Authors: Icedcool:black_flag:#4947, gruad#1079, senad.eth #8782, 0xBaer#6344, Sprinklesforwinners#1125
Date created: 17th January 2023
Date posted: 20th January 2023
Funds requested: 375,998 BANK + 1,700 USDC
Department wallet: eth: 0x31016FFCEBFf16C20E74A8610f1650DCB5c01Df3
The Treasury Department is an operational unit meant to serve as a necessary organizational of the banklessDAO. Treasury management and Tokenomics, serve as facilitators and enablers for operational entities such as working groups and teams to its operational sub-departments.
The Treasury Department has worked towards giving a financial overview of BanklessDAO and its Departments. Additionally, the Treasury Department oversees tokenomic operations and monitors and manages all integrations related to BANK, including new platforms and proposing new strategies.
Season 6 was one of the important seasons for the Treasury Department as we strongly focused on building the foundation for the department to function properly and help BanklessDAO achieve its established financial objectives. In addition to providing a financial overview of the main Bankless DAO Treasury with monthly summaries and quarterly financial reports, we have stress tested our governance framework and hosted short sections on different educational topics.
This season we have successfully rapped up the Multichain Working Group as the group has delivered a sustainable methodology to migrate BANK tokens to different L2.
BANK contract address
|Ethereum mainnet||$0.0078 | Bankless Token (BANK) Token Tracker | Etherscan|
|Polygon||Bankless DAO: BANK Token | Address 0xdb7cb471dd0b49b29cab4a1c14d070f27216a0ab | PolygonScan|
Activities of Sub-departments in bullet points
- Currently standardizing transaction types across the DAO.
- Currently developing a living framework for capital assets and their allocations.
- Currently initiating a workgroup for the management of said assets
- Produced a methodology to migrate BANK to different L2 to automate future migrations
- Proposal to rebuild the primitive DAO economic structure through BanklessDAO - Tokenomics 1.0
- Ideation and coordination on introducing a BANK token derivative (tlBANK)
- Coordinating sustainable liquidity for BANK token usage
The following roles are established for Season 7 to accomplish the department’s objectives.
- Treasury Management Coordinator - Gruad
- Treasury Management Apprentice - (open for season 7)
- Tokenomics Coordinator - Icedcool
- Tokenomics Apprentice - (open for season 7)
And the following working groups:
Treasury Management Department
- ca. 50hrs/Season for this working group
- Project Revenue Recognition
- ca. 30hrs/Season for this working group
- BANK Utility
- ca. 40hrs/Season for this working group
- Tokenomics 1.0 implementation
- ca. 40hrs/Season for this working group
The Treasury Department aims to steward the BANK token economy and responsibly report on and grow the BanklessDAO treasury. This includes developing and maintaining a living framework for capital assets and their allocations, creating proposals and suggestions for the management of said assets, in support of and alignment with BanklessDAO’s current financial objectives and mission.
Two of the tasks that the Treasury Department must oversee is the preparation of the financial reports as well as paying invoices on behalf of the DAO or paying the gas fees that DAO members incur when making transactions related to BanklessDAO operations. Both Treasury Management Coordinator and Tokenomics Coordinator are responsible for the administration of the Treasury Department. This includes supervising, organizing, and coordinating activities in the Treasury Department like moderating weekly meetings, maintaining the Department’s notion page or representing the Department in the Community Calls while meeting the objectives, requirements and needs set up by the DAO. In addition, they are responsible for preparing the Department’s budget and paying the Treasury Department members with paid roles.
The working group members, such as leads and their support, will be compensated with 240,000 BANK for the whole Season and distributed amongst its members.
A variable amount of BANK will be held aside for a Bounty pool. The bounty pool can be allocated at the discretion of the department coordinators. If there is any dispute to allocations, a sesh poll will be created and voted on by the Department to resolve the dispute. Additionally, Department members can craft a proposal and request funds from the bounty pool if they aren’t being bountied out.
The total budget request for the Treasury Department for Season 7 is 390x,000 BANK & 1,700 in USDC, as per the summary below.
|Details/Item||KPIS||Measure of success|
|Show progress related to value remuneration back to bDAO for Grants.||Produce a summary of progress made since S5 on proposed or agreed upon structures with funded projects.||Pass/Fail|
|Design and Produce Monthly and Quarterly Reports||Produce at least a single report of each type and frequency.||Pass /Fail|
|BANK utility||Identify Problem verticals for BANK, andvestigate them, producing proposals and create a seasonal report to the DAO on findings.||Pass/Fail|
- Department Notion Page
- Working agreement (including how to define active community)
- Poll/grid capturing the guild affiliation of active community of outgoing season
- Submit budget request using this project submission form no later than Jan 20th!