Try Quests to earn cryptoThe Bankless DAO is a decentralized community with a mission to help the world go bankless. Its goal is to drive adoption and awareness of bankless money systems. The Bankless DAO wants to reach over 1 billion people.
Bankless Media vs Bankless DAO
Bankless Media produces a popular newsletter, a podcast and a youtube channel. The podcast currently ranks 21st in the investing section of Apple Podcast.
The Bankless DAO is a larger community that seeks to scale-up the movement. Bankless Media is part of the Bankless DAO.
Bankless Podcast Ranking on Apple Podcast, investing category, March 07, 2022.
BANK
BANK is the DAO’s governance token. Bankless wants to reach 1 billion people, so it emitted 1 billion BANK at time of token genesis.
Most cryptocurrencies have lost value since January 1st. The BANK token was no exception.
The BANK token was not created to accrue in value or to produce investment returns. As we can see, it has not maintained it's value in this current bear market.
Over 4400 distinct addresses own BANK.
The DAO's activities are coordinated in their exclusive discord channel. The channel is reserved for members. Owning 35,000 BANK grants access to the channel along with DAO membership. Owning 150,000 BANK confers the status of Whale and even more exclusive channel access.
Since the creation of the DAO, the number of members has remained relatively constant at around 1,700.
Bankless DAO is currently discussing ways to adjust the membership requirements. Proposals include reducing the 35,000 BANK membership requirement, selling periodic membership passes through NFTs, or allowing access to anyone who can demonstrate sufficient crypto domain knowledge.
The Treasury currently holds over $5 million consisting mostly of BANK tokens. The recent fall in the value of BANK has affected the value of the treasury.
DAO initiatives can be financed from the Treasury, provided the initiative passes a governance vote. The treasury is comprised of a variety of different tokens, but BANK is the main asset held.
Gold (the commodity) is one of the few assets that increased in value in recent times.
BED is comprised of 33% Bitcoin, 33% ETH, and 33% of various Defi tokens. Consequently, the price performance of BED closely tracks that of its underlying assets.
By creating the BED index, Bankless has performed a great service to the community. BED is great way to onboard into crypto. With a single transaction, it gives ownership of many of the largest cryptocurrencies. The monthly rebalancing of the underlying assets generates savings on gas fees.
Because crypto prices have come down so much, this may be a good time to invest. The BED index is a convenient way for investors to buy the dip on multiple crypto assets in one transaction.
Uniswap V2 used to facilitate a lot of swaps. Now, the bulk of BANK swap volume takes place on Sushiswap.
In the last 90 days, the value of most crypto assets has fallen dramatically. The BED index has underperformed compared to the S&P 500 and to Gold.
BANK tokens can be acquired on Uniswap V2, Sushiswap and on Uniswap V3. After the launch of BANK, there was a short period when various tokens were paired with BANK in liquidity pools (LP). The LPs quickly consolidated to wETH-BANK pairs and those are now the only ones in use.
The BED index token is available for purchase on Uniswap v3, Index Coop, and TokenSets.
BED stands for Bitcoin, Ethereum, and DeFi. BED is an investment product created by Bankless in collaboration with Index Coop. Index Coop is a DAO that creates crypto-native structured products.
BED provides exposure to many crypto assets without needing to execute multiple transactions on multiple platforms. The assets are automatically rebalanced monthly to maintain equal weighting.
The price of the BED index tracks the value of its underlying assets.
BED Index Performance vs Traditional Investments
Practically all trade volume takes place on the wETH-BANK pools. Other pools with very low swap volumes were excluded from the chart above. wETH is the most popular asset used to buy BANK tokens.
- Bankless DAO is an offshoot of Bankless Media, a popular podcast, youtube channel and newsletter.
- Bankless DAO seeks to onboard a billion people into crypto.
- More than 4,400 distinct addresses hold Bankless' BANK token.
- Holding a large amount of BANK grants access to an exclusive discord channel. Over 1440 addresses hold the minimum 35,000 BANK tokens to access DAO membership. More than 300 addresses hold at least 150,000 BANK, thus gaining the title of Whale and access to exclusive discord channels.
- BANK is acquired on Uniswap (V2 and V3) or Sushiswap. Most swaps for BANK are now facilitated by Suhiswap.
- The main liquidity pools all consist of wETH-BANK pairs. Other pairs are no longer in use.
- Bankless created an index fund in collaboration with Index Coop. The fund is called BED and holds 33% Bitcoin, 33% ETH and 33% of various Defi tokens.
- In the last 90 days, the BED index has underperformed the S&P 500 index and gold (the commodity). This is to be expected since the current crypto bear market has brutally devalued most cryptocurrencies.
- The BED index is a convenient way to invest in some of the main cryptocurrencies. It is the ideal product to help the Bankless DAO achieve its mission to on-board a billion people into crypto.
Report submitted to: Flipside Crypto
For: Bankless DAO bounties 1,2 and 3.
Methodology
BANK token owners and DAO members are all distinct addresses.
The Apple podcast ranking is sourced from chartable.com (account creation is required to access).
The account balance of the DAO's treasury is queried from ethereum.erc20_balances. The DAO's address is 0xf26d1Bb347a59F6C283C53156519cC1B1ABacA51.
Liquidity Pools with very low volumes were excluded from the analysis. Pool addresses were sourced from ethereum.dex_liquidity_pools.
The price of the S&P 500 was charted using Terra's mSPY token. This token tracks the SPY index fund. The SPY tracks the S&P 500. This is an index of the five hundred largest U.S. stocks by market capitalization. Do note that Terra's mSPY token carries a premium (or tracking error) of 3.58%.
Similarly, the price of gold was charted using Terra's mIAU token. It tracks the iShares Gold Trust (IAU) , which itself tracks the price of gold. The tracking error on mIAU is -1.98%.