Dear Bankless Nation 🏴,
The Snapshot election for the Transition Council Authority ended on Friday, and we’re excited to congratulate the Transition Council on gaining BANK-holder ratification. This is a big step forward in our restructuring journey. With the TC now empowered to prioritize community-driven changes, it can sort out important pending issues, such as refining membership models, tokenomics, and other essentials.
Another Snapshot vote went live yesterday, proposing to use treasury yield to fund in-person events. The plan involves depositing 55,000 USDC and 20 WETH of unused treasury assets into no-loss PoolTogether v5 pools, which the DAO can withdraw at any time, keeping the funds risk-free. The yield generated will support community events. Find out more information on the Black Flag Initiative website. Voting is open until November 8, so head to Snapshot and cast your vote.
This week’s editorial discusses the successful ratification of the Transition Council’s authority and examines key membership processes, including proposed onboarding and engagement metrics. It also highlights the new Black Flag DAO initiative, what to expect, and other important insights.
With the TC guiding community decisions, the path to bringing our shared vision to life is clearer than ever. However, this doesn’t mean we should stay silent. Our voices and participation are important as we move forward. So, let’s stay active, keep sharing our perspectives, and plant the black flag together.
Contributors: Lucent, Tonytad, Angelspeaks, Boluwatife, Kornekt, WinVerse
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🏃♀️ Catch up: Listen to this week's Community Call recording.
Snapshot Votes
Proposals in Discussion
Progress
Author: Boluwatife
Coming together is a beginning; keeping together is progress; working together is success. — Edward Everett Hale
The most recent community call highlighted many updates from the community. One of them was the proposal to ratify the Transition Council authority. Now passed, the six members of the TC have been vested with the authority to make decisions regarding the DAO’s progress to the extent that has been stated in the proposal. This is a welcome development among members of the community as out of 78 votes, a high percentage was in favor as opposed to against. This shows that the community believes in the progress of the DAO and has confidence in the TC to execute the DAO’s best interest.
Meetings are Back
Due to the confusion regarding Transition Council authority and ways to move forward, the TC meeting was put on hold. Now there is clarity, meetings are back on, and they will be held at the regular time every Friday, 19:00 UTC.
Also, the governance calls still hold and everyone is welcome to join and air their opinions, perceptions, and observations.
Membership Procedure Ideas
The strength of our DAO lies in its members. We're setting up membership procedures that go beyond simple token holding. Our aim is to build a community of dedicated individuals who understand and support our mission.
Ideas brought forward by community members detailed a process where new members will go through a structured onboarding process. This process isn't about creating barriers, rather it's about ensuring everyone who joins understands what we're building together. While the membership procedures haven’t been defined yet, several key areas are being looked at, including:
Project participation credits
Technical contribution tracking
Community engagement metrics
Governance participation points
For those looking to join, we want to make the path clear and rewarding. Each new member will have opportunities to demonstrate their alignment through:
Active participation in governance calls
Contributing to ongoing projects
Engaging with existing members
Sharing expertise in their areas of strength
Supporting other community members
Building a Self-sustaining Structure
The heart of our vision is creating a DAO that thrives through distributed leadership. If we will still be in the business of incubating projects, we need to make sure they are guided on their way to stability. Every project should be able to move forward independently, powered by its own community of contributors. This approach ensures that projects remain stable and productive even during leadership changes or market fluctuations. It's about creating resilient systems that can:
adapt to changing conditions
scale effectively
maintain momentum
preserve institutional knowledge, and
support continuous improvement.
Black Flag DAO Initiative
Our latest community initiative opens new doors for real-world connections. We're proposing to put 55,000 USDC and 20 WETH of our treasury into PoolTogether v5 pools. It will take on the presence of a smart savings account for our community. The best part? The DAO can withdraw these funds anytime, making it a risk-free way to generate about $250 monthly for in-person meetups every month.
What makes this wholesome is that every DAO member gets a say in which events receive funding. Want to organize a meetup? You'll be able to put your idea up for a vote. The proposed idea is all for keeping things transparent with simple rules — events need social media presence and should happen regularly. This isn't just about funding meetups; it's about building real connections in our community. This is because in web3 communities, shared purpose is important.
The next phase gets even better. The initiative plans to distribute Black Flag tokens monthly to everyone who participates. These tokens aren't just for showmanship; they'll give members voting power on future events and help shape our community's direction. It's our way of rewarding members who actively participate and believe in what we're building.
Ready to vote on this proposal? Head over to the Snapshot.
That will be all for this week. Do have an amazing weekend ahead ✨
⛴️ BanklessDAO Content
🧠 Crypto Sapiens
Thanks, Bold!
