The original proposal has 86% support with 66 voters in total taking part in this decision.
There are some members that have expressed that the gas should be reimbursed in ETH and therefore it is appropriate to open a new poll to see the sentiment on this.
If the DAO decides to pay back the gas in ETH to members executing transactions on behalf of Gilds and Projects within Bankless DAO then this will need to go to Snapshot as the ETH is coming from the main treasury.
Personally ETH makes the most sense to me. We should always aim to settle payments in the same currency as any original transactions to avoid the problem of token volatility.
Do we have an estimate of the total gas that would be reimbursed monthly? As I mentioned in the first forum vote, I don’t like the idea of draining ETH from the treasury, nor selling BANK in the open market for ETH, but if the total gas expenditure is less than $1000/month, the latter could be acceptable.
From the forms received for S1 it is around 0.08 ETH
But there are many people that haven’t submitted a request so I don’t know what it will look like in the future.
I voted yes. I believe in fairness as I think we all do and appreciate members stepping up as we are getting organized. ETH is imho THE currency of blockchain and it can and should be used but the security in gas fees is very high and members should gain benefit from their investment in the token of the realm.
I’d say ETH is the best option. It’s optimal for staying denominated in ETH and it actually would cost less to transfer since it is the lowest cost transaction possible in ethereum. While transferring any other token costs more.
Edit: autospell incorrectly changed words
Reimbursements in BANK are logistically easier for bDAO because BANK is the native token.
Reimbursements in ETH are logistically easier for the recipient because they want to replenish their ETH
I think it’s a minor distinction because the “value” being reimbursed should be the same whether it’s settled in ETH or BANK. In the end, I think bDAO should reimburse in ETH for a better user experience.
I also think we need a follow-up proposal to (1) specify a policy for holding sufficient amounts of ETH in the treasury to cover gas expenses each season and (2) Include ETH in the grants committee budget so that typical gas reimbursements don’t need to go to snapshot.
A quick tangent on “unit of account” and calculating value across time
Calculating value across time is difficult because currency values are inherently unstable. Today, I use USD as my unit of account because it’s more stable than ETH. But as ETH becomes deflationary next year, perhaps ETH will become a better unit of account. Or perhaps a dominant algorithmic stable coin will emerge that will act as the ideal unit of account.
I think that it’s okay to use ETH as the unit of account for calculating bDAO reimbursement values but there is a risk that ETH price goes up or down 5x over the course of a season, and the reimbursement recipient will receive significantly more or less value than they originally spent on gas.