacon, and Validator nodes that run in your AWS account.
🍔 Grab It While It’s Hot
🌐 Global Events
BanklessDAO is excited to announce our partnership with ETH Milan, the largest web3 conference in Milan, ETH Milan will be on October 5-6, 2023 at Palazzo delle Stelline, a beautiful venue in the heart of the Old Town.
Be sure to follow both BanklessDAO and ETH Milan on Twitter, and stay tuned for information on how to win tickets!
⛴️ BanklessDAO Content
🧠 Crypto Sapiens
🌍 Bankless Africa Podcasts
🙊 Under the Rug
✍️ Bankless Publishing
🗞 The Rug Newsletter
👩🏼💼 Bankless Consulting Newsletter
🤣 Meme of the Week
