As mentioned on the community call, the start of Season 1 is the DAO’s opportunity to adjust the minimum requirement to join the DAO. Right now this stands at 35,000 BANK.
There’s two tradeoffs that we need to balance: accessibility to the community and contributor skin-in-the-game.
We want the DAO to be accessible (lower threshold) but we also want people that join to have plenty of skin in the game so that they’re incentivized to participate (higher threshold). Lowering the threshold would open up the opportunity for more talent while raising the threshold also acts a forcing function for people to opt-into the next season by purchasing a bit more BANK for those sitting on the 35K threshold, and ensure that they have a vested interest to contribute and grow the DAO.
Remember: The DAO is the in the game of talent filtering
With that in mind, would you be in favor of raising, lowering, or keeping the minimum amount of BANK required to join?
- Raise BANK threshold
- Lower BANK threshold
- Do not change
As a follow up, I’ve added a more specific option just to gauge how much people would want to lower or raise it. These are (1) raise threshold slightly by 5,000 BANK to act as an opt-in mechanism for all members and (2) Lower threshold to recent 2021 Badge holder airdrop of 15K BANK.
- Raise to 40,000 BANK
- Lower to 15,000 BANK
- Do not change
The raise option is a 14.2% percent increase, but the decrease option is 57.1% decrease. I think that tells us the known consensus is already to keep unchanged or lower the threshold. A proportional raise would be to 55k, not to 40k.
Whichever direction the consensus of question one leans (though I think we already know), we should have a realistic range of options for question 2.
I have not voted yet, because I haven’t been part of the Discord discussions and have not thought through all the pros/cons independently either.
I voted do not change for Season 1 because the 35k threshold seems sufficient for now. I’d be open to changing it in future seasons though.
Addition: It might be interesting to look at how much BANK the average contributors accumulate each season and then raise the threshold by that amount each season. The idea would be that if you contribute during a season you accumulate enough BANK to get “free” admission next season, but if you have a below average amount of contribution you need to buy some BANK.
4 Likes
I think a better option would be to be to adopt a looser guest pass policy.
That would allow contributors to contribute and get a chance to earn enough bank to get their membership.
On a personal note I was a recipient of a guest pass. (Maybe the first one?)
After getting a feel for the DAO and what contributing looked like I joined the DAO. I had to take a loan on AAVE to make it happen though so I’m hoping it pays off!
To @0x_Lucas point I think we can keep the balance of having a lower threshold for people wanting to get their feet wet before getting to the skin in the game point by using guest passes and keeping the threshold where it’s at.
3 Likes
Hear hear. “Guest pass policy” but it is more of like the Gitcoin DAO model. Anyone can do BANKLESS DAO bounties, even if they do not hold $BANK tokens and then through that, they earn $BANK. But since they are not yet a holder, they would only earn a percentage of the whole $BANK bounty reward. So this way, we can accommodate people who have no capital yet but can contribute in other ways.
1 Like
Moving to #archive
Please reply if you’d like to keep it open