Analyst & Author: Ella Dane (Ella Dane#0382)
Date of survey: May 16, 2022
Date of publication: May 21, 2022
Previous Surveys can be found in this table
This analysis pertains to the survey of BanklessDAO members taken during the Coordinape period ending in May, sampling 131 Guest Pass holders, 71 L1 contributors, and 77 L2 contributors for a total sample size of 279 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 52, a 4 point increase from the April score and a 16 point drop from our all-time high of 68.
While bDAO members continue to express frustration about BANK prices, and the wider crypto community is immersed in a bear market, the bDAO community is relentlessly bullish on its future.
We achieved a cNPS of 52, 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 279 bDAO members responded to our survey, a decrease of 10 participants since the last survey (down 3%). Of these, a low number (30 of 279) were counted as Detractors.
A quick analysis indicates that Guest Pass showed a large increase in satisfaction with the DAO, L1s indicated a significant decrease in satisfaction, and L2s experienced a slight decrease in satisfaction.
Our findings indicate that there is a material gap in cNPS between guest passes (cNPS=72), L1s (cNPS=27) and L2s (cNPS=40).
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 (48 responses)
- Launching pad & opportunity to learn (27 responses)
- Abundant job opportunities (18 responses)
- Decentralization (15 responses)
These trends seem to be among the most consistent reasons for high cNPS scores. However, there were a significant number of responses referring to the resilience of the DAO during current market volatility. These reveal the DAO members’ refusal to allow the markets to dictate their work ethic and output.
- “The activity is relentless, even during a bear market”
- “bDAO continues to work regardless of the market fluctuation; we are here to build.”
- “Bear Market Builders!”
- “I am renewed with enthusiasm for the dao based on the quality content and engagement of the wider community in the wake of the crypto meltdown!”
- “Even in a bear market, the people make me bullish on bDAO.”
Beyond these leading categories, other themes include:
- Great onboarding experience
- Excitement about BanklessCN launching Multisigs
- Trusting bDAO
- Freedom via web3
Many are frustrated about the volatility and low prices of BANK resulting in significantly lowered compensation.
- “I’m getting paid a half of what people make at McDonalds”
- “Its becoming harder to justify the hours in bDAO with the price of BANK and 1000 BANK/hr rate”
Reduction in compensation may weaken contributor retention.
- “I think member retention is going to be difficult if we don’t increase budgets or begin paying in stable.”
- “The community doesn’t seem to care about contributor retention and is instead focusing on taking in more and more people just for the sake of numbers.”
- “Design a better tokenomic and we probably need to form a team to focus on Treasury Diversification.”
- “My suggestion is that the payments happen in stables while the BANK is locked for lower price action due to the overarching movement in the industry.”
- “Community call needs to be motivational”
- “Community call continues to decline”
- “We need dedicated workgroups for Community call, for digital event planning, and for IRL event planning… SO MANY LOST OPPORTUNITIES HERE. Decentralized doesn’t mean unorganized.”
- “Unclear support lines”
- “The main problems aren’t tackled (value of token) properly.”
- “Moral compass of bDAO is extremely decreasing.”
- “Many people feel elitist. Unhealthy populistic fame spreading.”
- “High level contributors continue to leave”
I am primarily concerned with the satisfaction gap between Guest Passes and L1s, and believe taking care of our L1s is crucial in the fulfillment of our mission.
It is vital that we retain these members who are committed to our community and work to ensure our long term success.
It has become evident after attending Permissionless this past week that the character and talent of our contributors here at Bankless is unparalleled. Our contributors are our greatest asset and we must recognize them as such.
Coming out of Permissionless, the level of enthusiasm and excitement for each other and for our mission is exceptional. In the next four weeks it is crucial that we allow this energy to reverberate throughout our community, specifically the L1s.
In the June Coordinape survey, I intend to focus one question on actionable steps bDAO can take to improve members’ satisfaction, engagement, and retention.
Bankless is filled with resilient contributors who are passionate about bDAO regardless of the bear market, and feel it provides a multitude of projects and a launching pad into web3.
Our members continue to express frustration about the price and volatility of BANK which needs to be addressed thoughtfully and quickly. Other concerns include lackluster community calls and talent retention.
Good news: bDAO is bullish - bear market builders!
Bad news: the cNPS score for L1 and L2s is not upward trending and is significantly lower than the Guest Pass score.
Overall: Guest Pass satisfaction skyrocketed to an all-time high, L1 satisfaction dropped to an all-time low, and L2 satisfaction slightly decreased, which created a net increase of 4 points from the April cNPS - continuing an upward trend.
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 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.”