DAO Lead Position Proposal

General Discussion
1

I currently have the pleasure of being considered for the DAO Lead position for our new DAO. As this will ultimately be a community based role, I wanted to get the community’s input on several ideas. To help you get a feel for what I would be like in the position, I have written a loose proposal for what I plan to do in the role, at least initially. Feel free to comment here, and express any opinions you might have, before we have a vote later next week.

The Proposal

DAO Set-up

Currently, I’m slated to start in the role before the DAO is finalized. As such, my first job will be assisting in setting up the DAO and its governance structure. As discussed here, the comunity is looking to use the Tally dashboard with the Compound Governor in order to enact changes in the DAO. This combination is an industry standard with verified effectiveness. However, it’s been found that the Tally dashboard only supports single token voting, where our community has previously decided to use both FLX and stFLX as voting tokens. I’ll work to the best of my ability to get multi-token voting, either through a modified Tally Dashboard or another governance system with verified effectivness.

It’s important to note that this won’t effect our current timetable for establishing the DAO. If I’m unable to find a solution in time, we’ll lauch with single token voting and then I’ll make it an ongoing goal to find a way to transition to multi-token voting.

Integrations & Incentives

Everyone’s favorite part, and what will likely be the bulk of the work in the beginning. It is my opinion that the best use of RAI will be as a stable unit of account for DAOs. As such, most of my focus here will be integrating with DAOs so we become their stable coin of choice. I have some experience in this area, being the person that got MetaGame to use RAI as the stablecoin of choice for their pool. A few other DAOs that we could approach(to start) are:

  • SporkDAO
    • Responsible for putting on EthDenver, and now starting a VC (Bufficorn Ventures), they’re going to need a sizeable treasury secured against volatility.
  • MetaFactory
    • They could probably use a stable coin to support their treasury
  • RaidGuild
    • Currently use DAI for their payments.
  • 1hive
    • Very active members on Gnosis Chain. Getting their support could help us make significant in-roads on that Chain.

Multi-Chain

One of the core promblems we have with DAO integrations is that many of them have moved off Ethereum L1 onto other chains where we have limited liquidity. I will propose that the DAO primarily focuses incentives on L2s and Sidechains to increase liquidty there and win DAO support.

  • Gnosis Chain

    • Pitching themselves as the “DAO Chain”, we obviously want to be heavily involved here. I’ve also heard that they are interested in RAI, and have already included RAI on their bridge. We just don’t have a good liquidity pool yet. Curve is the obvious option, but having not heard from them, I’ll look into others as well. Incentivising a pool on 1hive’s Honeyswap could be a good choice as it would curry additional favor. I’ll also talk with Balancer about moving to that chain. Balancer’s option to do a three token pool is a great advantage for DAOs because they can have their token backed by both ETH and RAI.

  • Optimism

    • As has been discussed in the Discord recently, Optimism is a great new opportunity, as we expect their community to be alined with our ethos. They are also looking to grow the number of protocols and assets they host on their infrastructure, so I think we can submit proposals for them to incentivise RAI use cases.

  • Other Chains

    • I believe those two chains should be our main focus, but I’d like to see more liquidity on Polygon as Balancer and several key DAOs are hosted there. Pangolin on Avalanche was also a fairly early RAI supporter, so it would be worth looking into further efforts with them as well.

I’d also like to see easier methods for moving RAI between chains. There’s potential to create and document Keeper style bots that can arb RAI across chains, and I’d also work to make sure RAI is an easy to find and use option on major bridges.

Spending and Commerce

Although I don’t think it will be the primary use of RAI, and will be more suited to Friendly Forks, I would like to see more use of RAI for payments. I’ll look into integrating with the Coinbase Commerce system (which currently uses DAI and USDC) as well as additional fiat crossovers like Binance.

Onboarding DAO Participants

The DAO should look to onboard an Integrations Lead whose sole focus will be on adding RAI on new platforms and chains; including and beyond the ones mentioned above. I also believe that the DAO should onboard a Community Manager and a Technical Specialist/Developer who can focus on helping RAI Friendly Forks to launch successfuly but also on other areas such as potentially hosting a custom governance UI that can handle voting with two tokens.

The Community Manager will be important in helping to mantain an active and engaged commmunity, which will lead to an active and healthy DAO. The RAI community is one of my favorites in the space because it has amazing big-brain active members. Some of the best ideas for RAI have come from our community already, and I’ll be needing their advice to guide me and our DAO.

I’ve also been thinking about onboarding someone to take care of marketing. I want to wait on this position and see how well we’re able to integrate and grow the platform first. It may also be more efficent to do one off campaigns as opposed to having someone constantly focused on this area.

Friendly Forks and the Money God League

It is my position that the Money God League is the greatest strength of the RAI/Reflexer platform, and will be key to our long term growth and success. RAI is designed to be incredibly secure and immutable, and so has limitations that are best overcome by the flexible nature of the Money God League.

One of my principal foci would be to look for and cultivate any promising project in this regard. I even have a few ideas of my own that I’d love to see implemented. The RAI/GEB codebase is extremely complicated however, and is why I feel it’s so important to have a full time technical expert that can assist with implementations.

Miscellaneous

There are a lot of other ideas that I have for the DAO, that I’d love to see depending on how we evolve. To name a few however:

  • More Cool Swag

    • Nothing brings a community together like cool swag, and it’s also good advertising.

  • Grants and Sponsorships

    • I’d love to see RAI in more high visiblity places, particuarly sponsoring things like conferences. It would be great to get more exposure, and can really win over some DAOs. Depending on how we grow, we may even be able to issue grants to grow the spaces we’re heavily integrated in.

  • MetaVerse

    • With the growth and focus on MetaVerses recently, it may be interesting to have our own space. I’m not sure if it’s a need/interest, but it’s something I’d look into.

  • More Memes

    • RAI has the best Meme with 1 RAI = 1 RAI. We need to keep this up.

Thank you for reading over this proposal, and I’m excited to hear your thoughs, comments, and ideas!

8 Likes
2

Nice comprehensive proposal!

As for cross-chain bridge, deBridge https://debridge.finance/ may be one option. It is already supporting RAI. What we need is deRAI/canonicalRAI curve pool liquidity on each chain.

And I think we can’t miss Arbitrum in multi-chain strategy.

3 Likes
3

Thanks!

I’m looking into deBridge now!

I’m a bit of a fan of Arbitrum as well, and it holds promise as Balancer is already there, so DAOs are all set to do the ETH/RAI/Their token pool. Over at MetaGame we debated between Arbitrum and Polygon for this reason, but the cheaper fees of Polygon won out.

4

As part of this proposal, I wanted to mention the compensation package that, once the DAO is set up, would also be managed by the community.

The proposal is as follows:

  • $10K monthly cash compensation as a full-time DAO ops lead
  • 6K FLX streamed over Sablier for 3 years, starting on 27th of June (6 weeks after Bacon would start contributing to the DAO). The Sablier stream can be stopped at any point if Bacon stops working with the DAO or if the DAO thinks that we should onboard a different ops person

The proposal includes a 6 week trial period starting on 16th of May so that the community gets a feel of how it is to collaborate with Bacon.

1 Like
5

First let me say congrats and good luck Bacon.

90% of your proposal is exactly how i also would imagine it to be!
On top of your proposal I want to push the market segmentation concept: RAI has 2 audiences: the DAOs (let’s address this segment as “B2B” side of our protocol) and the regular crypto user (let’s address this segment as “B2C” or “retail” side of our protocol).
Ofc the retail segment is not an opportunity as big as the DAOs (volume wise) but if we educate retail, retail will either join the DAO or be our promoters/ambassadors. Think about “Intel inside” marketing tactic.
For retails we need a different, more soft explanation, compared to the DAOs that need to hear the technical benefits . And this means that you, with our help, will need to address the site, social media accounts etc to slip the 2 messages (retail vs geeks).

More topics to discuss but this is the first one i wanted to bring in front of you for now. you do you look at this?

3 Likes
6

the monthly cash compensation should be in RAI for every DAO paid member. right?
so we should present the amount in RAI (now for Bacon and also for all the future positions)

7

The DAO has FLX for now so we quote in dollar and depending on what assets the DAO has later, it will use what’s available

1 Like
8

Thanks!

You make a good point here about marketing/educational content. I think that will be crucial and I regret leaving it out. Kingfish pointed it out to me as well the other day.

I’m not sure what you mean here about DAOs vs. Retail though. I choose to focus on DAOs more because of the limitation in supply of RAI. With a limited supply it made more sense as a concentrated unit of account by organizations, rather than how fragment and spread out it would need to be for day-to-day retail use. I’d love to see this for RAI as well, but I think that market will be better served by a Friendly Fork with larger supply. (Multiple collateral types and/or chains)

9

on this part my position is different.
when i say DAOs i mean that there are maybe 100-200-400 people that can understand the technical mechanism at a deeper level.
i personally am not one of them. and most of the RAI community can not and will not understand the deeper technical level. I estimated that there are 1000s or hundred of 1000s of people in this segment.

they all use crypto, they all are not the main target for RAI for now (i agree on this part), they all used UST and they all should understand how RAI is different from UST/USDC/DAI and it’s RAIDAO job to make it easy.

so, the “retail”= people like me, like many of RAI community (that btw provide liquidity for now), like many of makerdao and other DAOs that DO understand mechanism but not at the technical level.
For retail, the onboarding story needs to be simple. this is why i believe that you/RAIDAO needs to have on the agenda how to change/align the website & all social media messages for these 2 distinct audiences.
retail needs an explanation like i mentioned here: Discord (or any other better, ofc)

10

Echoing Alex, congrats Bacon and will try to support as much as I can.

As you and Alex have alluded to, education will ultimately be coupled with RAI organic growth and utility (from both a B2B and B2C perspective), and I would expand on that by saying from a regulatory standpoint, not only will education about RAI be helpful but education around all stablecoins will be helpful, especially highlighting the differences and of course why we think RAI is best. I think positioning RAI as a stablecoin thought-leader, and in a way, indirectly lobby for stablecoin decentralization accomplishes both marketing and education simultaneously. In terms of how we would execute a “stablecoin university” of sorts, it would be cool to collaborate with Rabbithole (rabbithole.gg) or build our own sort of newsletter/platform strictly talking about stablecoins.

Regarding DAOs, lots of DAOs out there I think we could help, and I agree with the approach. Here’s a few more to tack on the list. I have a list I can supply… DeepDAO is also a great resource: DeepDAO

BitDAO has an enormous treasury - ~$1.2B
The LAO - ~$12.6M
FloorDAO - ~$9.5M

1 Like
11

Thank you!

I’ll have to look into those DAOs, that DeepDAO dashboard looks pretty useful, can help guide our integration efforts even if we don’t integrate with them directly.

I’ve been interested in Rabbithole for awhile now as well. I originally was looking into a collab between them and MetaGame a few months ago but I never followed through. I’ve heard some things to give me pause, namely that they’re closed source and expensive. But I’ll definitely be looking into them further!

12

Posting a poll to see general sentiment re: this proposal and Bacon being onboarded in the DAO. The poll will run for a week.

  • Support the proposal
  • Support with changes (comment)
  • Reject the proposal

0 voters

13

Strong support for Bacon. :+1: :+1:

Have known him for as long as he has been involved with reflexer. The proposal looks good to me and I’m confident he’ll go above and beyond on delivering on his proposal.

I will DM Bacon with more half-baked proposals.

1 Like
14

I voted FOR.

And I will support you Bacon as much as i can! Hope to meet (discord calls or maybe face2face) soon and get to know you even better.

1 Like
15

Hey @Bacon great to hear about your plans for the DAO.

I contribute to DXdao, which holds $3m in Rai and are interested in building DAO treasury management tools.

It would be great to brainstorm on ways to collaborate. Feel free to DM.

3 Likes
16

Where should I DM you ser?

17

Thanks!

But oh man, I’m here for those half-baked proposals, they’re the best!

18

Haha, my bad. i assumed there was a message place in discourse. Telegram is best.