Dear Bankless Nation 🏴,
The new tlBANK Snapshot space is buzzing with proposals.
Following the completion of the snapshot proposal space created for tlBANK holders, where more than 80% of those who voted agreed that a re-organization of the DAO should take place first, a series of proposals has been dropped to gauge community members’ sentiment on how the reorganization should go. Therefore, if you are a tlBANK-verified member and have locked up your BANK before December 2023, please take the opportunity to visit the Snapshot platform and vote on how the re-modeling process should proceed.
Furthermore, for those interested in exploring other opportunities within the community, the bCard team is available to assist you in obtaining a card that seamlessly connects your web3 identity to the physical world, supporting your favorite community in the process. Reach out to the bCard team for more information and to acquire your card.
The season 11 journey continues, and we are all excited and ready to participate. Wishing you a fantastic week ahead filled with opportunities and growth.
Contributors: Ifeoluwakiitan, Boluwatife, Tonytad, Paulito, Kornekt, WinVerse
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🏃♀️ Catch up: Listen to this week's Community Call recording.
Snapshot Votes
Keeping Up With the New tlBANK Snapshot Space
Author: Boluwatife
Gm folks! The hot news happening in the community this week is the snapshot proposals. The restructuring process is strongly moving forward and necessary decisions for the advancement of the community are being made.
This week there are 6 snapshot proposals up for your perusal and awaiting voting. Let us go through them:
1. Dedicate 50% of Mainnet Non-BANK Treasury Assets to No-loss Yield to Cover Costs
The first proposal discusses treasury concerns. Currently, the community’s shared treasury holds approximately $375,000 in non-BANK assets, as confirmed by the Etherscan address: https://etherscan.io/address/0xf26d1Bb347a59F6C283C53156519cC1B1ABacA51
To optimize the utilization of these funds and generate recurring revenue to cover our operational expenses, it was proposed that we invest 50% of the non-BANK assets, amounting to $187,500, into a no-loss protocol like AAVE. This investment strategy aims to leverage the yield-generating capabilities of DeFi protocols while minimizing the risk of capital loss.
The rationale behind this proposal is to create a sustainable source of income to cover our recurring costs for the year. These costs include but are not limited to Notion subscriptions, Google services, and other Software-as-a-Service (SaaS) expenses. A detailed breakdown of the estimated recurring costs and revenue streams has been prepared and can be accessed here.
If this proposal is approved, the multisig group will be responsible for executing the following tasks:
Swapping or investing the designated tokens into the chosen no-loss protocol (e.g., AAVE) as required.
Determining the specific costs the generated yield from the invested funds will cover.
Disbursing the generated yield on a regular basis, such as monthly or seasonally, at their discretion, to cover the identified expenses.
It is important to note that this proposal does not involve any third-party custody or centralized services, as the investment and yield management will be handled directly by our multisig group, adhering to the principles of decentralization and self-custody.
2. Add Humpty to the List of Eligible Snapshot Wallets
This proposal was put up to acknowledge the hard work of a DAO contributor and also appeal for an exception. As previously agreed, only tlBANK holders who minted before a particular cut-off date have the privilege of voting. However, this proposal was made as an appeal to add Humpty's wallet address (0x685db5aa191a8eb8ca9be90fe77f73b1d53b5392) to the list of wallets that are eligible to propose/vote on this Snapshot space. The rationale is that he is a strong and valued member of the community and his voice will be an added advantage during this process.
3. Governance/Membership Preference
A week ago, a poll to check the sentiment of members in the DAO was put forward. According to the Three Options to Move Forward vote, nearly 90% of the 33 tlBANK holders who voted hold a preference to reorganize the DAO. This new proposal looks to determine if tlBANK holders like the idea of a two-token system. A basic outline of what it might contain is found in the image below.
4. DAO Council Preference
This proposal was uploaded to determine if tlBANK members liked the idea of a DAO council.
The Council would generally serve in an executive capacity, providing high-level guidance for the DAO. The proposed DAO council will have 13 members, a Multisig + 6 at-large Stewards. They will be responsible for:
Makes funding decisions
Providing a seasonal roadmap for DAO
Dispute resolution
Weekly public meetings.
5. How Should We Organize Members?
This proposal aims to clarify how the organizational structure of the DAO Reorg will be going forward. Do we create workstreams, maintain the status quo of Guilds, Department, and Projects, or start over on a blank slate?
6. Elect or Appoint Transition Council?
The Outline for the Proposed Reorganization suggests the establishment of a Transition Council to oversee and guide the community through the reorganization process. While the Outline initially proposed an election process for the Transition Council, several members have recommended appointing the council members instead. This recommendation arises from the observation that there are a limited number of active governance participants who possess the necessary skills and interest to execute such a complex transition effectively.
So there you have it folks! Make sure to head over to Snapshot if you are a tlBANK holder and attend to the polls. Have a fantastic weekend.
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