Author: Bo | Bankless DAO #7210
Analyst: Ella Dane#0382
Date: 31 January 2022
Document on Discord: S2M3 - 2022 01 - Survey of Guest & L1 & L2 contributors
- S2M2 - 2021 12 - Survey of Guest & L1 & L2 contributors
- S2M1 - 2021 11 - Survey of L1 & L2 contributors
We measured the community’s satisfaction with BanklessDAO and achieved a Community Net Promoter Score (”cNPS”) of 62, a bone-crushing score. Yet we note that even this impressive number represents a drop of 6 points from the S2M2 score.
We asked two qualitative questions of the community to measure our collective aspirations and fears for 2022.
- First, we asked, What is your greatest hope for BanklessDAO in 2022? The responses led us to the following conclusions:
- We can capitalize on an ocean of opportunity by developing products and services to serve the emerging Web3 community.
- The population of BanklessDAO contributors can and must grow in 2022.
- We can onboard millions to Web3 in 2022.
- Second, we asked, What do you believe will be the greatest challenge for BanklessDAO in 2022? And we concluded:
- We have many Great Hills to climb, none more prominent than Onboarding, Organization, Coordination, Governance and Compensation. Easy, right?
Apart from the above, there were a number of important contributions from various individuals that weren’t necessarily echoed by others but had a strong sense of truth to them, including:
- Guilds grow a mindset that is too independent.
- Learning to say NO or NOT YET.
- Approving quality instead of quantity projects
- Curation. If a project isn’t living up to our expectations, will we have the courage to kill it?
- How will we prove graceful in contributor handoffs?
Our synthesis suggests:
- BanklessDAO is filled with passionate contributors.
- While 2021 saw the birth of the DAO and its explosion in popularity (to ca. 17,000 members), it also witnessed — and overcame, to greater or lesser degrees — the challenges of building a growth company founded on decentralized principles.
- The members of BanklessDAO clearly believe there are many opportunities ahead, which may best be captured by developing products & services that generate revenue, along with the growth of the Web3 population and the bDAO itself.
- Our members also believe that there are many challenges ahead, most notably the challenge of onboarding, organization, coordination, governance, structure, and compensation. No small tasks, to be sure.
- In addition, we understand that we need to:
- reign in guild independence,
- learn to say No or Not Yet,
- hand off leadership more effectively,
- focus on quality over quantity, and
- kill projects that aren’t living up to our expectations
Our future success will rely on the degree to which we can address these concerns while pursuing the opportunities at hand
Background on Net Promoter Scores:
The Net Promoter Score (NPS) is a well-regarded methodology for quantifying the whether a brand delivers on its promise. The standardized form of NPS reads as follows: “On a scale of 1-10, how likely would you recommend X to a friend or colleague?”
In our case, X = “working in BanklessDAO”
The results of an NPS survey can be quantified in a score that ranges from negative 100 to positive 100. Depending on the topic, brand, industry, etc., a “good” score can range anywhere from +0 to +40 and beyond.
For more information, please refer to the following sources:
Wikipedia discussion of NPS
Lattice discussion of eNPS
Note that the language of the NPS has three primary groupings:
Promoters are those who respond with a 9 or 10 to the NPS question
Passives are those who respond with a 7 or 8 to the NPS question
Detractors are those who respond with a score of 6 or below to the NPS question
In our case, we are measuring “cNPS” which we cleverly coined to mean Community NPS. While there is no clear community standard yet, I believe cNPS relates closely to eNPS (Employee NPS). As for how to interpret the score, according to Jennifer Willy, Editor at Etia.com, “anything above zero is generally acceptable… Generally, a score between 10-30 is considered good while anything near 50 is excellent.”
We achieved an cNPS of 62, an outstanding score, likely ranking among the top organizations in the world; and yet this month’s score shows a slight downward trend from the prior two months.
A total of 332 bDAO members responded to our survey, including Guest Passes, L1s and L2s, an increase of 94 participants (up 39%). Of these, a very low number (19 of 332) were counted as Detractors.
Since we began measuring cNPS, we have achieved scores of 68, 68 and 62. A quick analysis indicates that Guest Pass and L2s showed material changes in satisfaction with the DAO, while L1s remained steady. There was a direct correlation between the percentage increase in respondents and the reduction in NPS, though I do not believe it is meaningful.
Our findings indicate that there is a material improvement in cNPS as contributors move from Guest Pass (cNPS=55) to Level One and Level Two (cNPS=68).
Simply put, all cohorts enjoy a highly satisfactory quantitative result.
Unattributed NPS scoring sheet source is here
Confidential GUEST PASS responses here (restricted access)
Confidential LEVEL ONE responses here (restricted access)
Confidential LEVEL TWO responses here (restricted access)
Synthesis Scratch Pad here
Along with the quantitative cNPS question, we asked two additional qualitative questions to measure our collective aspirations for — and fears about — 2022.
The following is a synthesis of the responses we received from the 613 individual responses we received. Many thanks to @Ella Dane for compiling the results in the Synthesis Scratch Pad.
The top three “hopes” for the bDAO are:
- Develop products & services for revenue (52 responses)
- Grow the number of BanklessDAO contributors (49 responses)
- Onboard the masses to Web3 (35 responses)
The development of products and services for the generation of self-sustaining revenue continues to be a strong theme in our monthly surveys (52 responses citing this). But whereas in the past we asked about past successes, here we asked about future aspirations. Aside from 24 mentions hoping generally for growth, our community collectively shouted out the following products, in order of frequency:
- Content — in all its forms, and all the world’s major languages — 18 mentions
- Tooling & software — 4 mentions
- Consultancy — 3 mention
- Merch - 1 mention
Perhaps the most unified rallying cry among our respondents was that of growing BanklessDAO itself (49 responses citing this). While some aspire to an outrageous goal (”1 billion members!”), several posted more achievable — and still perhaps audacious — goals:
- 10,000 new members
- 5,000 L1 members
- Grow the # of contributors 4x
- Grow the # of contributors 5x
- Grow bankless.se to 200 members!
Next up we have those that cite onboarding the masses to Web3 as their greatest hope for 2022 (35 responses citing this). Here the Guest Pass holders far outweigh L1s and L2s; perhaps they are just young and idealistic? Or perhaps they just have fire in their bellies?
Here’s some fire we ought to channel:
My hope for me is to transition to full DAO Punk. My hope for the DAO is to increase global impact in getting people to go Bankless through the Bankless Academy and DAO Punk projects.
Beyond these leading categories, there were many other comments that aligned to themes:
To be recognized as a leading DAO. (23 mentions, 21 of which were Guest Pass holders)
"To become the future of work.”
“#1 Media DAO.”
Energy & Vibe. (22 mentions, 20 of which were L1s and L2s)
“That the friendly spirit will remain”
“Be supportive and aligned on the thing that matters most - the human layer.”
Governance development. (22 mentions, 9 of which were L2s)
“Create conditions for long term sustainability.”
”To organize around a more effective decentralized structure.”
Coordination & Collaboration & Organization. (18 mentions)
“Model passionate, productive collaboration.”
Compensation development & Revenue streams. (16 mentions, 10 of which were L2s)
While most of the mentions came from L2s, the Guest Passe holders captured the heart of the issue:
“More clarity on compensation.”
”More jobs for beginners.”
”Expansion of bounties.”
Tokenomics. (14 mentions)
“Migration of DAO to L2”
“Break even on revenue vs spend for the final season of 2022.”
Influence. (13 mentions)
“We position ourselves as the premier Media DAO in the space and build on the solid brand that BanklessDAO already has.”
“We become cultural leaders in the space.”
Thought Leadership. (11 mentions)
“2022 WIll be the year of the DAOs, I hope that BanklessDAO is going to have a huge growth and and consolidate itself more and more as a reference.”
Talent recruitment, retention, nurturing & engagement. (10 mentions)
“Attract good people.”
“That we are able to harness the next wave of talent entering web3, and the wave after that.”
“Groom more metaverse leaders. Double our active contributors.”
Content development. (8 mentions)
“To become a fully fledged media DAO”
Build the ecosystem of DAOs. (6 mentions)
“Build more collaboration with other DAOs and communities.”
IRL Events. (2 mentions)
“More IRL manifestations.”
Our second qualitative question in the survey concerned what Great Hill our folk believe we’ll climb in 2022. Answers fell into several predictable themes, which I summarize below:
According to our members, the top four challenges for the bDAO in 2022 will be:
- Onboarding & Education (59 responses)
- Organization & Coordination (48 responses)
- Governance & Structure (37 responses)
- Compensation, coins and all things money (28 responses)
Where onboarding and education are concerned, there is a general concern that we have become too complex and the complexity will continue to grow as we onboard new members with new interests who spawn new projects. Tackling confusion may be the DAO’s biggest concern.
The words organization and coordination appeared more times than any other descriptive word in the entire survey. Clearly, the DAO is focused on this challenge, with an eye toward process, procedure, prioritization and alignment. One respondent stated:
“I think we will ramp up our membership and I foresee that being a big organizational challenge. So everything we’re hoping for will also be very difficult to pull off. The great part is that one of bDAO’s strongest attributes is the ability to adapt to the changing needs of a growing org. I’m looking forward to it all!”
Governance and structure also gained a number of votes for the greatest challenge that lies before us.
Poignant messages relating to governance included:
“Govern(no doubt),cos we are flying so fast.”
“Maintaining transparency and trust as the org grows”
“Fighting centralized decentralization. Everywhere.”
Relating to subDAOs, there was also this concern:
“Having an appropriate subDAO model that affords sufficient autonomy to groups but also ties them culturally, operationally, and financially to the main DAO”
The third most frequented concern related to compensation, coins and all things money. Among the concerns cited, there seemed to be a balance between the price of $BANK, the liquidity of $BANK, and the balancing of fair compensation and the burn rate of the DAO.
Beyond the above “top” themes, there were a number of important contributions from various individuals that weren’t necessarily echoed by others but had a strong sense of truth to them. Each of those that caught our attention receive a mention here below.
Guilds grow a mindset that is too independent. Treating the DAO as an incubator instead of a set of guilds working together to achieve one thing.
We need to make challenging decisions as a community around shutting down projects that are not financially viable/misaligned with the vision of the DAO
Decentralization is not typically the best way for moving fast.
We may witness some guilds breaking out to get external funding for sustainability.
How will we ensure general rituals or covenant statements irrespective of any individual guild’s goal or objective?
We must find a new medium for collaboration and expansion. Are we sure Discord is the best solution? (Have you tried gm.xyz?)
Learning to say NO or NOT YET.
Approving quality instead of quantity projects
Curation. If a project isn’t living up to our expectations, will we have the courage to kill it?
How will we prove graceful in contributor handoffs?
Too many cooks in the kitchen
Finally, there were many other comments on the “greatest challenge” that fell into a theme and were echoed by several members of the DAO. They include:
Retention (26 mentions)
“Not finding talent, but keeping talent.”
“Population loss caused by bear market.”
Culture & Vibe (23 mentions)
“Getting back to the cultural values that made us great”
“Keeping the culture fun, friendly and hard-working.”
Scaling & Growth (21 mentions)
“Scaling teams & processes”
Leadership & Goalsetting (17 mentions)
“Unclear primary mission resulting in a boil-the-ocean strategy of multi-guild multi-project dilution”
“Surviving and thriving amidst turbulent change, while adhering to our stated principles.”
Products (14 mentions)
“Learning to say NO to all the shiny objects and focusing on the few that really matter.”
Revenue & Funding (9 mentions)
Jobs (6 mentions)
“Finding places for all the new talent we onboard.”
Cross-DAO (5 mentions)
“Competition between & amongst DAOS”
“DAOs are gaining a lot of popularity; this might create division instead of inclusion.”
Resource Allocation (2 mentions)
“Determining what projects to support with given resources.”
BanklessDAO is filled with passionate contributors. While 2021 saw the birth of the DAO and its explosion in popularity (to ca. 17,000 members), it also witnessed — and overcame, to greater or lesser degrees — the challenges of building a growth company founded on decentralized principles.
The members of BanklessDAO clearly believe there are many opportunities ahead, which may best be captured by developing products & services that generate revenue, along with the growth of the Web3 population and the bDAO itself.
Our members also believe that there are many challenges ahead, most notably the challenge of onboarding, organization, coordination, governance, structure, and compensation. No small tasks, to be sure.
In addition, we understand that we need to:
- Reign in guild independence
- Learn to say No or Not Yet
- Hand off leadership more effectively
- Focus on quality over quantity, and
- Kill projects that aren’t living up to our expectations.
Our future success will rely on the degree to which we can address these concerns while pursuing the opportunities at hand.