Grants Committee Weekly May 24, 2022
Attendance
lion917, Rene, Kouros, link
Date
May 24, 2022
Last Edited Time
Mar 20, 2023
Last edited by
Note-taker
Recording
Multi-select
Team Perspective
- Icedcool on vacation May 24 week
- Chuck25 on vacation May 24, May 31, June 7
what’s the vacation/attendance policy?
- we could do a coordinape w/ the 50k per member
- we could mandate 70% attendance
- we could have a budget per meeting that you join, and put the rest in a coordinape
- what’s the goal?
- ensure quorum
- encourage GC member participation
- would likely be for next season, as this season has been agreed upon
- we COULD do it this season with a unanimous 7/7 vote
Project submission form for S4: Season 4 Project Submission Form
Next steps for KPI acceptance:
- Re-loop in the project champions - we should make it clear if they don’t have accepted KPIs their mid-season funding could be at risk
- links to document “Accepted” KPIs on Grants Committee page
- get first measurements of KPIs
Accounting
(Kouros to fill our weekly)
- Kouros to update this as part of the disbursements this week
- Bank for the remaining of the season:
- Average BANK per week left :
- Grants Committee Funding tracking
Discussion
Project: DEGEN
Speaker: JonValjon.eth#5554, Slinkypotato
Ask: 1,188,674.73 BANK
DEGEN makes it easy to send POAPs
- v3 release Apr 28
- lots of KPIs in the forum post
- POAPs are often first NFT, first reason to get an ETH addy
- Also includes Mad Hatter, plus template bots for First quest and Governator
- DEGEN is now Discord verified
KPI
- # discord servers
- # premium subscriptions
Focused on revenue
- was a bit stretched thin last season, so will focused on POAP distribution towards a path to self-sovereignty
- working w/ POAP organization directly
New multisig
- will include Slinkypotato and JonValJon for DEGEN and Birdman and Bogdragonov for bDAO
What % of revenue will go to bDAO treasury?
- no number as of yet, would potentially want to use the funding to continue growing
- would prefer to give equity - but there is no # around this yet
- bDAO is not able to accept equity at the moment
- at least 10% equity would be comfortable for the team
- no revenue yet - had a $10K USD grant
What happened to the old multisig?
- there were disgreements on code and infrastructure in S3
- further decentralization vs further secure
- Slinkypotato: there is no easy way to decentralize a Discord bot
- there is a lot of hacking on Discord bots as of late (i.e. captcha bot)
- The people who left the multisig are no longer responding
- nonsensetwice and zerogz are ghosting, duke is not blocking
- nonsense has indicated he wants to move forward, but he hasn’t accepted the transacations
- There is about 320K BANK, 1K USD, 50 YUMA tokens
- 250K BANK has already been earned by 3-4 contributors, and cannot get paid
- they have requested the above funds (locked funds) for the new proposal
- they would pay these contributors out of the new proposal, and if the funds get released, they would accept less funding for new proposal
- trying to go through ombuds, but they have little ability to proceed
- With a dispute happening, unsure wanting to fund previous payments
This proposal does not count towards Mad Hatter work
- this proposal is ONLY for DEGEN POAP distribution
- Slinkypotato is paying for the infrastructure right now
Leads for premium services?
- worthhalter at POAP has asked for a premium POAP feature
- event organizer will set a cost to receive the POAP, DEGEN confirms that payment has been made, then they take a cut of this payment
- so community members pay 100 BANK to get the POAP
- POAP curation council will stop issuing POAPs unless they get a feature like this above
- There is a cost to minting POAPs - POAP team has taken on this cost for now, but they can’t do this as POAP #’s go up
- Premium POAP feature would be completely optional
- POAP team - are they going to fund you?
- they have given 10K USDC grant in the past
- they are in ongoing negotiations for more funding
How do you feel about tying yourself so closely to a single organization (POAP)?
- POAP is a protocol and a business
- worst case - POAP goes down, they they can call a different address for meeting attendance
is there any ownership dispute?
- there was no agreement about this
- Slinkypotato has single-handedly coded 90% of DEGEN
- confident that there shouldn’t be an ownership dispute
lion917 would like to speak to ombuds before voting
- JVJ put a deal on the table, but hasn’t received a response from the previous members
- if no deal is made, they will continue to build
infrastructure costs are a LOT (for Mad Hatter, DEGEN, etc)
- Slinkypotato has spent $500 so far
Product support center
- they left the product support center because Nonsense was the owner w/ many admins - they were worried about security
- in the last 6 wks they sent 71K links to users - they cannot be too careful
- Slinkypotato says that the BanklessDAO Product Support Center is compromised
- so they created their own focused support center
Lack of other disciplines: strategy, sales, marketing, etc
- marketing is doing well - twitter has at 1k followers
- definitely need some help with design (icons, logos, etc)
- ambassador could be onboarded as well
links is a little worried about the product team being different
- DEGEN’s success is based upon the team as well as the tech - losing > 60% of the team is a big red flag
- the fact that you lost the multisig shows that you don’t have team continuity
Some issues:
- team turnover and dispute
- reliance on POAP without any funding
VOTE: Do you agree to fund DEGEN for 147,674.73 BANK for infrastructure stated in the above proposal?
- Yes: lion917, Rene, Kouros, links, jameswmontgomery
- No:
- Abstain:
THIS MOTION PASSES
ACTION: create a thread under #grants-committee for DEGEN discussions
Proposal: Voting Procedures
- Do we need to vote on this? We are already doing most of what’s in here
Project: Bankless Academy
Proposal: they’d like to ask for 260K BANK (as specified in their S4 Forum post as “bonus”) for hiring a community manager
- this amount was not included in the S4 snapshot vote, so it would have to come from Grants Committee seasonal funds