Analyst & Author: Ella Dane (Ella Dane#0382)
Date of survey: April 8, 2022
Date of publication: April 22, 2022
This analysis pertains to the survey of BanklessDAO members taken during the Coordinape period ending on April 8th, sampling 132 Guest Pass holders, 73 L1 contributors, and 84 L2 contributors for a total sample size of 289 members.
** See bottom of document for explanation about Community Net Promoter Scores
We measured the community’s satisfaction with BanklessDAO and achieved a Community Net Promoter Score (cNPS) of 48, a 3 point increase since March and a 20 point drop from our all-time high of 68.
While bDAO members are excited about the strong community and plethora of learning opportunities and ways to migrate into web3, many are seriously concerned about BANK prices, compensation, and BANK distribution.
We achieved an cNPS of 48, a great score, and yet this month’s score is significantly lower than the scores measured in November and December of 2021.
A total of 289 bDAO members responded to our survey, a decrease of 18 participants since the last survey (down 6%). Of these respondents, a low number (32 of 289) were counted as Detractors.
A quick analysis indicates that Guest Pass showed a slight increase in satisfaction with the DAO, L1s indicated a material increase in satisfaction, and L2s experienced no change in satisfaction.
Our findings indicate that there is a material gap in cNPS between guest passes (cNPS=58), and L1s & L2s (cNPS= 40 and 42 respectively).
Along with the quantitative cNPS question, we asked two additional qualitative questions to measure our praises and concerns for bDAO. From these I have synthesized the following.
- Strong community (55 responses)
- Launching pad & opportunity to learn (43 responses)
- Culture/vibe (26 responses)
bDAO’s supportive, platonic, tight-knit community seems to be the most consistent reason for high cNPS scores. Members say:
- “I’m confident that the relationships I’ve made are my biggest win since joining”
- “Still the best community for web 3.0”
- “bDAO is my family.”
Perhaps the most exciting trends among our respondents are the learning opportunities and “launching pad” into web3 that bDAO provides.
A few ways our contributing members have used bDAO as learning tool:
- Joining guilds
- Networking & discovering new friends
- Finding web3 work
- Discovering other DAOs
- Introduction to crypto media and culture
- DAO education
- “Not gonna lie, it’s fun.”
- “Feels very good to be appreciated for our efforts and my opinion is valued”
- “bDAO has an inclusive environment and great culture.”
- “Fun af”
Beyond these leading categories, there were many other comments that aligned to themes:
- Well organized
- Growing impact in the web3 space
- Potential of the DAO
- BANK prices (26 responses)
- Other tokenomics and compensation concerns (11 responses)
Tokenomics is by far the greatest and most widespread concern expressed in this month’s survey. Many are worried about the volatility and low prices of BANK, and are put off by the effects of this lowering their compensation.
- “We need better tokenomics and to design a healthy financial system. $BANK Treasury → Guilds/Project → people → dex won’t work forever. Use some stablecoin (we don’t have that yet) instead , also need to figure out some revenue generating thing. Don’t be shy to make (or raise) money, as long as that money is used for our mission.”
- “Reward people for becoming a member and holding 35k BANK compared to Guest Passers who sell their BANK and just keep staying on Guest Pass because they’re rewarded and included in coordinape anyway. Improve tokenomics and increase utility of BANK.”
- “BANK is inflationary. Please find a way to fix this. Burning?”
- “token distribution is very centralized”
- “these monthly coordinape rounds should be stopped” (- L2)
- “It would be nice to have more rigorous transparency standards from projects which receive BANK funding”
- “many BDAO members struggling to make enough to pay bills lately”
- “Lets reward contributors”
- “Everyone is leaving”
- “Many critical people have left because it became a “KPI” DAO instead of a DAO focused on alignment and values.”
- “Top not interested in the lessers”
- “It’s a fight to stay inclusive and on top.”
- “Maybe ask people if they’re still happy with their team members”
- “It requires some time to get a grasp of the discord”
- “Not easily accessible and can be confusing to navigate at first. This would be a turn off for many talented people I know.”
Several highly active L2 contributors are expressing frustration and a material downgrade in confidence for bDAO due to lack of compensation, alignment, and burnout.
As one put it, “It’s hard lately. People are stepping away rather than leaning in.”
Even with the concerns, there is still a strong sentiment that WAGMI.
In next month’s survey, I would like to see the additional optional question added: “What is the number one action we could take to improve your confidence in the DAO?”
BanklessDAO is filled with passionate contributors who clearly love the community, opportunities, and culture of the DAO, and feel it gives them a metropolis of projects and provides a launching pad into web3.
Our members are quite concerned about the price and volatility of BANK which needs to be addressed thoughtfully and quickly. Other concerns include decentralizing token distribution, improving contributor compensation, and talent retention.
Good news: there are significantly fewer concerns about onboarding than usual.
Bad news: the entire DAO seems to be focused on BANK prices and distribution which could lead to massive dissatisfaction if not solved.
Overall: Guest pass satisfaction slightly increased, L1 satisfaction significantly increased, and L2 satisfaction did not change, which created a net increase of 3 points from the March cNPS - an optimistic upward trend.
The Net Promoter Score (NPS) is a well-regarded methodology for quantifying 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 for 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.
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, “anything above zero is generally acceptable… Generally, a score between 10-30 is considered good while anything near 50 is excellent.”