Polygon $BANK & DEGEN Tipping

Polygon $BANK Formal Proposal

Title: Polygon $BANK Formal Proposal

Authors: @sweetman.eth

Date: September 10, 2021

Originally posted by @sweetman.eth. Reposted with poll.

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)

  • I support this proposal
  • I do not support this proposal

0 voters

3 Likes

I like this conceptually, but I worry about liquidity, since it’s pretty tight already on eth mainnet. I would be super happy to see more LP options on Polygon AMMs and would be interested in participating myself in some of those with cheaper gas fee options. Liquidity is an issue and there are other tools that might be interesting (olympus pro, Toke - Core2 vote is coming next month, Ondo Finance, Abracadabra, etc), but I suppose that is a topic for treasury.

The poll done on side chains was from July (prior to Optimistic Rollups launching) and I’m wondering if we shouldn’t consider another poll to see if folks prefer Arbitrum and/or Optimism. I would prefer choosing one (most likely polygon, given it’s maturity, but would be good to have feedback from the community) and plan on rolling out to others as we enter future seasons for the DAO.

Another thing I would be curious to know is how many folks are not actively tipping because of gas prices? I assume we will see an increase in general, but would be interesting to know via a poll how many folks are not tipping due to gas or other pain points?

2 Likes

I agree, liquidity is a great idea. I had originally included liquidity in this proposal, but was told it’s slightly out of scope for our MVP.

I’m sure, one I get the Polygon rails in place, we will have the opportunity to raise the liquidity question.

1 Like

Would love to see BANK on polygon. Also decentralised tipping.

We definitely need this on a layer 2, I’m digging polygon.

Two concerns would be liquidity and withdrawal. Would we be migrating the mega pools to a polygon exchange? Would we need to incentivize it?

The second would be the extra steps to take it back to main net to withdraw as a stable to a CEX. Unless there’s already some fiat ramps to polygon already

2 Likes

Makes perfect sense for increased circulation and adoption of BANK. Staking on Polygon would be a big plus too!

1 Like

100% out of the votes so far are in favor for this proposal, but I would like to reiterate how important this is.
In Bankless Brasil, we set out to give out 350 BANK for premium subscribers on our substack.
Mainnet is too expensive and polygon would be the best choice!

1 Like

(post deleted by author)

1 Like

There needs to be liquidity available on Polygon for this to be viable. I think the proposal should include funding to seed that. It needs to be significant to make sense. I don’t know how deep that is exactly. That may be a separate proposal that should go to snapshot and not come out of S2 funding.

1 Like

This is so incredibly important. It seems like making movements in and out of BANK readily and cost effectively would be aligned with the overall mission of the entire DAO. It would also promote new use cases that support financial freedom and independence.

I’m still feeling really hesitant regarding the liquidity part. It really seems like we would need a huge pool to make it viable…

Has there been any discussion with the key holders of the main liquidity providers on L1 (if they’re known)… If they’re not known, could the treasury be involved with moving that pool over or the founding team if they have that ability?

Collab.Land doesn’t require liquidity of BANK to operate. We each provide the available BANK to send. It’s P2P, essentially. You have to deposit BANK into your tipping wallet to have BANK to send. Or someone has seeded their own wallet and sent you BANK. But whatever the case, this isn’t operating on existing liquidity. Everyone who uses Collab.Land to tip commits their BANK to a community pool on KChannels, but this is not the same thing as providing liquidity. Your BANK goes into the pool, and when you tip, it gets paid out of your share of that pool, and Collab.Land manages the ledger, not Ethereum. The tipping mechanism on Polygon would essentially be P2P as well, except we wouldn’t be using KChannels as a middle man.

3 Likes

You’re right. The liquidity is outside the scope of this proposal and not needed.

1 Like

I just checked the polygon bridge: Polygon Web Wallet v2

It looks ‘BANK’ is not in their list yet. I think we need to get it listed in first. To achieve that, we need to contact polygon team . Checking their faq:

My token is not visible in the list. Who should I contact?#

Reach out to the Polygon team on Discord or Telegram and get your token listed. Before that, ensure your token is mapped. If it is not mapped, please raise a request at https://mapper.matic.today/

BTW, this is an excellent proposal and it can saves large amount of transfer fees, ethereum gas fee is too high. By tipping on polygon, I think people can be more likely to tip others.