Airdrop for Badges Claimed Between May 4 - 31

Airdrop for Badges Claimed Between May 4 - 31

Authors: Nick Kistner

Date: May 7, 2021

Relevant Discussions on Discord:

SUMMARY

  • Allocate BANK to paying subscribers who did not claim their badge before May 4, but did claim their badge before May 31st at 11:59 pm UTC time (4:59 pm PST), so they can join the DAO and contribute to the Bankless mission.

BACKGROUND

  • The genesis team decided that premium members would be good candidates for DAO membership, as they have financially supported the Bankless mission and are likely to want to help govern the DAO and move it forward.
  • The goal was to include as many premium Bankless members as possible (as evidenced by the frequent messages and announcements to claim the badge), however the genesis team needed a list of ETH addresses to seed the airdrop. The token was a means to an end - not a tool designed to weed out subscribers in a relatively arbitrary way.
  • In order to prevent unwanted profit-seeking behavior, the existence of the Bankless DAO and the requirement of the badge was not broadly announced before May 4th.
  • Because of this, not all premium Bankless members claimed the token, and were left out of the DAO. As a result, many excited and passionate Bankless members who could contribute positively to the success of the DAO are unable to participate.

MOTIVATION

  • This proposal is a sign of good will to those who have financially supported the Bankless mission, but missed out on the airdrop because they didn’t realize that claiming the token would be so crucial to future contribution to the community.
  • The goal of any airdrop is to enlist motivated and talented people to manage the DAO, which includes writing proposals and voting on changes. Since this takes work, airdrops financially incentivize DAO members to guide the organization toward growth and success.
  • However, air drops can also lead to immediate financial gain if they are dumped on exchanges. When users dump airdropped coins, it is counter-productive to the DAO because it creates downward pressure on the price of the token, and doesn’t lead to positive contribution or governance. This occurred after the first airdrop on May 4th, and so this proposal will ensure this is avoided.
  • In summary, this proposal will give all eligible premium users one last opportunity to get an airdrop and contribute to the DAO, while minimizing the negative price impact to existing BANK hodlers.

SPECIFICATION

  • Create a courtesy airdrop for paying subscribers who did not claim their badge before May 4, but did claim their badge before the end of May 31, with 35,000 BANK so they have the minimum amount of tokens required for membership in the DAO and can contribute.
  • This BANK allocation will come from the 29% retroactive distribution. Remaining BANK from the retroactive pool will be further allocated as outlined here: Badge-Based Distribution for Subscriber Airdrop - #19 by birchbranch (assuming this proposal passes).
  • To prevent an additional dump of new coins flooding the market, this courtesy airdrop will come with a 6 month cliff. This will ensure that the additional members who are included as part of this goodwill gesture are financially incentivized to participate and see the Bankless community succeed, without a negative impact on the price to existing hodlers.

NEXT STEPS

  • A DAO member shall be appointed by the Genesis Squad to oversee the distribution of 35,000 BANK from the retroactive distribution to subscribers who did not claim their badge before May 4, but did claim their badge before May 31st at 11:59 pm UTC time (4:59 pm PST), along with the 6 month cliff.
  • Once the computation is complete, the airdrop should be available within the next seven days.
  • Ninety days after the claim site goes live, claims will be deactivated and remaining funds surrendered to the community treasury.

CONCLUSION

  • It is important to create a positive sense of community and enlist motivated and talented users to support the Bankless mission. This proposal enables all Bankless members who have financially supported the Bankless cause to contribute, while minimizing downside to existing hodlers.

Author Background

  • Product manager at Apple with many years of expertise growing large platforms with a privacy-first mindset.
  • Crypto and Bankless enthusiast.
  • FOR
  • AGAINST

0 voters

7 Likes

This seems fair to me. I think it’s good for us to be inclusive here to get, and the 6 month cliff means there won’t be another dump early on in the project.

5 Likes

I was left out of the UNI drop and it sucked… so I’m in favor of this

6 Likes

It does seem a little cruel to leave these guys out. They were paying members, and this would be immune to a Sybil attack, so… sure why not

1 Like

I’m in agreement here. @nkistner can you add a poll to your original post?

Please tell me if I am wrong here, but is this just an alternative proposal to the one already made:

It is fine if this is similar to help us find the right approach, but I wanted to be sure we are on the same page. If the other proposal passes then it would already cover this group, right?

Also, the timeframe of this might create another issue. If I understand correctly, some chain analysis would need to be done to verify the minting date. This is something we would want to be certain is possible, since you aren’t going to rely on a generic “all badge holder” distribution snapshot.

Just my thoughts, hopefully I am not too far off base here.

5 Likes

Why to May 7th? Is that just an arbitrary date?

1 Like

The other proposal is separate. The genesis plan calls for two airdrops: the first is a binary yes/no for premium membership, and the second is based on engagement. That proposal talks about how to distribute the engagement-based airdrop, but doesn’t address the fact that some premium members who signed up before May 1 didn’t get anything in the first drop.

I’m open to any date, up to May 31.

Thanks, I guess I am a little confused.

So just to be clear: The other proposal uses the 29% of the retroactive distribution (87,000,000 BANK) to distribute, and you are suggesting an additional separate allocation from the DAO?

The other proposal (if the “EVEN” option passes) would likely distribute over the 35k per 2021 badge holder, so just to be clear this second proposal would give more on top of that.

If the goal is access then the other proposal may cover it, but if the goal is to give tokens regardless of access, then your proposal still makes sense to me.

1 Like

Correct, the other proposal uses the 29% of the retroactive distribution (87,000,000 BANK) to distribute. This proposal would mean a few more people would get their fixed distribution of 35,000 BANK as part of a separate allocation from the DAO.

1 Like

@haven30 - Yes, that’s right.

EDIT – Apologies, this is not correct. The token allocation for this proposal would come from the 29% retroactive distribution (87,000,000 BANK). Once all badge holders have gotten their BANK in line with this proposal, then the remaining amount would be allocated per the proposal here: Badge-Based Distribution for Subscriber Airdrop - #19 by birchbranch

I also have trouble understanding this proposal. Having claimed the badge yesterday, the day before, or still not having claimed, it should all be treated the same, or am I missing something?

There needs to be some cutoff point. I’m open to having that cutoff be May 31 so that the distribution stays within those who subscribed before the DAO was announced.

Alright, but then the reward for claiming the 2021 badge before the announcement gets suppressed?

No, since that has already been distributed.

Ok so the proposal is about changing the initial rule chosen by the team which was to use the 2021 badge, and reward all 2021 subscribers instead?

It would still only apply to 2020/2021 badge holders who subscribed before May 1, but it extends the badge claim date.

1 Like

Wait, this is a good question. @nkistner ?

I agree is there any reason for that date?