Dear Bankless Nation 🏴,

What has a beginning, definitely and gradually would come to an end. As Season 11 passes the midpoint, the prevailing discussion remains whether a permission-based or permissionless model is best. This transition represents a pivotal moment in the DAO's evolution, as it seeks to chart the best path forward.

The newly appointed Transition Council has been tasked with guiding the DAO through this transformative period. At the top of their agenda is determining the fate of "guest passers" — individuals who have contributed to the DAO without having the L1 tag. Additionally, the council is focused on driving the DAO's broader re-organization efforts.

Furthermore, the removal of 50% liquidity from Uniswap LP as decided by the community members and its swap to ETH/USDC has begun, with further details still to be decided.

Throughout this process, the active participation and contributions of community members, through Forum posts and Snapshot votes, remain essential. The DAO's governance relies on the collective input and decision-making of its members, underscoring the importance of continued engagement. Have a great week ahead.

Contributors: Ifeoluwakiitan, Boluwatife, Tonytad, Kornekt, WinVerse

This is an official newsletter of BanklessDAO. Please subscribe and share to help us grow our audience as we fulfill our mission to build user-friendly crypto onramps.

Share

🏃‍♀️ Catch up: Listen to this week's Community Call recording.

Proposals in Discussion

How Should We Organize Members?

With almost a break-even on whether to create new workstreams or start on a blank slate, HiroKennelly made this post to gather feedback on contributors’ rationales behind their votes. Please let us know why you think your decision could work better in this new org.

Coffee and Member Sentiment

Author: Boluwatife

The community call kicked off with members singing praises to coffee, and the pleasure gotten from every bean. The best spots and the best way to brew it. This made for a cozy mood before members dived into weightier matters. The DAO's been buzzing with activity, and there's plenty to unpack.

The Transition Council Takes Shape

First up, we've got our brand new Transition Council. Elected on Monday's governance call, this dream team includes HiroKennelly, Rowan, Coffee-Crusher, Trewkat, 0xZFi, and Winverse. They've already got their hands full with decisions to make. What should be implemented first? When's the best time for public meetings?

The representative noted that there wasn’t much update to share, however, they promised more next week.

Scope and Power: Defining the Transition Council's Role

Now, what's got everyone talking is the council's scope and power. Folks seem to be leaning towards giving them full executive power with room to maneuver. The idea is to let them make major calls, up to a point. The point could be to empower them until they hit funding limits or when decision-making becomes, in their words, "probably scary." At that point, they'd bring matters back to the wider committee. It's all about finding that sweet spot between agility and accountability.

As for working groups, members are itching to have their say on whether these groups should stick around and what they should look like going forward. It's an "all hands on deck" kind of vibe.

DAO Developments: Reading the Room

Interestingly, engagement with the DAO remains robust. Newsletters are pulling impressive numbers, with views ranging from 9,000 to 12,000 and an open rate sitting around 30%. The lack of grumbling about the DAO's phoenix-like resurgence could be seen as a positive sign. However, some speculate this silence might stem from a hands-off approach, with members naively hoping decisions will be made so they can return to business as usual — a scenario that's unlikely to unfold.

The Safe Token Dilemma

Recent distributions of safe tokens by working groups like Development Guild have stirred a bunch of reactions. These payouts meant as compensation for active contributions in seasons 10 and 11, have not been universally well-received.

Many members are irked, viewing the move as undermining the community-driven ethos. Critics argue it sets a dangerous precedent and shouldn't be encouraged. Others, taking a more conciliatory stance, suggest moving on and wishing the recipients well. They point out the lack of clear direction at the time and acknowledge that some groups, like the Website Project, faced legitimate expenses.

The situation highlights a deeper issue: many who voted to give departments and guilds control of the SAFE tokens aren't even members anymore as they don’t possess any membership tag in the DAO’s Discord. Some members are calling for a formal proposal to determine the DAO's next steps — whether to move on, demand the return of funds, or offer a path for those looking to make amends.

Looking Ahead

This distribution debacle serves as a lesson for the Transition Council. It shows the need for clearer guidelines and safeguards to prevent similar situations. The Transition Council now faces the task of addressing this issue, adding another item to their already lengthy to-do list.

Bottom line? The DAO's still kicking, even if we're not all on the same page. Our new Transition Council's got their work cut out for them, trying to make moves while keeping everyone in the loop. It's like brewing the perfect cup of coffee — it takes time, the right balance, and a bit of magic. Here's hoping our next sip of DAO governance goes down smoothly.

Have an amazing weekend folks.

⛴️ BanklessDAO Content

🧠 Crypto Sapiens

Thanks, Bold!