tlBANK - Tempcheck for Consensus and Implementation

General
1

Title: tlBANK - Tempcheck for Consensus and Implementation

Champion: Icedcool

PM: Sprinklesforwinners!

Squad: Baer.eth, Sprinklesforwinners, tomahawk, Ernest of Gaia

Date Created: 10/18/22

Date Posted: 2/6/23

TLDR:

  • tlBANK creates an additional core primitive for BanklessDAO that enables new uses and project components.
  • tlBANK will support the creation of opportunities for financially value-aligned members of the DAO.
  • tlBANK Specs:

BACKGROUND

The ‘BANK’ token during the BanklessDAO genesis is considered a valueless token to coordinate the Bankless movement. ‘BANK tokens are valueless tokens—they are only used for access to the DAO Discord and to vote in DAO proposals.’- Ryan Sean Adams May 4, 2021.

The Bankless DAO has evolved significantly, with more than 20 active projects exploring revenue streams and 9 talent-focused guilds onboarding thousands of users to web3. The DAO experienced rapid growth after the genesis allocation, and the BANK token has since evolved from a valueless token and attained a free market value based on the following utilities:

  1. Access token for membership
  2. Governance power
  3. Social token confers reputation and status to holders, and may also provide tiered benefits to members with higher BANK stakes or “contributor” social recognition
  4. Defacto payment for work in the Bankless ecosystem
  5. Funding project development

As the utility of the BANK has evolved organically, the token itself has evolved beyond its original use to provide services within the ETH ecosystem. To keep up with these changes, it’s imperative that the token itself evolve. tlBANK was first introduced on the forum here. Since then, we have seen support for the use of tlBANK grow. This can be seen in multiple forum posts that have obtained quorum. This can be seen here and here. The use of tlBANK was ratified in this snapshot vote.

MISSION & VALUES ALIGNMENT

tlBANK supports contributor alignment and financial support of the BANK token, and subsequently BanklessDAO and generates a new financial primitive for BanklessDAO.

SCOPE OF WORK

The scope of work for tlBANK is implementing the primitive, marketing, writing about it, and adopting it as a validated BanklessDAO token.

SQUAD SPECIFICATION

  • PM - Sprinkles!
    • Responsibilities would be to manage the project and make sure that work and deliverables are done to specification.
  • Dev(s)
    • Responsible for creating a website dashboard and contract interaction pages that integrate with bankless.community website.
  • Designer
    • Responsible for brainstorming, ideating, and designing the interface; dashboard and website in accordance with BanklessDAO branding.
  • Writer(s)
    • Responsible for generating content that will inform people through the website and other means about tlBANK. (Training writeup, website content, etc)
  • Marketing
    • Twitter, and any other.
  • Tokenomic(s)
    • To oversee the impact and specifications implementation.

tlBANK SPECIFICATION

  • Non-Fungible
    • ERC-721
  • Sellable
    • Royalties at 10% go to BanklessDAO multisig
  • Default Lockups
    • 2 seasons for 40k BANK
    • 4 seasons for 80k BANK
  • Either tlBANK lockup will equate to L1
    • Only the minting address receives the L1 access

Hedgy Finance is providing the smart contract infrastructure.

Considerations

  • This creates a secondary options market for BANK.
    • People can trade the future perceived value on any NFT marketplace.
    • As a component of this, ONLY the minting address will receive the L1 Access
  • UI will define lockup, but open ended on the back to allow projects different involvement.

FINANCIAL IMPLICATIONS

This will be funded via the Treasury Department bounty pool for 50k BANK. If more is needed, we will ask for additional funding.

NEXT STEPS

  1. Gain consensus on this temp check
  2. Implementation
    1. Get art
      1. Perchy!
    2. Hedgy smart contract deployment
    3. Design guild designs UI
      1. Website team implements
    4. Writers write!
    5. Marketers market!
    6. Collabland update
  3. Update to constitution with bDIP (in progress)

POLL

This tempcheck is to raise awareness to the DAO, and grant the DAO the opportunity to weigh in on these final specifications for tlBANK.

This tempcheck will be open for 7 days, and as long as there is general consensus and approval, the tlBANK work-stream squad will move forward toward implementation.

  • Approve
  • Reject
  • Abstain

0 voters

11 Likes
2

Glad to see this proposal up finally! Looking forward to tlBANK

5 Likes
3

Full support on this proposal, thank you Icedcool for leading this initiative and to all the members involved. Much appreciated.

5 Likes
4

In full support of this proposal. I’m excited to see the use-cases for tlBANK, and the artwork Perchy is going to create for the NFT backing of the time-locked tokens.

7 Likes
5

Sneak peak:
image

4 Likes
6

Awesome idea. I’m in support :100:

1 Like
7

Definitely support this idea. Looking forward to seeing all the cool stuff that can be build with tlBANK

2 Likes
8

Looks great thanks for exploring more utility for BANK. I would just recommend you further explore the marketing aspect (statement of work) like the saying “if a tree falls” we wouldn’t want you to build and we wouldn’t have awareness. Also as many of us don’t read the website ( I forgot we had one) - you might want to explore other platforms where most of web 3 are ( mirror, substack) tied with your marketing strategy. As it is a temp check if a proposal is to follow with funding something to consider. As well as utilizing the community calls to inform us.

3 Likes
9

Hey @feems , thank you for your input. We have already made an elaborate plan, which starts with this forum post and ends with this the things quoted below.

1 Like
10

such a tease @Icedcool

4 Likes
11

Love it, delay it, run from it, tlBANK arrives! necessary💯

ThanosGIF

2 Likes
12

I’ve been waiting for this proposal for a while now, super glad to see it on forum. bDAO strong :muscle:

4 Likes
13

yes I read it but marketing plan isn’t laid out or the activity, same with content distribution (outside of the website). I approved it but what I am saying is that these are usually overlooked in a strategy seen by the low views or awareness en mass on many projects on this area.

1 Like
14

Love to see this proposal up - great work team.

One thing that I’m curious is around governance.

Will normal BANK still be used for governance or will gov rights be transferred over to tlBANK?

I think the former could be better to implement if we can token-gate the Snapshot voting to whether or not the user is a Bankless Member (i.e. holds tlBANK) and then the remaining balance is the contributor’s gov weight.

Side note: There also maybe a better branding opportunity around the name since this will be an NFT that represents an official Bankless DAO member (and not normal non-transferrable erc20 veTokens). Just a thought :slight_smile:

6 Likes
15

tlBANK and BANK governance will be 1-1.

We started discussing this and found it increased the change scope dramatically, and limited it FOR NOW!

The big focus with tlBANK is it creates additional options and infrastructure for future designs.

2 Likes
16

I’m excited to see this proposal wrapping up the tlBANK implementation.

Before I can vote, I’d like to have the following questions addressed.

First, to give all the bDAO members a clear picture, it would be helpful if this proposal could clarify what will not change with the tlBANK implementation. E.g., will the current 35k BANK requirement for L1 still be valid?

Secondly, as a final wrap-up proposal, it would help average bDAO members make votes if this proposal can compare the pros and cons of tlBANK’s impact or provide the link to the related analysis. Also, what’s the rationale for choosing 40K and 80K over other numbers?

Thirdly, the snapshot provided in the proposal doesn’t seem related to tlBANK. Maybe I miss something here?

17

Yeah, love to see this proposal live. Great job to the team

18

Hey @Icedcool, I think I’m about to show my ignorance. I thought I understood this but I’ve realised I don’t really grasp the implications.

Given that the name tlBANK stands for time-locked BANK (I know this but it’s not actually stated anywhere in the proposal), does this mean that the NFT is a temporary holding i.e. for 6 months or a year?

What happens after the specified time period? Does the NFT burn/become invalid and the BANK is returned to the holder’s wallet?
I have many more questions about motivation for selling the NFT, the reason someone would purchase this from a seller rather than buying BANK and getting their ‘own’, and what the process for ‘renewal’ is. I guess Hedgey handles much of this but I’d love it if you could step through a few scenarios of how this would operate.
I’m in full support but I would like to better understand the implications.

Also, does this impact/replace the Guest Pass system and/or the current L1 membership purchase?

Thank you :slight_smile:

4 Likes
19

All good questions!

Yes this is the case.

After the locked period, the NFT is still valid AND the holder has the option to unlock the BANK, upon which the person can re-lock or keep as BANK.

We have more to implement in this direction, but this is the MVP.
Fun future options include, an NFT that upgrades each additional unlock, and more :slight_smile: .

We wanted to enable as many future usecases as possble while also identifying those aligned to the token and the DAO.

The end result is a token that identifies those that lock up, but also changes upon a transfer of the token.

So, if you lock, you get all the perks that come along with that. BUT if you want to sell for whatever reason, you can do that as well, but the person buying won’t get those perks, unless they lock themselves.

Because these are NFTs they will have a market valuation separate from the BANK/ETH valuation that is in our AMMs. This valuation will likely be case by case, because the unlock times and amounts will be variable.

This is essentially an options market.

What is good about this is that it creates a more nuanced ecosystem for the BANK token, while allowing org units free interaction with this new infrastructure piece as they design.

For example, someone wants to airdrop to BanklessDAO og holders, they can use:

  1. tlBANK nontransfered holders OR
  2. tlbank nontransfered AND transfered holders OR
  3. BANK holders, etc, etc

Additionally it allows projects to interact and restrict based on these tokens as well, which creates downstream implications in terms of voting, governance and more.

Yes!

We have a bDIP in progress focused on this, where we want to redesign the levels, where IMO we need to do away with L3(large holders), L4 (liquidity providers).

I believe that the highest level at the DAO is l2, and I think our levels should reflect that.

Additionally, L4 is an artifact of the past and is no longer needed. L3 likely should be L1.5 ( :person_shrugging: ) or be depreciated all together.

You are likely aware, this is part of the larger initiative of Tokenomics 1.0, which is to implement a season pass as well with this.

Does that help?

4 Likes
20

This is all brilliant info, thankyou!