Bankless DAO! We’re a little over one month away from the end of Season 1. As such, we need to start planning for Season 2 and the encompassing programs. This post serves as a general temp check featuring a range of polls across different aspects of Season 2.
The results of the poll will influence the proposed Season 2 spec & budget. However, none of the poll results are official and the actual spec will reflect the encompassing discussion in this thread (not just the poll results!).
This aims to be a relatively neutral temp check - I will weigh in my two-gwei in a reply to this post.
Let’s get into it!
The current membership threshold stands at 35,000 BANK to join the Discord. We have the option to increase, decrease, or keep the existing threshold.
- Pros of increasing: Requires people sitting at the threshold to opt-into the next Season
- Cons of increasing: Increases barriers to entry for new participants
- Pros of decreasing: Increases accessibility for joining the DAO
- Cons of decreasing: We’ll see a larger inflow of new members (this could be a pro or a con depending on perspective) and/or leave contributors with less skin in the game.
- Increase Threshold
- Decrease Threshold
- Keep Threshold Unchanged
Follow up poll for membership threshold:
- Raise to 40,000 BANK
- Raise to 50,000 BANK
- Decrease to 25,000 BANK
- Decrease to 10,000 BANK
Splash Zone / Level 3 Status
DAO members can earn whale status and a special channel by holding 150K BANK. We have the option to increase, decrease, or keep this unchanged.
- Increase threshold for Whale status
- Decrease threshold for Whale status
- Keep threshold unchanged for Whale status
Season 1 allocated 11M BANK for a range of initiatives, including funding the grants committee, allocating BANK to guilds, and an end-of-season Coordinape Round. For reference, we have about 151M BANK in the treasury as of now. Remember: Seasons aim to last ~3 months so there are diminishing returns on the amount of BANK we distribute!
- Increase Seasonal Spending
- Decrease Seasonal Spending
- Same Seasonal Spending
Follow up poll for Season 2 budget:
- 7M BANK
- 10M BANK
- 11M BANK
- 21M BANK
According to the Season 1 spec, the seasonal budget will largely be broken down into a handful of categories including Grants Committee, Guilds, Seasonal Projects, and Contributor Rewards. Season 1 allocated 5M to Grants, 5M to guilds, and 1M to a Coordinape Round for Contributor Rewards.
The grants committee has distributed roughly 66% of its budget in Season 1.
- Increase Grants Committee Funding (>5M BANK)
- Decrease Grants Committee Funding (<5M BANK)
- Keep Grants Committee Funding Unchanged (5M BANK)
This one is a bit tougher to gauge right now as we could use some data on how Guilds have spent their funding (cc @paulapivat !). Season 1 allocated evenly across guilds–obviously this isn’t most effective way to do it.
We should be allocating guild funding based on how each guild spent their previous seasons funding as well as the size of the guild & value it provides to the DAO.
- Increase Guild Funding (>5M BANK)
- Decrease Guild Funding (<5M BANK)
- Keep Guild Funding Unchanged (5M BANK)
The goal here is to identify a handful of revenue-generating projects to fund in Season 2 to continue operations and growth. We currently have a handful of projects earning revenue for the DAO. This poll will be a multiple choice vote to identify the key projects that people believe should receive funding. Ideally we’re funding 3-5 projects directly within each Season.
- Merch Sales
- NFT Showcases
- BED Index
- Editor & Writing Services
- Liquity Frontend
- DAO Rollup Sponsorships
Season 1 allocated 1M BANK to a one-time end-of-season Coordinape round. We have yet to launch this so results vary. However, our Season 0 round was a big success.
- Increase Contributor Rewards
- Decrease Contributor Rewards
- Keep Contributor Rewards Unchanged
Follow-up on the frequency of the Coordinape rounds for Season 2:
- Increase Frequency (Monthly)
- Keep Frequency Unchanged (End of Season)
The final thing worth considering to implement in the Season 2 budget is liquidity mining programs. Right now, we have two potential opportunities for liquidity mining: BANK-ETH and BED-ETH.
To clarify, each liquidity mining program would only last the duration of the Season and would require a renewal on a season-by-season basis. These programs will also require further analysis to idenitify the optimal allocation (depending on liquidity target & respective APYs).
BED-ETH Uniswap V3 Liquidity Mining
- Launch BED-ETH Liquidity Mining
- Do not launch BED-ETH Liquidity Mining
BANK-ETH Liquidity Mining
There have also been discussions about launching a liquidity mining program for BANK-ETH.
- Launch BANK-ETH Liquidity Mining
- Do not launch BANK-ETH liquidity mining
In my mind, there are two avenues here to consider. One is the 80/20 BANK/ETH Balancer V2 Pool which has been discussed. The other is jumping on the Uniswap V3 train if there’s a BED-ETH liquidity mining program.
There are some pros & cons to each:
Uniswap V3 50/50 BANK-ETH: We can just fork the BED-ETH liquidity contract if we pursue that route and implement it for BANK-ETH. People will be familiar and it creates solidarity across both programs. Importantly, the liquidity depth in v3 will be significantly higher than Balancer v2. The downside is we’re unsure if Collab Land can support V3 NFTs–however, our neighbors at Friends With Benefits are implementing a V3 liquidity mining program (who also use Collab Land). There’s also potential for us to implement this functionality into DEGEN.
Balancer V2 80/20 BANK-ETH: The benefit is that there’s a lower impermanent loss risk for the 80/20 pool and we can easily support BPT tokens for Collab Land. The downside here is that this pool doesn’t really solve our liquidity issues, and is more of a token economic upgrade than liquidity upgrade.
- Launch Uniswap V3 LM Program
- Launch Balancer V2 LM Program
These polls should cover the majority of the spec for Season 2, however, we may be missing some stuff. Let me know! Some of the more nuanced discussions will likely need to be forked into separate threads over the next few weeks as we dig into these.
Again none of the polls will officially determine the Season 2 spec. This is used to gauge sentiment from the DAO on the direction for Season 2.