Octant (https://octant.app/) is a decentralized governance platform that aims to fund innovative projects and increase participation in governance through its reward pool. This proposal outlines a plan to distribute funds which the DAO may potentially receive from Octant to support public good projects within BanklessDAO.
Background:
Octant is a decentralized governance platform that has allocated a portion of its staking rewards to fund public good projects. The funds received from Octant will be instrumental in supporting initiatives aligned with BanklessDAO’s mission in funding its education and community building activities. More info here: Announcing Octant
In order for the BanklessDAO proposal to be accepted by Octant governance we need to submit our suggestion as a community on how the funds received will be distributed. The funds cannot be used to fund defi related projects. The deadline for final submission is the 28th of sept (here).
Follow-up on the discussion with Octant here: Discord
Specifications:
If BanklessDAO receives funding (as $ETH) from Octant, first the funds will be received by the Governance Department(0xCf3efCE169acEC1B281C05E863F78acCF62BD944) and then distributed as $ETH amongst the following groups:
The groups are suggested based on their track record of consistently shipping educational content to a broad spectrum of participants as well as third party validation via Gitcoin Grants, Optimism RPGF or other public goods funding sources.
Groups are not expected to deliver any extra work in order to receive these funds.
A multiple choice public forum poll will decide the allocation %s between projects
Next Steps:
Poll closes on 27th Sept
Application submission on the 28th of Sept
If the Governance Dept. receives funds from Octant, then a Snapshot vote for final distribution will be posted
Funds will be distributed according to the allocation methodology outlined in this post
POLL
Bankless Africa
Nacion Bankless (Bankless in Spanish)
International Media Nodes
Bankless Publishing
Bankless Academy
Global Events
Creator Economy and Moloch Traps Podcasts, by AV Guild
Dont get me wrong tho, would love more project funding, but feels like we could stake the 1m and get decent returns on the treasury or smth of that sort (im not a financial expert just thinking out loud)
The funds can only be used according to feedback from the Octant team and participating in financial activities in not permissible. For further questions you can follow up with the octant team in their discord server.
The application to octant is separate from this proposal. This proposal only outlines the distribution mechanism. We are searching for someone who wants to take a lead on drafting the proposal text, if anyone is interested, please dm
It sounds like any project can apply, but you’re opting for the team up approach.
The proposal says that it’s going to banklessvault.eth, but I am not seeing that conclusion in the discord link. Is it going to a grants related multi sig?
Is this true?
This should be clarified in the proposal.
This answers my above question! Oops.
But, if a project (nothing jumps out at me as projects that are excluded) was not included can they actually apply on their own? Maybe like podcast hatchery, or crypto sapiens or something?
Bankless Africa is making a huge impact on the African continent and touching a lot of lives. Bringing crypto education to the grassroots and guiding them through their journey is its
hallmark.
And no one is concerned that someone is going to try and say that you are trying to rope 7 spots (they’d be misguided, but I’ve seen crazier things)
Some comments:
1.- I personally admire what Octant App it’s doing, they already funded rounds in Gitcoin, Giveth and clr.fund, just to mention and all of this projects are non profit, are going to be here event if we don’t, so its a good approach to only list the ones that are time resistant and market resistant.
2.- I don’t think that it’s ok to use BANK, since it’s our governance Token and maybe we can stop funding this projects if we get this approved, since it could make sustainable rewards for the coming month and we can stream those payments to prevent a bank run from any of the projects, sorry to say this but if we get a higher fund, i think that we have to protect us.
3.- The projects also can make something joining forces and helping the DAO continue the automated pilot navigation that it’s already having, and stop now use or governance tokens as controlled mechanism.
4.- I was just thinking, is this related more to a Temperature Check or it’s better if we also do a token gated voting, just to make this decission more sybill resistance, so i don´t know, forum 45%, voting power 55% or in percentage. Just getting some ideas in the ground.
5.- I’ve using attestation as on chain sign of this vote:
Proving on chain my vote, and i sent it to Banklessvault.eth: Attestation (Write a Message) - 0xc987...ac9e0
I am really happy to see you pushing this proposal forward @Jengajojo , I think it’s important.
That being said, I’m not really convinced that an open, public poll is the best way to allocate funding. Personally I feel like it’s going to turn into a game of “whoever has the most contributors gets the most funding”, which doesn’t necessarily help us achieve our goals.
If we have to use a poll like this, couldn’t we instead create a token-weighted/token-gated snapshot? If the polls were restricted to those that have tlBANK, then we could be sure of their long-term intentions (i.e. they aren’t going to take the money and run).
