Academics Assist in DAO Role Analysis | BanklessDAO Weekly Rollup

Catch Up With What Happened This Week in BanklessDAO

Mar 4

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Dear Bankless Nation 🏴,

Welcome to the Weekly Rollup, your source for all the latest bDAO news and updates.

BanklessDAO celebrates contributors for their great work at ETHDenver, one of the largest web3 festival for Ethereans. Their efforts in learning, connecting, building relationships, and making sure we are well represented among several organizations are very much appreciated. The DAO was a bit more quiet than usual this week, but the experiences and knowledge our contributors will bring back to the DAO is well worth it.

In the interest of governance, bDIP-3, bDIP-4, and bDIP-6 are up for voting on the Forum. bDIP-3 seeks to modify the elusive Forum quorum requirements into a formula-based approach based upon recent Forum participation. bDIP-4 wants to add Departments to BanklessDAO’s Constitution, while bDIP-6 suggests we should change our Code of Conduct. Also, please don't shy away from airing your views on the recent multi-sig signers and compensation structure proposal.

Participation is key to community building, so dust off those design skills and enter the bCard design contest! This is open for any member to create a design for partner DAOs. Pick up the palette and design something fun and beautiful.

Finally, In this week's editorial, we review an analysis of the Governance Coordinator role using a study carried out by three Master’s Degree students from the University of Kentucky. This analysis highlights the compensation challenges we face, and provides recommendations for how to better remunerate leadership roles.

As always, read, relax, and enjoy the Rollup this weekend. And of course, bDAO strong.

Contributors: Emmanuel77, anointingthompson1.eth, d0wnlore, KingIBK, Allyn Bryce, WinVerse, Austin Foss, theconfusedcoin, Lucent1, pub-gmn.eth, Trewkat, HiroKennelly

This is an official newsletter of BanklessDAO. To unsubscribe, edit your settings.

✅ Action Items

🎨 Subscribe to the Decentralized Arts newsletter for the latest NFT news and upcoming d’ART drops.

🤓 Learn: Attend the Education Department’s Stablecoin Knowledge Session on March 7.

🎣 Read this week’s Phishing School for tips on identifying scam tweets.

🏃‍♀️ Catch up: Review this week's Community Call notes.

🏛 Governance

Snapshot Votes

The Snapshot vote for bDIP-07 has completed, with 97.31% (20M BANK) voting to approve the change to DAO season lengths.

Proposals in Discussion

🪂 COLLAB Claim Process

Not so long ago bDAO received an airdrop from Gnosis in the form of SAFE tokens, and now we are receiving another airdrop from a second project we use everyday as a core part of our essential DAO infrastructure: Collab.Land. This Forum proposal, authored by 0xbaer and DAOstewards in coordination with the Treasury Department, addresses how to distribute our approximately 700K COLLAB tokens once they are received by the community treasury. Just like with the SAFE airdrop, this also comes with some strings attached:

Collab.Land expects long-term engagement and partnership from the top 100 communities in governance and marketplace development.
They aim for a value-oriented distribution of the tokens.

This airdrop will create a more collaborative relationship between bDAO and Collab.Land, and how we allocate our share of this initial distribution will largely balance between providing community incentives and governance participation in the new Collab.Land DAO. Apart from the DAO claim, anyone who “verified their wallet with a community managed by the Collab.Land bot before the snapshot (Feb 14, 2023 at 12pm PST) are eligible to claim 10 tokens,” while Genesis NFT holders can claim 1,412 tokens.

🪶 Swapping BanklessDAO Multi-Signers [Temp Check]

This temp check addresses a pressing issue regarding the state of bDAO’s multi-sig. Since S1 our banklessvault.eth has had the same set of seven signers and unfortunately “… 5/7 members are not active…” anymore and the threshold for the multi-sig is 4/7.

As the role of being part of this multi-sig is crucial, this temp check is looking to assess the DAO’s views on three points:

Are the suggested multi-sig signer requirements acceptable?
Should multi-sig signers be compensated?
If signers are compensated, then by how much?

Following this temp check, the next steps are to propose and ratify a bDIP followed by an election period to select our new signers.

🌡️ [Temp check] BanklessDAO Constitution

Our second temp check this week is looking for the DAO’s opinion of our current Constitution. The post is prompted by several concerns around various inconsistencies and points of friction we’ve experienced after its first implementation, one of those pain points being the bDIP process itself as we work through these growing pains.

DAO input is sought on the following three points:

Do you believe the Constitution was properly implemented/ratified by the GSEs?
“Do you think that the current Constitution and bDIP process is the right Governing Structure for BanklessDAO?”
Do you think that “BanklessDAO should go back to basics” and have more independent governance docs for each guild/department?

Academics Assist in DAO Role Analysis

Author: Emmanuel77

Understanding how to compensate for leadership positions is crucial for the success of any organization, but it can be especially challenging for decentralized autonomous organizations. DAOs operate without a traditional organizational hierarchy, which can make it difficult to define roles and responsibilities. The use of volatile cryptocurrency tokens as a form of compensation can also add complexity to the process.

It is important to have a suitable compensation structure in any organization, as it’s crucial for attracting and retaining top talent. As DAOs become more popular, it is necessary to establish a fair and effective compensation structure. However, this can be difficult due to several factors, such as fluctuations in the value of cryptocurrency used as compensation, and the global nature of DAOs, which can make it hard to determine a level of compensation that takes into account regional economies and cost of living.

‘Team CAT’ — Cora Hurt, Anna Paulson, and Tamia Eugene, who are Master’s Degree students in Organizational and Industrial Psychology from the University of Kentucky — conducted a role analysis of the Governance Coordinator position at BanklessDAO to address these common DAO challenges. Team CAT conducted a 17-question interview with current Governance Coordinators (CGCs) and the responses informed the design of a 12-question survey. The team analyzed tasks in terms of importance, and necessary qualifications for success in the Governance Coordinator position. The study also provided recommendations for improving compensation and contributor engagement and motivation. You can read more in this Forum post and watch the team’s presentation on this recording — which is the source for the screenshots included below.

Task questions were about relative difficulty, relative significance, and frequency of completion; whereas qualification questions focused on necessity for success, issues caused by a lack of qualifications, and whether qualifications could distinguish a superior coordinator from an average one. The CGCs were then asked to complete the survey anonymously via Discord. The team then analyzed the data from the interviews and survey to create recommendations.

The team faced many practical challenges while conducting the study, such as communication barriers, coordinating with people in different time zones, and difficulty navigating through the Discord server. They also had a limited pool of Governance Coordinators to choose from.

The team observed the challenges of compensating people in a cryptocurrency-based economy and the need to consider the limitations of the ecosystem and the importance of attracting external capital. They also emphasized the importance of retaining talent and ensuring the organization's stability via a fair and effective compensation system. Their recommendations follow.

Reconfigure Bounty Payments to Reflect Difficulty and Significance of the Task

The team's first recommendation was to conduct a guild- and department-wide analysis of common bounties and tasks. They suggested rating tasks for difficulty and significance, and providing higher compensation for tasks that are harder or more important. For example, taking notes during a meeting should be compensated less than organizing and leading the meeting. This would ensure that contributors are more incentivized to take on more difficult bounties and increase their DAO-related competencies.

Establish Compensation Committee

The team's second recommendation was to establish a compensation committee to review and make recommendations on compensation. This committee should be composed of a diverse group of individuals, including Guild Coordinators, other role holders, regular contributors, and external individuals. The committee could be responsible for reviewing and approving all compensation-related decisions, including the development of a compensation plan, setting compensation levels, and making recommendations for improving the compensation system. Implementation of such a system must be done while keeping guild and project autonomy at front of mind.

Differentiate Pay for Full-Time and Part-Time Contributors

Team CAT further recommended that different pay options be offered to full-time and part-time contributors. This recommendation comes from understanding that pay rates are not commensurate with time worked, and time required can vary greatly from guild to guild. The team recommended that the DAO create tiered contribution levels with different expectations for time commitments and base salaries, all in an attempt to align compensation with actual hours worked.

Change Compensation Type and Rate

The team further recommended that the DAO change the rate of compensation based on the market value of the BANK token, and consider adding stablecoins to the compensation mix. The value of BANK has reduced in recent months, and the team recommended the DAO should adjust the compensation rate based upon the current market value of our token — if BANK loses value, the DAO should compensate contributors with more BANK per hour, or at least give earners the choice of a split between BANK and stables. As one Governance Coordinator noted:

At first 20,000 BANK was valued at $1,000 and now 20,000 BANK is valued at $100.

Compensating with a highly volatile asset during a market downturn is not sustainable for many contributors.

The study team also wrote a revised description for the Governance Coordinator role and suggested ways to improve contributor engagement and motivation, such as providing more opportunities for skill development and increasing support for work-life balance.

Feedback on the Study

Above Average Joe provided feedback on the study and discussed potential next steps for using the data that was gathered to inform the compensation system revamp plan.

He noted that the objective of the project was to determine an analysis framework and not a role analysis itself, and he felt that the team spent more time focusing on the individual elements of the DAO as opposed to a holistic view. For example, he stated that the framework does a great job at the analysis for the position of the Governance Coordinator but the objective was to create a matrix from which the DAO can continually assess, create, and adapt to changing role requirements. Joe did concede that perhaps he wasn’t clear enough on the intent of the study, and posited that the analysis posted by the team will no doubt serve as a general framework from which the DAO will iterate and begin to expand upon.

Compensation Conundrum

The analysis may not have been holistic, but it provided valuable, if general insights into ways in which the DAO can work towards improving its compensation system. There are hard issues to address around this, of course, such as suppressed BANK prices (selling BANK for stables will only worsen that situation), our treasury is not diverse enough to compensate in stables in the absence of selling BANK, our renewed focus on reducing BANK emissions to increase our runway and token price makes it difficult to adjust BANK payments to market conditions, and we must be mindful that we don’t necessarily want a committee setting DAO-wide compensation, as that infringes on guild sovereignty. Nonetheless, the study was a good exercise for the DAO, and we’re hopeful that as we continue to grow and mature, we can take the lessons from the study from toddler-hood into adolescence.

👀 In Case You Missed It

📺 Weekly Rollup Recap With Allyn Bryce

You can find all the previous episodes on the BanklessDAO YouTube Channel.

🌏 ETHDenver

ETHDenver is one of the biggest Web3 events in the world, and BanklessDAO was represented by its many contributors, including Above Average Joe, below. Check out the official ETHDenver YouTube channel for all the videos!

Rachel Rose┃ETHDenver @RachelRoseB

Join us tomorrow to hear some incredible speakers & participate in our interactive workshop! 🎈🎈🎈 @banklessDAO @opolis @campsocial_ @metagammadelta 💜💜💜 @AlphaHouse158 @joyfulwreason @Abv_Avg_Joe @TripiGina 🎉🎉🎉 eventbrite.com/e/buidling-the…

eventbrite.comBUIDLing the Sovereign Workforce: The Power of Inclusive CollaborationAn interactive workshop, panel discussion, and networking social event hosted by Opolis, MGD, and Bankless DAO....

🎓 Bankless Academy Writing Cohort Wrap Up

Bankless Academy wrapped up a 4-week Writing Cohort last week, the first in the history of the Academy. More than 40 Explorers shipped 53 essays. A great shout out to the Academy for work well done. Get the list of awards and awardees here.

🎙 BanklessDAO Podcasts

🖼️ CityRootsDAO Launches a New NFT Marketplace

CityRootsDAO is launching a new NFT marketplace called The Vault. This will be a pseudonymous social proof NFT marketplace with a potential airdrop in the future. Learn why The Vault is unlike any other marketplace by listening to this Twitter Spaces with its founder, Joseph Yelle.

🗓 Set A Reminder

🤝 Media Partnership With DAO TOKYO

In the spirit of community building, representation, and partnership, BanklessDAO is pleased to announce that it will be an official media partner at DAO TOKYO! With the massive efforts put into BanklessDAO by its media team and the results shown so far, it is a huge win for the DAO ecosystem having bDAO and DAO TOKYO working together. Excited would be an understatement!

DAO TOKYO ⛩ @DAO_TOKYO_XYZ

⛩️ Media Partnership Announcement ⛩️ We're incredibly excited to announce that @banklessDAO will be coming on board as an official media partner at DAO TOKYO 🔥🔥 Bankless JAPAN 👇 banklessjp.substack.com #BanklessJP #BanklessDAO #Bankless #DAOTOKYO

💪🏻 Free Demo Opportunities for New Projects

One of our goals at BanklessDAO is to help foster and grow the web3 ecosystem. In an effort to further this goal, we are supporting new projects with free demo opportunities! DAOlationships demos will be showcased on Wednesdays at 19:30 UTC while Fight Club demos will be showcased on Thursdays at 17:00 UTC.

🤩 New Joiner Session s7x02

Join us for this New Joiners Session to learn more about BanklessDAO and how to get involved. At this session, you will meet mentors who could guide you on your journey into DAOlife and other new joiners like you who may become fellow travelers on your journey. This session will be held on Zoom. Please be prepared to share about yourself.

RSVP to have Zoom meeting details emailed to you nearer to the event, which will be held on Monday, March 6 at 13:45 UTC.

🧑‍🎓 Stablecoins Knowledge Session

Would you like to learn all about stablecoins and the part they play in the smooth running of DeFi? If yes, then this knowledge session is for you. Join the Education Department on Tuesday, March 7 at 14:00 UTC in the watercooler voice channel. Hop in 15 minutes before the event to get onboarded to the Zep platform. To set a reminder, RSVP to the event.

🏬 How to Collab.land

Collab.Land is an automated community management tool that curates membership based on token ownership. RSVP to join the Education Department in learning how tipping and gating work in Discord on Wednesday, March 8 at 14:00 UTC in the watercooler voice channel. Participate in showing appreciation to friends who work with you and have in some way, made an impact in you. To be onboarded to the Zep platform, you have to hop in 15 minutes before the event start.

🔩 How to Sesh & Governator

Sesh and Governator are bots used for organizing activities like events and setting up polls on Discord. If you would like to know how to register and get your events or polls on the sesh and Governator bots, RSVP to Join the Education Department on Thursday, March 9 at 14:00 UTC in the watercooler voice channel. Hop in 15 minutes before the event start to be onboarded to the Zep platform.

🎁 Lomads Demo

Lomads is a revolutionary crypto-native ERP platform that streamlines transactions and permissions. With a unique combination of workflow automation tools and Soul Bound Tokens, it provides a refreshingly clean dashboard for managing two key resources — capital and people. Join this demo in the Amphitheatre on Wednesday, March 8 at 19:30 UTC.

💵 Resonate Finance Demo

Resonate is a DeFi yield swap platform. Fixed-rate receivers lend out their yield-farmable assets in exchange for a fixed yield rate for a specific duration. Variable rate receivers agree to receive the variable rate by paying the fixed rate upfront. Join this demo in the Amphitheatre on Thursday, March 9 at 17:00 UTC.

🍔 Grab It While It’s Hot

👩‍🎨 d’Art Drops

This week’s drop is the third of four pieces in Decentralized Arts’ collaboration with Cryptoartis.eth.

Fire of Freedom The Roman Goddess Libertas holds forth the torch of freedom, enlightening the world to a new order of financial liberty. Broken are the shackles that have bound humanity to a devastating financial system that sought to enslave the many to the will of the few. With blockchain technology and cryptocurrency, Libertas lights the way to a new world, a new system, and the potential for true liberty and egalitarianism.

Collect your copy before all editions sell out. If you haven’t already, subscribe to the DA newsletter to stay up to date on the latest NFT news and upcoming d’Art Drops.

🎣 Phishing School

Authors: d0wnlore and the InfoSec Team

Protect Yourself from Protected Tweets Used in Phishing

Recently Twitter has become more lax in its approval process for what tweets can be promoted. These promoted tweets will be shown to all users in a chosen cohort for advertising purposes. This has led to the use of promoted tweets to advertise phishing campaigns that can drain your wallet. These campaigns often use airdrops as the hook to lure victims in and will likely increase as more legitimate airdrops occur (and if Twitter fails to curb the fraudulent use of promoted tweets).

This week’s Phishing School will be a short one as it’s a repeat of the lessons we’ve tried to distill here. Hackers, scammers, and fraudsters will try to find ways to circumvent the controls that web2 companies have put in place to keep their users safe and secure. So you should be relying on yourself, or at least trusted friends and news sources, to protect your funds and keys.

Assessing a Tweet

As with the previous post we've done on identifying fake Twitter profiles, you can use the same data points to assess if a promoted tweet is a phishing scam.

Check the username for misspellings or added characters and acronyms. Use this same criteria when checking the URL as well.

If you know the online presence of the relevant project well enough, you should have a good idea if the tweet is a scam. If you still cannot confirm the legitimacy of the tweet or Twitter profile, you can search for the project’s name on Twitter, typing in the name directly and without any acronyms or extra characters, and see what the first profile shows up. This is likely to be the legitimate Twitter profile. This same check can be done for URLs using a search engine. Check to see if the URL shows up at the top of the results list and is not an ad.

Whether this was a reminder for how to check for bad tweets, or you are now able to look at tweets in a new light, you should be better armed in the increasingly sketchy landscape Crypto Twitter has become.

🤣 Meme of the Week

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