Grants Committee Weekly May 10, 2022
Attendance
links, lion917, 0xRene, jameswmontgomery, Chuck, Icedcool, kouros
Date
May 10, 2022
Last Edited Time
May 10, 2022
Last edited by
Note-taker
Recording
Multi-select
Action Items from Previous Meeting
Icedcool to create a system of async KPI submission from projects
Rene to look at continuous KPI reporting flow after we get the first KPIs
Icedcool to distribute the KPI form
Icedcool to make an announcement about seasonal funding in announcements channel
Rene, Chuck, Jameswmontgomery have read it
jameswmontgomery to get the async voting doc ready to vote on next week: https://docs.google.com/document/d/1HBqBcv8dSgQXfADqdBBW6XYMXoBr_8Efc-UBnPSY814/edit
grants committee members to weigh in on the doc asynchronously
Question: do we need to update the project submission form for S4?
links and kouros to do it together to update project submission form for S4
Question: next steps on seasonal disbursement?
Icedcool to get the multisig transacations ready and executed - working on it today
Accounting
We are still between seasons, so this section will be skipped
- Bank for the remaining of the season:
- Average BANK per week left :
- Grants Committee Funding tracking
Discussion
DAOlationships Seasonal Snapshot
The Seasonal Snapshot says 169K BANK, the forum post says 253,939 BANK (+84,939 BANK)
- this is discrepancy in the google doc that the Ops Guild made for us
- IDEA: fund this out of the Grants Committee Seasonal budget
VOTE: Do you agree to fund the discrepancy of DAOlationships (84,939 BANK) from the Grants Committee Seasonal budget?
- Yes: lion, links, Rene, jameswmontgomery, chuck, Icedcool, Kouros
- No
- Abstain
This motion passes
Project: Bankless Brasil
Speaker: joaoh.eth#5174
Ask: 4,500,000
What was the ask last season?
- They had 25K from IMN last season, but this is a
Will you request this every season?
- They would like to be self-sustaining, but they don’t believe they will achieve this in 3 months. Perhaps 18 months
- They expect to decay every season they go along
Ask based on 1000 BANK/hr?
- they have 11 people working around 30hrs/wk
- 10 people working 20hrs/wk
- people working 10hrs/wk
- asking for 500 BANK/hr
Burnout: will this 4.5M actually solve your issues? Given BANK has dropped significantly
- they have some other sources of revenue, they gathered 50k BANK/month that was
- it will give them some breathing room - unsure if they will sell it for living expenses, they have other sources of income
It’s more a DAO than a project
- they have 28 core contributors and 1000 people in their DAO
- are we even able to disburse this as Grants Committee?
This project could cost 10-15M BANK over the lifecycle (1-2% of entire BANK token supply)
- lion would like to see a token made ASAP - you need to tokenize
- they have 10K+ audience in social media - they don’t feel it’s the right time to launch a token. They wouldn’t get as big a value for the token
- but you don’t need to worry about token values or even have them exchangable for ETH - as long as your contributors (who have other ways to sustain themselves) will accept the token for payment
- if people are bullish on the work you’re doing, they should be happy to accept the tokens
- Icedcool would like to test case the experimental subDAO model - we could pair BANK to brBANK
- 5% of all revenue to bDAO - lion would like to see 20% until money is paid back
The case against tokenization
- it’s not a light decision - it takes a lot of thought, you should take the time to decide
- if your contributors are spending 30hrs/wk for Bankless Brasil, then they are counting on it to pay for some living expenses
Are you able to handle this big ask?
- if we give you this BANK, are you just going to be bloated? your projects and guilds - half of them seem to lack any kind of organization, will these be funded?
- we need to identify the projects that are working well and those that aren’t, if we give you all this BANK, will you be able to do this?
Comparing against other projects
- Newsletter has similar audience with 1/4 the ask
- IMN has more audience with 1/2 the ask
- response: Bankless Brasil is wanting too grow 50% month over month, vs IMN doing 15%
- all of the contributions that people make are tracked on Dework and therefore everything is bountied
Everyone seems to really support what Bankless Brasil is doing
- they have published 250 newsletters, they have podcasts they do interviews, they are pushing hard to teach brazilians about crypto
- the total addressable market is 600M (portuguese speakers)
- Brazil has more investors in crypto than the stock market
- They are growing by 25% with no funding - but trying to reach 40%
- Aiming to hit 100M - 10% of 1B
Why didn’t they come to GC in the past?
- they were under IMN and were trying to get sponsorships
- they are funding it themselves (john, guelfi)
But are they a project? or a DAO?
- the KPIs might be different
Discuss async?
links to pop open a thread under #grants-committee to discuss
VOTE: Do you agree to fund Bankless Brasil as stated in the above proposal?
- Yes:
- No:
- Abstain:
Project: Crypto for Creatives Website
Speaker: Jonah#5913
Ask: 18,000 BANK
VOTE: Do you agree to fund Crypto for Creatives as stated in the above proposal?
- Yes:
- No:
- Abstain:
Project: bDAO Legal Entity Research Wrapper
Speaker: lawpanda
Ask: 200K BANK
Async Voting