Bankless DAO is a decentralised community designed to coordinate and spread information about backless media and wider cryptocurrency education. Its central goal is to drive adoption and awareness to bankless systems of money such as Bitcoin and Ethereum, with the goal of onboarding 1 billion people to crypto.
Using its native $BANK token primarily as a coordination mechanism, the Bankless DAO focuses on growing a community that adheres to the Bankless ethos. The Bankless DAO is independent of Bankless LLC and engages with a variety of media nodes, although Bankless LLC remains a token holder and assists the DAO when necessary.
Coordination largely occurs on the DAO’s Discord server, with BANK holders granted access to channels and perks depending on how much BANK they hold. Users without BANK can access a limited number of free channels and express interest to participate in the DAO by joining a guild and receiving a guest pass.
Guilds are a way to organise working groups and assign labour—there are guilds for writers, research, marketing, education and design among others. For example, a developer can be assigned to the dev ops guild and Bankless DAO weekly roundups are written by selected members of the Writer’s Guild.
Bankless DAO has a broad mandate, with objectives and large projects determined via a ‘season’ structure. Early Bankless DAO products and revenue streams include:
- $BED index.
- Advertising through its newsletter and social media accounts.
- NFT newsletter, written publications and content.
- Selling NFTs.
BANK Token Utility
Bankless DAO’s native token is BANK, an ERC-20 token with a 1B maximum supply.
BANK functions as the native governance token for Bankless DAO as a way to facilitate coordination.
- Governance: Token holders have the ability to propose and vote on DAO decisions.
- Rewards: BANK is distributed to community members for active participation in the Bankless movement. BANK can be earned via tips from other members, completing bounties, grants or contributor rewards.
- Entry: Used for entry and full access to all perks and full access to the Bankless Discord.
- Free: (Level 0) 0 BANK
- Member (Level 1) 35,000 BANK
- Contributor (Level 2) 35,000 BANK and a nomination/Vote
- Whale (Level 3) 150,000 BANK
- Liquidity Provider (level 4) 250 Uniswap V2 BANK/ETH LP tokens
At genesis, BANK was distributed as follows: retroactive distribution (30%), Treasury distribution (non-vested) (30%) and treasury distribution 3 year vesting period (30%).
Immediately after the formation of Bankless DAO, Bankless LLC submitted a genesis proposal requesting a one-time grant of 250,000,000 BANK vesting over 3 years (includes a 6-month cliff) for ongoing participation in the Bankless DAO.
The proposal overwhelmingly passed and the new distribution of BANK is as follows: retroactive distribution (30%), Treasury distribution (non-vested) (5%),treasury distribution 3 year vesting period (40%) and Bankless LCC (25%)
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