Grants Committee Weekly Jul 26, 2022
Attendance
kouros, icedcool, rene, links, lion, Chuck, jengajojo, Ap0ll0, jameswmontgomery
Date
Jul 26, 2022
Last Edited Time
Oct 19, 2022
Last edited by
Note-taker
links
Recording
Multi-select
Team Perspective
- Last meet for Icedcool, Kouros, and Chuck 🖖🏽
- good feels all around
- A wild Ap0ll0, jengajojo, and Paul appeared 💥
- Onboarding for new members: read all documentation here: Grants Committee Handbook
- When you’re reading, if you find something off, please comment so we can fix it!
- ? ACTION: set up Lettucemeet for new GC weekly time
- ACTION: Rene to check with Paul to see if this time is ok to meet
- DECISION: keep this weekly time for GC meet
- ACTION: links to archive S4 Kanban, create S5 Kanban
- also archive anything else S4 related on Notion
Accounting
- Bank for the remaining of the season: 6,382,609.317
- Average BANK per week left : 3,191,304.6585
- Grants Committee Funding tracking
Discussion
Discussion: Seasonal Funding for S5
Q: Are all projects reviewed?
- yes!
Q: Should we enforce 1000 BANK/hr?
- I want to publish a poll to all L1+ to gain some feedback here.
Projects can remunerate as they like, BUT should Grants Committee be funding this?
- this could have a cascade effect, would like to have a poll around this perhaps
- we should be consistent - if one project funds 1.5K BANK/hr, then ALL should
- 2 competing factors:
- want to have accountability, want to ensure that we are spending effectively
- we aren’t paying enough
- devs, finance, legal usually make more
- this is a reality - they make more money, so they should make more BANK
- total seasonal distribution of BANK - 33M BANK (based on vesting for community treasury)
- if projects start asking for more BANK/hr and it increases by 100-200%, then we may get more BANK than the DAO has
- we’re already close to the ceiling, so how can we make this happen?
- when we experience price appreciation, will hourly BANK expectation go down?
- unconvinced that this will happen, as price appreciates people will still want that 1000 BANK/hr
- hard to make this happen w/ price volatility
- some context:
- wild variations in BANK/hr ask in early days of Grants Committee (300-7k/hr), so to solve this disparity, they set a standard rate
- there is no supply/demand metric at the DAO yet - we have no way of comparing different kinds of work
- the Grants Committee has the ability to distribute BANK, so the more we distribute, the more BANK can be sold (thus reducing the price)
- when BANK price was going up, there was some effort to reduce the BANK/hr, but this is a larger tokenomic discussion
- is there any proposal which binds our hands i.e. forces us to enforce 1K BANK/hr?
- icedcool to check: https://forum.bankless.community/t/1-000-bank-hr-for-work-proposal/1353
- the price of BANK right now isn’t based on fundamentals , it’s based on speculation
- very difficult to tether to some real world value (i.e. USD)
- as a result, would want to enforce 1K BANK/hr until we either get some fundamentals in our price OR we have trouble getting contributors
- for 1K BANK at current BANK price, we are incentivizing people with passion for the DAO but not necessarily with skills
- but passion transcends skills - we have devs, legal, finance working for 1K BANK/hr now
- what about projects that “get around” the issue by asking more BANK??
- Grants Committee needs to check these projects
- if we see a 40 hr/wk project, i ask myself whether or not our grants is to pay people to work full time OR to kickstart projects so that people themselves can find a way to work full time
- if we are here to help contributors contribute, then the answer is different than if we are maximizing ROI
- has there been some discussion about milestone based BANK instead of per hour rates?
- Bankless Academy had milestone-based unlocks in S4, and it was very difficult to keep track of this from Grants Committee perspective
- Newsletter team does bounty-based output and it works very well (project does it’s own tracking of milestones)
- should we ask IMN to increase their BANK/hr ask?
- if not, then we are actually enforcing upto 1K BANK/hr, important distinction
Q: Are we rubber-stamping guilds?
- seems like we dont have time (2 days) to figure out another model
- we have a new system coming in the next season, so we can figure this out then
- maybe we should have further scrutiny on the proposals
- then the GC is the responsible party to ensure that guilds/projects are producing
Discussion: Forum quorum adjustment
TL;DR: Recommend reducing forum quorum requirements by -37.5% based on this analysis
Discussion: Second tranche funding for S4
Is this complete? it’s not on parcel, but I see this: https://etherscan.io/tx/0xe95888397209bb3ae989dd69ee2213b8424c530341b4a3a2f87efb2e72481d15
- but the IMN amount is wrong?
- bDAO Global ETH Events needs second tranche funding
- DAO Sentiment tracker needs 50K BANK more