B.Protocol Growth Squad Fund (updated)

This is a revised version of the previous proposal for a Growth Squad Fund which didn’t get to the required quorum on the last bundled vote. As the main goals remain more or less the same, so do the KPIs for the Growth Squad.

Feedback and additional suggestions are welcome as always.

Summary

Allocate 25k BPRO to a Growth Squad Fund to be used and managed by the initial members of the Squad - @a7om, @ramaruro, @TragedyStruc - who have proposed themselves to join the Squad, in collaboration with the team. The funds will be managed by a multisig of 3 out of 5 holders, with each of the members holding a key and the team holding 2 keys.

Proposal

This proposal is submitted for the creation of a ‘B.Protocol Growth Squad Fund’. This fund is to be used by the Growth Squad to grow the awareness towards B.Protocol mission and value proposition among DeFi general community, and specifically potential B.Protocol users and governance participants.

Below is a gross proposal plan for the Growth Squad work for the first 3-months phase. It is based on the different ideas suggested by community members on the forum and on Discord. The main purpose of these 3 months is to put to a test the way Squads may become an inherent part of the DAO work structure, see what works and what needs adjustments, and whether this can be spanned out into other needs of the DAO as well (dev, operations, etc).

KPI #1 - Grow the number of B.Protocol users to 900

Rationale for setting this KPI

  • Adding ~300 new users. 100 per month on average.
  • Current count of accounts is ~600, but it seems in the last 2 months the growth rate is slower (which is also true for Compound and Maker themselves according to this dashboard).
  • All current growth of B.Protocol was made organically with nearly zero funds spent on marketing.
  • It should be feasible (and easier) to grow the growth rate with invested funds and existing record of the protocol.
  • The v2 Liquity integration users should also be counted (currently with 30 users).

Work plan

This is an initial list of steps the Growth Squad can consider to execute to reach this KPI:

  • Write a clear and concise messaging about the benefits of B.Protocol Users (both for v1 and v2).
  • Create or hire someone to create content to deliver the above messaging to the relevant audiences.
  • Engage and promote/incentivise more B.Protocol users to engage with Maker, Compound and Liquity users over existing social media channels of each project (Reddit, Telegram, Discord, etc), to raise awareness and trust towards B.Protocol.
  • Engage and sponsor Crypto and DeFi media and news outlets to cover B.Protocol in articles, ads, banners etc.
  • Engage and sponsor crypto and DeFi YouTubers, bloggers, etc, to review the B.Protocol app and its various integrations.
  • Incentivise community members to create and contribute content, event hosting, SEO, and anything else that can drive awareness and trust while helping to reach the KPIs of the Growth Squad.
  • Build an Ambassadors Program to help promote B.Protocol in different communities.

KPI #2 - Grow governance members to 1500 and have higher engagement in B.Protocol governance

Rationale for setting this KPI

  • Current number of BPRO holders is ~1220.
  • About 850 joined since the token was launched in late April.
  • In the last few weeks the number is not growing significantly.
  • Adding ~100 new governance members on average per month (total of 300 new token holders).

Work plan

  • Targeting the right audience with the right messaging (different than KPI #1).
  • Engage with the relevant audience through sponsoring relevant content creation, YouTube channels, Bloggers, etc.
  • Get more proposals for the wider B.Protocol community to get involved with the governance.

Ongoing Development

The community should continue to have discussions around this fund and its uses. This is an initial structure and the community should modify or change this as necessary. (i.e update the distributions or request more funds from the DAO, utilize other distributions methods, new KPIs, etc).

The squad is open to any new ideas and can decide to allocate funds for new initiatives, or for one-off projects that benefit the community and help reach the KPIs above. If you would like to contribute via support or other work - please post it on this thread for now. The Squad will create proper communication channels with the community to facilitate an easy way to get in touch with its members, based on the existing channels or new ones (Telegram channel anyone?).

This Growth Fund is only an initial seed to test how successful the community members can be in growing the platform. All expenses paid out from the fund will be publicly disclosed.

Funds allocation

  • 25,000 BPRO for a 3-month pilot period.
  • The funds will be allocated to a unique account which will be under the control of a multisig of 3 out of 5 signers - 3 keys will be held by each of the Squad members and 2 by the team.
  • A full report on the spent funds and their impact will be published at the end of the pilot period by the Growth Squad.
  • Any funds that won’t be used during this pilot period will be returned to the DAO Reserve or be used in the next funding round for the Growth Squad if such round will be decided by the DAO.
  • The Growth Squad members will be eligible for total rewards of up to 20% of the Squads fund (5k BPRO in total to all members together) on achieving or exceeding the KPIs mentioned above.

Reason

The B.Protocol community is still in its early stages and needs to expand as we continue to grow as a project. Onboarding new users to the protocol and getting more BPRO holders to participate in the governance are two of the most important metrics of a healthy and growing DeFi protocol. This “experiment” will try to show case that Squads of community members are an effective way for the DAO to achieve its goals going forward.

Result

Open a Snapshot vote for this proposal, or add it to the next “round” of votes on Scattershot as was proposed on Discord.

If it passes - Allocate 25,000 BPRO from the DAO reservoir to a Growth Squad Fund account to be utilized by the multi-sig described above.

3 Likes

For KPI #2 (growing token holders / governance members and increasing engagement), it could also be worth considering using Sourcecred or a similar system to reward forum or discord participation. This gives people a way to earn BPRO tokens through direct contributions to governance rather than purchasing or earning through liquidity incentives. And it could also increase participation in B Protocol’s discussion venues, onboard new contributors, and help surface new ideas.

MakerDAO has been working with Sourcecred for the past year and imo it has been a big benefit to participation. It also serves as a good “top of funnel” mechanism to gain interest from governance participants who could become future contributors for the protocol.

4 Likes

Thanks @monet-supply for sharing this.

As this is a kind of an initial experiment/test for the concept of Squads for the B.Protocol DAO, I believe this can be part of the Growth Squad tasks to consider for future rounds as it might demand too much effort currently to implement and operate it a system such as Sourcecred.

IMO MakerDAO is a more mature DAO with standing mechanisms and organization structure. Might be too early for us, but would be interested to read what others think on this.