After opening up to the community on our weekly open DAO Ops call today, we have come to the consensus that it would be beneficial for us to have a place where DAOs can submit their monthly reporting. We are opening up that discussion here.
This will assist our community in constructing a map for DAO success & measuring metrics, while maintaining accountability. This will additionally add a layer of transparency to DAO Operations within the Harmony ecosystem.
To open this discussion, our idea is to have a monthly report which would encompass (but not limited to) the following categories:
Monthly treasury allocation: How resources are being distributed.
Signatory hours & contributions: What your team is working on.
Milestones reached: What your team has accomplished as a DAO.
We are looking for ideas on how to flesh this out and bring this to fruition, including new DAO tooling (ie, Mirror.xyz, Notion, Charmverse, etc.) which may add to the success to this effort. Additionally, we are open to accepting template suggestions for these monthly reports.
We received valuable feedback from @ben2k_Stakeridoo who pointed out that one of our most pressing priorities should be addressing the community sentiment regarding DAOs. We’re hoping for this to provide as a response to those concerns.
Having reports in monthly segments will promote peer accountability and allow our community to see the progression of DAOs on Harmony.
I think the sentiment comes not through a reporting itself it’s may that most don’t see the bigger picture till 2026 with DAO’s and how to take part.
The Validator DAO and Community DAO have reported in here on talk, example
Total agree on this three points and I would even say 4. Deliverables for next monthDefine deliverables & metrics for next month
For reporting of the treasury I know the official Gnosis can label transactions and give out the report, that would be quite helpfull. Hours we used to far clockify to report and would love to see a inclusion of DeWork and the POA’s of contributions. And a Word Template where you can drop those stuff into and just publish on Talk and DAO’s personal site like Notion would be very helpfull.
Total agree on this point and over those monthly reports a Term report can be done easier
On March 28th we made payments to six signatories totaling $16,765. This fulfilled our obligations to date.
The pay rate was $100/hour.
Hours detail and summary is here. There is a tab for each signatory:
By April 4th the price of ONE dropped to 0.12, and has not yet recovered. This is a loss to our treasury of 15K.
We went on a spending freeze for 10 days.
We sold half our ONE to USDT and placed it in a second multisig wallet on Ethereum.
We cut wages across the board to $50/hour.
Beginning the week of April 4th, Taylor and Suede went on salary at $1000/week, and are expected to clock a minimum of 20 hours.
On April 18th we made payments for a second time. The total payments were $8858. The bulk of this were salaries and travel travel to NFT NYC in June.
In addition to wages, we purchased
AGM battery and inverter
We sent Jamie to NFT LA
Travel, badges and stipend for Taylor and Suede to attend NFT NYC - $1500 each, staying with a friend in the city
Two refurbished Epson Pro EX9240 projectors
Tripods, miccas and accessories
A used lithium battery
In our treasury we have 22,938 on Ethereum gnosis safe in USDT.
$13,239 in ONE on Harmony multisig.
Total = $36,177
Our strategy with the treasury is to severely limit wages paid and expenses wherever possible. That means that Suede and Taylor are doing almost everything right now. So we are not operating in a decentralized manner at the moment. We are satisfied with this for now because there is much infrastructure to set up and we are accomplishing that.
Suede and Stuart are provided a sustainable income by the DAO and can focus all their energies on getting the DAO up and running.
The other signatories are less involved, and have other projects in addition to this DAO, and that works because it costs less.
We will operate in a decentralized manner by sometime next quarter. Current progress toward decentralization looks like:
Suede is intentionally working to not try and control everything, letting people know that they do not need my permission.
Established autonomous working groups.
As long as we protect the treasury, we can take the vast job in front of us and figure it out one step at a time.
Deliverables and milestones:
The first tab here lists these as laid out in our proposal:
There is a tab for each signatory where we list our milestones for the week. Taylor and Suede are the most active/pertinent tabs.
Notable milestones accomplished:
Established 8 working groups: Projection, Skills, Education, Marketing, NFTs, Community, Governance, Sustainability
Crypto Corner Education events - 40 contacts and 4 wallets
Transitioned to Discord, now one by one engaging our 100 members, 125 on twitter
First community gathering scheduled for May 20th
Purchased two Epson Pro EX9240, plus accessories - that means we are now digital and can project anything we can create on a computer, at 50ft wide from 50 ft away.
35 in dework, offering and paying bounties
20 in commonwealth, just got ENS domain and setting up snapshot
Issued a community token LIT on Aragon ERC20
Issued governance token LIGHT on Harmony HRC20
Numerous organizational document
Our budget is here, items listed by working group:
Original budget on the left, revised budget on the right
Business plans and big picture:
Next month we will write our goals and deliverables for 1 year, 6 months, 3 months.
We have not done this exercise yet and this will be highly beneficial to keep us organized and on mission.
The projectors that we want to buy cost many 10s of thousands of dollars.
We are working on plans for NFT collections in order to crowd fund these.
Deliverables for May 2022:
NFT collections to crowd fund projectors
Prepare for NFT NYC, LightItUpDAO NFtea Boba tea event, project Harmony logo on the Statue of Liberty, project activist statements on the Federal Reserve and banks.
Projections for NFT projects, Auro dogs and others. Paid projections.
One skills workshop.
One community event
4 crypto corner education events on Saturdays
4 Friday night lights with the Epson projectors
Business plan and longer term deliverables
Write 3 grant proposals, Bitcoin, Algo and others.
Logo and brand for the DAO
Establish our clothing line
Begin voting DAO wide
I can say that we are working hard and enjoying every minute because at each step we are challenged and engaged to figure out what to do and what is our next step. We are asking lots of questions and receiving a lot of help from our allies. Implementing Dework and bounties has woke up our community and we are finding that we have a lot of great talent in the DAO.
We plan to show up BIG at NFT NYC, we want to partner with Harmony and the community members to project for you and get your messages out there. Please contact us.
Jump in the discord:
We welcome your feedback and guidance. We are happy to engage you in the ightItUpDAO if you are someone who is passionate about projection art, empowering artists and causes, or crypto education.
This is something we will be sure to include in this moving forward to ensure we are staying in communication with each DAO operating within our ecosystem to measure their success and guide them towards self-sustainability.
Another suggestion we’ve received from @OgreAbroad is to perhaps incentivize DAOs to encourage them to participate, since we have an “ask” perhaps we should have a “give” as well. I am open to suggestions on this and am happy to relay any feedback to our DAO ops team.
Thank you again @ben2k_Stakeridoo for your participation & involvement in the community discussion. Hoping to see you on our open DAO Operations call tomorrow if you’re available!
LightItUpDAO payday today:
We paid salary and expenses to two signatories, $5552 total.
Milestones for the past two weeks, mostly accomplished by two salaried members:
~ consistent presence three times a week in Harmony DAO ops zoom and twitter spaces
~ research and purchase two Epson 4000k projectors, and accessories
~ form LighItUpDAO meetup group for DAOists
~ plan first community event ay IRL Art on May 20th, graphics, begin promoting
~ issue the LIGHT governance token
~ plan activist actions for NFT NYC
~ plan NFTea boba tea event for NFT NYC
~ ask barco for three bids for laser projector packages
~ Initial planning for NFT collections to crowdfund projectors
~ two crypto corner education events
~ learn to operate the Epson projectors
~ test flight projection action with two projectors in RINO Denver
~ gain understanding of the power our projection art and gain clarity how to market for sustainability
~ recruited two digital artists to project their art
~ designed a snapback hat and ordered first merch item
~ designed LightItUpDAO logo
~ set up dework task and bounty manager
~ recruit 40 users to dework to qualify for $1K micro-grant
~ set up commonwealth forum and governance platform
~ set up snapshot voting platform
~ set up team resource channels on discord
If it is of any value, I’d like to hand over some of my own recommendations for the DAO’s. This is a list of where I see most issues stemming from. Thank you
•Daos need onboarding requirements.
•They need funding transparency reporting.
•They need to sign on time.
•They need to deliver bi-monthly or else the funding should be halted until a notice is given.
•They need to have at least 9 signers.
•They need a proposal written after new elections, and a report every month made about their progress. (1/2 )
•They should to not get paid for unproductive meetings or managing existing paperwork.
• Have to have a 10 hour work week cap at or bellow $75 an hour.
•There needs to be roles before the DAO established itself.
•There needs to be social media presence.
•There should be an application built or in the process of being built on harmony.
•The DAO needs Governors for at least 6 months per term, 3 is not enough for growth.
•Daos need an operations introduction to onboard new operators in an effective manner.
These are only recomendations to help reduce inefficiency and lag times and over spending.
Thank you for providing such extensive detail & offering transparency to the community on LightItUpDAO. Sharing deliverables, milestones and budgeting helps to maintain accountability, and you guys are a shining example of what we look for in DAO operations.
Keep up the amazing work.
I think you’ve more than earned your carrot cake
Distributed LIT tokens to six community members who came out to events.
Payroll and bi-weekly accounting. Timesheets here:
Deliverables and metrics accounting here:
Spending on May 15, 2022 was $7720, $4000 salary, $3720 payments to DAO members for: our NFT art, filming and video editing, governance software platform, travel, listed in these reports. That leaves $16,930 in our treasury. Enough to get us through June 2022.
Meet with Matenoise about Central City paid gig in July.
We have $24,500 in USDT in the treasury.
Total spending budgeted for May and June is $24,100.
We made our 75k grant last for four months, not just three, and also incurred a $15K loss from market volatility.
This is a great start and some good suggestions from many sources.
While it’s a reporting mechanism that is showing accountability, perhaps another “give” to the reporting DAO would be adding a section where they can report challenges they have had in meeting objectives of in general process.
This would create a built-in channel for feedback from the DAO core team and even other community members to reach out with suggestions on how to deal with those challenges.