2022.01.28 Weekly Rollup
Breaking Down BANK Tokenomics | BanklessDAO Weekly Rollup
Catch Up With What Happened This Week in BanklessDAO
Dear Bankless Nation 🏴,
Evolution requires change. As BanklessDAO evolves into a truly decentralised organization, we must rework our processes to ensure we are setting a high standard and continually refining the way we work. Revamping the community call, re-aligning governance and emphasizing revenue-generating ideas are just some of the steps we are taking to forge ahead.
Many of our projects have progressed: we now have smoother newcomer onboarding sessions, kickass MetaFactory merch drops, a Podcast Hatchery trailer going live, the Bankless Academy Beta launch, the inaugural DAO Heat and weekly yoga sessions! In this week’s Rollup we highlight some of these exciting new projects.
Also, take a moment to read the Contributor Care section which explains how you can communicate effectively within the DAO without getting stressed.
We took bDAO from 0 to 1. Now let’s go from 1 to 100 - bDAO strong!
Contributors: Cheetah, teeLEROO, theconfusedcoin, tigress, borisSchickedanz.eth, BogDragonov, Thalia_M, siddhearta, hirokennelly.eth, Dippudo, Trewkat, EthHunter, tomahawk
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Balancer DAO: a community run organization that governs the Balancer Ecosystem.
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🗓 Weekly Recap
BanklessDAO Weekly NFT Showcase 🔥
🏦 Auction Type: Open Edition
💰 Price: 0.028 ETH
Resident bDAO artists Crypto Bushi and Sinjun, along with clothing designer and all-around fashionista Kouros and footwear designer ARNLD, present RABBITHOLE.exe....an animated short visualizing “the fall down the rabbit hole.” Part anti-corporate manifesto, part visual and audio feast, strap in and get ready for the most revealing 59 seconds in NFT history.
Community Highlights
🥺 Governance, Reconsidered
Governance is one of the primary challenges that needs to be addressed in Season 3, and already we are feeling the weight of a broken system. At the end of Season 2, the DAO passed the Firming Up Governance snapshot proposal in an effort to establish quorum and voting requirements. The proposal passed with a significant majority (99% or 16M BANK for; 147K BANK against), establishing the following quorum limits:
According to this proposal, quorum limits for Governance related proposals will require 63 votes on the Forums with >71.6% or majority votes, and at least 36.84M BANK with >77.76% or majority votes on snapshot. The intention behind the quorum requirements are to establish legitimacy and validity, i.e. to prevent proposals from being shuttled through the voting process without a significant number of contributors voting on the proposal. In general, quorum requirements are a healthy procedural requirement, but as we entered Season 3 with newly established quorum limits we have immediately hit a roadblock.
The Governance Solutions Engineer Program (GSE) was proposed by frogmonkee to establish a working group to solve some of the major problems the DAO is currently facing in relation to strategic prioritization and contributor incentives. This proposal went to Snapshot on January 20 and has not met the quorum limits established in the Firming Up Governance Snapshot. The final results of the GSE Snapshot totaled 26.9M BANK, with 23M for and 3.9M against, falling significantly short of the required 36.84M BANK quorum threshold.
So what do we do?
There has been significant discussion about the path forward in the #governance channel. Much of the debate is centered on whether or not the quorum threshold was valid in the first place. There is also debate around the Firming Up Governance proposal not meeting its own voting requirements, as there was only 16M BANK in favour. However, it is fair to argue that since the proposal itself established those precedents i.e. there was no established quorum, it would have only required a majority vote to be approved.
Another issue to consider is the question of the GSE proposal itself. The primary author and advocate, frogmonkee, has chosen to step down from his roles within the DAO for personal reasons. The votes cast and the elections held as part of the GSE proposal showed a significant majority vote (20.6%) for frogmonkee to assume a role in the program. If we decide to proceed with the GSE program despite not meeting quorum requirements, how will the votes that were cast for frogmonkee be handled? Are they null and void? Will the next top five candidates simply be given the position? How does frogmonkee’s withdrawal affect voting patterns for elected roles in the program? These are not easy questions to answer.
The GSE proposal was designed to address these types of challenges, but we need to resolve the significant issue of quorum threshold before we can move forward. How we choose to navigate the next few days and weeks are important. Samanthaj brought to light a few nuances to consider as we vote on the best way forward:
- How do we maintain trust in our contributors and the legitimacy of our governance processes?
- How do we solve the medium and long-term problems facing the DAO?
- What do we do with the GSE program in the absence of its drafter and the individual who received the most votes? In other words, how do we determine who the fifth person will be?
- How do we move forward without setting a precedent that will hurt us in future?
There will likely be two polls to determine our next steps: 1) What to do with the GSE Program, and 2) What to do about the quorum requirement. Look out for these over the next few days.
Governance is everybody’s responsibility. Make sure to join in the discussion, cast your vote, and make your voice heard.
🔥 DAO Heat
Get your creative juices flowing as DAO Heat kicks off on Monday! Stay tuned for updates on Discord about the theme and format of the contest. Join the AMA launch party scheduled on Tuesday at 1:00 pm Eastern in the Writers Room voice channel. We hope to see you all there!
👕 MetaFactory Drop
Get ready for some epic merchandise as MetaFactory is back with one of their best collections to date. Trend-setting hoodies and diamond hand t-shirts are just some of the dope products that are going to be released soon. Watch this space keenly as these are going to fly off the rack!
What’s New
🧠 Crypto Sapiens Podcast
This week, Humpty sits down with Joel Lin, contributor at CitaDAO, to learn about the DeFi Real Estate ecosystem. They explore CitaDAO and its mission to not only tokenize real estate, but build the Ethereum of Real Estate.
✍️ BanklessDAO Writers
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Ever thought about how you can put all that BANK sitting in your MetaMask wallet to work? Think no more! The BANK 80/20 Balancer pool is live on the Polygon Network allowing you to get yield on that hard earned BANK. Create an LP token here and start earning rewards!
Get Involved
🥊 Fight Club Fireside Chat
On Wednesday, Fight Club hosted its first fireside chat, which forms part of the Venture DAO Education program organized jointly with FTW.DAO. It was great to host Jin Kang from Global Coin Research, Medha Kothari from Komorebi Collective, and pilkster from Fight Club. The key takeaway is that Venture DAOs will take away a large chunk of investment from traditional VC funds because of their efficiency and ability to support founders. The next session is on Thursday 3 February and we will focus on VC Deal Terms. If you want to learn more, please sign up for next week’s session or join the weekly Fight Club calls on Wednesdays at 1pm PTD.
[Headline Article]
Author: EthHunter
❤️ Contributor Care
Readiness
Chats: Our Emotions, Mindset & Intentions Matter
Last week we started our article with:
“How do you arrive at your keyboard everyday while being on the journey headed west?
Do you feel wired? Or tired?”
This week we will look at how the DAO tech stack might affect our mental health and readiness.
Since the tools we are using aren’t always suited to benefit our overall well-being, we’ll go a bit deeper into how we can approach our keyboard with a sense of readiness. The past few weeks have been tough; crypto markets are down and one of our foremost leaders is stepping down, making communication style all the more important.
Communication isn’t easy. When we voice-chat with someone about a certain subject, there are lots of obvious and subtle signals in our voice reflecting our current mood, how we feel about the topic, what our motivation is and much more. Even with all of this additional information, misunderstandings can occur, perhaps due to cultural backgrounds, personality, experience, knowledge, assumption of a different context or assumption of intentions.
Now imagine trying to talk about the same subject in a chat (Discord), using only text, maybe writing (or reading) in a language you didn’t grow up with and without the non-verbal cues.
It is easy to feel offended, misunderstood, criticized – or to make other people feel this way, just because of our unconscious assumptions.
The stories we tell ourselves can have a heavy toll on our emotional state, decreasing our readiness and making us less productive.
What can we do about it? How can we use text via chats to not only communicate about a certain topic, but simultaneously increase our own readiness and that of everyone involved?
Here are some tips you might want to embrace:
☺️ Put yourself in a neutral, or even better, in a positive mood before reading or writing. This makes us see things in a brighter light, and when chatting, it unconsciously gives us the right words to make the other person feel better as well.
🎯 Check your intention. Why do I want to read or write this? Do I want to be supportive? Do I want to feel supported? Or is there a part of me which is sad or angry and just wants to assert my position? If we have constructive intentions, our thoughts, which influence our writing, will be notably different.
⚖️ Be considerate. Reading everything twice, while trying to think about how it is meant or understood (maybe for people with a different culture, mindset, knowledge) can help to catch unwanted interpretations.
🤓 Use emoji. They show our emotions and feelings, so we encourage using them from time to time. Just remember, they might be interpreted differently as well.
🤡 Avoid irony and sarcasm, which are difficult to understand for people who don’t know us or the general context.
🤗 Always try to be kind, supportive and appreciative when catching up or hitting the keyboard. Be clear with yourself about your intention. Does it help our mission? Is it aligned with your values and goals?
Our intentions are very powerful. They are the beacons of light illuminating the road ahead. The brighter they are, the more ready we are to face challenges along the way.
🎣 Phishing School
Fake Discord Gifts
So you received a Discord Nitro gift from one of your frens? Are you sure? Could this be a trick? How can I tell?
The Attack
Recently BanklessDAO suffered a wave of spam links and phishing attacks claiming to be Discord Nitro gifts. When people clicked the links, their account started spamming out the same links. There were a few tell-tale signs that these were fake.
Many of the Gifts Were Sent to Public Channels.
The same unique link was posted in dozens of channels at once.
The domain name was not real: "disorc.com" or "discorcl.com" may look real at first glance but notice the spelling errors.
How Can I Spot The Scams?
If you receive an unexpected gift, message, or email with links in it, follow up via a different method with the person who sent it to you to confirm they actually did send it. For example if Ryan or David DM you on Discord, follow up with them via Twitter DMs to see if it's really them. This is especially important when the content is something enticing like a gift, a free trial, or a link to some type of airdrop. You don't need to live your online life paranoid, but be cautious.
I Found a Scam! What Now?
Congrats for not falling for it! Please report all scams/phishing attempts to the usual report channels.
I Fell for a Scam. Feels Bad Man!
It's ok. Hopefully your funds are safe. If the scam involved a wallet, please use https://revoke.cash/ ASAP to revoke any permissions you may have given the attacker regarding your coins/NFTs. If the scam involves a Web2 account like Google or Discord, change your password ASAP, take advantage of any "Sign out everywhere else" buttons, and make sure to enable two-factor authentication.
Can the Devs at BanklessDAO Do Something?
We can and we absolutely are. BogDrakonov#1337 is putting together a proposal for an InfoSec team that will operate as a guild service. Be sure to keep an eye out for the Forum vote over the next few weeks.
🏛 Governance
Proposals in Discussion
🆘 Product Support Center Season 3 Budget Proposal
BanklessDAO products have grown so much we’re now seeing a demand for support services. An example of this situation is with the product DEGEN, which grew in popularity to the point where customer service was a necessity. A bDAO team created an open, decentralized, and evolving playbook which successfully navigated the challenge and has its success reflected in DEGEN which is now in over 100 servers.
The proposed bDAO Product Support Center will build on the DEGEN experience by creating a one-stop destination for all bDAO products. Benefit accrues both to the customer who enjoys a simplified service and to the product which will see greater adoption.
🙋♀️ Meritverse Partnership Proposal
Meritverse is the LinkedIn of Web3, and a good prospective partner for bDAO as it builds its own relationship management system through tasks like mapping its membership base. The proposal sees Meritverse and bDAO working together on two fronts: organizing the roadmap and acquiring users. For its work, bDAO gets increased relationship management capabilities. Additionally, in working with Meritverse to grow its platform and add users, incentives flow to bDAO and its members.
🤝 Bankless Cleveland-Blockchain Sponsorship
A Blockchain and Crypto meetup group hosted by two bDAO members is gaining traction in Cleveland. This proposal requests funding for bDAO to become the first sponsor of their meetup. The funding is proposed to cover the operating costs of hosting the events. In line with bDAO’s mission to onboard members onto Web3 and DeFi, the proposal seeks to take that onboarding offline.
🌊 Migrate DAO Owned Liquidity to Uniswap V3
This proposal will migrate SushiSwap protocol-owned liquidity to Uniswap V3 full range position. The benefit of this is that it would create a price oracle, allowing bDAO to launch a Rari lending market and generate more revenue, since the Uniswap position has fees defined at 1% (compared to Sushiswap at 0.25%).
👥 KeeperDAO x Bankless DAO Talent Scouting Partnership
This proposal will create a partnership between KeeperDAO and DAOpunks. KeeperDAO would like to leverage the collective talent and networks of BanklessDAO to help recruit individuals to become full-time contributors at KeeperDAO. To help facilitate this, KeeperDAO is prepared to pay up to $500,000 or more for successful placements initiated by bDAO.
✅ Action Items
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🤣 Memes of the Week
Bringing these two memes together, please review this important proposal by angyts. He has our back during tough markets. Buy McDonalds Meal Vouchers