Authors: Nick Kistner
Date: May 7, 2021
Relevant Discussions on Discord:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- Product manager at Apple with many years of expertise growing large platforms with a privacy-first mindset.
- Crypto and Bankless enthusiast.