Great overview, thank you! Quick thoughts from me in the order of the topics raised.
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 in Season 3.
I voted for keeping the threshold the same. As someone who was able to start 2 projects, receive GC funding and contribute to a number of other projects all while being on Guest Pass, I believe we already have a great framework in place for newcomer experience to not depend on how much BANK they hold. If they want to participate — they participate. Coordinape round is the only example of something they’d potentially miss out on that I can think of. But one could argue that it only motivates teammates to throw bounties at that person to elevate them as soon as possible. I’ve been collaborating with some Guest Pass holders recently that I’d call the driving force of this DAO without hesitation. And naturally, they became L1 in no time.
That was against decreasing the threshold ^. Now, I wouldn’t increase it either since - as we all know - BANK is set to explode sooner than later, making 35,000 BANK reflective of this risk/reward balance shift that’s worth paying premium for from investor perspective. I don’t see the need to multiply that by increasing the BANK number.
Whale: 100,000 BANK (lowered from 150K)
Arming myself with the definition of Whale as someone capable of affecting the market price by shifting liquidity balance substantially, I voted for Whale threshold increase. I don’t believe moving 100,000 BANK around would make a dramatic difference in the near future, and this will be true to a higher degree long-term. I think calling someone a Whale should go with increased responsibility semantics VS being a cool meme.
Note that we don’t have a framework in mind for capping funding if we go with flexible budgets. This would be a fairly radical experiment to see how we, as a DAO, request funding when we are not resource-constrained.
The grants committee has distributed over 90% of its budget in S2. It’s worth noting that most projects have been funded in Season 2 and will qualify for S3 direct funding.
- Increase Guild Funding (>5M BANK)
- Keep Guild Funding Unchanged (5M BANK)
- Transition to Flexible Funding
- Decrease Guild Funding (<5M BANK)
In my experience, Grants Committee doesn’t have a solid expertise and evaluation framework to rely on when funding domain-specific or highly-technical projects. This would hit hard when combined with flexible budgeting, because now the last layer of protection against inefficient spending — the hard cap — is removed.
Nevertheless, I’m in favour of the flexible budget, however only if it goes along with increasing Guild funding and not increasing GC funding. Guilds would be encouraged to elect their own committees with enough expertise to evaluate project deliveries and asks, because their next season funding would be on stake essentially.
Grants Committee, in my opinion, should not do domain-specific evaluation without at least advice from a guild-level authority.
Additionally, Season 1 and 2 featured the hourly rate guideline at 1,000 BANK per hour. There have been multiple discussions around changing this figure.
I think we could also start thinking about the future model of funding that’s more crowdsourced VS being reliant on treasury 100%.
There is an opinion that we may run out of liquid capital unless we decrease hourly pay or something like that. And I think we can do better than that if we start thinking early enough. The DAO won’t run out of capital, it will be just transferred to contributors. This doesn’t necessarily make it illiquid, it just means that future projects can be crowdsourced, pumping capital back through the DAO value production engine and generating returns for everyone.
Though this would certainly require a more convincing plan for people to invest in, rather than current GC approach which lets us burn BANK here and there. So I’m totally on board with the plan to focus on leveraging our existing products as much as possible!