Hey Bankless DAO. It’s that time of the season where we start looking ahead into Season 3.
This post serves as a general temperature check to help weigh in and align on the S3 Spec.
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 in Season 3.
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
- Hold at 35,000 BANK
- Decrease to 25,000 BANK
- Decrease to 10,000 BANK
Splash Zone / Level 3 Status
- Increase threshold for Whale status
- Decrease threshold for Whale status
- Keep threshold unchanged for Whale status
Add Mega Whale Zone
There’s now nearly 30 addresses with 1M BANK. Season 3 could create an additional whale channel for those that have reached the seven-figure threshold!
- Add Mega Whale Zone
- Don’t create Mega Whale Zone
Season 1 allocated 11M BANK while Season 2 increased the spending to 20.5M BANK. For reference, the treasury currently holds 141M BANK with an additional 33M expected to vest during Season 3.
- Increase Seasonal Spending
- Decrease Seasonal Spending
- Same Seasonal Spending
One of the issues with Season 2 was that the capped budget constrained a lot of projects and guilds. In Season 3, we’re opening up the option for a flexible budget following all project & guild submissions. By flexible budget, this means we will accommodate all guild and project budgets (within reason) and add on Grants Committee + DAO-wide Coordinape.
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.
With that, here are the options:
- Less than 10M BANK
- 10 - 20M BANK
- 20-33M BANK
- Transition to Flexible Budget
The seasonal budget will largely be broken down into a handful of categories including Grants Committee, Guilds, Seasonal Projects, and Contributor Rewards. The above poll will dictate the results for each category, but the following polls get more granular on the specific budget requests.
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. In S3, we should:
- Increase Grants Committee Funding (>7M BANK)
- Decrease Grants Committee Funding (<7M BANK)
- Keep Grants Committee Funding Unchanged (7M BANK)
NOTE: We are aiming to have all guild budgets in by December 15th in order to gauge the overall strain on the Treasury. Please submit in the subcategory here and follow the instructions provided in the template. Once your forum post is up, complete this form.
- Increase Guild Funding (>5M BANK)
- Decrease Guild Funding (<5M BANK)
- Keep Guild Funding Unchanged (5M BANK)
- Transition to Flexible Funding
NOTE: We are aiming to have all project budgets (previously funded by the Grants Committee) in by December 15th in order to gauge the overall strain on the Treasury. Please submit in the subcategory here and follow the instructions provided in the template. Once your forum post is up, complete this form.
- Increase Project Funding (>5M BANK)
- Decrease Project Funding (<5M BANK)
- Keep Project Funding Unchanged (5M BANK)
- Transition to Flexible Funding
Season 2 expanded the Contributor Rewards to multiple rounds, including monthly rounds for Contributors, Level 1s, and recently Guest PAsses. In total, 3.5M BANK was distributed via this method.
Season 3, we should:
- Increase Contributor Rewards
- Decrease Contributor Rewards
- Keep Contributor Rewards Unchanged
Follow-up on the frequency of the Coordinape rounds for Season 2:
- Continue Monthly
- Discontinue Monthly and revert to Seasonal
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. In Season 3, the hourly rate guideline for contributors should fall at:
- 1000 BANK/hour
- 750 BANK/hour
- 500 BANK/hour
- 250 BANK/hour
(Note that this number will be radically different after Season 3, as per the most recent compensation working group post)
None of the poll results are final, they simply represent the DAO’s sentiment as we build out the S3 spec which goes through its own independent governance process.