Hello BanklessDAO! It's Community Vote time!For those who are newer to the DAO, this post serves to collect sentiments on specific DAO-wide topics and inform the Season 6 Specification. Discussion is not limited to the polls included in this post, so if you have an idea or change to propose for Season 6, please include a comment for discussion, below.
Membership ThresholdsThe current Level 1 membership threshold is 35,000 BANK. We have the option to increase, decrease, or keep the existing threshold in Season 6.
- 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 guest passes!)
- Cons of decreasing: Leave contributors with less skin in the game.
- Keep threshold unchanged for Level 1 Membership status
- Decrease threshold for Level 1 Membership status
- Increase threshold for Level 1 Membership status
The current BANK requirement for Level 3 (Whale) Status is 150,000 BANK. As a follow-up to the L1 membership threshold:
- Keep threshold unchanged for Level 3 (Whale) status
- Decrease threshold for Level 3 (Whale) status
- Increase threshold for Level 3 (Whale) status
Season LengthThere 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. We should:
- Stay the same at 13 weeks
- Increase the length +4 weeks to 17 weeks
- Increase the length +8 weeks to 21 weeks
- None of these; I have another suggestion that I’ll comment below
In the past, a capped budget constrained many projects and guilds. In Season 3 and 4 we opened the option for a flexible budget following all project and guild submissions to accommodate mid-season proposals and/or Guilds & Projects seeking additional funding (within reason). Historical Seasonal Budget Allocations are as follows:
- Season 1 allocated 11M BANK
- Season 2 increased spending to 20.5M BANK
- Season 3 increased spending to 30M BANK
- Season 4 allocated 22M BANK + 1.2 ETH
- Season 5 decreased spending to 19.5M BANK
For reference, the BanklessDAO treasury currently holds 170.2M BANK.
In Season 6, we should:
- Keep seasonal spending the same as Season 5
- Increase seasonal spending
- Decrease seasonal spending
As an attempt at risk mitigation and increasing accountability, the Season 5 Grants Committee provided half of the requested season funding up-front and then required a review of KPIs mid-season in order to disburse the other half of the requested funding later. This helps to ensure that guilds and projects don’t lose sight of their goals halfway through the season, but it does require additional labor from Grants Committee and the guilds and projects submitting funding requests.
Should the DAO continue to adhere to this KPI-based funding?
- Yes, continue to disburse seasonal funds in two tranches, based on a guild/project’s progress toward the KPIs given in the seasonal funding proposal
- No, disburse the full requested amount at the beginning of the season
Governance Using Verifiable Credentials
Throughout Season 5, a number of problem areas were either identified or accentuated. Some of these include:
- Discord role tags used for gating things like Coordinape and voting can be cumbersome and time-consuming. There must be an easier way to do this.
- How do we keep track of who is active or has been active throughout the season? Or during a given Coordinape epoch?
- How do we know who should be able to vote on governance polls, for seasonal role elections, as an example?
These are just some issues that have arisen and/or have been present for a while. A few folks in the Ops Department have been thinking about this and are working on a solution in collaboration with DAO tooling platforms like Otterspace and Collab.Land.
As an initial trial implementation, it has been proposed that in Season 6 bDAO members mint an Otterspace [link] “Season 6 Participant” badge at season start. Badge indicates they are preparing to participate and remain active (These badges expire automatically at end of Season 6). We will use this NFT badge in our Collab.Land gating logic for server access control to improve security holes that exist as contributors go inactive (especially OG inactive L2s who have server admin rights).
This initial implementation would serve to track Season 6 participation (though not necessarily contribution) across the DAO in the form of an NFT badge, and could be easily scaled to include solutions at the Guild and Department level. [Related proposal that inspired this MVP experiment here]
What are your initial thoughts on using Verifiable Credentials to help automate and authenticate our DAO activities?
- I can’t smash the go button fast enough!
- I have some concerns and will express them in comments below.
Throughout Season 5, many have raised concerns about Coordinape, how we use it for DAO-wide recognition and compensation, and at Guild/Project level.
Many feel it is an essential mechanism to compensate efforts that wouldn’t otherwise be captured by Guild/Project-level compensation mechanisms (roles, workstreams, Coordinape, etc).
Others feel the DAO-wide Coordinape is an inefficient way to compensate these important efforts, and instead dilutes and convolutes attempts at compensation, as it is impossible for most to know whether a given effort is already being compensated through a role or some other mechanism at the Guild/Project level. Further, many have recognized the social gaming concerns where many simply GIVE to the people they like, are their friends, etc.
Late in Season 4, it was discovered that a small number of individuals had developed a way to game the DAO-wide Coordinape by (purportedly) creating a group of Level 1 accounts and allocating GIVE within the small circle of false participants. This sustained gaming effort spanned seasons and ultimately resulted in BANK being inappropriately allocated to a small number of individuals. Due to the scale of the DAO-wide Coordinape, it is difficult and time consuming for those responsible for its administration to identify gaming attempts like the one described above.
It is important to capture and compensate efforts that don’t fall within existing compensation mechanisms, which is why we’ve been using Coordinape. There are, however, other ways to achieve this. It’s here that we’re seeking your input:
Do you feel Coordinape is working effectively to allocate remuneration?
Should we make changes to Coordinape?
- No, keep it the same
- Yes, change it in some way - I will comment below
- Yes, get rid of it completely and use a different mechanism - I will comment and provide context/suggestion below
What is(are) your preferred method(s) of compensation within the DAO?
- Coordinape at the DAO-wide level
- Coordinape at guild/department/project-level
- Bountied tasks
- Salaried roles
Discussion has begun about the need for increased utility for BANK. A number of community members have suggested that we reduce BANK issuance, focus on its utility, and adjust incentives in a way that could decrease sell pressure on the token. Some have suggested we focus on revenue-based tokenomics and implement some sort of holder incentive program like delegated governance or a staking contract.
What kind of action would you like to see BanklessDAO take?
- No new action
- Reduce BANK issuance in some way
- Investigate Delegated Governance
- Investigate staking
- Some other kind of change affecting BANK’s utility - I will share my idea in the comments below
Grants Committee Member Removal
Grants Committee currently has an inactive member who cannot be reached. This member still has another 3 months left on their term. The consensus in Grants Committee is to remove this member by a unanimous (6/6) vote by Grants Committee. The spot will be filled in the upcoming Grants Committee election.
Do you agree with this course of action?
- I need more information before I can decide
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 6 Spec, which will go through its own independent governance process.
If you feel anything is missing, or you would like to include something for consideration for Season 6, or you have thoughts and ideas you’d like to share on what has been presented here, please comment below!