S7 Thrivecoin Workstream Funding Proposal

Grants/Funding
1

Project Champion: Above Average Joe#5427

Squad: Shepherd#4795, Ernest_of_gaia#4762

Authors; Editors: Above Average Joe; Ernest of Gaia

Purpose: This is a grant proposal for the ThriveCoin Workstream to accelerate the adoption of ThriveCoin Rewards. ThriveCoin is an external test net token that allows the DAO to engage fans, attract contributors, and build a sense of community. Many of the things that the DAO’s early adoption of coordinape was meant to do.

Affiliation: Operations Dept. (impacts all organizational units syndicated by the DAO)

Date created: 1/10/2023

Date posted: 2/2/2023

Funds requested: 250k BANK Total

Project wallet(s): 0xFE9D433a78c2F9228c91666770174145b7e1E2DD

bDAO Discord Channel: “#ThriveCoin” channel and associated threads in the Operations Department

Table of Contents

  1. PROJECT TEASER
  2. SUMMARY
  3. RETROSPECTIVE
  4. FINANCIAL IMPLICATIONS
  5. SEASONAL KPI
  6. COMMITMENTS
  7. BRANDING
  8. FURTHER PROJECT CHANNELS

PROJECT TEASER

ThriveCoin is an external, currently testnet token, that allows the DAO to engage fans, attract contributors, and build a sense of community. Accumulating ThriveCoin Rewards gives members a chance each season to win NFTs from DAO partners and frenz.

SUMMARY

Project Description

The ThriveCoin Workstream is for maintaining and administering ThriveCoin Seasonal Rounds. The Seasonal Rounds allows the DAO to leverage engagement with the Rewards Program to promote revenue generating and community building activity within all DAO sectors.

We intend to fund the workstream from the partnerships that supply rewards to the Program. Within 2 seasons (7 & 8). We aim to be self-sustaining and even return a revenue stream to the DAO.

The ThriveCoin NFT Prizes reduce the amount of BANK that has historically been used to build a sense of community, and drive consumer behavior, around token holding.

Any form of BANK utility that gets developed by a project can become a use case that is rewarded through the ThriveCoin Prize Pool. We increase the chances to get raffle tickets based on those activities that bring the most value back to the DAO.

This provides enhanced utility and incentives for any project that is developing utility for the BANK token or that wishes to incentivize work or contributions for the public good.

Past Activities

Season 5: Testing the idea and building a daolationship with ThriveCoin

Season 6: Broadening of implementation, integration with DAO units, and the evaluation of impact have been this season’s successes.

https://www.notion.so/bankless/2st-Draft-S7-ThriveCoin-Workstream-Funding-Proposal-7c0a299ff0d64555a3fed644b80fbcd3#49e2bf5847294378a8f68ffc7ace645f

RETROSPECTIVE

There is a budget for retrospectives included in this mid-season grants request which was started on January 25th.

ThriveCoin Retrospective Evaluation of Contributions

Bankless Contributions Analysis

Evaluation Metrics for each Contribution

image|624x195.60754293296588

The contributions we are evaluating

image

image

FINANCIAL IMPLICATIONS

Project Breakdown

200,000 BANK will be used to build partnerships and acquire Prize Pool Rewards. Any workstream surplus will be rolled into this prize pool.

Compensation Breakdown

Earmarked workstream compensation will be distributed internally among those who are role holders based on criteria established by those who collectively hold Workstream roles.

Details TOTAL S7 (BANK)
Administration 35,000 - 41,000
Retrospectives 6,000 - 25,000
Ad Hoc 3,000
TOTAL S7 (BANK) 50,000

Administration

  • 35-41k All workstream administrative tasks will be divided from among this share.
    • We are tracking titles of tasks, status, tags, types, POCs, priority and estimated hours in order to be able to assess how any incentives may best be distributed for workstream activity

image

  • Some tasks include: Prize acquisition, Raffle administration, Contribution type maintenance and evaluations, Working with the Education Department to develop educational material and sessions, and Weekly community call updates

Retrospectives

6k-25k BANK for Retrospective Evaluation (PMGuild 6k for 90 mins of eval)

Ad hoc & operational expenses

3,000 BANK for graphics and design

Revenue Model

  • Consulting, Training, & Assisting Projects through exploratory testing to help DAO units capture value through gamification of social activities.

40% of the Prize Pool Rewards go back to the workstream for compensation of work

  • 20% goes towards tooling
  • 20% goes towards contributor work

SEASONAL KPIs

Factor KPI Success Metric
Contributions # of contributions completed # ≥ 5,000
Partners prize pool size # ≥ $10,000
Partners # of partners secured # ≥ 1

Commitments

Our workstream will support all projects that pass a percentage of revenue/profits to the DAO treasury, and will strive to recognize contributions that add value to the DAO in as many areas as are trackable.

Brand Usage

We request the right to use BanklessDAO graphical assets for IRL events and promotions for which bDAO is a part of and where ThriveCoin rewards are offered.

FURTHER PROJECT CHANNELS

  • Approve
  • Revise
  • Deny

0 voters

4 Likes
3

Full disclosure on my part. I participate for a full hour on points awarded and being eligible for rewards. As an early contributor to this proposal am in total support and plan on participating to the fullest. If/when approved this proposal and implementation will improve both recruitment to bDAO and become a critical part of talent retention. It will also generate revenue to extend our runway and ensure longevity. A lot of potential. Please vote in favor.

3 Likes
4

hopefully this week or during gap week we will be able to add a summary of the spreadsheet included here for reference that highlights some of the most interesting data.

3 Likes
5

First, thank the squad for bringing this project to bDAO. I’ve been automatically getting the Thrivecoin rewards after registering. It’s an interesting experiment.

As for the S7 funding proposal, I’d like to gather more information before I can vote.

  1. For the KPIs, can you please explain why “Contributions” matter? The platform calculates one’s contribution to bDAO and gives out Thrive coins automatically. I rarely checked the rewards, and it seems that it won’t impact me in terms of contributing to bDAO. Is there evidence to prove that the growth of contributions is directly due to the impact of Thrivecoin?

  2. What’s the roadmap for this project, and where are we at S7?

  3. Is there a breakdown of the major tasks/workstreams planned for S7? The proposal only briefly says, “200,000 BANK will be used to build partnerships and acquire Prize Pool Rewards”.

Thank you.

3 Likes
6

1: We are in the process of separating retroactive reward numbers from current contribution results so that we can show the changes from Pre-reward, and Season over season completion growth metrics.
For now, one of the better ways to infer that is from the % of unique connected users completing a task. We’re definitely interested in expanding our ability to monitor this ASAP, as it also can tell us if rewards are too high/low.

2: There’s not a fully fleshed out roadmap recorded, but the general plan is to create revenue capture opportunities in projects, reward those revenue generation items, and to capture a small percentage of the revenue to fund the workstream and prize pool. We’re going to reward non-revenue generating items too, that help support syndication from projects within the DAO. Our first growth target is to obtain enough revenue in the workstream to not need a second funding proposal. We’re also going to be using this method to ensure project revenue opportunities are sending a portion of funding to the main treasury of the DAO. As far as where we are for S7, The Making Bank podcast is working with us to set up a juicebox supporter system that will be our first workstream revenue opportunity. We’re hoping to have this method active and generating revenue for the DAO/Podcast/Workstream before EthDenver.

3: It was included in our first draft, but was removed in a subsequent edit. The 200k Bank is 100% allocated to the prize pool, and converting that bank into value add prizes is one of the roles that will come out of the remaining 50K of the budget. E.G. We trade x Bank to perchy in exchange for one of his Chippi.
Some other roles that we’re working toward:
Community Call updates/Social presence
Prize Pool management/Acquisition
Project liaison (New contribution identification)
Corruption/Gaming Watchdog
Reward calibration review
Record Keeper
Education/Onboarding material mgr
Feedback mgr
and probably more, once the niche tasks are identified.

I hope you find these answers helpful and adequate, but if you’d like more detail, I’m happy to dive as deep as you’d like!

3 Likes