Dear Bankless Nation 🏴,

Welcome to our first Weekly Rollup as Black Flag DAO! Yes, you heard that right. After a long but thoughtful process by the Transition Council with valuable feedback from the community, we have a new name and a refined purpose. The purpose was refined because of some concerns about the use of the term "regenerative systems." The Council listened, revisited the statement, and here’s the new version:

Purpose:

To build an onchain community of changemakers focused on vibing, thriving, and exploring decentralized systems.

Next up is our brand's visual identity. After a call for logo submissions from the talented designers in our community, the Transition Council will soon select the design that best represents Black Flag DAO. Submissions continue into next week but we’ve already seen some stunning designs. We trust the Council to choose one that truly reflects our spirit.

As for the multisig election, the Transition Council has decided to move ahead with a Snapshot vote, including all current applicants — regardless of whether they met all the requirements. Regarding where this election would be hosted, discussions are still ongoing around it.

The goal is to be changemakers who vibe and thrive together. So, as always, get involved, explore, and fly the Black Flag with pride!

Contributors: Lucent, Tonytad, Angelspeaks, Boluwatife, 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

• Re: bDAO Multi Sig Signers: Bankless Africa Optimism Campaign Report

Multisig Election Snapshot Wrangle

Author: Boluwatife

The highlight of the community call this week was information about the multisig elections. The conversation was originally supposed to revolve around the announcement of its commencement, providing updates, and then inviting the candidates to express themselves to the community members. This was to allow members know the candidates and their plans. However, after the announcement that the elections would be conducted via the tlBANK snapshot, there was pushback to utilize that space for this purpose.

tlBANK vs BANK Snapshot Debate

After the representatives from the Transition Council announced that the election would be held on the tlBANK snapshot, a counter-opinion was presented, stating that it would be best if the election was held on the BANK Snapshot. Here are the arguments from both parties:

Pro-tlBANK Snapshot

The representative of this opinion highlighted that using tlBANK would prevent an unfair election and provide a gated way to vote that would involve dedicated members true to the cause of the DAO. Currently, the BANK governance token price is very low, meaning anyone can buy many tokens and influence decisions being made in the community, which would be unfair to those present and determined to make the community work.

Therefore, the election will not be token-weighted by BANK, but will be done by equating 1 tlBANK to one vote. However, if you would like to vote for two candidates, your tlBANK will allow you to do that, but it will still be counted as one vote for each candidate.

It will be held on the tlBANK snapshot. The Transition Council representative explained that they made this decision after much thought and consideration. It was also acknowledged that while it might appear that many BANK holders are being disqualified from voting, this was the best way they could think of to ensure a free and fair election.

Pro-BANK Snapshot

The argument for using the BANK snapshot came from a party on the multisig camp with equally valid points. This opinion highlighted that many people are holding BANK, some who have never sold, some who have earned and held BANK since the beginning, and that disqualifying them from the election just because they don't have tlBANK is quite unfair. The representative also stated that the majority of people with tlBANK might not be those with the highest value of BANK, and to disqualify those who have a very high value and have shown dedication by not selling goes against the value alignment goal of the community.

Decision-making Authority

With both sides expressing their points, the question arose about which group actually has the power to make these decisions. The Transition Council argued that they were elected by the DAO to make decisions regarding this transition process, while the party on the multisig argued that it has some limitations. It is quite obvious that there is still some uncertainty regarding the rights and responsibilities. This needs to be addressed, and this is why we have a community – it allows everyone to see what's wrong and then right it.

Further Steps by the Transition Council

The Transition Council has decided that following this new development, a proposal will be put up on the Forum to get clarity on its responsibilities. This will decide the way forward, as the multisig elections cannot be held without this clarification.

Black Flag Logo Submission

As the new logo for the DAO could not be chosen on the community call, it is still open for submissions. Please check out the transition council channel to drop your submissions and do not forget to follow the due process for making a logo.

Thank you for reading, and have an amazing weekend!

⛴️ BanklessDAO Content

🧠 Crypto Sapiens

🗞 Layer 2 Review

Layer 2 Review

Fueling the Next Wave of Layer 2 Airdrops | Layer 2 Review

Oct 10

Dear Frens,

Read full story

Thanks, Bold!