Bankless DAO Scholarship Proposal - by Advantage Blockchain
Guilds Involved: Education Guild, Dev Guild
In the current form, to become a Bankless DAO Level 2 member, one must earn/purchase 35k BANK which comes with perks and additional capabilities within Bankless DAO and it’s Discord channel. We understand the importance of the barrier to entry (minimum of 35k BANK) to achieve a higher level within the DAO, but at the same time we strive to create a program to grant level 2 access to worthy participants who do not have the means to achieve 35K BANK themselves. The 35K BANK would not be transferred to scholarship recipients, but instead delegated to their wallets/identities enabling them to receive level 2 membership status, while still keeping the actual BANK token in full custody of the Scholarship Grantor. As significant holders of BANK (1M+ BANK), Advantage Blockchain wants to be one of the first Scholarship Grantors. This would make our BANK tokens more productive within the DAO, by locking up BANK and granting memberships (utility) to worthy participants. We suspect that we are not the only large BANK hodlers who have more level 2 memberships than we can use ourselves. We also suspect as Bankless DAO matures more utility will come alongside being what is now called a “level 2 member” (35K BANK holder). This program would be the Bankless DAO Scholarship Program, and would be beneficial to both scholarship recipients and scholarship grantors.
Advantage Blockchain proposes a cross guild project between the developers guild and education guild to make “The Bankless Scholarship Program” a reality. Any BANK holder with 100k+ BANK would be able to “delegate” a Bankless Scholarship to a new member of their choosing. By delegating the 35k BANK, the grantor would essentially be locking their tokens in a smart contract delegated to the scholarship recipient’s ETH address. For further sybil resistance, recipients wallet’s could be required to be attached to a .eth domain or a BrightID identity. To further incentivize large BANK holders to become Scholarship Grantors there could be a form of liquidity mining (called Scholarship Mining) added where there is a constant drip of BANK provided from the Treasury to anyone who is granting a scholarship. This drip can then be distributed in a variety of ways, for example to the grantor, grantee, or as funding to the education guild.
The Scholarship smart contract would need to enable delegation by large BANK holders (100K+ BANK) to an Ethereum address (scholar) giving the scholar snapshot voting power and level 2 membership status. Scholarship Grantors still maintain ownership of BANK at all times and can revoke scholarship due to lack of participation (voting, discord, projects). If Scholarship Mining were approved, the smart contract would need to enable an allotment from the Treasury as well as predefined specifications on how much/often to drip BANK to Scholarship Grantors.
## Mission & Value Alignment
-Educational Opportunity - Provides more access, resources and opportunity to those passionate about participating in Bankless DAO. Those passionate about Bankless DAO are likely to be spreading blockchain education to both themselves and their respective communities.
-Encourages large BANK holders to onboard new members into Bankless DAO.
-Allows large holders to optimize efficiency of their stagnant BANK.
-Removes circulating BANK supply from open market by locking BANK into scholarship memberships.
-Scholarship mining would add new circulating BANK supply to the market.
## Success Metrics or KPI
-More valuable contributors/voters to Bankless DAO
-A percent of the 445+ BANK wallets with over 100K BANK becoming Scholarship Grantors.
-A functional BANK sink improving the overall tokeneconimics of BANK