This forum post is to clarify and distribute information on the recent BanklessDAO grants committee meeting, to share justification and invite the opportunity to discuss and gut check our conclusions.
The Grants Committee discussed and settled on 1000 BANK/hr as a generous compensation rate for work done on Grants Committee approved projects. Since we’re in the early stages of the DAO’s life, it’s important that we heavily reward the contributors that are putting in valuable time and work towards achieving the DAO’s mission. This rate may be different for internal Guild operations, but should serve as a point of reference for existing DAO compensation.
This is to be confirmed with a soft consensus vote here:
1,000 Bank/hr for Work Proposal
The Grants Committee had 6 program proposals to review and vote on, as well as points to discuss the overall orientation to funding, unclaimable bank route, and Grants Committee lead role processes.
For reference, we have 5 million $BANK to distribute with the intention to fund different proposals that help create an ROI for the DAO. (Enable work, secure talent, etc)
We examined Onboard which requested 3 million BANK for 867 hours worth of work (at roughly 3,460 Bank/hr), as well as for future funding and based on the Onboard Work Estimation. In addition, Onboard received a10k USD grant from Polygon which is directly for Onboard.
While the Grants Committee acknowledges that Onboard is a very important project, the committee unanimously agreed that 60% of the overall project budget to Onboard is too much as it limits the amount of BANK to distribute to other projects for the rest of the season.
The Grants Committee also acknowledges that while we could go to the treasury to ask for more BANK, that we should work within the bounds of Season 1 specifications, at least for now, and revise Season 2 accordingly.
Per these points, the Grants Committee voted to give the Onboard project 1 million BANK, which would compensate the 867 hours with 867,000 Bank, and included an additional 133,000 Bank as an operational budget. This is on top of the $10,000 USDT grant from Polygon.
At the end of the day, we believe that this allocation should serve as a solid jumping off point for Onboard.
The website’s funding request scoped out 232 hours in total across all members. At the 1,000 BANK rate, this would equate to 232,000 BANK with the inclusion of a project keeper. In total, the Grants Committee is prepared to approve a 250,000 BANK distribution to Yves and the website team. We believe the website will serve as a core hub for sharing and engaging DAO activities.
First Quest looks to create an onboarding resource for all new DAO members with the goal of allowing new members to get up to speed in 5-10 mins or less. The First Squad team scoped out roughly ~45 hours to get this project in gear. Under the above framework, the committee is prepared to approve a 50,000 BANK allocation to First Quest.
BED Gleam Campaign
The Gleam campaign looks to spread awareness of the $BED Index on social media channels. This project is in collaboration with the Index Coop which have outlined 30 hours in work from DAO members plus an allocation for prizes and ad costs. In total, the Grants Committee is prepared to approve 85,000 BANK for the Gleam Campaign.
In total, this round of funding will distribute 1,385,000 BANK to the above projects or 27% of the Grants Committee’s budget for Season 1.
Lastly, the Grants Committee agreed to request all Program Proposals to re-examine their BANK requests, to be voted on at the following Tuesdays Grants Committee Meeting (8/10/21).