Exploring Bankless DAO: An Intro
Bankless DAO has the tools to become the world’s first DeFi-focused, decentralized media organization.
Bankless is exiting to community. Well, mostly.
The popular podcast/newsletter and budding DeFi media empire has, as of May 4th, announced the formation of a community DAO. If you’re not familiar with the term, just think “an organization that’s owned by its users/members and runs on votes done with cryptocurrencies.” That’s the most basic gist of it. Though many DAOs exist, I believe Bankless DAO is unique due to the fact that the entire Bankless community already numbers more than 50,000 and the organization itself appears to be set up to give those more votes(tokens) who participate more in the community, regardless of their background. That means that provided the DAO works over the long-term in practice, it won’t be just another crypto-centric community run by VCs(venture capitalists).
Though the founding team of the Bankless media organization did receive some of the DAO’s “tokens,” it is possible for anyone to reach their level of stake if they’ve already been grand-fathered in.
And….here we hit the key sticking point.
As of now, the Bankless DAO’s members appear to be capped out at those who received the retroactive airdrop up to this point. That means that it isn’t the entire community that’s truly represented in the DAO, but a sub-set of the most active members. Right now, those members were chosen by how much reading and interacting they did with Bankless’ articles, etc. In the future, the metrics to use to “vet” people for DAO membership could change. For example, members could be determined on the awareness they bring to the Bankless community through their own content, etc…
All in all, the sun has just risen on the Bankless DAO. Even so, the sky’s the limit if the community can continue to coordinate around the mission of helping the world go DeFi or “go Bankless.” If they can, then it might become the world’s first media organization, through which all of the content and really, every aspect of the business is determined by its’ average users. Due to the passion of such users and their dedication to helping the world understand crypto, however, I’d more call them “members” in a shared cause. Finally, most of my free time is now being taken up with my newsletter, which is completely free and focused on how the rise of the Metaverse improves things for everyone. Sub here.
If you’re interested in following the Bankless DAO, keep up to speed here!
Disclaimer: I am a member of Bankless DAO but sit more on the sidelines, observing its progress. None of this is meant to be financial advice and should be taken as purely educational information.
