Project Champion: jengajojo
Squad: alexalombardo, azeem, heynate, puncar, Tetranome🏴, Icedcool🏴, sandeepdas,DidierKrux.eth🏴
Purpose: public good
Funds requested: 1,100,000 BANK
This post suggests piloting a gated BanklessDAO quadratic matching round in S7 with the intentions of testing the process, evaluating the results and presenting the analysis to the DAO for next steps in decentralised project funding.
Since inception, banklessdao has relied on a grants committee to service funding requests. While a grants committee elected by token holders delegates funding responsibility, it does not assure that projects with product market-fit are funded. Additionally, grants committee members are seldom investment experts, but mostly consist of ‘trusted’ members in the community
As highlighted by the GSE cohort 1 result as well as the Projects Funding Framework Upgrade posts, the community is eager to test out new ways in which banklessDAO can be governed in a more effective and decentralised way.
As many projects in the web3 ecosystem are adopting quadratic matching as a way to reward and incentivize community driven projects, Gitcoin DAO has launched their Grants Stack to allow DAOs to independently run their own matching rounds.
Quadratic Funding is the mathematically optimal way to fund public goods in a democratic community. Learn more here
Gitcoin Grants Stack is a comprehensive solution covering the core capabilities provided by the Grants Program. These new tools make it easier to launch, manage and grow a successful grants program.
With the launch of Gitcoin Grants Stack, anyone will be able to launch and manage their own programs the same way as Gitcoin managers their own Gitcoin Grants Round.
In the context of BanklessDAO, we will be able to generate a strong signal on which of our projects have an early product market fit. This way, we will be less reliant on a centralised grants committee to make decisions for long term projects and give more power to the global bankless community to make funding decisions.
The BanklessDAO QM round will be held in S7. Projects which have previously received funding from BanklessDAO and have been building for more than 2 seasons will be eligible to participate in this matching round. This means, departments, guilds, short term projects and other unfunded groups will be ineligible to participate in this round.
Anyone with a passport score of at least 21 is eligible. Learn more about passport here
For the scope of this first experiment it is essential for us as a DAO to learn from the experience and tweak it as necessary before, during and after the round in order to get the optimal results. We suggest that for the first iteration one or two members from governance and one or two members from grants committee be selected within these groups to run the pilot on behalf of the DAO.
- Test Gitcoin Grants Stack UI/UX
- Test BanklessDAO projects for early PMF
- Attract external capital to Banklessdao projects
- Attract media exposure for running one of the first pilots’
1,000,000 as matching bonus for projects
If successful, the project squad will run a 100,000 BANK coordinape to compensate everyone involved.
The project begins 1 week after the grant is approved
Week n - 1: Project is approved by the Grants Committee
Week n: Matching round with application template announced
Week n+1: Deadline for project to submit applications
Week n+2: Matching Round
Week n+3: Analysis and results
Week n+4: Report and next steps
- Yes, approve this proposal
- No, reject this proposal