Grants Committee Weekly Meeting April 19th 2022
Attendance
Date
Apr 19, 2022
Last Edited Time
Apr 19, 2022
Last edited by
Note-taker
Recording
Multi-select
Action Items from Previous Meeting:
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Agenda:
Accounting:
- Bank for the remaining of the season: 2,027,000
- Grants Committee Funding tracking
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Project Review:
Project: DAODenver partnership
Champion: Bo | BanklessDAO
Fund requested: 50,000 BANK
Wallet: 0xB2b314987dB9BB8669826DfC9D1eDfc14aA456d6
- we have no representation for the project here
- the ask is low, the value was high
VOTE:
- YES: kouros, Icedcool, links, lion, james, chuck, lucas
- NO:
Discussion:
- Need to give GC tags to new members and remove it from the ones that are no longer in the GC. - DONE
- Replace the old members in multisig.
- Elect new grants lead to replace AboveAverageJoe
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Icedcool to update the Discord grants committee tags (remove old members, add new members)
DECISION: replace multisig after the coordinape goes out
DECISION: links is elected to grants lead w/ Kouros
Seasonal Budgeting Process
- not all of the budgets are in
- Kouros talked to Ops guild - they will work on compiling into a Notion page by the end of today
- ACTION: each GC member to review the projects in the spreadsheet by the Ops guild, and give a rating of “green, yellow, red”
- Q: What kind of review should we we doing on these budgets? We have a lot to review by tomorrow
- this is still being developed, but the general model is...
- guild sanity check: budget/member?
- projects: lots of talk about KPIs, but there is a wide scope of projects. Sometimes the KPIs aren’t relevant for an entire season
- bottom line: is this a good investment for the DAO? (value creation, ROI, mission pursuit)
- there’s no 100% rubric for this, you have to use your judgement
- by there is a lot of work to be done ON the grants committee BY the grants committee
- Q: is it flexible funding or hard cap?
- it’s probably flexible (will have to check), but have to ensure that we aren’t spending more than we are vesting (11M BANK/month)
- Q: What if we go above that?
- we may consider cutting budgets as a result
- Q: are we trying to get this done as quickly as possible?
- A: yes
- This is definitely something that we can improve upon. In the past we did 2 calls - one for projects and one for guilds, plus a revision process, so around 10 days
- Q: What happens for projects that are asking for millions of BANK that we may feel is an unreasonable ask? Should we completely reject them?
- have to look at projects holistically, and then decide how we are looking at this
- it’s up to us to decide how much to give them
- how do we align our long-term goals with our seasonal funding disbursements
- What about those that are asking for more than 1K BANK/hr
- Q: how about monthly budgets? This could allow us more time to review the projects while getting some funding out right now
- We’d need a snapshot vote for this, so it might actually end up taking longer
- The rules were laid out in the season 1 spec: https://docs.google.com/document/d/1JFkkWEt87vXzBbex9yH39wojDG0O6D4BIHuES2Yc62c/edit#heading=h.dm5okt3dweld
- doesn’t actually say this in the spec
- Grants deploys a seasonal funding spec to snapshot, which is voted upon by members
- links feels that he’s not set up for success, so he’s looking for ways to set the committee up for success
- Q: Should we abstain from proposals for which we have a conflict?
- A: yes
- There is SEASONAL funding vs FLEXIBLE funding (aka during the season funding)
- SEASONAL funding happens at the beginning of the season, which is an improvement over our previous model of guilds/projects fighting it out
- FLEXIBLE funding happens during the season, and is governed by the Grants Committee
- We’re not too worried about running out of BANK
Discussion on role of grants committee
- What about Grants Committee as a way to help projects with strategy?
- it was an output of the PM Working Group retrospectives - projects don’t understand how to “succeed” (i.e. get revenue? or users? or something else?)
- one pager incoming
- We are in a unique position to guide projects because we hold the purse strings - we can help them fly
- Lucas: our job is to allocate BANK in the best possible way (impact) for the DAO
- Should the Grants Committee have some stewardship over the tokenomics of BANK?
- Lucas and Iced say: “YES!”
- i.e. generate revenue OR accept BANK, etc
- How about percentage split between internal operations and external reach?
- we can’t just use “number go up” as the key factor for funding projects - we need to have people working on the DAO too
- IDEA: alternate weeks on our meets
- odd weeks: meetings as we do now, take proposals, approve funding
- even weeks: talk about how to improve our grants process
- Lion would like to see 3 kinds of proposals
- 1: help us incentivize people to HOLD BANK
- 2: more revenue then you spec (i.e. we give you 100k BANK, we get more back)
- 3: 2-3 flagship projects that take a lot of DAO attention
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Notes: