September 30th marks the end of Season 1 , giving us a bit over 5 weeks to plan, prep, and execute a specification for Season 2.
For a quick refresher on seasons:
Season 1 was framed as a testing ground for what season could be. Guilds were new, coordination was prototypical, compensation had hardly been discussed, and governance was up in the air. In the 2 months since the launch of Season 1, we have made some incredible progress:
- Various guilds have spun up their own governance frameworks and roles (see Writers Guild)
- Guild roles have associated salaries and bounties continue to pile on
- Grants committee and project proposal workflows continue to solidify
Furthermore, our biggest priority was generating revenue, both on-chain and off-chain.
- Barring $BANK, our treasury is sitting at just over 90,000 USD in revenue. This does not include the most recent Metafactory drop, which will add at least another 30,000 USD at least.
- Most of our income has come through MF drops and NFT sales. Purely culture related
- There’s a good chance (market willing) we can end the season with 150,000 USD in revenue. Meanwhile, FWB is raising 10M USD with absolutely zero revenue. What kind of position does that put us in? (Much love to FWB, I’m a member myself.)
In short, we’re crushing our goals for Season 1. So let’s double down in Season 2.
In a recent Season 2 brainstorming session, many of settled on three main prioirities for the upcoming season:
- Doubling down on revenue-generating activities
- Happiness and retention
- Guild-based objectives
We have some solid POCs with various revenue generating activities
- NFT Sales
- Media node sponsorships (UMA sponsorship)
- DAO to DAO services
- Software products
- BED Index
Our next step is to double down on these initiatives. Properly build out teams, source talent, set objectives, and scale. This means staffing squads with different guild reps (like BizDev), setting KPIs, prioritizing DAO support for these objectives, and scaling. Eventually, the squads on each initiative will be able to sustain themselves purely through the revenue they generated, from expenses to compensation without the DAO’s full support.
Generating revenue is particularly important because we can reinvest that into our #1 asset – Talent. It’s no secret that compensation is still a tricky topic. This leads nicely into our next topic.
This priority has a few different faces to it.
- User onboarding and engagement. The First Quest project is leading this charge. For now, Angyts, Behold, and Chrisf.crypto have done a great job of easing new members into the DAO/discord with the various First Quest activities, like #first-quest-membership, #first-quest-firehose, #first-quest-scholar, and #first-quest-guest-pass. Future iterations will see this expand to guild specific quests.
Compensation. We’ll need to continually iterate on compensation. Right now, we have bounties and salaries for roles based on a 1,000 $BANK/hr benchmark, but we need to more innovative and fluid ways to compensation. Example could include using UMA’s KPI options or incorporating Coordinape. For example, see my projects proposal discussion under
Budgetingon how to integrate KPIs.
- Full time employment: There’s been some discussion around hiring a handful of DAO members as full time employees. Members that are providing extremely high-value output that don’t fall into the typical project/role category. Throwing $BANK at them may not be the most effective method, but to retain their talent in the upcoming season, we may need to allocate a couple million $BANK to them. (More on this later.)
Now that Guilds are largely self-sufficient in their operations - though some more than others - they should begin to set their own goals in order to better improve operations and find better ways to support the DAO.
These goals are supplemental to the DAO. In most cases, they should not supersede major projects that require guild support.
I’d urge all guilds to discuss this on their weekly meeting or hold a separate meeting altogether.
For Ops and Governance, there are two major changes and one minor change proposed:
- (Major) Formalize the project proposal workflow presented in this forum post. Next steps would involve porting it over to Notion and modifying Discourse (forum) to reflect the new process
- (Major) Replace the current BanklessDAO multisig signers (see under Community Treasury) with members elected through the DAO. Read more here.
- (Minor) Formalize that the Grant’s Committee must release a forum post recapping their discussion after each week’s meeting along with reasoning as to why any proposal were rejected. Note that proposals that follow the project proposal workflow will most likely never be rejected.
Budgeting falls into three categories:
- Seasonal Projects
- Grants Committee
In season 1, we allocated roughly 380,000 BANK per Guild. Most of these multisigs are still flush with BANK, as guilds are still in the early stages of distributing BANK for roles and bounties. Going into Season 2, guilds should project their budgets based on:
- Roles held and expected salary
- Expenses (software)
- Miscellaneous bounties, both inside and outside the guild (suggested 75K)
- Small amount of BANK to bootstrap projects before rolling up to Grants Committee funding (suggested 100-150K)
BANK already in guild multisigs will count towards next season’s ask.
Seasonal projects are initiatives that the BanklessDAO has collectively decided to focus resources towards. In the context of Season 2 planning, these are projects that have been thoroughly scoped and staffed and are requesting funding to last until the end of Season 2.
Such projects will likely include, but are not limited to:
- First Quest
- Bounty Board
- Bankless Academy
- Podcast/Newsletter Incubator
- Merch Shop
With Season 2 down the road, all projects that expect funding for Season 2 must begin preparing their budgets.
The GC started with 5M, with 1M allocated for Coordinape. Of the 4M, there is 1.7M remaining with a month left in the season. Given projects were slow to start, it’s likely that this upcoming season will require more in Grant Committee funding.
With roughly 11.11M BANK vested each month (33.33M for the season), a rough number of tripling the seasonal spend to 15M seems reasonable.
This would allow us to expand the Coordinape circle to monthly Coordinape rounds. To account for guest passes, I’d like to propose 1M BANK in coordinape per month, of which 1/3 is set aside for Guest Pass members. In other words, 2M over 3 months for Level 1 DAO members and 1M over 3 months for Guest Pass users. (Shoutout to @jameswmontgomery.eth for the idea).
- 15M total
- 2M in Coordinape distribution for Level 1
- 1M in Coordinape distribution for Guest Pass
- 12M remaining for projects
- Assumes that most projects are already funded
(Running out of steam here )
- Deliberate on DAO priorities
- Deliberate on ops/governance changes
- Formalize new Season 2 spec
- Plan guild budgets
- Plan project budgets
- Formalize Grants Committee budget
- Create 4 separate snapshots: (1) Season 2 Spec, (2) Seasonal Projects, (3) Guild Budget, and (4) Grants Committee budget