Dear Bankless Nation 🏴,

It’s been a busy and eventful season, but Season 8 has now drawn to a close and the upcoming Gap Week, from August 28 to September 3, has been well earned. We hope everyone takes this time to relax and do beautiful activities that feel nurturing.

The Ombuds Office is looking to pass a proposal that would reduce the term of the Ombuds role from one year to two seasons. This was inspired by the need to nurture more conflict-resolution talent in the DAO. If you are interested in joining, be on the lookout as the proposal will be going up soon, and if that passes, elections will be held for five new members.

BanklessDAO has a long list of incredible projects participating in Gitcoin Grants Round 18. From Bankless Publishing to Crypto Sapiens, our DAO is showcasing a wide array of initiatives. Any support you can provide, whether it is a donation or by spreading the word, will be hugely appreciated and will help push these efforts forward. Let's band together and show the power of collective support during GG18!

Season 8 continued the theme of innovation and growth for BanklessDAO. In this week’s editorial, Romano reviews the current Forum proposal which suggests changes to the Guest Pass system as a way of ensuring long-term value alignment from our contributors. While there seems to be general agreement that such changes are necessary, it’s important we design a system which contributes to our growth and does not hinder innovative new contributors who begin on a Guest Pass.

While we celebrate all that we've built so far, even greater things lie ahead. Thank you for being part of this journey. Have an amazing Gap Week!

Contributors: Romano, Boluwatife, Warrior, theconfusedcoin, Vi-Fi, Paulito, anointingthompson1.eth, Trewkat, HiroKennelly

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

✅ Action Items

🏛️ Vote on Season 9 Snapshot proposals.

🔎 Review the Ombuds Governance channel for upcoming election details.

💰 Donate to Gitcoin Grants. Apologies for missing Crypto Sapiens last week!

🏃‍♀️ Catch up: Review this week's Community Call notes or listen to the recording.

🏛 Governance

Snapshot Votes

🚀 Season 9 Specification

Seasonal Specifications are general operational specifications that allow organizational units to plan for the following season. This proposal provides details for Season 9, which begins on September 4 and finishes on December 17, 2023. Following this season, the DAO will have a 15-day Annual Break from December 18, 2023 through to January 1, 2024.

💰 Season 9 Seasonal Funding

This Snapshot encompasses the seasonal funding requests made by guilds, departments, and projects, as well as Grants Committee funding for Season 9.

✅ Additional Weekly Funding [Grants Committee]

Due to recent modifications and longer season, the Grants Committee is requesting extra funds to adequately compensate members for their additional responsibilities.

🗳 Grants Committee Election for S9 and S10

Three seats are available on the Grants Committee for Seasons 9 and 10 since three members of the GC are stepping down from their positions. Two candidates will run for these slots. Hop onto Snapshot and ensure you vote for your preferred candidate/s.

Proposals in Discussion

💼 Seasonal Meta-Governance Delegation to DAOStewards.eth

DAOStewards are proposing a return as the key meta-governance custodians for Season 9, asking that the DAO delegate tokens where possible to strengthen bDAO’s presence in external governance forums. Come season's end, they promise a detailed report of their actions. If they meet the DAOs expectations, they will seek renewal for the next season. Head to the Forum and share your thoughts.

🏫 Temp Check — Guest Pass To L1 Scholarship

This proposal arose from a suggestion made in the Temp Check — Guest Pass V2 proposal. The idea is to create a scholarship system to assist Guest Pass holders who have shown strong commitment but have not achieved Level 1 Membership after the three-month limit on the Guest Pass. This proposal suggests providing a six-month membership via a tlBANK NFT for ten applicants. Drop your comments and ideas on the post and let’s make this happen.

Welcoming Long Term Alignment With the DAO

Author: Romano

Did you start at BanklessDAO with a Guest Pass? Or perhaps you are on a Guest Pass and contributing whenever you can in order to obtain enough BANK for a Level 1 Membership. Regardless of your current circumstances, it’s likely you empathise with Guest Pass holders while also recognising that the current system is not feasible for the long-term health of the DAO.

As Season 8 draws to a close, there’s an active discussion on the Forum about changes to the Guest Pass parameters and requirements.

The focus of the proposal is on streamlining guest onboarding to maximize the number of new contributors who go on to join the DAO. Ideally we will arrive at a solution which enhances contributor value alignment and continues to provide opportunities for enthusiasts to come and jump into the web3 world.

Rethinking BanklessDAO’s Guest Pass Strategy

The BanklessDAO Constitution includes this information about Guest Passes:

After completing an onboarding process, Guest Pass holders are granted 14 days to investigate, participate, and test the community waters. Individuals who desire to move beyond the guest status do so by confirming that they hold the required amount of BANK for Level 1 Membership.

In practice, there is no limit on the number of times a Guest Pass holder may have their pass renewed. The renewal process is manual, and there is no automated way to track the length of time a contributor has remained on a Guest Pass.

This infinitely renewable Guest Pass limits the ability to raise the bar of commitment in the DAO. While contributions of all types are welcome, the preferred model is for there to be clear utility in holding BANK. In other words, we want to incentivize people to hold BANK tokens, participate in governance, and contribute consistently to DAO initiatives because of a shared vision.

Right now, the model is unsustainable because we have minimal value accrual back to the DAO, despite all the perks that the DAO provides. We need to reinvent Guest Passes to align newcomers with our goals and values. This approach can boost DAO sustainability and increase BANK's value through more memberships.

By redesigning the system, we can establish a foundational level for value accrual. This ensures that while we continue to welcome contributors, we do so in a way that supports our DAO's long-term growth and stability.

Mapping the Guest Journey

The proposed maximum Guest Pass duration is three months, comprising the initial four-week pass and two renewals of four weeks each. After 12 weeks, Guest Passes will expire, and no longer be functional for gated access to the DAO Discord server.

Is three months sufficient to accumulate 35K BANK? How can we structure the new onboarding experience correctly to ensure newcomers can achieve their L1? How can we avoid creating a complex system that becomes a barrier for valuable contributors?

As our mission is to onboard people to web3, we should figure out answers for all these questions.

The process of fully understanding the interests, skills, and experiences of contributors takes time. It's a journey, especially within the chaotic and dynamic setting of bDAO, and this underscores the need to invest time in orientation and integration; it’s not just beneficial, but essential.

The authors of the proposal believe three months offers an ideal introduction period. Within this period, individuals get a taste of the DAO environment and can evaluate whether it aligns with their aspirations. The DAO experience offers valuable social connections, access to grants, and skill-enhancing training. Each of these elements enriches a contributor's journey, adding layers to their professional evolution.

By the end, contributors should know if bDAO is the right fit.

TLBANK and Scholarships: A Commitment to Sustainable Growth

Now, let's imagine that a Guest Pass holder aligns with our values and wants to continue their journey in the DAO, but they haven't earned enough BANK to proceed.

There are a few paths which have been suggested in the comments of the Forum post, such as innovation with tlBANK or the introduction of a scholarship program. The scholarship program has captured some attention, and thanks to Homie we now have a separate proposal for such an initiative to consider.

The introduction of tlBANK means we can also consider the ways in which we incentivize people to contribute, and the nature of rewarding contributions with governance rights. Several project teams, including Bankless Publishing, are discussing task rewards comprising a series of NFTs which can then be traded for a tlBANK-based DAO membership.

By offering the opportunity of scholarship, we not only attract talent but ensure they have the tools and resources to thrive within our ecosystem. This would bring more value to the table and help the DAO grow and become stronger.

Stability Through Innovation

By designing clear processes for converting Guests to Members we’re shaping the future of bDAO. This proposal also introduces the capacity to manage Guest Passes through Unlock Protocol, which you can read about further in the Forum post. With a well-designed strategy, we can continue fostering an innovative environment for all, moving towards our purpose: onboarding newcomers to web3.

If you have ideas about how we could improve the Guest Pass system, please share it on the Forum. Every voice plays a vital role in our collective journey, because no one has done it before. Let’s innovate together!

👀 In Case You Missed It

⛑️ BanklessDAO’s Balancer Pool is Safe

Balancer recently found a critical vulnerability in its V2 pools. In response, the Emergency SubDAO acted to enable proportional exit from all affected pools, and to pause any pools still within the pause window. Luckily BanklessDAO's Balancer pool was NOT affected. Read this thread for more information.

🎤 AMA with Krause House

Discover how Krause House DAO is redefining professional sports team ownership through DAO Governance during this AMA recording with special guests COMMODORΞ and MemeBrains.

🇯🇵 Bankless Japan

It’s been a busy week for Bankless Japan!

We kickstarted our inaugural DAO Night meetup last weekend. Partnering with Fracton Ventures, dYdX, Phaver and RULEMAKERS DAO, we brought networking opportunities and discussions about DAOs to Centrum, a new co-working space near the heart of Shibuya crossing in Tokyo.

We also co-hosted the beginning of a recurring series of AMAs with Joe Takayama. Our first space was with Ben West, Grants Program Lead at Gitcoin. During the space we learned more about Gitcoin, GG18, Passport and the new Allo Protocol. We ran this space in English with Japanese interpretation to make sure all audiences could be involved in the discussion.

Last but not least, we are a grantee of the Gitcoin Grants 18 round. Funding will end on Tuesday, August 29, so if you have not donated to Bankless Japan or other grantees you were thinking of funding, please do so soon!

🍔 Grab It While It’s Hot

⛴️ BanklessDAO Content

🧠 Crypto Sapiens

🌍 Bankless Africa Podcasts

💰 Making Bank

✍️ Bankless Publishing

🌏 Bankless Africa Newsletter

🗞 The Rug Newsletter

🗓 Set A Reminder

🎙️ Gitcoin CoordiNATION X Space

On Monday, August 28 at 15:00 UTC, join this combined X Space featuring the communities of BanklessDAO, ReFi DAO, Green Pill, and Regens Unite, to celebrate and close out Gitcoin Grants 18.

If you have a project you would like to shill, priority to speak on stage will be given to those who have joined the Gitcoin GG18 CoordiNATION Game by hosting in-person or online 'Activation Stations', or to those who have made a 'Pledge' committing to making an extra contribution to this Gitcoin Round.

📣 Speakers for Season 9 Kick Off Celebration X Space

If a representative from your department, guild, or project team would like to be a speaker during the Season 9 Kick Off, please drop a message in the thread: ⁠Season 9 Kick Off 🎉 (in Marketing Department) or reach out to our Kick Off Coordinator, Tundeeey Turner🏴, before August 27, 2023 at 23.59 UTC to be added to the timeline!

🚨 Something Big Is Happening at Permissionless II

Something really big is happening at Permissionless II and you will only find out if you attend. Join the bDAO VIP Invite-only list to attend this special event! This special invitation is open to all bDAO members, but you must already have your tickets to attend Permissionless. This is a limited-time offer, so don't miss out!

🌎 ETHGlobal New York

Join ETHGlobal from September 22-24 in one of the most iconic cities in the world: New York!

Hack alongside some of the most skilled web3 developers, designers, and product builders from all around the globe for a weekend-long adventure to advance the Ethereum ecosystem. We hope the stunning views of Pier Sixty will inspire you to try your best as you get a chance to win over $450,000 USD in prizes! New York already shapes up to be one of our biggest hackathons this year.

We strongly encourage you to apply now if you intend on participating, as spots are highly limited. After you receive an acceptance email from our team, you may stake on your hacker dashboard. Important: Do not further delay this step as this is the only way to fully RSVP and secure your place in this event.

New York: The city that never sleeps when it comes to pushing the boundaries.

Home to the largest stock exchange and traditional financial institutions, New York is rich in history and significance. But New York is also the dynamic hub of change to be reckoned with. A nurturing ground for disrupting the way we think, shaping how we engage with this new world — and reimagining a decentralized, distributed future.

ETHGlobal New York is the perfect opportunity to challenge these existing systems. Learn hands-on in our educational workshops that will set you up for success, take advantage of the 24/7 online and in-person mentorship and, of course, get a chance to connect with the leading teams in the industry such as Polygon, Uniswap, WalletConnect, MetaMask, StarkWare, Safe, and dozens more!

You can explore the full list of partners on the event website.

🤣 Meme of the Week

Thanks d0wnlore!