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.

Using tool like Sourcecred is a great idea regardless of protocol maturity and capital value. I think Maker was implemented such a system because exist a big gap between “full time” contributors and DAO newbie users.
It should not be a big expense but symbolic rewards and in some way acknowledging to the user that he is a member of the community.

2 Likes

Maybe one of the Growth Squad members can check this option and include in the Squad plan.
@a7om @TragedyStruck @ramaruro

Another option that might be relevant (and maybe a bit more fun) is to use Coordinape - https://coordinape.com/ -

I had a short call with one of their team members a while ago and we can bring them into one of the next community calls (or growth calls) to present their idea.

Basically they distribute a “gift” token that members can give to one another as a recognition to their contributions. The DAO or the Growth Squad can lock some funds that are distributed proportionally according to the GIFT tokens members hold. tokens which are not given are burned and do not include in the count (so there is no incentive to hold the token).

It’s a very “spoofable” solution, but I guess with small amounts this can be an interesting experience to run (they already have a few DAOs using it’ such as Bankless DAO and others), and it might bring more active members to the community which is part of the Growth Squad KPIs.

2 Likes

Thanks for the suggestion @dabar90! I’ll add it to the list. I saw your message in Discord, and we’ll try to fast track some of the efforts as well as transparency.

I’ll just add a reminder that any very engaged individual in the community (such as yourself) with some time on their hands to help the growth effort is encouraged to help out and perhaps join the squad :slight_smile:

1 Like

agree with you, I didnt check costs of using similar approach but I think in theory can be near 0. I understand that Bprotocol need target specific type of users (with positions in supported protocols and currently larger because of migration fees) and from tech or financial perspective it looks like joke but generally isnt, because:

  • direct financial incentives with native token are reduced to minimum so every low or 0 cost alternative solution for growth should be tried. Of course, provided that it makes some sense and does not harm the reputation of the Bprotocol. Any alternative attempt that has no financial value is an experiment but the positive side is that DAO does not have a guaranteed cost regardless of the outcome.
  • every integration or partnership with ecoystem projects create some network effect. Of course the priorities are DeFi projects, but by connecting with other dweb projects from other industries (categories) we get cheap or free promotion. However, the mentioned tools, Coordinape and Sourcecred, are used by DeFi projects.
  • crypto space is in early stage and more people are accessing it every day, so community tools are useful for acquiring new DAO members because easier access.
  • reward a member of a community with badge or nft maybe sound as joke because its not liquid value, but that stuff helps in building digital CV for example. NFT is worth as much as issuer reputation.

tnx @TragedyStruck , I will introduce myself on thread

1 Like

I’m so sorry I missed the community call, but I watched the record (tnx @a7om) and have a few questions about strategy implementation, growth channels, and resource allocation.

  1. Has anyone given an example of an influencer or media website? Its useful to have a certain initial base for analysis, comments or criticism (constructive of course)?
  2. Is there a transparent list of influencers / media / blogs to be contacted and who will contact them? What will be our approach, as DAO?
  3. 50% of the fund (min) is intended for non-organic marketing. Is it necessary?
  4. The problem was mentioned about using BPRO tokens as a payment unit due to the low liquidity and high slippage. Are anybody have idea how to solve this?
    This is a very important question given that allocation amounts in $ denomination can significantly increase and decrease in short time. All I care about is overpaying for some services.
  5. Since growth strategy is a rather complex task, will a “community workspace” be established to facilitate coordination and the work of members?
  6. Do you think it is necessary to create a target user profile in order to be able to attract more users with as little money as possible (cost per new user)?
  7. It sounds a bit strange for this space, but there is also some “competition”, i.e. protocols that are not compatible for parallel usage with Bprotocol (example - Instadapp). Protocol target user group isnt “clear”, because users have to choose? Please correct me if this isnt problem.

I try to follow the discussion and ideas of the members on the discord but it is quite difficult to filter the comments.

2 Likes

Hey Marin,

Thanks for all the questions. I’ll try to answer them one by one -

The Squad has published on Discord a form to collect names and leads on different influencers and media outlets the community sees as relevant and valuable. You can find it here - Influencers for B.Protocol Growth

The results (including extra names we added manually) can be seen here - Influencers for B.Protocol Growth (Responses) - Google Sheets
Currently the Squad members are reaching out to them via Twitter DMs and emails. We asked on the form to let us know if you have a way to get in touch with any of the influencers as the hardest part usually is getting their attention.
Till now we are progressing with a few from that list with the main “strategy” being to test as many as we can to get some data and insight as to what works better than others. Fail fast approach…

This is the first time in over a year that this protocol is actually spending funds on marketing. We believe (and discussions were held on that both on the forum and on Discord) that it’s time to test the marketing potential to grow the awareness to B.Protocol among the DeFi ecosystem.
The Squad discusses each of the influencers and other options/ideas that come up and tries to make a good balance between them.
I remind you this is the first test case for a Squad operation in B.Protocol and everything is under the experimental mode.
The Squad members are very active on Discord and have already invited more members to join the squad. There is a lot of work to be made…

The Squad is trying to pay with BPRO (according to its market price at the time of closing the deal with the influencers. For those not willing to be paid with BPRO we will use stables by selling some of the BPRO. No impact on the market price should be occurred.

As I mentioned this is all in an experimental mode. The Squad has a Trello it uses to try and follow up on tasks. And a dedicated #growth channel on Discord was opened. If you have more ideas please share.
Also, as mentioned in the call, we consider opening a Coordinape Gift Circle for B.Protocol community, incentivised with BPRO so more members might want to contribute. You can read more on their latest release - https://twitter.com/coordinape/status/1448028539781926912?s=20

DeFi users are diversed and yet small in numbers. With the current state of things we mainly target Maker and Compound current users to import to v1. With Liquity integration this is a bit different as we offer a unique value proposition for users to enjoy a passive single sided yield on a stable with 11-15% APY, which till now users had to manage themselves (selling ETH back to LUSD after liquidations etc). So this might be relevant for users who were not using Liquity till now. We havent created a clear user profile for B.Protocol currently.

It migh be an issue down the road but currently there is enugh work to be made and enough space to grow that we can skip this for now IMO.

hope this covers most of your question…
And it would be great to have you on board the squad…

2 Likes

Thank you for answers @EitanK, i hope i will be able to help