Simple Summary
Bankless Consulting proposes collaborating with the 1inch team to design and implement a robust DAO constitution. This proposal includes the development of a Grants Program and Financial Reporting Functions to support the growth and success of the 1inch network.
Abstract
We have been discussing with the 1inch team for a couple of months how best we can support the growth and success of the DAO, and eventually, we recognized that we need to start at the beginning with the overall constitution, including a grants program and reporting mechanisms. This infrastructure would establish the backbone for future growth.
Bankless Consulting Background
Bankless Consulting is a renowned firm that empowers organizations to reach ambitious goals by devising and executing decentralized web3 strategies. With a global network of web3-native experts, Bankless Consulting offers a comprehensive range of services, including web3 advisory, project management and governance, tokenomics, NFT strategy, media and marketing, DAO incubation, development services, data analytics, and educational services. Our proven expertise in these areas makes us an ideal partner for 1inch.
Proposal
Bankless Consulting proposes a collaborative three-phase approach to design, implement and manage the DAO, Grants Program and Reporting Functions of 1inch. This proposal is for the design phase, including
- Intensive input gathering and workshopping with 1inch stakeholders to produce a DAO Constitution that serves all the stakeholders and follows best practices
- Short-term and medium-term Grant Program strategies to fulfill the goals of the DAO
- The design of a_ Reporting Process_ to ensure the sound financial standing of the DAO
Deliverables
- DAO Constitution design
- Grants Program design with short and medium-term strategy
- Financial Reporting design, including data collection and analysis
DAO Constitution Design - Activities
The purpose of the DAO should be to support the 1inch networt. With that in mind, we will define the scope and processes for fulfilling that purpose.
- Conduct a set of Design Thinking sessions with 1inch stakeholders to define the best ways for the DAO to support the network
- Define the scope of the DAO’s focus and prioritize specific activities for the DAO
- Define the responsibilities for the “secretary” of the DAO, who will oversee the activities of the DAO and be responsible for execution according to the plan
- Prepare the Constitution of the DAO for the formal submission to 1inch token holders (including the Grants Program and Treasury Reporting design)
Grants Program Design - Activities
Bankless Consulting will work with your community to co-design the 1inch Grants Program in the following ways:
- Conduct a market analysis, engage your key stakeholders, evaluate comparable approaches and prioritize goals
- Facilitate a series of Design Thinking sessions to identify the parameters of the 1inch Grants Program, including:
- Target projects and founders
- Award size
- Applicant eligibility & application/selection process (alignment with the DAO Constitution)
- Matching/fundraising expectations
- Personas for decision-making and grants disbursement
- Reporting requirements
- Prepare the plan for building and operating the Grants Program with identified major milestones and objectives
- Finalize design and mandate from the 1inch community
- Establish a strategic communications plan for the 1inch Grants Program
Financial reporting design - Activities
Managing finances is essential for the growth of every business, including a DAO. Bankless Consulting has the experience of building a strong financial reporting system for our own web3 business and multiple clients. Our process for the 1inch DAO would be to:
- Conduct a series of Design Thinking sessions to identify the financial reporting challenges that need to be addressed
- Evaluate and select off-the-shelf tooling vs custom development solutions based on the defined criteria
- Determine and assign clear financial reporting responsibilities for the DAO and its members
- Define the systems, processes, templates and tools for managing real-time reporting and publishing reports
- Finalize the design of the reporting function and post it on the forum for community review and approval
Team and Expertise
Bankless Consulting boasts a talented team with diverse skill sets and extensive experience in managing complex projects and programs. The core team members have an average of 15+ years of experience in project management, technology implementation (including blockchain), grants management, treasury management, and data analytics. We also have a deep talent pool in web3-specific areas such as tokenomics, governance and smart contract development. This wealth of expertise makes Bankless Consulting a reliable and capable partner for 1inch’s decentralization efforts.
Puncar: Product and DAO Expert, Co-author of the upcoming book, “How to DAO,” with a background as a Delegate at MakerDAO, Operations at GitcoinDAO & INDEX Coop, and Program Manager of EY Global Blockchain.
DSide: A seasoned business owner and consultant who leads web3 projects from very early stages to token/NFT launches. Co-founder of Bankless Consulting and Host of the BC podcast “EARLY.”
**Chuck: **Co-founder of Bankless Consulting with 15 years of experience on both sides of grantmaking. He has managed and designed grant programs for the Marriott Foundation, University of Maryland, DeveloperDAO, and BanklessDAO. His grant proposals have netted over $5 million from 30+ IRL & web3 grants, including Bloomberg Philanthropies, Gates Foundation, the EU, Lens, Graph, and Stacks.
**Sergio: **Governance lead in various tokenized communities, specializing in governance design and tooling for global, self-managing organizations.
**Iced Cool: **Founding member of BanklessDAO, leading the Tokenomics and Treasury Guilds. Experienced in IT management, consulting, and solution architecture.
Omen: A specialist in disruptive high-growth technologies, possessing diverse experience in corporate and securities law, technology consulting, financial services, international development, and startups. Co-founder of Bankless Consulting and core team member of LexDAO.
Additional talent from Bankless Consulting will be engaged ad-hoc to support the overall project.
Suggested Pricing:
Bankless Consulting offers the proposed services outlined in Phase 1 - DESIGN for a total investment of USDC 45,000. This discounted amount includes Bankless Consulting’s investment in building a long-term strategic partnership with 1inch.
Bankless Consulting is confident that this proposal, backed by its expertise and commitment, will enable 1inch to achieve its decentralization objectives and foster the growth of the network. The team at Bankless Consulting eagerly anticipates the opportunity to collaborate with 1inch and work together towards shared success.
**Payments: **
$15k at the start of the engagement
$15k when a draft of the constitution is delivered
$15k when all deliverables are finalized
Thank you for considering this proposal, and Bankless Consulting looks forward to the opportunity to work hand in hand with 1inch to achieve its decentralized vision. We are happy to answer any questions about the proposal or our expertise.