Asset recovery from subgroup multisigs already happening:

Asset Recovery: Request Return of Funds

Asset Return Progress

Parcel, during their Payroll product rollout, had all of our multisigs delegate some spending access to a Parcel-based subpermissioned spending account on payroll.parcel.money. The Parcel Payroll signers were not always in line with the multisig signers, and the multisig delegated spending permissions to the Parcel Payroll signers, for limited spending.

<aside> 🚨 THESE NEED TO BE CLEANED UP FOR SECURITY PURPOSES, OR NEW MULTISIGS SHOULD BE CREATED AS NEEDED WITHIN THE NEW ORGANIZATION.

• [ ] Draft a PSA regarding the Parcel Payroll permissions delegation
• Include instructions on how to revoke permissions </aside>

We’re probably headed for a two-token model, where one token is a soulbound governance token and another is an established compensation token like stables or ETH.

• [ ] Plan out a new token
  • [ ] Name
  • [ ] Features
    • [ ] Soulbound?
    • [ ] Can the tokens be traded and sold?
    • [ ] Are there token sinks?
  • [ ] Voting rights
    • [ ] One person one vote?
    • [ ] Limit to one wallet one vote and require some kind of PoH check to prevent sybiling?
    • [ ] BANK-like, where participation earns governance rights cumulatively?
    • [ ] Perhaps the token is liquid, but voting rights require staking?
  • [ ] Distribution
    • [ ] Where does the token come from?
    • [ ] Airdrop?
    • [ ] Who receives?
    • [ ]
  • [ ] Valuation
    • [ ] Do we need to set up pools?
• [ ] Pick a compensation token(s)
  • ETH + a stable
  • The compensation token should be one of the org’s income assets
    • Whether that’s yield from defi positions
    • Funds raised from outside the organization
    • Preferred kickback asset for project revenue to send back to the treasury

What do we do with BANK token?

We could burn the old token and drop new token to current holders

We could turn it into a memecoin

We could burn the rest of the BANK in the treasury and let the market decide

What do we do with the ENS domain for banklessvault.eth?

Do we need to wind down pools anywhere?

What about a new token?

There may be a staking component to it

It should be on an L2

I don’t think new token allocations should be determined by BANK token holdings

Maybe an opt-in airdrop of a soulbound token to a filtered list of eligible wallets

You want in? Are you on the list? Mint yourself this soulbound NFT and welcome to the club.

How do we facilitate the transition?

Burn to convert mechanism?

Airdrop of new token to current holders?

Airdrop of new token to links’s list of ~185 active BANK holding wallets?

Do we close the ability for people to time-lock their BANK?