We received a considerable chunk of change from the Rainbow Rolls NFT fundraiser. 20+ ETH has been donated to Giveth from Rainbow Rolls, what should we do with these funds? Some ideas were recorded in the Governance call from Nov. 15, they are as follows:
funds can be held in gnosis safe on mainnet, and have it controlled by nrGIV on xdai
can reimburse tracked out-of-pocket funding from griff
buying liquidity / investing
bonuses for the team
Fund the future development
buying NODE, Bright, etc and making a GIV/### Pool
Invest the funds in good projects
Bug bounties
100x long on GIV token
Money should be donated to projects
HODL in ETH
Convert to stables when we think the market tops
Security of Dapps
More social presence - contents/campaigns/news/raise awareness of our potential givers/ Networking
Test team and testing
These are the ideas recorded from the meeting notes. The purpose of this forum post is to expand and track the discussion. Hopefully we can come to the next governance calls with more ideas and some concrete solutions.
Please feel free to expand on any ideas above or propose new ones.
I propose we model after how Rainbow Rolls distributed the proceeds of the NFTP sale in 3rds, with part to pay back debt, part to support our current users, and part to build the future.
30% to Griff for out-of-pocket salary payments in 2021. (past)
30% to Verified Projects on Giveth.io. (present)
40% to hodl as ETH in the Gnosis safe controlled by nrGIV on xDAI. (future)
I don’t think we have to decide what to do with all of the funds right now. Invest what we don’t use immediately in a way that it generates more abundance.
LWve the idea of donating a portion to projects on Giveth. I am open to it being verified and non-verified projects. Maybe we pick 5-10 to donate to from each of our categories.
This can be a great promotion for us in comms. Would love to do this in a few months as a way to generate more buzz around the GIVeconomy. Maybe even giving time and encouragement for projects to update their project pages so that we have more of the latest and greatest info of what they’ve been up to in order to be in the running for receiving the donation?
Great Idea to put it out for projects to provide updates and pitch why they should be selected…
I loved getting the email recently on a project that reached 2 weeks. Maybe we can send an email to project owners letting them know that the Rainbow Rolls donation will be distributed to projects with a current update on how they will use their next incoming funds
I think that’s a fun idea! I’d love to push this out without too much overhead since this donation has been sitting for well over a month…
maybe we can create a spreadsheet with “staff picks” (contributor picks) then divvy up funding by percentage to each selected project - we can allow unicorns to weigh in on how much each project should get percentage wise and take an average.
In terms of how much to donate I like the breakdown you made earlier in the comments @Danibelle
30% to Griff for out-of-pocket salary payments in 2021. (past)
30% to Verified Projects on Giveth.io. (present)
40% to hodl as ETH in the Gnosis safe controlled by nrGIV on xDAI. (future)
If this seems like a reasonable idea I am willing to champion it
Cool as long as you note that I took back the “Verified” part and would really like, since they don’t get GIVbacks, to make an effort for good projects without social media presence to have equal access.
Okay, I can jive with that - we’ll make sure to clarify who picked which projects in the spreadsheet so there’s some social reputation at stake as a counter-mechanism to someone picking bad/misaligned projects.
I’ll leave this open for a day or two more then for Advice Process. After that I can build the spreadsheet and we can gather projects async over the course of 5-7 days.
Okay, I’ve created this spreadsheet for Unicorns to nominate their favourite three projects!
Please request access to the google doc and go ahead and fill out the spreadsheet
I’ll be closing nominations on friday (January 14) and transitioning to deciding how much to allocate to each nominated project - I’ve listened to some advice and I’ll make a synchronous voting session the following week so we can talk about our nominated projects and delegate percentages.
Okay frens, PHASE 2 - Go ahead and choose what percent of the funds we’re donating that each project should receive based on your best judgement and personal preference. Fill it out into the spreadsheet like so -
I added subtotal calculations to everyone’s percentage breakdown columns so you can easily see once you’ve made it to 100% of your vote distribution. =)
I notice that Mitch, Griff, Lauren and myself are the only folks who have submitted our percentage votes thus far. Friendly reminder to vote for how to allocate the Rainbow Rolls ETH to the narrowed down list of projects that your fellow Givethers have selected. You have until Friday to vote. =) Here’s the spreadsheet: Projects to Donate Rainbow Rolls ETH - Google Tabellen
Honestly this was a really cool process. I enjoyed checking out some of the projects I had not yet heard about and realized they resonated deeply! We are doing something really cool here guys & gaias! Go vote!
You’re better off to copy Dani’s percentages into your own column because otherwise they will become more diluted by the other participants allocations when we take the average
Are we having a call about this tomorrow at 10am Costa Rica time? Can you make an invite? @mitch or @ReForest ? perhaps include a description with some context as to how/if we should prepare to present anything
I’m not seeing a calendar invite. Checked my personal and Giveth meetings. Hmm I have a conflict with 10 am tomorrow but will try my best to attend. I could do 8 am before community call.
