Hello Bankless DAO! Season 3 is coming to a close and I’m sure we’re all thinking about Season 4.
Previously this post would have been called a Temp Check, but we decided to go with Community Vote to reflect the importance of some of the elements.
For those who are newer to the DAO, this post serves to collect sentiments on specific DAO-wide topics and inform the Season 4 Spec.
The current membership threshold stands at 35,000 BANK to join the Discord. We have the option to increase, decrease, or keep the existing threshold in Season 4.
- Pros of increasing: Requires people sitting at the threshold to “opt-into” the next Season
- Cons of increasing: Increases barriers to entry for new participants
- Pros of decreasing: Increases accessibility for joining the DAO (less of a need for guess passes!)
- Cons of decreasing: Leave contributors with less skin in the game.
- Increase Threshold
- Decrease Threshold
- Keep Threshold Unchanged
The current BANK requirement for membership is 35,000. As a follow-up for the membership threshold:
- Raise to 40,000 BANK
- Hold at 35,000 BANK
- Decrease to 25,000 BANK
- Decrease to 10,000 BANK
Splash Zone and Level 3 (Whale) Status
- Increase threshold for Whale status
- Decrease threshold for Whale status
- Keep threshold unchanged for Whale status
Mega Whale Zone
There are now nearly 30+ addresses with 1M BANK or more. Season 4 could create an additional whale channel for those that have reached the seven-figure threshold.
- Create Mega Whale Zone
- Don’t create Mega Whale Zone
Gelato G-UNI BANK/ETH LP Tokens
The community recently launched Gelato Vaults for BANK/ETH liquidity on Uniswap V3. These are ERC20 tokens that we can begin supporting as membership access.
- Support Gelato G-UNI BANK/ETH LP Tokens
- Don’t Support
There has been some discussion around increasing season length. Increasing Season length would provide longer timeframes to reach project and guild KPIs and goals, but could reduce flexibility of the DAO as funding access is largely tied to seasonal rotation. Should we:
- Maintain season duration at 3 months
- Increase season duration to 4 months
- Increase season duration to 5 months
- Increase season duration to 6 months
Season 1 allocated 11M BANK while Season 2 increased spending to 20.5M BANK, and in Season 3 we increased spending to 30M BANK For reference, the treasury currently holds 182M BANK with an additional 33M expected to vest during Season 4.
- Increase Seasonal Spending
- Decrease Seasonal Spending
- Same Seasonal Spending as Season 3
In the past, a capped budget constrained a lot of projects and guilds. In Season 3 we opened the option for a flexible budget following all project & guild submissions. By flexible budget, we mean we will accommodate all guild and project budgets (within reason) and add a Grants Committee + DAO-wide Coordinape.
There is no current framework for capping funding for flexible budgets. There has been some discussion around increasing accountability for budget allocations in Season 4, which would help ensure guilds and projects meet their KPIs before accessing additional funding.
With that, here are the options:
- Maintain flexible budget without changing accountability constraints
- Maintain flexible budget and increase accountability constraints
- Transition back to fixed budget
Currently, projects and guild budgets are evaluated largely on the proposal. There has been some discussion recently that more KPIs, milestones, value alignment mechanisms and reporting requirements should be implemented as part of funding requirements. Should we:
- Keep funding requirements the same
- Encourage use of KPIs, milestones, and reporting for all funding
- Encourage use of KPIs, milestones, and reporting for large amounts only (>100,000 BANK)
Simplifying the Funding Process
There can be a lot of overhead in order to access funding, where proposal development can take weeks for larger projects and guilds. There has been some discussion around reducing proposal requirements and the overhead involved for funding requests. Should we:
- Maintain current funding requirements
- Reduce proposal requirements and increase accountability (e.g. KPIs, milestones, reporting)
- Reduce proposal requirements without increasing accountability
The Grants Committee has distributed over 45% of its budget for S3. It’s worth noting that most projects have been funded and will qualify for S4 direct funding. In S4, we should:
- Increase Grants Committee Funding (>7M BANK)
- Decrease Grants Committee Funding (<7M BANK)
- Keep Grants Committee Funding Unchanged (7M BANK)
It has been proposed that the Grants Committee impose greater accountability requirements for the projects it funds. This may increase the overhead of projects that receive funding through the Grants Committee, but it should help ensure projects achieve their goals and DAO funding is well spent. With that in mind:
- Increase accountability requirements for projects funded through the Grants Committee
- Maintain current accountability requirements for projects funded through the Grants Committee
- Decrease accountability requirements for projects funded through the Grants Committee
Season 3 distributed 8M BANK to the 12 guilds in Bankless DAO. You can get a full breakdown of the funding distribution here. In Season 4, we should:
- Increase Guild Funding
- Keep Guild Funding Unchanged
- Decrease Guild Funding
- Transition to Flexible Funding
Season 3 distributed 11M BANK to the 17 projects in Bankless DAO. You can get a full breakdown of the funding distribution here. In Season 4, we should:
- Increase Project Funding
- Keep Project Funding Unchanged
- Decrease Project Funding
- Transition to Flexible Project Funding
Season 2 expanded the Contributor Rewards to multiple rounds, including monthly rounds for Contributors, Level 1s, and recent Guest Passes. In total, 3.5M BANK was distributed via this method. Season 3 increased contributor rewards further, with 4M BANK distributed via the same methods.
In Season 4, we should:
- Increase Contributor Rewards
- Decrease Contributor Rewards
- Keep Contributor Rewards Unchanged
Follow-up on the frequency of the Coordinape rounds: In Season 3 we voted to maintain monthly Coordinape rounds. In Season 4, we should:
- Continue Monthly Rounds
- Discontinue Monthly Rounds and Revert to Seasonal Rounds
Hourly Compensation Guideline
Seasons 1 through 3 featured the hourly rate guideline at 1,000 BANK per hour. There have been ongoing discussions around changing this figure. These are important considerations for contribution to the DAO when BANK has a lower fiat value in a bear market, as compared to when BANK has high value in a bull market. Keeping in mind that this is a guideline and can be adjusted throughout the season, the rate guideline for contributors should fall at:
- 1250 BANK/hour
- 1000 BANK/hour
- 750 BANK/hour
- 500 BANK/hour
For more context, see the compensation working group post.
Please keep in mind that none of these poll results are final, they simply represent the DAO’s sentiment as we build out the Season 4 spec, which will go through its own independent governance process.