Hi everyone -
Up until yesterday, I had 500 shares in the Diamond DAO community DAO (a super-majority).
The Diamond DAO community DAO is where community members can request payment for bounties or make funding proposals for research/creative projects that are relevant to the topics covered by Diamond DAO.
Community members can earn membership in Diamond DAO, enabling them to make and vote on proposals (as well as become eligible for future community rewards programs) by completing two bounties.
The community DAO will be funded from Diamond Bank (via monthly disbursements) as well as a percentage of product revenue.
The Diamond DAO community DAO serves three purposes: (i) support community members for bounties, part-time contributions, and work outside of Diamond DAO, (ii) balance against investor interests (represented through Diamond Bank) by maintaining a parallel governance and funding structure, (iii) structure & track community contributions in a way that we can use as an input in future community rewards programs (i.e. airdrop).
I summoned Diamond DAO and recruited many of the early members. At that time, we agreed that it made sense for me to have a super-majority of shares while we got the org off the ground.
We’ve grown quite a bit over the last few weeks (from 10 to 100 members in the Discord, 1 million of capital raised, several new part-time contributors, etc), and many people have stepped up to take on more responsibility.
In addition, we’ve created a separate DAO (Diamond Bank) to administer investor funds, in which I hold a significant stake (8.5%).
So, I thought it would be appropriate to rage quit the majority of my shares in the Diamond DAO community DAO (from 500 to 50) to even the distribution and encourage others to take the initiative to reward & encourage our contributors through its treasury.
During a transition period, Diamond DAO caretakers (i.e. @lemp.eth, @steffbrowne and I) will kick-start the community DAO with bounties related to the Chainverse product roadmap.
Over time, we will step back and reduce % of community DAO funds allocated to core Chainverse development, which should make room for more grants and experimentation.
I’m excited to see what types of research, experimentation, and creation the Diamond DAO community chooses to fund.
