Using Coordinape to Reward DXdao Contributors
First built for Yearn Finance, Coordinape is a platform that enables DAOs to scale their communities with tools that recognize and reward contributors, incentivize participation within the community, and manage resources.
See here for how Coordinape is used - Coordinape - Decentralize Payroll for the Modern DAO - YouTube
How can DXdao Use Coordinape?
The idea for this proposal came as a result of John’s post that rewarded DXdao contributors with retroactive bonuses for the awesome work that is being completed within our DAO. DXdao should continue to reward our contributors and take things one step further by utilising Coordinape for the distribution process. The ability to recognise and be recognised for good work is distributed to the community, which changes the dynamic of contributor rewards from a top-down model to a decentralized model.
This dApp is one of the most decentralised ways to reward contributors for the work and contributions they are making to DXdAO. Coordinape works by first individually allocating GIVE tokens to contributors and encouraging contributors to redistribute GIVE tokens to others they feel are doing an exceptional job.
Keeping the same annual budget of 60K (subject to change), this is how it might work for DXdao.
We create 6K GIVE tokens for our DAO with each GIVE worth 10 USD
Splitting the 6K tokens equally amongst our DXdao contributors (31 contributors with worker proposal as on 26-August), each contributor gets approximately 200 GIVE tokens.
Once they receive the 200 GIVE tokens, our contributors can distribute tokens to other contributors that they feel have been performing instrumentally in the workings of the DAO / products.
The gifter can decide to gift his 200 tokens to any number of contributors with any number of the 200 tokens.
For example, I can decide to give my tokens out in the following way:
- 100 GIVE tokens to DXer 1 for their work on Omen.
- 60 GIVE tokens to DXer 2 for their work on Aqua.
- 20 GIVE tokens to DXer 3 for their work on Swapr.
- 20 GIVE tokens to DXer 4 for their work on Governance.
What does this accomplish?
This is a decentralised way of recognising awesome work that is being done by the contributors at DXdao. We hardly compliment contributor’s work and the DAOtalk posts are far more engaging when we question or scrutinize contributions. Even though onchain worker proposals and payment proposals pass with votes, there is nothing that beats Keep it up! Thanks for doing this! Love working with you! This initiative was awesome and has helped us loads! This can now be contributed through GIVE tokens.
Everybody appreciates recognition, and Coordinape would help highlight all the contributions, big or little, that make an impact on the functioning of our DAO.
If we are looking to scale to a 100 member DAO, we should start to recognise and communicate the small efforts that are being made by each contributor!
This way everyone gets an opportunity to reward and be recognised in the most DAO way possible!
Note that we should consider Coordinape with another decentralized way to award for KPIs. This should be discussed in a separate post and can be considered in allocated a budget for the Coordinape Program as well as a KPIs program.
Thanks to @Melanie @sky and @Tammy for helping with this proposal. Please comment and provide feedback and if approved, we will use this for the period October to December.
I have never used Coordinape, so we might end up having a few changes while in operation.
For the first proposal, we would also want to propose that this only for people that has an active worker proposal and then extend it to the greater community once we have the ball rolling.