DAO Operators are feeling the pain of coordination, communication, and execution failure. Is this the future we have envisioned? Are we really on the path to constructing new Digital Nations? Many veteran operators have even stated that the DAO construct is intrinsically inefficient.
I have good news for you: Decentralization is not only compatible with efficient execution; it requires it.
The bad news is that efficiency doesn't come for free. It must be injected through careful organizational design. In this article, we'll unpack these claims and their implications. We’ll then review a possible inspiration for such a design and try to apply it all in a DAO context.
gm and gmi!
Bankless DAO and Index Coop are very excited to announce the creation of GMI: Hot Tub ♨️ a money market built on Rari Capital’s Fuse!
To access the pool head over to: https://app.rari.capital/fuse/pool/181
If you’d like to signal your support for the pool, put #181 ♨ in your Twitter handle!
Cover by Ornella.
Yearn Finance is growing, and they want you. With a thriving DeFi protocol and big plans on the horizon, Yearn DAO is looking for contributors. Here’s a bit on Yearn DAO, how to join, and what life in the Yearn sphere is like. By joining Yearn DAO, you could build an impressive Web3 resume, find like-minded DeFi enthusiasts, and help build the future of finance.
FADE IN: STEVE, 28, long brown hair, lanky build, clad in a jeans and t-shirt, stares at a desktop computer screen, and begins internal dialogue.
Season Three here we come.
2021 at BanklessDAO was an experiment around social coordination and learning how to bootstrap a global community to achieve our mission: help the world #gobankless
Onboarding a billion people into crypto is no easy task. Despite this, we make strides every day. New media outlets, education platforms, collectibles, and indexes for simple investing are causing DAOs to become accessible to everyone—this is what is powering bDAO: a community of 17,000+ members strong, and growing!
There’s a lot to unpack. If you want to stay up to date on the community’s initiatives, catch up on governance, and see the top meme of the week, subscribe to the BanklessDAO Weekly Rollup.
“You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.” —R. Buckminster Fuller
This whole post is about DEGEN, a robotic powerhouse that automates backend processes for your DAO. DEGEN can listen in during your events and automatically deliver POAPS to attendees. DEGEN can create and deliver bounties for asynchronous freelance collaboration. And soon, DEGEN will be able to help you squad up and scope out entire projects. However, before we dive deeper to learn the potential behind DEGEN, we should have a little chat about the thought that underlies DEGEN, and its journey to inception. So, let us palaver, shall we?
One term that gets thrown around a lot in the cryptosphere is “degenerate.” The term degenerate suggests a decline. And maybe in the beginning, this is what was meant, as individuals came together to explore the space that was opening up as a result of the growing popularity of Bitcoin and Ethereum. But just as Elizabeth Warren’s description of crypto developers as “some shadowy, faceless group of super-coders and miners” was adopted by said developers as a fun, new moniker to wear with pride, “degenerate” has become a term of endearment and affection for those of us pressing forward on the frontier of cryptocurrency. We’re all just a bunch of degenerates—or degens, for short—shirking suits and ties and legal names, choosing to identify ourselves with Profile Picture Non-Fungible Tokens and creative monikers instead. We don’t exist in the mainstream. We don’t accept what’s socially acceptable. We denounce cultural norms.
We are far more concerned about doing whatever the fuck we want.
Bankless DAO has become the home for over 1,500 members on the bankless journey. We’re on a mission to help the world go Bankless by creating user-friendly onramps for people to discover decentralized technologies through education, media, and culture.
At this point, it’s virtually impossible to keep up with all the activity within the DAO given that the community is pushing forward in a million directions—as intended.
Don’t believe us?
Here’s what we accomplished in Season 1 and what to look forward to in Season 2.
Three key aspects could shape the regulatory landscape of decentralized autonomous organizations (DAOs): recognition of legal personhood to a purely digital entity, granting limited liability to its members and establishing a pass-through status with regard to taxation. This methodological approach could foster innovation in governance and also avoid obstacles with respect to technological developments.
The number and size of digital organizations in which members work together in sharing common missions and values is growing. DAOs are testing innovative technological tools and developing best practices to coordinate efforts in the digital environment. DAOs can be categorized according to their specific activities, as for instance investing, protocol, social, service, media, etc. Contributing to a DAO is becoming the ultimate frontier for working opportunities inside of the crypto industry. Such organizations seem able to shape the future of work.
Decentralized Autonomous Organizations (DAOs) are community-led organizations. They are built around a common mission, vision, and values, which then translate into products and services that execute the core mission.
A helpful mental model to use is that while startups source talent, by way of job boards, interviews, and a robust hiring pipeline, DAOs crowdsource talent from their community. People self-organize into niches based on what excites them and collectively begin to explore those ideas collectively. It is the DAO’s responsibility to enable new entrants to contribute and execute their ideas.
But this raises a question: Without any top-down delegation, how does anything get done?
Index Coop is getting into BED with the Bankless DAO! The new BED Index is now live Thursday, July 22nd. If you’re unfamiliar, BED is an equal weight index of Bitcoin ($BTC), Ethereum ($ETH), and DeFi Pulse Index ($DPI). $BED is managed by the Index Coop and rebalances the first Friday of every month. The goal of the index is to give people an easy way to get a balanced exposure to the main themes in crypto: Bitcoin, Ethereum, and DeFi. Better yet, the BED index self-manages so it’s a great alternative for those that don't want to go through the hassle of constantly rebalancing their portfolio. The gist: buy $BED, “set it and forget it”, or HODL, and sleep well at night.
Before we get into ahem, BED, let’s cover what an index token is. Index tokens hold a group of assets and provide investors exposure to them through one financial instrument. A TradFi example of Index tokens exists with ETFs. You’ve heard of the S&P 500, and the NASDAQ. Well those are bundles of stocks under one umbrella. Instead of buying 500 stocks, or every major tech company, ETFs offer weighted exposure to the whole thing, and rebalances regularly for you.
Bankless DAO is pioneering a new frontier in web3 media, culture, and education.
It’s been a little over 2 months since the genesis distribution and the DAO has built a buzzing community focused on leveling up in this emerging ecosystem and driving the broader adoption of crypto.
Seasons are meant to act as a mechanism to align the DAO on a core set of goals and projects with an encompassing distribution program.