The First Community Drop…

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Dear Bankless Nation,

Our community of crypto spartans continues to level up.

A week ago the bZx protocol team approached us. They’re launching a token model to grow their protocol. They need governors. They need distribution. They need community.

bZx sent Bankless token holders a proposal for a community drop.

The Bankless badge holders took it to vote. The question—should badge holders proceed with the BZRX governance proposal?

The discussion

While bZx has had a difficult past the feedback was enthusiastic:

In the words of one badge holder:

I really like how [bZx] handled that situation. They also seem to be on the ‘cutting edge’ of newer ideas in the space. Their new tokenomics with Balancer integration seems interesting.

A main concern from badge holders was that the offer was too low for the value the community provides and that the vesting requirements were too high.

One holder said:

This is a great start but $100 vested over 4 years for 50% voting weight is a bit harsh tbh. Feel like we could get a better deal

Another responded:

I voted ‘yes’ as I think it’s important to take a first step down the path we want to go.

And another:

I would vote yes and I am happy with the proposal as it is. I believe in building credit as value is proven out. We may all be high stake risk seekers. Or we may all be well educated visionary’s. The point is, I’m all for a ‘little’ humility up front and demanding bigger stakes as we prove where our value and values, reside.

The results

Ultimately the result was 96% in favor vs 2% opposed.

It seems the Bankless community is overwhelmingly supportive of moving forward with this first community drop!

What happens now?

The vote results have been shared.

bZx has stated their intention to begin the badge drop at on Monday July 13th at 10am EST to the list of Ethereum addresses holding a Bankless NFT Badge.

The mighty 275.

An exciting start for this list.

And a list is powerful.

Bitcoin is just a list. Ethereum is just a list. Bankless badges are just a list.

Any project, any individual, any money robot can drop tokenized incentives to the Bankless Badge list at any time. And if they do it well they get engagement from the vanguard of DeFi users. They get participation. They get distribution. They get governance.

Our list is strong.

Because the Bankless Nation is strong.


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Aave is an open source and non-custodial protocol for money market creation. Originally launched with the Aave Market, it now supports Uniswap and TokenSet markets and enables users and developers to earn interest and leverage their assets. Aave also pioneered Flash Loans, an innovative DeFi building block for developers to build self-liquidations, collateral swaps, and more. Check it out here.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

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