Bounty Board Funding Request - Season 4

Project: Bounty Board
Champion: Icedcool
Date: April 19, 2022
Multisig: https://gnosis-safe.io/app/#/safes/0x8a3dAE25C39B114a0B86E4e7900cB3C29BD8F637
Notion Link: Here

Summary

Bounty Board made strong progress in S3 on all fronts: team, product, and business.

On the team front, the core team continues to be energized while also attracting new, cross-functional talent. We added additional part-time devs for our Discord bot and website, onboarded a new outreach lead, partnered with the Marketing Guild for our first campaign, and focused product efforts with our product manager.

On the product side, we executed on many new features identified during our S2 outreach efforts, including gating bounties to roles and users, adding repeating bounties, multiple claimants, and application bounties. We also expanded our front end functionality to allow creating and editing bounties on the front end.

On the business side, we tested our business model by deploying Bounty Board to 5 externals DAOs and did a strategic competitor and positioning exercise. Unfortunately, the tested business model has been invalidated, but the data and positioning we got from this effort will go directly into our S4 validation efforts.

S4 will be based mainly around creating sustained usage via UX improvements, while continuing to further develop our hypotheses around product-market fit.


Season 4 Strategy

BanklessDAO has become the premier DAO for cross-functional contributors. Our easy onboarding process, wide reach, and guild structure allow us to attract and retain talent like no other DAO. These same structures allow us to observe the challenges between work organizers and DAO contributors first-hand. BanklessDAO is the perfect environment to develop a product that connects contributors with work.

Our competitors mainly fall into two major categories:

  • New contributor funnels, like Layer3 and Colony.io Missions. These products use their reach to attract new contributors to DAOs with what amount to job postings. According to our research, they can be effective short-term but not so much in the long-term, especially since the bounties don’t have any logic built in to pre-filter candidates.
  • Project management systems, like Clarity.so and Dework.xyz. These products are focused on project management tooling, including bounties as a feature of convenience. The major weakness of products like this is that they have a learning curve and friction - users must sign into these outside systems and buy into their way of working. Bounties are also not typically the main area of focus.

Our S4 strategy is based on the following hypotheses:

  1. Tapping BanklessDAO’s talent pool is an effective way for other DAOs to recruit contributors. We will test this by having external DAOs post bounties on our internal Bounty Board.
  2. A tactical, low-barrier, flexible product that can be used in existing DAO workflows on Discord will drive usage. We will test this by improving our UX, adding tactical use cases, and strengthening outreach efforts internally in BanklessDAO.
  3. Exploring and developing dAPP functionality integrations between platforms like Parcel, Orange Protocol, Sobol.io and others that increase Bounty board usage value.

One thing to note: we’re aiming for usage over revenue in S4. During S3, we realized that our revenue assumptions weren’t good, and we’re looking to develop our model incrementally through experimentation. We MAY achieve revenue in S4, but it won’t be our main focus.


Seasonal Focuses:

  • S1 - Kick off
  • S2 - Market understanding
  • S3 - Feature development
  • S4 - UX and Usage

S3 Accomplishments:

  • Season 3 Bounties:

    • 35
  • Total Bank allocated to Bounties per season:

    • S1 - 67,172 BANK
    • S2 -130,974 BANK
    • S3 - 260,974 BANK
  • Team development

    • Added new dev chkaloon (Discord)
    • Added new dev CompositeFellow (web)
    • Added new outreach mrid.eth
    • Shifted Links to product
    • Engaged Marketing Guild for campaigns
  • Marketing
    image

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  • Functionality
    • Front end
      • Bounty Creation
      • Bounty Edit
      • Bounty Search
      • Dashboard (Pushed to future)
      • Administration Panel
    • Bounty Capabilities
      • Evergreen bounties (continuous bounties)
      • Multi-Claimant Bounties
      • Apply Bounties
      • Role Gated Bounties
      • User Gated Bounties
      • IOU
      • Bounty Listing Capabilities
    • Discord
      • Complete revamp of user experience
        • Listing
        • Function naming
    • Back End
      • Developed new bot infrastructure
      • Developed API for Bounty Board access

Previous Success Metrics review:

  • Adoption at BanklessDAO
    • Have 250,000 BANK worth of bounties have been completed on the Bounty Board by 4/8/21.
      • Accomplished - 260,974 BANK :tada:
  • Adoption at external DAO’s
    • At least 50 Bounties per DAO having been completed by 4/8/22
      • Not accomplished - In close relationship with all deployments, collecting feedback and supporting their use of the BB.
  • Implementation at 10 DAO’s
    • Not accomplished due to focus on features and functionality.
      • Chose to focus on fleshing out our features and UX because while we could implement and would have initial usage, due to feature needs or UX frictions usage would drop off.

Season 3 Roadmap Plans

:white_check_mark: - DONE!
:arrow_right: - Pushed to future

  • Front end
    • Bounty Creation :white_check_mark:
    • Bounty Edit :white_check_mark:
    • Dashboard :arrow_right:
    • Administration Panel :arrow_right:
  • Bounty Capabilities :checkered_flag: :partying_face:
    • Evergreen bounties (continuous bounties) :white_check_mark:
    • Multi-Claimant Bounties✅
      • Multiuser claim :white_check_mark:
      • Creator Select :white_check_mark:
  • Discord :arrow_right:
    • Bounties to custom discord channels
  • Increase Adoption - :arrows_counterclockwise:
    • Continue to asses usage at the BanklessDAO and address friction points.
  • Automate Payment - Escrow Contract :arrow_right:
    • L2 - Polygon
  • Content Gateway integration :arrow_right:
  • Mobile App integration➡️
  • DAO Dash integration➡️

Longer term releases:

  • Coordinape integration :arrow_right:
    • Bounty Converts to Coordinape
      • Multi-user claiming into a Coordinape
    • Coordinape creates bounties
      • This allows integration into Guild and Project Multisigs.
      • Dynamic Bounty funding allocation
  • Long Term Roles and Project based compensation➡️
    • Monthly Disbursement for Role or Project involvement
  • Bounty Board as a protocol that other platforms can integrate into. :arrow_right:
    • Create API layer :white_check_mark:

Season 4 Roadmap Plans

  • Front end
    • Full UI redesign
      • Dashboard
      • Administration Panel
    • Migrate to Bountyboard.xyz
  • Bounty Capabilities
    • Bounty IOU
    • Bounty Accounting
  • Back end
    • CSV Export
  • Discord
    • Bounties to custom discord channels
  • Increase Adoption
    • Continue to asses usage at the BanklessDAO and address friction points.
  • Platform Integrations
    • Mobile App integration
    • Parcel Integration
    • Explore other platforms (Sobol, Orange Protocol, etc)

Longer Term Release

  • Long Term Roles and Project based compensation
    • Monthly Disbursement for Role or Project involvement
  • Bounty Board as a protocol that other platforms can integrate into.

Financial:

Revenue Model:

We believe that being close to the distribution of funds for work puts the Bounty Board in a position to capitalize on that fund transfer for value provided. We are continuing to drive towards usage, with revenue as an expected lag metric.

We are additionally exploring value accrual to the DAO and BANK token, through token gating, or other mechanisms such as requiring BANK to use the platform.

Additionally we are exploring the subdao model that directly accrues value to the BANK token.

Request:

Compensation for:

  • Work being done and to be done.

Work to be done:

BB has oriented towards role based compensation as follows:

Positions and payment

Bounty pool justification:

To pay for ad-hoc work like marketing campaigns or additional work and team needs.

Bank Requested: 1,130,000

SUCCESS METRICS OR KPIS

  • Adoption at BanklessDAO
    • At least have 10 new bounties per guild created in S4.
      • 130 bounties in total created in S4.
    • Have at least 30 unique users claiming bounties in S4.
  • Adoption at implemented DAOs
    • At least 10 Bounties per DAO having been completed by 7/29/21.
    • Focusing on implemented DAOs
      • LivethelifeDAO
      • CityDAO
      • Shapeshift
      • DIMO DAO
Fund Bounty Board
  • Approve
  • Deny

0 voters

1 Like

dunno if you left it off intentionally @Icedcool but there’s no poll to vote on your proposal :astonished:

1 Like

Thanks, just fixed it!