Bankless DAO is overrun with Guest Passes.
Let me be clear: this isn’t necessarily a bad thing–we want to promote inclusivity. We want people to join Bankless DAO. And a lot of guest passes are great contributors.
But the problem is that there’s a value misalignment. Guest Passes get access to the Discord and the opportunities within Bankless DAO but don’t hold enough (if any) BANK. Why would you hold BANK if you can get access for free?
As such, many of them don’t see any reason to convert to L1 members as they can continuously get their guest pass renewed. They’re misaligned with the rest of the full members. Equally as important, guest passes create an operational overhead for community members that’s becoming increasingly more unsustainable.
Per my last forum post, I’m thinking a lot about value alignment these days. I’m a value alignooooooooooor. And being blunt, guest passes are a value misalignment.
I’m a big proponent that we need to fix this for the benefit and value of Bankless DAO.
Right now, I see 3 options that can help minimize the guest pass issue and ensure they’re aligned with the broader community.
We’ve had discussions around this.
Decreasing the threshold from the 35K that was set at genesis is one way to minimize the Guest Pass issue.
The majority of growth in BANK holders has been within the sub 35,000 BANK area. By decreasing the threshold, a lot of guest passes would convert to full-time members, minimizing the overhead for those managing guest passes. Similarly, a lower threshold would promote more inclusivity as there’s a lower barriers to entry!
Another option is to sell Seasonal membership passes via NFTs. There were some early proposals for this, but nothing gained traction (Admittedly I was not a fan of this in the early days but have come around to it).
Rather than distributing guest passes, we could offer seasonal memberships for a reasonable rate (let’s say $100 - $250). All of the revenue accrued by seasonal memberships would accrue to the DAO treasury, providing a substantial revenue stream for the DAO.
For reference, if we sold 300 passes per season at $100, it would generate $30K per season ($120K per year!). Membership passes would expire every season and would require them to renew or become full member.
The third option is to offer access to the DAO for anyone that LPs on an DEX. The value alignment here is that they provide liquidity to get access to the DAO. It doesn’t how much they provide, but more of a “Proof of Knowledge” – do you have Metamask, do you know how to use a DEX, and can you LP to a DEX?
This would open up the door for anyone to join without any concrete amount of tokens, yet they’re still providing value to the DAO by LP’ing.
These are just some ideas on how to minimize the guest pass issue. It doesn’t have to be just one option either (ex: we could reduce the threshold & sell seasonal memberships).
There are hundreds of guest passes in the DAO with little intention to convert to Level 1s. This is for a range of reasons (can’t afford to convert, see little reason to convert, etc.). But regardless, they are not fully aligned with the DAO and it presents an issue.
Importantly, it’s creating a substantial amount of overhead for operators in the DAO as they constantly need to renew passes.
Let me know what you think.
- Reduce the membership threshold
- Sell Seasonal Membership NFTs
- Allow permissionless access via LP tokens
- A combination of any of the above 3
- Do nothing