Grants Committee Meeting - Season 2 funding meeting - 9/29/21

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This post is to present the decisions of the Grants Committee for the Season 2 Guild and Project funding and gain consensus for rolling the extra project funding up into the Grants Committee Season 2 fund.

Grants Committee Attendance:

Above Average Joe(L) 0xLucas Grendel Kouros(L)
Icedcool Nonsense

Grants Committee Notes - 9/29/21

Per the Season 2 Snapshot and Specification, the grants committee met on 9/28/21 to review the guild and project funding requests.

Per the Season 2 specification and approval of the DAO, Guilds had a budget of 5 million BANK, Projects a budget of 5 million BANK, and the Grants Committee a budget of 10.5 million BANK for Season 2 with 3.5 million set aside for Contributor rewards(Monthly Coordinape)

The Grants committee was to review and gut check the Guild and Project requests, and upon approval put the approval up to snapshot.

Upon review of all the Guild requests, the total request was 374,403 BANK over 5 Million. In order to fit within the bounds of the snapshot vote, the Dev Guild offered to defer payment till after Season 2 commenced, to be paid from the Grants Committee fund.

Upon review of the Project Requests, the total request was 1,815,355 BANK over 5 million. In order to fit within the bounds of the snapshot vote, the Grants committee interpreted the requirements of the project funding specifications of:

These projects are well thought out, properly scoped and staffed (see projects proposal workflow), and have a clear budgetary ask in mind. They are not in the ideation phase with loose expectations.

As requiring the projects to have been funded by the Grants Committee previously, and defer funding of the projects that haven’t previously been funded till after Season 2 commencement, as well paying from the Grants Committee fund.

This put the project funding request at 3,689,000 BANK, which left 1,311,000 BANK in the budget.

In order to account for the additional funding request needs, the Grants Committee would like the approval of the DAO to roll the 1,521,000 BANK not used in the Project Fund into the Grants Committee Fund, to be validated via snapshot and disbursed from the BanklessDAO Multisig.

This funding will go towards funding the deferred guild and projects, and towards project needs of Season 2.

  • Approve
  • Deny (with details posted below)
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It’s important to note that the spec was vague in what qualifies as:

Properly scoped and staffed (see projects proposal workflow), and have a clear budgetary ask in mind

GC went with a simple heuristic that if projects were already funded in S1 (DEGEN, first quest, bankless academy), it can go directly to snapshot. If not, then has to go to GC, then eligible for snapshot in future seasons.

Otherwise, the GC would have had to make arbitrary choices for which projects were eligible and which were not to keep under the 5M BANK budget limitation.

The S3 spec will have clearer language.

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I think we should consider rather just evenly distributing the 1,311,000 BANK amongst the guilds to empower them to further retain talent and become more self-sustainable. This is about an additional 100k BANK or so for each guild. I would love to see ongoing bounties across the guilds in S2 with considerable incentive. I also would just prefer to put the BANK back in the hands of the members and not in the GC as a gatekeeper imho. We are, after all, trying to be an autonomous organization:)

One other option that intrigues me is dividing it up and adding it to the coordinape budgets. That could be epic.

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It’s not exactly “extra” BANK. The amount rolled over would be allocated towards the projects that will not make it to Snapshot, but still need funding.

Take a look here (under Projects):

Distributing among guilds or dropping to BANK members would leave all these projects out to dry.

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Ohhhh I see. Thank you for clarifying that @frogmonkee . Well in that in case, I’m inclined to think it is a good idea then if it will be specically used to support other projects that do not go to snapshot.

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Sorry for being stupid. Question - what do you mean by ‘not make it to snapshot but still need funding’? These have been already approved without a snapshot vote?

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There are two avenues for funding: (1) Funded by community treasury via snapshot and (2) Funded by GC through GC multi-sig

Those that have “not make it to snapshot but still need funding” will go through the #2 route.

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