🍁

Season 2 Launch - Oct 8th, 2021

Type

Community Call

cadence

Flow

Date

Oct 8, 2021

Note-taker

Attendance

Last Edited Time

Apr 24, 2022

Last edited by

Agenda: 75 minutes

RSVP Here!

Administrative Details

Event location (Twitter Spaces): https://twitter.com/banklesshq

Live stream: https://www.twitch.tv/banklessdao

Back up location (if Twitter Spaces crashes): https://discord.gg/aD7HZsM

Afterparty: https://discord.gg/fpHQGS2

POAP Form: https://docs.google.com/forms/d/e/1FAIpQLSfD_yqsuXy82knMYyyAoAH-MzGgZoE1DBQUVQVzEPVrRWurww/viewform

Agenda

Intro by Ryan and David [0-10m]

Why did we create Bankless DAO? What did we hope to accomplish?

Perspective on how Bankless DAO has grown

User Journey Story [10-15m] - Samantha

Community member spotlight on joining the DAO

Activity data [15-20m] - Paulapivat (Slide Deck)

Discord activity

Forum activity

Snapshot activity

Season 1 Recap with Lucas [20-30]

How we operate: Guilds + Projects = Mission

Priorities for Season 1: Generate revenue

Roughly 150K USD in revenue - Newsletter Sponsorship, Metafactory drops, NFT sales

Expectations for Season 2 with frogmonkee + Community Members [30-60m]

Priorities for Season 2:

Double down on revenue

Coordination sticking points - Compensation, Project Management, Onboarding

Bankless Academy [5m] - RedVan

DEGEN Bot [5m] - Nonsensetwice

DAOpunks x MetaFactory [5m] - Sinjun and CryptoBushi

$BED Adoption [5m] - Airbayer

Wrap up with Ryan and David [60-70m]

Takes on Season 1 and Season 2

Close out with CTA - Join Discord Afterparty and read S2 Announcement!

Meeting Notes

[rep] frogmonkee

We'll get into the meeting, but first a few admin things.

Explain that this meeting will be hosted on twitter spaces but we have backups in case this goes down.If this meeting crashes, we can hop on discord.

There's will be an after party in discord.

There will be a POAP form for attending this call. Complete the google form pinned on BanklessDAO twitter.

[rep] RSA

What's up BanklessDAO! I have no idea what's about to happen. The community did this. Season 1 was a community executed. Season 2 is also community executed. I feel like an audience member and I'm excited.

The Bankless movement has been a social movement! It belongs to the entire world and it's our job to scale this.

The mission is too big for David and I to scale this. We have grown to 100,000 subscribers in the past 2 years - but just a drop in the bucket compared to 1 Billion people!

So we started a DAO to help onboard 1B through media and culture. That's all the community needed was a match.

Blown away by progress and we're only getting started. This is the journey of a lifetime!

[rep] David

It's difficult to dictate what DAOs are, but easy to discover its purpose

DAOs have become internet nations. A community of people with shared visions and goals. It also has the economic resources to achieve those visions and goals.

We wanted to scale in a way LLC couldn't scale. We also wanted to make it an enjoyable place to be. It's a vibe.

It's no longer a one way flow from stage to audience, now it's reverberated from audience back into the stage. The stronger the vibe, the stronger the community. And the stronger the community, the stronger the nation.

Really stoked to see what the DAO does with season 2, season 3, and beyond!

It was awesome to see so many people at M CON who explained they're members in the DAO or they're working on this project in the DAO.

[rep] Samanthaj

I joined the DAO about 1 1/2 month ago. Didn't know where or how to contribute my time.

When I first joined, I felt a little lost and intimidated because the DAO is so passionate and there's so much going on.

Decided to join a meeting in the writers guild. Learned how to get started on first project.

Became talent scout to ease onboarding issues new members may face, such as myself.

That has been the most rewarding because I get to work with people from all over the world who share the same values I do, and it's just really fun.

You can definitely earn your way in. You don't need technical skills. If you have writing, designing, marketing, project management, anything.

If you can't buy BANK, you can contribute and earn BANK to purchase a membership

My advice, find your niche, start small, and get involved somehow. The barrier to entry is really just your time.

[rep] frogmonkee

Thanks Sam. I think your journey is indicative all a lot of members' journey in the DAO.

Now let's look at some numbers. Yes we have an Analytics Guild!

[rep] paulapivat

thanks frog. There is a pinned tweet that has a thread i started and a full slide deck if you want to follow along.

it's hard to believe that we're only 5 months old and have come such a long way. Some of the off-chain data can give you a sense of far we've come.

Discord activity

300 to 1500 joiners per week since genesis

Many new members come from invite. Our members are recruiters.

Membership has nearly doubled since June

Started with 5,000, now around 9,000

Consistently above the 30% retention level benchmark by discord

An area of focus is to increase lurkers to engaged and active members

We have mechanism in place to reward members for contributing such as bounty board. Since launch, 35 total bounties have been sourced and 67K BANK have been allocated through Bounty Board.

Other avenues to earn BANK is through coordinape.We've seen 107% growth in contributors and 66% growth in gifting

Forum activity

90% increase in participation and 50% in soft consensus from anonymous users

Snapshot activity

1200 people participated in 1st proposal. Numbers have gone down since, but we've seen increased engagement over last 2 proposals

We want to boost these numbers up

Shoutout to RunTheJewelz, Saulthorin McKethanor, JokerDelMar, and others for helping build out this infrastructure.

[rep] frogmonkee

Thanks paul. I think the key takeaway was that we saw growth in pretty much all areas.

Now that we have some numbers about our growth, I think it's important to understand how did we get here. What did we do during the season? What did we accomplish?

[rep] 0xLucas

Tokens give community superpowers. This was true when we launched BanklessDAO. There was so much excitement.

We have 3 ways to architect the BanklessDAO

Season, Guilds, and Projects

Seasons are quarterly distribution campaigns for the community to align around core set of goals and ideals

Guilds are individual talent pools. Self selected. There's writers guild, developer guild, design guild, analytics guild, and more. Guilds pool the talent to work on projects.

Projects are mediums to achieve the mission. We have a range of projects going on. Core is education, media, and culture.This is how we onboarding 1B people

Priorities for Season 1: Generate revenue

We wanted to establish revenue streams. We wanted to create self sustainability for the community and not just rely on BANK token.

Generated over $200K in top line revenue in just 6 months with around $100K in net profit.

We're the first social DAO to pioneer on-chain revenue

Roughly 150K USD in revenue - Newsletter Sponsorship, Metafactory drops, NFT sales

MetaFactory

2 drops in S1 - Ultra Sound Summer Set and Back 2 School

Just these 2 drops generated $75,000 in revenue

We saw about 1/2 the people at M CON wearing Bankless merch. That was super exciting.

NFT sales

Every week we feature emerging artists in crypto ecosystem. Done about a dozen showcases in Season 1.

Most prominent one was Ultra Sound Bat launched around EIP 1559 and saw so much interest from community.

Generated over $100K, and BanklessDAO became one of the most sold on rarible in August. We donated about $25K to CoinCenter from NFT showcases.

BED Index

Sound investment of equally weighted exposure to BTC, ETH, and DPI

Something you can recommend to your family and friends - not some shitcoin or memecoin

Already generated a couple thousand dollars from the BED Index with a market cap of $5M

Newsletter

We have a newsletter that consolidates all DAO activities during the week

Locked in UMA as sponsor for S1 and S2

We just launched 2 new forward facing newsletter, Decentralized Arts and State of the DAOs

Metaversal get ready cuz this is fire!

Infrastructure

We learned that as we started to scale, we needed better infrastructure, so we decided to build it

Projects such as DEGEN and Bounty Board will help DAOs scale and automate a lot of work

Trust me this is just the tip of the iceberg. We have so many projects in the works right now. We're building of human talent. We have so much momentum to capitalize on!

We're now the 4th largest community on Snapshot. Behind Uniswap, Sushiswap, and Gitcoin. Those are multi billion communities! That's a massive testament to the Bankless community.

[rep] frogmonkee

Thanks Lucas. It's was kinda unfair to ask you to recap all of Season 1 in 15 min.

Season 1 was first attempt at coordinating movement and we blew it out of the water.

Front of house priorities for Season 2: Double down on revenue. We want to create a self sustaining economy. We don't want to rely on BANK token. It's only a governance token.

We have media:

We started with 1 newsletter and 0 podcasts, we now have 3 newsletters and 1 podcast.

Eventually, the 2 newest newsletters will get funded and will add funds to the treasury.

Our newest podcast Crypto Sapiens in shipping weekly and is pinned in twitter. With Crypto Sapiens, we'll launch more podcast grown from talent within the DAO.

We have merch:

We did a great job with MetaFactory to spread culture with apparel. So now we're building up a merch store to increase the Bankless merch sales.

We have the NFT showcase which has spun into another project - DAOpunks

We have guild services

Writers Guild has started working with outside entities such as iTrust CApital, Perpetual Protocol, Argent Wallet - which are generating revenue

Back of house priorities: Build this growth flywheel - Governance, Coordination, Project Life Cycle Management, Onboarding, and Compensation,

We're still only 5 months old. We're not a well oiled machine... yet.

We've put governance and coordination mechanisms in place. It's not perfect but it's a start and we'll evolve from there.

We are focusing on project management, talent retention, and compensation.

Once we can manage these areas for opportunity, then we can really move

But now it's time to hear from amazing projects that are led by community members.

Bankless Academy [5m] - RedVan

[rep] RedVanMission is to educate 1B people to open finance. We realized education is a key component for that.
We aim to be the source of truth of everything crypto. We want to get people off centralized exchanges and into DeFi.
We will teach about DAOs, NFTs, DeFi, crypto culture.
Imagine duolingo for crypto. You no longer have to manually onboard family and friends. Send them to Bankless Academy.
Building on-chain resume system. When you start applying to companies, you can link your academy profile and prove your competency. 
Go to banklessacademy.com and signup for Beta launch, watch teaser video

[rep] frogmonkee

thanks RedVan. we're excited to see that ship. Up next is DEGEN with nonsense.

DEGEN Bot [5m] - Nonsensetwice

[rep] nonsense

Work with specialized team called Bot Mechanics

DEGEN is being integrated with notion, with discourse, and bringing Web3 into discord.

Now has spam feature to prevent spammers

It's also integrated with Bounty Board

DEGEN was built to automate tasks and labor management

Recently rolled out POAP distribution feature

Once upon a time, you had to set up a POAP event with an old bot

Now, DEGEN will listen in on your voice channel and record a list of participants, and distribute claim codes to the participants. Soon it will claim the claim links for you within discord!

Excited to get this in the hands of communities such as Zapper, West Coast Customs, DAOpunks, and more!

If interested in DEGEN in your server, fill out the invitation form, found on Nonsense's twitter

[rep] frogmonkee

Thanks nonsense. Up next we're going to talk about DAOpunks.

DAOpunks x MetaFactory [5m] - Sinjun and CryptoBushi

[rep] CryptoBushi

Created these NFTs called DAOpunks as representations of character archetypes you would typically see in DAOs. Then Sinjin approached me with this idea.

[rep] Sinjun

Found this glitch that allows us to print unique image on garments. Decided to use this with a NFT drop. Hasn't been done before and we're exploring with this DAOpunk project.

Mission is to bring corporate worker into DAO. Instead of dreading the traditional 9-5 work, a person can join a DAO and do work they love.

Over 1000 NFT will be minted and 25% of sales will go to a grant which will help people transition to DAO work

[rep] CryptoBushi

Started out as an art project. But the community has taken over and given the direction. The grant idea came from the community.

We're looking for people to help this project, We expect to have a huge treasury after the public mint and we want to compensate people to help them go full time in a DAO.

Still working on art. Will announce public mint when feel the art is ready.

[rep] frogmonkee

Awesome. I love that DAOpunks started out as just an art project and has turned into so much more. Now we'll pass it on to Airbayer.

$BED Adoption [5m] - Airbayer

[rep] Airbayer

Has been an awesome project and an great asset for those entering the crypto space

Designed to be easy to understand plus promote enough curiosity for those to go down the crypto rabbit hole

[rep] frogmonkee

Thanks AB. We want BED on centralized exchanges. We get there by turning BED into a large asset class which means having a lot of value locked in BED

One of our partners, UMA protocol minted $1M in BED.

We're in conversations with a lot of different protocols to diversify their treasuries which will launch us into centralized exchanges.

[rep] RSA

Wow. This is unbelievable! To everyone involved in this - great job!

I'm blown away at how this has formed. Way beyond my expectation! David, how did this happen?

[rep] David

When we launched this, there was so much energy injected into the discord. Everyone was watching the DAO phenomenon! People want to be a part of this. They want to join the vibe.

Now's the best time to start DAOs. I think its easier to do this now compared to 5 years from now.

Best thing the DAO can do is lower the barrier to participate. If the barrier to participates lower to bare minimum, the DAO can grow and everyone can share the vibe.

[rep] Ryan

I agree that now is the best time to pool talent because DAO communities are here for the right reasons, but the infrastructure isn't there.

[rep] David

Now' the best time to capture talent, and we can pool the great talent now to build the infrastructure. Now's an exciting time to be in DAOs.

[rep] RSA

Remember there was a time in DeFi when we could keep up with all the announcement s since there was really only 3 projects. But as it grew, we couldn't keep up with all project launches and we had to pick and choose what we reported.

That's how I feel in BanklessDAO. There was a time when I had a pulse on the DAO, but now it's grown so much I can't keep up! So many projects have launched and have updates that I don't know what's happening. Always a positive indicator of growth!

[rep] David

That goes back to why DAO? In the legacy world, in LLC world, the company can only grow in 1 direction - the vision of the CEO. But a DAO can grow in any direction - how the community envisions it.

There's is no lnear path in a DAO. This is why DAOs will win.

[rep] RSA

Why is now the time for DAOs? CryptoBushi said they want to move people from "corporate punk" to "DAOpunk." People hate their jobs. People want more than that. You get to choose your own adventure in a DAO. What do you think?

[rep] David

I rememebr Kevin Owacki said "Crypto isn't about making you rich. It's about making you free."

I see DAOs allowing labor to be more fun because people are allowed to be more free. DAOs remove the shackles of the 9-5 employee while still compensating and returning value to the people that contribute labor.

[rep] RSA

This is much different than the organizational structure here than in legacy world that we're used to. This has an open nature. It's permision-less.

Samantha said you can earn your way in. You can rise in rank based on contribution.

Paul talked about our members are our biggest recruiters. When's the last time you heard of people recruiting people to their job? We going from closed organizations to open organizations.

[rep] David

That's why DAOs are going to win!

Close out with CTA - Join Discord Afterparty and read S2 Announcement!