Community Building

Hello Fraxers

I wanted to get the ball rolling on community building because strong communities is what gives projects grounded governance and confidence in its longevity.

1. Draft FIP-2 Mission and vision

I’d like us to brainstorm as a community about the mission and vision of Frax. It is important for the success of the project that we are all on the same page about our goals, aspirations, and values as a community and a protocol.

Mission statement: A mission statement is a short statement of why an organization exists, what its overall goal is, identifying the goal of its operations: what kind of product or service it provides, its primary customers or market, and its geographical region of operation.

Vision statement: A vision statement is an inspirational statement of an idealistic emotional future of a company or group. Vision describes the basic human emotion that a founder intends to be experienced by the people the organization interacts with, it grounds the group so it can actualize some existential impact on the world. Example: Apple’s mission is “to bringing the best user experience to its customers through its innovative hardware, software, and services.” And in a manifesto dated 2009, Tim Cook set the vision specified as “We believe that we are on the face of the earth to make great products and that’s not changing.”

I propose that the mission statement and vision statement submissions be put to a vote on snapshot and the winner of each be rewarded a grant of 100 FXS each and an NFT with final version of the mission statement and vision statement on the FRAX logo background.

2. Draft FIP-3 Reward for proposing a successful FIP

Taking the time to make a proposals is costly to individuals or groups - deep thinking, seeking and engaging with feedback and putting social credibility on the line when making a FIP is valuable. Making FIP’s that the community agrees with and passes are vital to the continued existence of the protocol and should be encouraged.

I propose that the authors of each passing FIP (to begin after this and any parallel proposals) be rewarded with a Grant of 100 FXS split between them - currently about $600 USD - noting that this amount can be varied if the price of FXS increases. I propose that Hameed be retroactively rewarded 100 FXS for proposing FIP-1.

3. Draft FIP-4 Governance ambassadors

While rewarding FIP authors is important - having permanent incentives for community representatives to focus on protocol improvements and governance is needed also.

I propose we run a trial for electing 5x governance ambassadors from snapshot (scattershot might be easier Inverse DAO just conducted a similar election using it) who’s role is to listen, think, advocate and propose protocol improvements - each governor will be designated a role on the snapshot, the forum, telegram and discord - they will also be provided an inaugural Governors NFT that is loaded with 150 FXS vested with a 1 year cliff.

Governors will have a public speaking channel on discord and other community members will not be able to view the discussion but will be able to post. They will also have a private channel.

Governors terms will be for 3 months with elections happening in the second last week of the previous term.

4. Draft FIP-5 Community Building committee
Building a strong culture that isn’t just price speculation is very important - we should be establishing a community that fosters a sense of belonging while focusing on building out our protocol and supporting the core team.

To that end I propose that we establish a community building committee with 1 team member and 4 community members with discretionary funding for community building activities - so not every decision has to be approved by the DAO. The discretionary funding should commence at 1000 FXS and the committee can make a proposal for any larger funding required.

Each member of the committee will be designated a role on the forum, telegram and discord - they will also be provided an inaugural Community Building Committee NFT that is loaded with 150 FXS vested with a 1 year cliff.

The committee will have a public speaking channel on discord and other community members will not be able to view the discussion but will be able to post. They will also have a private channel.

The Committee’s terms will be for 3 months with elections happening in the second last week of the previous term.

These are very much draft proposals and I would be very keen for any feedback.

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Really like this overview incentivizing governance participation within the Frax community.

Imo I think it makes sense to reward FXS to those who are measurably advancing the protocol. Passing FIP proposals and those who help secure partnerships with other projects and protocols makes sense.

Although the mission and vision statement is important its hard to quantify, especially if we have multiple people brainstorming and collaborating on it.

I love and strongly support all of these proposals. Great job with proposing them Mark!

I like the discretionary funding in FIP-5, so that the committee doesn’t have to request a DAO vote every time. However, at least at this early stage, I would add a veto function of the project founders on these activities, where the scope is to grant that these activities are in line with the mission statement and vision as from FIP-2.

:ocean: :ocean: :rainbow:

FIP2 = most people here dont care about statements , we are just here because we are trying to make money, so i see no value in spending time on this.

FIP3 = there is already a token allocation for advise/contributions that has 3 year vesting so it would be fair to maintain the 3 year vesting time frame for any rewards paid out for FIP creators.

FIP4 = i must be missing something here, why would we want private channels and members not being able to see the discussions? and what job will these Governors be doing ? what power will they have? why would anyone talk to them rather then talk to the devs ?

also, wont we run out of people take the role as there are so few people involved in the governance right now?

FIP5 = “so not every decision has to be approved by the DAO” … whats the point of building a governance system where every investor has a vote if we then hand the decision making over to small group of elected people? if we are gonna do that then it’s just better to let the dev team make all the decisions.

also … the time used to make the NFT’s seems a bit pointless, i would rather just hand out 100-150 FXS and have the DEV spend the time on the protocol rather then building an NFT to stop someone selling $500 of FXS in one go.

@sparkes25 thanks for your feedback - in relation to each of the points you raise I would say:

  1. I decided the type of activity envisaged by FIP-2 would be best run by the community building committee once such a body was established.
  2. I don’t agree there should be a three year vest because the amount is so small $500 USD.
  3. Please see discussion on FIP-3 in a separate topic - they should have discord channel which they can run as they please - they would be governance ambassadors and they have no more power than any other member of the community. I think that is exactly the point - these are measures to encourage people to engage in the governance process.
  4. The decision making they would have would be in relation to a small fund of FXS for the activities of community building - meme contests, tips etc etc. So the purpose of these proposals is to engage more people to take responsibility for growing the protocol than just the dev team (who are very busy building out the technical parts of the protocol).
  5. So we actually don’t need the devs to spend any time on the NFT’s because we can just mint them for a trivial amount on any number of NFT platforms for example Immutable, POAP or Charged Particles. The point of the NFT’s is the prestige - it creates a reputational enticement to become more involved with building out the protocol

Thanks for writing this proposal @Mark11

I strongly believe that defining a mission, vision, strategy is crucial to the success of Frax. All successful communities have a purpose and narrative that binds them together, motivates them to take action, and have a common set of values that allow them to converge on ideas and actions to be taken.

A mission/vision/strategy is not a marketing gimmick. It defines why this project exists, what problem it solves, and how it will solve it. This will provide guidelines to evaluate and prioritize effort, proposals and protocol updates.

The introduction of the protocol on docs.frax.finance is a great starting point: “The end goal of the Frax protocol is to provide a highly scalable, decentralized, algorithmic money in place of fixed-supply digital assets like BTC”. I also like @samkazemian 's thread on the Frax Price Index (https://twitter.com/samkazemian/status/1400308033104670725) and account for inflation instead of just pegging to USD (long term goal).

Personally I have no interest in supporting a mere stablecoin project, but supporting a project that brings individual financial stability globally, now that is something to be proud of.

From the mission/strategy we can also derive Key Performance Indicators (KPIs) that should be measured and visualised. This will show how well the protocol is doing/evolving and helps to make informed decisions. For example, should “Frax Volatility”, “Frax Liquidity”, and “Collateral Stability” be KPI’s, then you can systematically check/discuss how a proposal impacts these KPI’s. One can also think of new proposals with these KPIs in mind. Ideally you would get a community/protocol work backlog that gets filled and prioritized based on value and effort (Agile/Scrum).

4 Likes