BenevelontBond Philanthropy Fund

BenevolentBond logo

Summary

Create a BarnBridge Benevolent Fund which provides, on a quarterly basis, donations consisting of 1% of the previous quarter’s fees derived from the various products BarnBridge has to offer to non-profit organizations nominated, vetted, and voted on by the community.

Motivation

Increase awareness of the BarnBridge DAO through positive interaction with on-chain, recognized non-profit organizations. The BarnBridge community demonstrates how a decentralized organization can work together to provide a valuable service to all. Non-profit organizations, by their very nature, operate in a very similar manner. While being led by a core team, they rely on the support of many to provide a valuable service to others. By creating a link between the BarnBridge DAO and giving we show our community is truly about working together to provide exceptional services for all.

Technical Details

  • BarnBridge Benevolent Fund Team Structure
    o A team consisting of community members
    o Team would work on a volunteer basis therefore not receiving compensation for work done as a member of the Fund Team.
    o a multi-sig wallet would be used to disperse funds as directed by community vote.
  • Frequency
    o Quarterly.
  • Community Awareness
    o Promote Fund and grants across BarnBridge social media accounts
    o Create a Discord room for discussion about various non-profits the community may want to support.
    o Highlight a specific philanthropy the community wants to support
    :black_small_square: Interview the receiving philanthropy, if applicable
    :black_small_square: Medium post
    o Provide quarterly reporting

Argumentation

For

  • Generates great publicity and awareness of the BarnBridge DAO.
  • Creates a potential increase in treasury through increased use of SY, SA, and SE products.
  • Binds BarnBridge community members closer together and sets the stage for potential real-world collaboration

Against

  • Takes 1% of revenues away from reinvestment opportunities
  • Community might be split on which causes to support
  • Unclear what the current universe of on-chain charitable organizations is
8 Likes

I think this is an awesome idea. I recently heard about Endaoment, which allows you to create on-chain donor advised funds to support causes and organizations with crypto. Could definitely be worth checking out. I’m all for this!

4 Likes

Stellar idea @TapedAnkles! You know you have my support.

3 Likes

I’m all for the creation of this type of entity. We all came here for BarnBridge the protocol, but I believe that the value of the DAO can ultimately be greater than the sum of its parts through initiatives that bring the community together like this would. I also agree with Benji that Endaoment could streamline this process significantly.

Wanted to pose a few questions:

  • How do you plan on achieving consensus with regards to what charities get funded?
  • Do you have an ideal number of charities in mind?
  • Do you see this as being a way for BarnBridge community members to potentially meet and volunteer in person?
  • What would your reporting focus on? Are you planning on drawing from traditional nonprofit best practices?
3 Likes

I’ll try to address each of your points:

  1. Ideally the consensus would be drawn from a snapshot vote so that the community partakes. Of course this relies on the assumption that we have enough involvement to do this. It could be possible that the team needs to make the decision during the early stages until it gains enough traction. Again, the team would rather take the former than the latter.

  2. I think we would focus on one charity each quarter and no charity could receive two donations within a 6-month period

  3. Yes! I know a number of BarnBridge DAO members operate non-profits so there is definitely opportunity for volunteering and meeting in person

  4. Right now, I think the report would focus on highlighting the donation along with the chosen non-profit ie. what they do, what the profits would be used for, etc. but I would expect this to evolve. With regards to best practices, the team should definitely take these into consideration, but we also have the opportunity to think outside of the box and get creative.

2 Likes

I love this idea, thanks for brining it up! The biggest challenge will be in landing on a place to direct funds, but that’s a good problem to have.

2 Likes

I love this. I would like to vote for Honey’s Mini Therapy Adventures 501c3 www.minitherapy.org and Peaceful Pastures Ranch 501c3 www.peacefulpasturesranch.org both of these organizations work hand in hand to help veterans, children who have been abused, PTSD trauma victims, seniors, and many other mental health issues. These organizations utilize horses and animals within their therapy work. Equine Facilitated Psychotherapy (EFP) is proving to be just as effective, possibly more effective, than traditional talk therapy.
Thank you for bringing this discussion up!

2 Likes

@Ser_M I had mentioned to @TapedAnkles one possible approach could be to have nominated non-profits submit an impact statement or a short video explaining what service they provide, how the donation would be spent and the impact the donation is expected to have. The idea would be to increase exposure to BarnBridge by driving organizations to be actively involved rather than passively receiving a donation.

I concur with only selecting 1 org per quarter. We can make a bigger impact on a single non-profit but really I think for sake of the Fund Teams time, it would be easier to work with one org for follow-up reports and such than trying to track down POCs at multiple orgs.

You mean you want to see community members actually meet outside a discord, work towards a greater good and be given the opportunity to educate others face to face about BarnBridge?!? This is what marketing and PR dreams are made of. Yes, this should be a thing when possible!

Follow up reporting should be both inward and outward facing. First, provide something back to our community as to how those funds were used. Secondly, to promote and advance BarnBridge by highlighting our involvement in the community. The later should be done through various social media promotions (Twitter, Medium articles).

4 Likes

I’d like to make a slightly alternative suggestion for the actual vote. Keeping in line with what has already been proposed, the BarnBridge community can vote quarterly to include a handful of charities for the following quarters vote. But what if votes were cast by the actual protocol users? A general ticking system would need to be created allocating votes for fee earning deposits into BB products. During the quarter as users deposit they are directed to vote on that quarters charities to signal their preferred charity.

2 Likes

I actually really like this idea. I think it would bring more people to the protocol if they knew they could vote for DAO determined charity deposits. If not for that, it might give the user a feeling of generosity, making the BB experience better. We could also include information/links / medium posts in an organized manner to show them after they deposit. They could then quickly vote -or skip- if desired.

I do think that the DAO should still be able to vote on the quarterly deposits so it is not driven entirely by users.

another emphasis on this: I think its important that we provide this service AFTER they deposit so we don’t introduce friction when using the protocol