Community Call 06 May 2022
Type
cadence
Flow
Date
May 6, 2022
Note-taker
Ssasho0 🏴#7608
Attendance
Last Edited Time
May 6, 2022
Last edited by
Community Call #50 - 06 May 2022
Opening words from David Hoffman and RSA for BDao birthday and S4 launch
Agenda
- S3 recap
- analytics
- GMI/Fuse pool
- Consulting
- Governance
- BDao merch
Recap of Season 3
Speaker: 0xLucas
- Earned over $100K in net profit to the DAO treasury
- Total BANK holders grew by 14%, # of whales (150K+ BANK) increased by 15%, # of members increased 8%
- Acquired $1.1M in DAO owned liquidity
- $700K+ on Uniswap V3 + $360K+ on Balancer
- On track to generated $160k+ in annualized revenue for the DAO
- Created a price oracle → enabled the creation of a Rari Fuse Pool
- Launched the Gelato Pool for easier access to V3 liquidity
- Launched the GSE - Governance Solutions Engineer
- Media Growth
- Newsletter subscribers (4 publications + 1 more coming)
- Increased by 20% to over 12,000 sign ups, averaging 45% open rate
- The Rug sold 225+ editions on Mirror
- Crypto Sapiens & Bounty Hunter Podcasts
- IMN grew to 16 active nodes/languages
- 52% growth in viewers, quickly climbing to 40K+ members across all languages
- DAO Products
- Bounty Board → added more features, more bounties
- DEGEN → Integrated into 100+ servers, Twitter integration, Degen 3.0 release
- Governator → New product out of the DAO to automate private, DIscord-native voting
- Flipper NFT → NFT tool for finding undervalued NFTs, sold 200+ access passes
- Academy → Released 2 modules, distributed 6,400+ POAPs to wallets for completing quests
- Bankless Card → First credit card for tokenized communities
Analytics
Speaker: McKethanor
How do we track DAO growth?
Engagement:
New members in April ~3.5x compared to Feb and March
Voice Activity in the past 6 months peaked in Jan 2022 ~4k hours and was significantly low in the month of March 0.6k hours. April has recovered with ~2.4k hours trending slightly below the average of 2.8k hours (in the past 6 months)
Tipping activity has been trending down over time. This could drive lower engagement from new members due to lack of rewarding culture within the DAO
Engagement sumamry:
April New Discord Members
- 3.5x compared to Feb and March
Voice Activity
- Peaked in January
Governance: Snapshot votes
S2- 9 Proposals
S3 - 17 Proposals.
Snapshot activity in S3 was similar to S2 while number of voters was overall lower in S3.
Members with 1-35k $BANK trending up over time
Members with >35k $BANK have been trending flat since Jan 2022
GMI / Fuse Pool
Speaker: Ben
GMI Overview
- The Bankless DeFi Innovation Index (GMI) is a DeFi 2.0 (and all future .0’s) index launched in conjunction with Index Coop.
- The index holds twelve DeFi tokens across a variety of sectors - Providing investors with diversified exposure to the fast growing protocols in one of the worlds fastest growing industries.
- GMI currently has $1.44 million in AUM, and has generated ~$6073 in revenue ($18,219 annualized) for the DAO since its launch exactly 4 months ago.
- That index has helped drive awareness to Bankless DAO and has helped us build relationships with the indices constituent protocols. We believe the index will continue to grow and generate revenue for the DAO in Season 4 and beyond.
Fuse Pools Overview
- Fuse is a protocol built by Rari Capital that enables the permissionless creation of lending markets. In Season 3, Bankless DAO launched two pools on the platform - The Bank Vault and GMI Hot Tub ♨️
- The Bank Vault enables BANK holders to borrow against their holdings, gaining access to liquidity without needing to sell their tokens.
- GMI Hot Tub ♨️ is designed to allow the tokenholders of the index’s constituent protocols to borrow against their holdings, while only being able to do so with GMI-aligned stablecoins.
- The two pools combine to hold $1.3 million in deposits, with both having been seeded with $250k in UST liquidity from Terra! Both pools represent an opportunity for the DAO to grow its DeFi footprint and create additional streams of revenue.
Bankless Consulting
Speaker: RTJ
What is Bankless Consulting?
- We are global professionals with decades of experience in management, technology, finance, education, design, marketing and governance
- We are the first strategy-to-execution DAO-based web3 consulting firm in the world. We help other DAOs, web3 businesses and more traditional web2 companies unlock the potential of the rapidly-expanding decentralized economy
- We understand the challenges that these organizations face - we address them by leveraging the knowledge of the most talented members of BanklessDAO, one of the most active DAOs in the world
First Season Highlights
Launch! Official launch at Season 3 start
Contributors: Over 100 contributors from bDAO paid 90% of revenue for great work!
Clients & Partners: 20+ New Clients and Partners we are grateful to work with
CONTEXT + PROBLEM SPACE
Challenge
- Working in a business vs on a business
- Operating on the same spec from a year ago
- Everyone is so busy
Response
- Elevate the concern to a first order priority of the DAO
- Governance Solution Engineers (GSEs)
- 5 members elected to research and suggest changes to the community
A 3-PRONGED STRATEGY
SURVEY: Community voiced priorities
CEMENT: Shared mental models
CYCLE: Increase Governance cycles
Strategic Planning and Prioritization
Audit
- Where is the DAO currently investing it time?
- What are the greatest revenue sources of the DAO?
- Where does the community feel our greatest opportunities exists?
- Facts and feelings.
Educate
- All DAO members are board members
- Feed the findings back to the community
Decide
- What happens when the DAO focuses on a very short list of products and activities?
Publish a Community Handbook
Single Source of Truth
- Single canonical source documenting our community operating system.
- The community is the engine of innovation so we must document it.
Utilization
- Position this front and center on the website
- Leverage it for rapid onboarding
- DAO-to-DAO structural comparisons
Improvement Proposal (bDIP) Standard
Distinguish project and governance changes
- bDIPs will propose changes to the DAO manual
A Historical Pattern
- Constitutional democracy
- RFC
- BIP
- EIP’s
Effect
- Precise communication
- (Ex. bDIP-4 on membership level)
- Greater agility via rolling changes
Impact
A system for self improvement
- Decentralized
- Self driving
- Resilient
- Measurable
- Precision
Not fundamentally new. A crystallization and evolutionary advancement of what is already working.
MetaFactory Merch
Speaker: MW
The hottest merch in the metaverse
Spreading culture - MetaFactory x DAO merch is everywhere
Pushing swagger - Working with a special team to create bespoke items
The RUG
Speaker: MW
The mostly credible news source.
6 editions deep! Just getting started. Thanks for all your support! Over 200 NFTs collected by our beloved readers.
Recent W’s
- Featured by Mirror
- Sponsored by Guild.xyz
What’s next:
- Website shipping June
- Multimedia NFT drops
Ultrasound merch
Speaker: JenEtics
Disrupting the Web3 merch industry
- Founded by BanklessDAO members
- Bankless Checkout > use your ETH or $BANK on Polygon to buy Merch
- Sustainable and ethically sourced from field to customer
- Designed by artists in the community
- Headed to VeeCon, Permissionless, NFT.NYC
- NFT integration and innovation (more coming SOON)
Season 3 Shout Outs
Speaker: MW
- CryptoSapiens
- Mobile App (nshuman, adamssom)
- Bankless Card (Links)
- Bankless Loans (Birdman)
- Bankless Academy (ispeaknerd)
- Miss u Frog!