Bankless DAO - Fair Launch

By KZFlyer | Financial Cents | 5 May 2021

Bankless DAO


The Fair Launch

Fair Launches are the latest trend in Crypto. Instead of selling token to investors, they are often provided as staking rewards or an airdrop. While everyone was sharing Star Wars memes, the team behind the Bankless (newsletter), Bankless LLC, officially launched the first media DAO thats 100% seeded to the community.

What does that mean? Well, at launch, there is 1 billion $BANK created. Of that 1 billion, 30% goes to the DAO Treasury which is available to use immediately, 40% goes to the DAO Treasury but on a vested distribution schedule over 3 years, and NONE went to Bankless LLC. The remaining 30% was retroactively distributed to the Bankless community.

Bankless community? Whos that?

Primarily it's those that have paid subscription to the Bankless newsletter. As a paid subscriber, you are given a POAP showing the year you subscribed.

30% - 2021 Bankless Badge - Fixed amount 

30% - 2020 Bankless Badge - Fixed amount

10% - Donated $0.95 or more to the Bankless Gitcoin Grants - Pro-rata based on amount of donation

1% - Early adopters of Bankless merch

29% - Premium Members - pro-rata based on "unique emails seen" as calculated by Substack on May 1. This distribution will occur after 30 days of ETH address collecting.

So how much is this worth? What benefits am I getting?

In the announcement they are quick to point out that $BANK has no financial value. The token simply "represents participation in the bankless community."

But this is crypto so you know there's already Uniswap liquidity pool ETH/BANK and USDT/BANK

Based on Uniswap data, the price has been between $0.10 and $0.20. There's about $100k in liquidity and the price was $0.13 at the time of publishing.

Benefits are the usual - Voting power and access to the DAO Discord (if you have at least 35,000 BANK)

I qualify what do I do? (badge, donation, merch)
  • Of course you want to check out the DAO's page first - read up on the mission and some of the plans.
  • Next, head over to claim your BANK - You only have 90 days to claim. After 90 days, the unclaimed BANK goes to the treasury.
  • Join the Discord (if you meet the minimum requirements)
  • Vote on the first proposal
I qualify what do I do? (premium member)
  • Of course you want to check out the DAO's page first - read up on the mission and some of the plans.
  • You can head to Uniswap and pick up some BANK (optional)
  • Receive your BANK 30 days after the ETH address collection.

Want to check an address? Head to this Google Sheet. There is a tab for each group. 

Medium Articles:
Announcing Bankless DAO
Getting Started with Bankless DAO
Bankless DAO Genesis Proposal

What is Kevin doing in Crypto:

  • STILL trying to recoup the loss from my worst trade on StormGain (Get 3 USDT when signing up)
  • Earning rewards from my Switcheo staked with Pacific Validators LLC
  • Checking out Rollercoin 
  • Putting my idle crypto to work on Celsius (Earn $40 in BTC with your first transfer of $400 or more)
  • Claiming my 5 coins on CCTip Box daily
  • Set up a Presearch node
  • Helping prepare for the launch of a DAO for a Decentralized EXchange on xDai.

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Banking compliance nerd. Always looking to try new financial products and services, especially DeFi. Investor in stocks, startups, and crypto.

Financial Cents
Financial Cents

My attempt at explaining the world of finance. Primarily focusing on the lesser known areas such as cryptocurrency, and startup investing.

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