To reimburse people that execute transactions for projects or guilds in Bankless DAO.
BACKGROUND
Bankless DAO have a number of projects and Guilds that are working to perform tasks to keep the DAO running and active. These activities are essential for the survival and success of the DAO. Transactions are executed to remunerate contributors, pay for services or infrastructure and they all require to pay gas fees to execute them. Gas fees can add up to a significant amount and we believe the DAO should cover these costs, as the transactions are made in the interest of the entire community.
MISSION & VALUES ALIGNMENT
Every transaction is inherently connected to the achievement of certain goals, which were already accepted within a Guild or by the community at large. Therefore, the costs could be considered a necessary burden in order to fulfill the BanklessDAO mission.
SPECIFICATION
Each person that has executed transactions on behalf of Bankless DAO is entitled to reclaim the gas fees back. The reimbursements will be in BANK at a 30 day average price from the day of the reimbursement.
The requests will cover a whole Season and the submission period will close two weeks after a Season has ended.
After this, a member of the Treasury Guild will review all requests and go through all the transactions then make a summary and present it to the Grants Committee for the final approval.
Finally, the reimbursement will be executed from the Grants Committee multisig.
FINANCIAL IMPLICATIONS
This is an ongoing procedure and the financial implications will depend on the requests for reimbursement each Season.
NEXT STEPS
Reimburse submitted requests for Season 1 and the subsequent Seasons when due.
SQUAD BACKGROUND
Grants Committee
I agree to reimburse gas fees on a seasonal basis
I do not agree to reimburse gas fees on a seasonal basis
Would it be too burdensome to reimburse monthly rather than quarterly? Most other disbursements are monthly (guild position salaries, L2 coordinapes). This would be helpful also to avoid having a large list of transactions to review for accuracy and/or troubleshoot.
Fairness is a key reason for me to participate in this wonderful community. So far, so good this is absolutely a fairness and will assist in keeping all contributors motivated and willing to participate on a selfless basis. You can trust the community to made you whole.
I’d agree with @tomahawk and @didierkrux that reimbursement should be in ETH and done monthly. One caveat is perhaps to distribute on L2 to avoid gas fees.
Agreed on ETH as reimbursement, although I would vote for compensation being wherever the cost occurred, otherwise the receiver once again has to stomach gas to migrate.
Voting no b/c gas is in ETH, the reimbursement should be in ETH. We also need better tooling rather than every member having to build/maintain a separate spreadsheet. I’m happy to help build that, just have not had bandwidth.
It should be easy, frictionless, timely, and in the same currency as the source transaction.
Otherwise I think we run the risk of people not wanting to be on a multisig. Either that, or it’s a race to sign so you aren’t the one left holding the bag – and in the case of this proposal, for 3 months based on an average price of bank in the past 30 days. That does not sound fair to me.
definitely it can be done monthly. However looking at the transactions that we perform. The majority are done on a seasonal basis so I feel the monthly volume would not be very High.
The easiest way of doing this is that anyone that execute transactions keep track of them. If a tool can be built to automate the process then great, but it will need to be updated on a regular basis with all new multisigs or wallets for the projects.
Until we don’t have this tool then we need people to make the effort of keeping a log of their transactions.
The 30 day average price is the fairest way I can think of when talking about BANK. You say is not fair but you haven’t advised of an alternative.
I hear you all when you want the gas fees paid back in ETH. I somehow agree with you all, but there are a few points I want to raise against this:
Our native token is BANK. It is our most readily available resource.
The ETH reserves that we have are quite low. Paying gas fees in ETH will help lower these. Making more difficult our goal of diversifying the treasury.
I trust in Bankless DAO and its token BANK. To be able to be compensated in BANK is a great alternative and I’m glad about it.
The Grants Committee does not have ETH. If we decide
to pay gas fees in ETH this should go to Snapshot and then if passed reimburse gas fees from the main treasury.
After this poll closes. I will start a new one to decide to reimburse gas fees in ETH or BANK. The majority so far haven’t expressed against being paid in BANK.
Voted yes on the main point but also want the second poll and gas back in ETH if possible because it is also sapping my ETH supply when I approve transactions in ETH and ETH is frikin expensive.
See your points here though totally Kouros. There are a number of considerations to be worked through here. We need to have the discussion and the vote on that separate poll.
Reimbursement denomination seems to be the hot button issue here so I’d just like to add this point:
If all gas is repaid in ETH, there is necessarily either a net drain on treasury ETH reserves or net sell pressure on the BANK token to the tune of the sum of all transaction fees each month. Neither of those is favorable for the DAO at large. Selling BANK would also add a transaction and an additional gas fee for the conversion, burning more ETH.
This is potentially an issue that gets largely mitigated if a migration to Polygon or another L2 takes place in the near future. In the meantime, I personally think it would be best if the transactions can be executed by a multisig holder that is comfortable receiving BANK.
Personally, I’m okay with BANK since I expect the token to outperform ETH now and into season 3. However, I may change my opinion on that in the future. If the average performance of BANK holds the orange line trend you are gaining 20% on your ETH each month holding BANK.
I think that ethereum congestion is not going away in the near term, so moving away from mainnet for most of the DAOs operations should be a priority objective for season 2.
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