Finalize plans with Metanoise about Central City paid gig in July.
McNichols gig, make agreements.
We have $24,500 in USDT in the treasury as of May 15.
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.
We lost $2300 when Suede’s metamask got hacked last week.
Submitted bid for Metanoise about Central City paid gig in July.
Wrote and delivered bid for McNichols gig, make agreements.
We have $5,500 in USDT in the treasury as of May 15.
Total spending budgeted for second half of June is $4000.
We made our 75k grant last for four months, not just three, and also incurred a $15K loss from market volatility.
We lost $2000 when Suede’s metamask got hacked a few weeks back.
LightItUpDAO Final Report ~ around funding from Harmony
We accomplished and exceeded most of our deliverables. Notably we failed to motivate our community, perform decentralized governance, or foster any voting rounds.
With regard to our budget, this was largely inline with expectations. Notably we experienced $17,000 in losses from the market downturn, and a wallet hack.
The analysis is here (two tabs):
Presently the DAO rests in a stalemate, caused by an internal dispute, and the inability of the board to take quick decisive action.
There is no more money, but we have some name recognition and one paid gig under our belt.
Because we did not nurture our community there is no way to hold an election because nobody would vote.
The only way forward, is to negotiate a settlement to the dispute, and then slowly over time, create income via grants and paid gigs, engage the community, and hold an election.
Lessons learned:
It is critical to write out bylaws at the beginning.
The governors should not be recruited hastily, and they should be persons with a variety of significant experience and ability, and persons with the time to stay engaged.
Dilemas:
Should a DAO act in a decentralized manner from day one, or build a business first and decentralize once the business reaches sustainability.
I don’t know the answer to this question, and I hear strong opinions on both sides.
Being decentralized from the beginning might create something that several persons could not envision on their own, on the other hand the DAO may become immobile because of disagreements. I think this could be done with clear bylaws, an engaged board and community, and strong, well thought out tooling and governance, all in place at the beginning.
Building a business first, allows for fast progress, and pivots, but could miss the genius of the collective. I do not believe that a board is necessary for this approach, only a team of engaged, and talented builders.
The LightItUpDAO chose the second approach, we were light and fast, but not really a DAO.
What was the wallet hack detail? Seems to have been passed over. Too many wallet hacks happening in the space these days… and nobody seems to care anymore in DAOland.
Absolutely it can - I agree… I’m just wondering about the one line saying there was a wallet hack in the DAO that led to loss of funds. Was this discussed previously? Perhaps I just missed it…
My metamask was hacked, meaning I either clicked on a link, or connected a website.
Sadly, $2000 in USDT was taken (and all my erc721 NFTs). The $2000 had been paid out to me from the DAO, and I was to use that coin to pay a digital artist for art for our NFT collection.
I am no longer associated with the LightItUpDAO.
I negotiated an exit and a severance, on August 7th, 2022
Bottom line: I can no longer work in partnership with Taylor because our values and work ethic have diverged. Our board was absent and ineffective and I’m not doing that either.
I worked hard to make this DAO succeed, and my analysis shows that I completed 80% of the work accomplished.
We did very well on our deliverables right until the end.
a lot. All of this data can be used to do better moving forward.