Welcome Flunks Utility, Part One…
CafeteriaDAO Introduction
CafteriaDAO is nearly here! We’ll go over the basics here then dive into the specifics of CafeteriaDAO and what it means for Flunk holders.
CafeteriaDAO is the utility Flunks will receive, for now. Prior to CafeteriaDAO, the Flunks roadmap consisted of clubs. Clubs were set up to provide $25,000 USD for four different community-controlled clubs. The idea was well received, but upon execution, there were issues with the model of clubs and it seemed inevitable that $100,000 USD was going to be wasted with minimal benefit for anyone. CafeteriaDAO will follow a similar ideology to clubs; carrying over the initial $100,000 fund for the community to control.
The Fun Stuff
Like clubs, each Flunk holder will have an opportunity to propose what they would like to happen with a portion of the CafeteriaDAO fund. At your leisure generate some ideas and propose them here on CAST!
This brings us to the next part of CafeteriaDAO. We must vote on proposals! The ideas you and your #FlunkFam generate might be great to some, but there are many people that aren’t too vocal within the Flunks community platforms. For this reason, we will ask that each proposal is open for a minimum of one week to allow everyone adequate time to weigh the options and vote in favour or against each proposal.
Don’t worry about remembering this, it will be mentioned again.
Electing a CafeteriaDAO Committee
The CafeteriaDAO is set up to operate with minimal decisions to be made by the Flunks team, leaving the power in the hands of the community. So why is a CafeteriaDAO Committee necessary?
So you have a great proposal. It costs $95,000 and brings 15 Flunks to Costa Rica for 10 days. It sounds like a good time. Is this possible? Technically, yes. Is it likely to happen? Probably not, each proposal requires a consensus vote from the community. A proposal that benefits the few is not likely to pass. Instead, we want to encourage proposals that benefit the community as a whole and open up avenues to increase the DAO treasury. What would you do with the money to increase the DAO fund from 100k to 200k? Ideas like a spin-off NFT collection built by artists in the community bringing funds back into the DAO or an NFT game built on the blockchain leveraging the Flunks IP. These could work!
By creating a CafeteriaDAO Committee of five highly-trusted Flunks community members each proposal is passed through the committee to ensure it is viable, beneficial and awesome!
Utilizing a MultiSignature Wallet
The treasury will be held on a Gnosis Safe Wallet in the form of USDC on ETH. Gnosis Safe is a multi-signature cryptocurrency wallet that is “owned” by multiple people. Any transaction requires multiple signatures before it is executed on the blockchain. This means decisions are made as a group and secured through the power of Smart Contracts. The CafeteriaDAO Committee can ensure money is put to use without the Flunks team getting involved at all. This wallet would be controlled by the committee, requiring a minimum of three signatures of a possible five to accept a transaction.
CafeteriaDAO Proposal Requirements
Please refer to the article linked here to learn more about CafeteriaDAO proposal requirements and a walkthrough of how to create a proposal.
Proposal Acceptance Requirements
We’re assuming at this point you’ve read the article on how to make a proposal. If this segment is confusing I suggest you go back and take a look at that first.
For a CafeteriaDAO proposal to be accepted and passed to the committee for approval, it must meet both of the following requirements.
— Proposal voting must conclude with votes from 50 or more wallets
— Proposal must receive 55% or more of the total vote count in favour of acceptance to be accepted.
For further clarity, we will break down some examples of what may happen and what the outcome would be.
If a proposal receives votes from 28 individual wallets with a total of 80 Flunks among the wallets, this will not meet the first requirement. Flunks provide extra voting power but do not count toward total wallets.
If a proposal receives votes from 80 wallets and the proposal is voted in favour with 53% of the total votes it will not meet the second requirement. Each proposal requires 55% or more of the total vote count.
What’s Next?
We’re glad you asked. Now that the preliminary info is out in the universe for all to read we can fire up the train to chug out of the station! Here’s the plan:
- As mentioned, a new CafeteriaDAO channel has been opened in Discord for all Flunk holders to use for generating ideas and discussing the best ways to use the CafeteriaDAO funds.
- The CafeteriaDAO Committee needs to be established. The Flunks team will make up one of the five members of the committee leaving us with four more individuals to be added to the committee. If you would like to volunteer to be on the CafeteriaDAO committee please submit your information in the form here. The form will be open until 4:00 pm PST, December 15th, 2022. At the time of its closure, we will sift through the submissions to create a list of individuals to be voted on by you, the community, to create the committee.
- Once the CafeteriaDAO is elected and vetted, each member will be sent a Ledger from the Flunks team and added to a Gnosis Safe that is funded with the CafeteriaDAO treasury.
- Last step, let’s have some fun!
Some criteria may be subject to change. This is dependent on how well the current structure works for the community.
