Polygon $BANK + DEGEN Tipping

Polygon $BANK Formal Proposal

Title: Polygon $BANK Formal Proposal

Authors: @sweetman.eth

Date: September 10, 2021

Summary

  • Configure bridging for BANK between Polygon and Ethereum.

    • $BANK (ETH) ⇒ $BANK (Polygon)
    • $BANK (Polygon) ⇒ $BANK (ETH)
  • Add Tipping to DEGEN Bot to send Polygon $BANK.

    • Collab.land will stay on Ethereum Mainnet. :white_check_mark:
    • KChannel migration research will NOT be necessary.
  • Create Content

    • Notion Docs.
    • How-To Videos. :tv::popcorn:
      • Bridging Tokens.
        • Ethereum ⇒ Polygon (MATIC).
        • Polygon (MATIC) ⇒ Ethereum.
    • Website Updates.

BACKGROUND

Why are you making this proposal?

Despite widespread desire to bridge BANK to Polygon, no thorough effort has been exerted to affect this change. I have done this work before and want to handle it on behalf of the DAO (with encouragement from jameswmontgomery.eth, DidierKrux.eth and IcedCool.)

What problem or opportunity does this proposal target?

Problem: High gas fees on Ethereum adds friction to Bankless DAO member’s ability to send $BANK tokens. :fuelpump:

Today, $BANK tokens are sent via the Ethereum blockchain.

If a member of Bankless DAO wants to send $BANK, they experience 1 of 2 pain points:

  1. Pay Ethereum gas fees which could be up to $100+ per transaction.

  2. Send using Collab.land Bot (not your keys, not your crypto).

  3. When you want to withdraw to your wallet, members may experience pain point #1 again.

Therefore moving to Polygon reduces fees to about $0.0001 per transaction. Also, bridging back to ETH would be just as costly as Kchannels.

What are the driving factors behind why you think this is a good idea?

  1. It is more economically feasible to send $BANK on Polygon than on Ethereum. :rocket:
  2. Bankless DAO Members are asking for Polygon support (see above) in this journey of trustless interoperability. :speech_balloon:
  3. Bankless DAO has already received a grant from Polygon in the past and is therefore conditioned to our workings. :raised_hands:
  4. This further enables Bankless Academy rewards.

MISSION & VALUES ALIGNMENT

How does this project help the DAO achieve its mission and align with its values?

  1. Make payments in Bankless DAO easier. :green_heart:

  2. Easier payments = more paid contributions = larger savings for the $BANK treasury.

  3. Make the $BANK token more viral. :microbe:

  4. Less gas to send.

  5. More blockchain exposure opens up several other possibilities for liquidity with $MATIC (Polygon).

  6. Increase Bankless DAO awareness of Polygon’s Blockchain. :earth_asia:

  7. Learn by doing: send $BANK on Polygon to understand the benefits of the blockchain.

  8. Showcase the $BANK x Polygon partnership as a symbol of Polygon’s commitment to the DeFi industry.

SPECIFICATION

Squad Details:

  1. Engineer - sweetman.eth :white_check_mark:

  2. Add Tipping to DEGEN on the Polygon Network. :wrench:

1. May need Discord Admin help.
  1. Verify Bridging of $BANK works both ways. :mag::mage:

  2. Content Creator - Creates How-To Videos :tv::popcorn:

  3. Education & AV guild collab. 🙋

  4. Bankless Academy 🧑‍🏫

  5. Add Polygon to the First Quest section of the DAO.

  6. Possibly update our website and Medium with partnership details.

Project Plan:

  1. Weeks 1-2: Bridging of $BANK tokens works both ways on testnet and then mainnet. :bridge_at_night:

  2. Weeks 3-8: Create Video tutorials to show the $BANK community how they can use $BANK tokens on Polygon. :tv::popcorn:

  3. Also demonstrate how to bridge between Ethereum < === > Polygon.

  4. Weeks 3-6: Add Tipping to DEGEN bot using Polygon Network. :wrench:

  5. Will not impact tipping functionality with Collabland.

  6. Weeks 8-12:

  7. Bankless Academy Quest: L2s & Polygon. 🧑‍🏫

  8. Add liquidity on Uniswap, Dinoswap & Quickswap (optional).

FINANCIAL IMPLICATIONS

  1. Total - 91,002 $BANK (breakdown below)

  2. Bridging - 26,002 $BANK

  3. 1,000 $BANK - used to send across the bridge.

  4. 0.01 MATIC - used for gas fees.

1. Minimum needed: 1 MATIC.
2. ~2 BANK
  1. 0.5 ETH - used for gas fees.
1. Minimum needed: 0.25 ETH.
2. 1 $BANK = 0.00002 ETH
3. 0.5 / 0.00002 = 25,000 $BANK
  1. Squad Compensation :green_heart: 65,000 $BANK

  2. Engineering - 35,000 $BANK (helps me earn level 1 status in Bankless DAO) :medal_sports:

  3. Content Creation - 30,000 $BANK

BRAND USAGE

Bankless DAO brand will be used in all aspects of this project including:

  1. How-To Videos - Intro / Outro branded. :camera:
  2. Bankless Academy Quest - branded. 🧑‍🏫
  3. Maybe some other aspects here need branding we’re not privy to yet. 🤷

SUCCESS METRICS OR KPIS

How will the project’s success be measured?

  1. Full integration of DEGEN tipping using $BANK on the Polygon Network.

NEXT STEPS

  1. DAO approval.

  2. Funds raised.

  3. Who do we talk to about promised funds?

1. Can we receive native Eth & Matic? Or, will we need to use an exchange to swap tokens? 🔁
  1. sweetman.eth bridges $BANK

  2. Ethereum ⇒ Polygon (Matic).

  3. Polygon (Matic) ⇒ Ethereum.

  4. Create bounties for content creation squad member(s).

  5. Add Tipping to DEGEN bot using the Polygon Network.

SQUAD BACKGROUND

sweetman.eth is a

  • full time software engineer at Mint Songs - Uses Polygon to “Helping music artists build vibrant web3 communities” :musical_note:
  • creative coder - uses Polygon smart contracts to mint generative art :art:
  • member of Bankless DAO Dev Guild. 🧑‍💻
  • teacher - teaches 1,800+ global students how to code blockchain dApps on Polygon. 🧑‍🏫
  • podcast host - daily blockchain / conversational AI podcast. :headphones:

I focus most of my efforts on Polygon Blockchain development.

I also have the goal of earning level 1 status in the Bankless DAO. This project will help me achieve that goal. :medal_military:

POLL (Discourse Post Usage Only)

Add a poll with a clear for or against position (e.g., Approve/Reject or Yes/No). You can include a “support direction but needs improvement” option, but that will be counted as a Reject/No vote for any funding purposes.

Include links to any other polls that have been conducted, such as discord polls to gauge support.

7 Likes

I am for, and I would add a poll to your post if I could. You can edit to add it.

1 Like

Support this. I can’t wait to migrate Dev Guild treasury to Polygon.

2 Likes

Definitely much needed initiative, happy with the funding proposal put up as well. Please edit your post to add a poll. thanks!

1 Like

I’m in favor of moving to polygon, but this looks like two proposal wrapped in one:

Moving txs to Polygon and adding polygon to Bankless Academy.

With the way BA is set up, you’d have to approach the BA team about a polygon course, that’s not something the DAO can really mandate BA, though we can definitely signal.

And yes pls create a poll.

1 Like

I think moving the tipping to Polygon and creating the bridge is a fantastic idea as well. There is over 90k bank in Collabland currently, and those gas to transfer to L1 is cost prohibitive for those hoping to use tips to make L1.

Agree with frogmonkee that the Bankless Academy quest (point 7 in Project Plan) probably needs to be split to a second proposal, where the Academy coordinators can perform a timing assessment. The team is committed to the S2 Spec, and while we can try and execute the L2 & Polygon quest , we do have a project plan we are committed to nailing this season.

1 Like

Thank you so much @sweetman.eth for taking care of the Polygon $BANK proposal :clap:

I support this proposal at 200% :green_heart: because I think it’s going to add a lot of value to Bankless DAO!
Moving $BANK to Polygon is going add velocity to the token, which is going to accelerate the way people work in the DAO thanks to removing friction for tipping and bounties. :rocket:

Some clarification related to the Bankless Academy project:

  • There is no short term plan to distribule BANK token as a reward on Polygon mainnet for the Academy because we are still very early in the project and if we would want to implement this, we would first need to solve Sybil attack problems (avoiding people to create bots and steal BANK rewards for example). This is a still a hypothetical and long term plan.
  • However, having BANK on Polygon testnet is where I see this proposal being very useful for the Academy in the short term, especially because layer2 are a priority in our roadmap (not only because of the grant, but also because layer2 is what’s going to be very helpful for newcomers in crypto that want to use DeFi). We haven’t discussed this yet, but here is how I envision it: in order to teach people how to manage ERC-20 tokens (send from one wallet to another, swap 1 token to another) we would need to use a token as an example and BANK would be perfect for that. This is most probably going to happen on a testnet because it doesn’t cost anything and it’s perfectly suited for learning how it works.

→ Using the BANK token as an example would be an amazing opportunity for us to give it free exposure. Basically the Bankless Academy wouldn’t bring direct revenue to the DAO in the short term, but indirectly by giving that exposure it would help pushing the price up. A good metric to track that would be: how many people buy BANK token on mainnet after having learned how to swap it on testnet thanks to the Academy (having the POAP would prove that).

1 Like

Here are a couple suggestions/comments on how to improve this proposal:

  • Send using Collab.land Bot (not your keys, not your crypto) → mention the 0.5% fee to every tipping transaction :face_with_monocle:
  • fix the numbered list issue (copy/paste bug 🪳) because it makes it confusing …
  • in your background you can add your work for Bankless Academy: implemented network switcher :wink:
  • who is that squad in “Squad Compensation”? only you? is it to pay for bounties … it’s not very clear to me :man_shrugging:
  • adapt relation with the Bankless Academy with my previous post after you get feedback from other members
  • for the funds needed I think you should ask the GC (Grand Committee) directly Discord … if they can’t provide ETH & MATIC, you would have to swap them yourself indeed
1 Like

Something else I would love to see soon for bounties but might be out of scope here: the possibility for projects/guilds to pay bounties with Polygon via DEGEN.

Basically, have a dedicated wallet for each project/guild where you could send BANK via Polygon from the Gnosis safe. After a bounty has been completed, n numbers of lvl2 would need to validate the bounty transfer via emoji poll :+1: or any other convient mechanisms.

This would make bounties so much easier to handle … because right now I see so much friction with bounty payment in the DAO. Solving this could accelerate the way we work! :rocket:

cc @nonsensetwice @amaredeus :eyes:

1 Like

Reposted with poll