Stepping down from BanklessDAO

Dear BanklessDAO,

This will come as an unexpected bit of news to many of you, but I will be stepping down from my (informal) responsibilities at BanklessDAO and taking an indeterminate amount of time off as well.

Coming to this decision has been about two months in the making and checkered with guilt, confusion, uncertainty, and sadness. It’s really hard to admit that something may not be right for you when you’ve poured heart and soul into it!

So, before I take an indefinite sabbatical, there are a few things I want to touch on:

  1. A reflection on how far we’ve come and what we’ve built
  2. My reasons for stepping down
  3. What’s next for BanklessDAO and me

A reflection on progress

BanklessDAO is a massive fucking success. When we started, we were just a bunch of excited PFPs on a Discord. But we’ve genuinely built something that will last, in some capacity.

As a thought experiment, ask yourself: If BanklessDAO had 0 BANK left to allocate, where would we be?

  1. A number of our projects would continue to operate. For the most part, our newsletters are self-sustaining. Bankless Consulting is exploding. The Rug generates its own revenue at no cost to the DAO. All of our software products (Bounty Board, DEGEN, DAODash) could probably go raise money from VCs. Many not-yet-live projects could continue on as passion projects or find their way into other DAOs.

  2. BanklessDAO has been a springboard for many of us to familiarize ourselves with the space. We’ve built our networks, joined other DAOs, upskilled, and adopted new technologies. We helped ourselves go Bankless.

  3. The PEOPLE. Good lord the people… BanklessDAO has materially changed the lives of many of us. I’ve made friends here that I will keep for life, and I think the same can be said for many others. I’ve had the pleasure to meet so many smart, funny, caring, and overall good people here at the DAO.

Consider that this is if our treasury was at 0! In reality, we’re vesting an additional 11M BANK on a monthly basis for another 27 months (we’ve vested for about 8 months so far) and are slowly accumulating revenue. We have a ton of runway left to utilize.

Throw on the fact that we have fresh talent joining the DAO and working on hard problems.

WAGMI

My reasons for leaving

If we’re a success, why get off the rocket ship?

BanklessDAO scaled rapidly. Faster than I could have thought possible. In the wake of its growth, we have a number of challenges we have to resolve:

  1. Economic sustainability
  2. Strategy
  3. Organization design (including subDAOs)
  4. Governance
  5. Compensation/Contributor Satisfaction
  6. Legal status
  7. Moving further on-chain
  8. Tokenomics, liquidity, L2s

These are all problems that I find challenging and fascinating, but feel the consistent burden of responsibility to find answers for.

Yes, I know that these are not my problems to bear and that I don’t need to handle these problems on my own, but I can’t help it. Given my position in the DAO as a leader, I feel the burden and can’t shake it.

All in all, it’s taken a massive toll on my mental health. I’m tired. I’m worn out. I put a lot of pressure on myself and it’s not fun anymore.

I played a big part in taking BanklessDAO from 0 to 1. I’m not excited about taking it from 1 to 100.

And honestly, in a way… I have this nagging feeling that I’ve been holding us back. I think there are others that are better suited to handle the tasks in front of us.

The path forward

So what exactly does “stepping down mean?” It means I’m recusing myself from any leadership and coordination work (including the GSE role). I’ll have my 35,000 BANK minimum, join the CCs when I have time, maybe write for the Writers Guild, and chime in on the occasional forum post.

But I’m stepping down from ops, governance, strategy, and leadership.

The process for off-boarding will be gradual. I do a lot of work for the DAO, especially for ops. I’ll be gradually passing off those responsibilities, but otherwise, I’m pressing the brakes on all the other things I’ve been driving forward.

Hang out with me long enough and you’ll here me say “If you step back, someone else will step up.” I believe that wholeheartedly. I’ve experienced it myself. There are many of us here that are passionate about governance, strategy, operations, and coordination. With me out of the picture, I suspect others will take on these challenges. I trust in the community, you should too.

Before I go, I have one last brain dump, tentatively titled My Vision for BanklessDAO. It’ll be a relatively comprehensive essay and roadmap on how the DAO can sustain itself far into the future. But it’ll be up to you to execute, should you choose to.

You may ask if I have a vision, why don’t I enact it? Again, I’m tired and don’t want that burden anymore.

As for me personally - I need to think through what I want to do next. I know that I want to take February to decompress. My topmost priory is my mental health. I also have a lot of writing I want to do - All these thoughts and lessons on DAOs that I want to get on paper. From there… I’m not sure. I still have my part-time role at HQ and that’s been extremely rewarding. But I also want exposure to other DAOs and how they do things. What’s the state of DAO tooling? How do VCs think about DAOs? I’ve had my head buried so long in BanklessDAO, this is an opportunity to canvas the rest of the ecosystem and level up my subject matter expertise.

On a personal note

Trying to wrap up, I feel like I should say something profound or inspirational, but it feels too contrived. So instead, I just want to say thank you. Thank you for this opportunity. Thanks for trusting me. Thank you for some of the most rewarding and meaningful months in my life.

Thank you for being my friends.

I love you all.

P.S. If you would be so kind, would you mind liking and retweeting this to signal boost?

53 Likes

I appreciate very much what you’ve done for the DAO. I wish you the best in your future endeavors. Also don’t forget to rest up before doing other things.

4 Likes

Thanks for your contribution to the DAO. I wish you all the best for the future.

3 Likes

Frens 4 life, super inspirational post tbh, I love you, WE all love you frog, stepping down so other people can step up, is true leadership. Can’t wait to catch up with you, off-topic, for now sending Aloha

6 Likes

I’ve learned a lot from you both from direct interactions and while watching from afar. You’ve done so much for this DAO and we have been so grateful to have you here. Best of luck and I hope our paths cross somewhere else in the of the web3 universe

5 Likes

I’ve heard it said that a candle that burns twice as bright, burns half as long. :candle:

Thank you for what you’ve done Frog, I think you’ve played an outsized role of instilling a positive ethos for the DAO and a firm rock of guiding principles. Wishing you nothing but positivity and recovery in your sabbatical.

I’ve also struggled with burnout, if and when you feel ready, we will always love to have you back. :orange_heart:

6 Likes

frog: you’re an inspiration to us all.

3 Likes

Frog, thanks for all you’ve done. Take care of yourself please!!

4 Likes

:hearts: :hearts: :hearts:

Thank you for your time, energy, love, and patience! We would not be where we are without you, sincerely.

I envy the next DAO that gains your attention (and let me know so I can load up my bags).

We have big shoes to fill and I’m confident that we will - even if it takes 10 contributors.

THANK YOU!!! :pray: :pray:

5 Likes

Thank you for your contribution to the DAO. All the best for your future endeavours

4 Likes

:sob: I’ve been so sick since early Dec. 7th, and I am a torrent of emotions over this. I just… :sob: am literally crying. Bro…

4 Likes

Although it goes without saying, it still needs to be said. Frog, we will miss you, wish you all the best, and hope our lives cross again. Thank you for all you have done for the BanklessDAO

2 Likes

I am gonna miss you man, you are one of the most intelligent individuals i have ever met. You work ethic and commitment to the dao and all things crypto will not be forgotten. I consider you a friend and i am honored i got to work alongside we first started the dao, good luck all your adventures this isnt good bye our paths will cross again

4 Likes

Damn, sad and happy for you at the same time. Thank you for all you have done from day 1 and hope you find yourself in a blissful place. If it means anything, try the Wim Hof method to unwind daily, you can find him on YT as well.
Cheers!

3 Likes

As much as I know you are doing the right thing for your wellbeing and I commend you for that (most will just suffer in silence). It’s a shame to see you go, you were a really helpful and understanding person in the DAO for me and I’ve always been inspired by your big picture and solutions focused mindset. Any other org or DAO will be lucky to have you.

PS: Please dont be a stranger and reach out once in a while, I wish you all the absolute best in your future!

3 Likes

I listened to the crypto sapiens podcast where you were the guest. I told my wife you were gifted. Your accomplishment here at BanklessDAO cannot be understated. It motivated me to do more. Take care of your health, good luck, rest up, and of course your friends are always here ready to receive you with open arms.

5 Likes

You rock. Thank you for that.

3 Likes

Ser, you are one of those outstanding individuals who energize, inform, synthesize, and create on a daily basis.

Even in the earliest days of this DAO, I remember being awestruck by the volume and clarity of thought coming from this pseudonymous writer known affectionately as Frog.

You’ve been and will continue to be a source of inspiration. I echo every sentiment expressed in this thread; I’m both saddened and excited for you at the same time.

Safe travels and may the wind be at your back. :hugs: :smiling_face_with_tear:

3 Likes

I always thought we were lucky to have you guide us through our pivotal early days here at BanklessDAO.

I’m feeling ambivalent, some sadness, but totally support the need for mental breaks and hopefully you feel rejuvenated after this hiatus. :pray:

4 Likes

Thank you for everything frog!! We’ll miss you.
Come back soon!!

4 Likes