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Grants Committee Strategy Nov 22, 2022

Attendance

Date

Nov 22, 2022

Last Edited Time

Nov 29, 2022

Last edited by

Note-taker

Recording

Multi-select

Action Items

Discussion

Discussion Item 1 - GC Funding Principles

What does a project gives back to the DAO - 

Possibilities 

% of revenue

discount of the projects “product”

TL bank

Leave it up to projects to tell us

ROI (allow project to determine in terms of revenue - expected value of what profitability will be)

Create utility for BANK token - subDAO model/tokenize

Bank buybacks

Discussion Item 2 - what is the scope/mandate of the Grants Committee?

see below action items

Action items:

GC to gather ideas on both discussion topics and revisit 

Discussion : Purpose of Grants Committee

The current mandate (per the constitution) for reference: 

bankless-dao-constitution/bdao-constitution.md at main · BanklessDAO/bankless-dao-constitution

Version 1.0 This document represents BanklessDAO's values, mission, structure, processes, and governance according to the best of our community's ability to capture it. It is the codification of our community operating system and is meant to serve, rather than constrain its members.

https://github.com/BanklessDAO/bankless-dao-constitution/blob/main/bdao-constitution.md#grants-committee

bankless-dao-constitution/bdao-constitution.md at main · BanklessDAO/bankless-dao-constitution

Grants Committee 

This committee is responsible to vet groups seeking midseason funding and consequently ensure funded entities provide ongoing transparency into the state of their development.

The grants treasury will be used to fund projects that are ready to start mid-season and can’t or shouldn’t wait for the next season for funding. The treasury can also fund projects that don’t align with the current DAO priorities but align with its mission and values and warrant funding.

Grants Committee consists of 5-7 members along with a multisig with all committee members as signers. The Committee has a quorum with five members but is otherwise responsible for its own operations. The Committee cannot change the application process to be a Committee member without a snapshot vote and is encouraged to accept the DAO’s proposal template. The Grants Committee is required to be transparent and communicative with the DAO, such as access to Committee meetings and an opportunity to voice opinions and feedback.

Grants Leads are key individuals responsible for organizing the program and ensuring that things move smoothly and efficiently. The lead will likely dedicate a significant amount of time to the program. There are two Grant Leads to ensure there is not a single point of failure. Grants Leads serve a 6-month term and can resign at any time. The committee will elect two Leads from within the group of 7 reviewers.

Grants Reviewers process applications, weigh in on discussions surrounding budget planning, ensure that the lead is acting in good faith and is effective in their role, and will operate a 4 of 7 multisig which disburses funds to grantees. The reviewers will also hold the program accountable to its goals and objectives and return any excess funds to the Bankless Treasury. Reviewers are likely to dedicate a smaller amount of time to the program. Grants Reviewers serve a 6-month term and can resign at any time.

Grants Committee Strategy Nov 22, 2022

Attendance

Date

Nov 22, 2022

Last Edited Time

Nov 29, 2022

Last edited by

Note-taker

Recording

Multi-select

Action Items

Discussion

Discussion Item 1 - GC Funding Principles

What does a project gives back to the DAO - 

Possibilities 

% of revenue

discount of the projects “product”

TL bank

Leave it up to projects to tell us

ROI (allow project to determine in terms of revenue - expected value of what profitability will be)

Create utility for BANK token - subDAO model/tokenize

Bank buybacks

Discussion Item 2 - what is the scope/mandate of the Grants Committee?

see below action items

Action items:

GC to gather ideas on both discussion topics and revisit 

Discussion : Purpose of Grants Committee

The current mandate (per the constitution) for reference: 

bankless-dao-constitution/bdao-constitution.md at main · BanklessDAO/bankless-dao-constitution

https://github.com/BanklessDAO/bankless-dao-constitution/blob/main/bdao-constitution.md#grants-committee

Grants Committee 

This committee is responsible to vet groups seeking midseason funding and consequently ensure funded entities provide ongoing transparency into the state of their development.

The grants treasury will be used to fund projects that are ready to start mid-season and can’t or shouldn’t wait for the next season for funding. The treasury can also fund projects that don’t align with the current DAO priorities but align with its mission and values and warrant funding.

Grants Committee consists of 5-7 members along with a multisig with all committee members as signers. The Committee has a quorum with five members but is otherwise responsible for its own operations. The Committee cannot change the application process to be a Committee member without a snapshot vote and is encouraged to accept the DAO’s proposal template. The Grants Committee is required to be transparent and communicative with the DAO, such as access to Committee meetings and an opportunity to voice opinions and feedback.

Grants Leads are key individuals responsible for organizing the program and ensuring that things move smoothly and efficiently. The lead will likely dedicate a significant amount of time to the program. There are two Grant Leads to ensure there is not a single point of failure. Grants Leads serve a 6-month term and can resign at any time. The committee will elect two Leads from within the group of 7 reviewers.

Grants Reviewers process applications, weigh in on discussions surrounding budget planning, ensure that the lead is acting in good faith and is effective in their role, and will operate a 4 of 7 multisig which disburses funds to grantees. The reviewers will also hold the program accountable to its goals and objectives and return any excess funds to the Bankless Treasury. Reviewers are likely to dedicate a smaller amount of time to the program. Grants Reviewers serve a 6-month term and can resign at any time.