DAO Finance workstream discussions

bayar · September 20, 2023, 1:53pm

I’ve done a lot of research into other DAOs recently, trying to find something consistent related to finance. My realization was that a lot of DAOs don’t get anything right, some DAOs get some things right and others wrong, but no DAOs make everything right when it comes to finance.

The confusion that I’ve seen the most is that finance in a DAO is the same thing as treasury management. Others focus on reporting (hooray!), but it’s cash based (on-chain); others set up transparent accounting policies, but it’s a mix of IFRS, FASB and personal choice.

To add on top of that, we don’t even know what “right” is in this case. We know there is not regulatory clarity as to how to keep accounting for DAOs, no best practices, no reporting/disclosures requirements, all in all, there is no complete scope of DAO finance anywhere.

Until now.

I’ve been acting CFO for a few financial services companies, worked in finance middle management in some corporate behemoths, and I’ve seen the other side as a financial auditor and management consultant, so I’ve used all this and my web3 experience at DappRadar to create a cheat sheet (as some call it) for DAO finance.

Nobody says that DAOs have to do all this. This can be used by DAOs for multiple reasons, such as:

to assess their current finance function or workstream
to understand if they’re missing any important, relevant activities
to do a gap analysis and to plan a target finance scope for the future
to prioritize the development of their DAO finance workstreams
to set up finance roles within the DAO, and clearly split their responsibilities, and their touch points with other workstreams (like compliance, risk, sales, product)

There is a lot to talk about for each of the topics and activities in the list. There definitely has to be a prioritization, like - for 2023 what we will need in DappRadar DAO will be to ensure bookkeeping is correct, controlled and timely, and we need to have most of the reporting in place, but let’s not forget about budget allocation for projects and workstreams and managing treasury risks.

This is the next step of what we’re doing - and community feedback will play an important role. Please do pitch in!

The goal is not ot have ALL of the DAO finance scope in the near future, but to know what we can do, decide what we need, and plan the path to achieve that.

I’m very much looking forward to what you think about this. In a way, this is the kick-off of the finance workstream, so let’s go!

Yours truly,
Bayar

PS: Working next on the details of the above, as well as payment flows and budget allocation process.

bayar · September 28, 2023, 3:13pm

To deep dive a little more on some of the items above, starting with the reporting part, I’m going to shar ethe thought process in identifying the 4 types of reporting that we plan to do. Most reporting frameworks of other DAOs focus on one or two of these, most of the time that being cash flow reporting of their treasury. That is a very important view, but it significnatly limits the information that the stakeholders should know. Think what if the DAO provided a loan to a market maker, or if a big portion of the treasury is locked in staking for other projects.

This is only one example why an accounting view of the reporting is important. But there are also different stakeholders that are interested in different indicators. This is why the I thought it would be useful to create a stakeholder map around DappRadar DAO, which has the following levels:

DappRadar DAO in the center
Who are the stakeholders of DappRadar DAO?
What is their interest in DappRadar DAO?
How we the DAO provide relevant information for each stakeholder so that they make informed decisions about their interactions with DappRadar DAO?

The result of this was separating DAO Reporting into 4 different areas:

a. Financial reporting
b. Tokenomics reporting
c. Governance reporting
d. Operational reporting

Hooray! But this is just the start of it. What we’re working on next is what each of these actually mean, what kind of information to provide and what is the source of information, how to display it, and how often to update it.

If anybody wants to be involved in this, let me know. We’d love to find out if there are some default tools that do this for each type of reporting. We do have a list that we’re currently contacting to find out the best fit for our needs, but we’re mostly considering that we’re going to have to build these manually from scratch.

Cheers all!

madeafterdeath · September 28, 2023, 11:54pm

obv i want to be involved in the DAO.

I understand I’m not the smartest person in the world. I’m happy to take a back seat and watch other lead and say something quick if i think something is wrong or its going the wrong way. Forgive any Bad spelling or Sentence structure please =)

But a few questions real quick.
DAO stake holders = does this mean anyone with 100,000 radar tokens staked? and want to be involved?. And does a Individual DAO stake holder branch into all them light blue circles?

Also as stuff is built and the platform is running in a more automated fashion the need for DAO members i believe will decrease but we will need key members and groups.

Also another question before i continue as we turn DAO @ moment we are centralized moving into Decentralised but what centralised elements will be staying and as we move into DAO do we need to move some of what’s being decentralised back into centralised even if its via DAO members? and if so what elements will be? (i think this is a super important question)

The 4 groups u made: I’m having a hard time understanding it. even tho u made it simpler.

I see it like this almost:

A: Media and Research Group: Internal and external: for both dappradar and other Blockchains and dapps games events ect,

B: Creative ideas: Thinking of possible utility ideas for Radar token, Events, ect

C: Key members Voters: How they feel everything is going and if they are happy with the road map and current updates feed back from events ect could also put this group in with B pretty much.

D: Developers: People who build the stuff that makes the DAO properly most important part but the need for them will rise and fall as the DAO evolves.

Other than that thanks for the updates its nice to see.
And nice to meet you.

madeafterdeath · September 29, 2023, 12:02am

Also another group id say we should have is a

Outbranch reporting: Possible partners we could reach out to after being debated about and then reached out to if possible. This would also help with events and tokenomics in the future as well helping with financial reporting from time to time.

I could write up more ideas but at moment ill keep it short.

mixmore · October 2, 2023, 6:19pm

These are great points, and I want to help. I have good financial experience and am also involved in crypto communities.
I want to offer suggestions, but I want a point I can start from.
Could you please give me a starting point?
Let’s start with a point we can discuss.

I have posted many topics on the forum, and these are related topics.

madeafterdeath · October 2, 2023, 10:15pm

Following on with what mixmore said i also suggested this

Future plans for staking possibly and token increase ect. i put all the ideas for it down in there should put more tbh.

Nice to see you mixmore =)

bayar · October 17, 2023, 6:28pm

Hey @madeafterdeath, sorry to reply so late after your comment. I’m here in the trenches working on defining the finance framework and solving daily challenges for the company as well.

I appreciate the comments. I want to make everything as clear as possible for any member of our community so your input has intrinsic value in helping to achieve that.

I’ll address your questions and give my opinion on your ideas, but let me know if anything is still not clear.

One of the biggest issues that we face in web3 in general, in DAOs as an org, and in DAO finance as a specific field of web3 is the lack of best practices, expertise, regulation. This means that we’re in an open field, where we have boundaries, but we have to still pretend we’re in a sandbox and come up with the best solutions at a certain moment in time, improve as we go along, and try to make sure we do right by the community. That is also my approach when working to build the DAO finance framework.

And please be mindful, it’s the first of its kind that I’ve seen in any DAO that I’ve research (I’d love to be challenged on this statement!).

No, here I meant stakeholders in the more traditional sense i.e. people and parties that have an interest in the organisation. Basically this could be anybody, since DappRadar is widely shared by large audience media publications, but making sense of users by way of segmentation is always a good way to structure thoughts and reach desired conculsions.

Not necessarily. Although we will always need key members (core contributors) and groups (workstreams) that uphold DappRadar DAOs values and objectives, the goal is to significantly extend the number of contributors in order to scale and cover all of the blockchain space in the future. This is why we are working on quests and contribute2earn, to incentivize contributions to the DappRadar ecosystem in many ways (each contributor can have their own preferred ways to contribute).

This is a super good question and one that deserves an answer that we’d like our community to have a good understanding of.

Of course, ideally, we fully decentralize. But there are evident barriers to achieving this, from access to banking services, up to IP stuff and freedom for our core team to choose how they work. In time, we will have more clarity as to the extent of decentralization we can achieve, or as @vandynathan will likely say, reach sufficient decentralization. This is a question for any DAO you can think of.

The 4 groups are 4 categories of reporting to the community / stakeholders. Financial reporting and Operational reporting are common from the pre-web3 era. Tokenomics reporting and Governance reporting are DAO specific categories and something that I’ve seen other DAOs do (without naming them as I have), where we will try to provide to our community relevant information related to the RADAR token and to the DAO governance, depending on what is more important for each segment of setakeholders. These 4 categories of reporting is what we will be working on in Q4 this year, as I consider it a basis for earning the trust of the community, demonstrating the transparency we committed to and of course, helping more people join the DappRadar community or become more active.

The very good idea I take from your 4 groups is the developers. We have to create a dedicated space for them also in the reporting framework. Developers are more focused on the opportunities that DappRadar provides to them, so we will think about giving them information about quests, users, visitors, engagement etc. so that they can better tailor their experience on the DappRadar platform. Thanks for this!

I hope to keep in touch, and let me know if you have other thoughts or ideas! I’m happy to discuss!

Bayar

bayar · October 17, 2023, 6:30pm

You know, I strongly believe that the growth of web3 and spread of DAOs will create a totally new category of service providers specialized in DAO services. This will be in the form of companies or even other DAOs that provide professional services to DAOs. More on this later.

bayar · October 17, 2023, 6:36pm

Hey @mixmore! You are looking at the starting point. Take the DAO finance cheat sheet above and grow any topic from there.

I believe we should have a structured approach in developing the DAO finance framework. Otherwise, it will create confusion and we’ll end up in 12 months with an ineffective operating model.

For example, I’ve had a hard time actually identifying the equivalent of Equity in a DAO. This is because basically there are no shareholders. If we take the token value at TGE as equity, then how do we value it, at cost or fair value? And will it actually mean anything either way?

I’ve gotten to a point where I think we need to find a replacement for “Equity” in the case of DAOs. Still working on this concept.

mixmore · October 18, 2023, 6:13am

Hi @bayar

I have researched a lot in the past in this area, so I completely agree with you, I know the challenges you face, and I know what you are talking about.

Almost all cryptocurrency projects and decentralized autonomous organizations (DAOs) that have appeared in our world from the beginning until the present time do not have any financial or accounting systems.

Very few DAOs have financial and accounting systems, and even among those DAOs that have financial and accounting systems, none of them have an integrated and ideal system.

And in these DAO communities that have financial and accounting systems, we can find just a few reports focused only on Treasury and may be some simple reports about profits and revenues, very simple budgets for the expenses of the various departments, and maybe very simple other reports, and that is all we can find.

Even if we find financial statements such as the income statement and the balance sheet, which are very rare to find in any DAO, we find them prepared in a way that avoids any accounting problems. We find some tricks to prepare them without solving the accounting and financial problems facing any accountant working in the field of crypto and decentralization.

There is nothing else published in any forum related to DAO, according to my information.

Also, if we search everywhere, we will never find accounting standards, fixed models, or anything written in a scientific manner that can help organize accounting and financial work in DAOs.

Financial and accounting work in DAOs has not had clear, well-known, and fixed rules until now.
Maybe this will change in the future, and standards and rules will emerge regulating financial and accounting work.

But currently all we have is personal appreciation and individual opinions for organizing financial and accounting work in DAOs

It requires a lot of discussion and a lot of work. Let’s take things step by step.

Let’s start with the first point you talked about, which is a problem in accounting for DAOs, and accountants often try to find tricks for it and avoid solving it.

Here I will mention my point of view.

You may find it correct or not. Let us discuss it to reach a solution, because, as I mentioned, there are no accounting standards directly related to it.

“For example, I’ve had a hard time actually identifying the equivalent of Equity in a DAO. This is because basically there are no shareholders. If we take the token value at TGE as equity, then how do we value it, at cost or fair value? And will it actually mean anything either way?”

You are once again absolutely right.

This is an example. In this link, we find the financial statements, but matters need more clarification.

But let’s discuss things differently.
For example, I created a blockchain network and launched it, and many people started running nodes related to it and performing operations on it.

Who owns it now? In fact, no one owns it, and no one can control it.
Even though I was the one who launched and created it.

Another example: I created and launched a decentralized autonomous organization (DAO).
Who owns it now? No one owns or controls it.

Maybe whoever owns this DAO cryptocurrency has voting rights and can participate in making decisions, but his ownership of this cryptocurrency does not mean at all that he owns any part of it. DAO has no shareholders and is not owned by anyone.

Its existence, continuity, and influence are not directly linked to its cryptocurrency.
We can create the DAO without a cryptocurrency.

It is a completely independent entity that has no physical existence and is not owned by anyone. No one controls it; we cannot catch it, but in the end, it exists.

Like any blockchain network, no one controls it or owns it.

This is the idea of decentralization, and this is the idea and essence of the Web3.

Now we have a clear concept.

No one controls the DAO, no one owns it, and it has no physical entity.
But in the end, it exists and can, like a real, natural person, own things and property.

Owning its cryptocurrency may mean having voting rights, but that does not mean at all that by owning its cryptocurrencies, we own a part of it.

So DAO has no shareholders.

A DAO is an intangible entity that exists and is able to own equity, so there is equity that a DAO owns.

We will just create an account by the name of DAO, and it will be an equity account. We will sum total assets, subtract from it total liabilities, extract the equity, and make the DAO account own this equity.

All cryptocurrencies in the treasury, whether Ethereum, Bitcoin, or any other cryptocurrency, or even project cryptocurrency itself, are treated like foreign currencies, and the same accounting standards related to foreign currencies apply to them.

This is just an opinion. You may agree or disagree with it, and I am open to discussion.
If we can resolve this point, we can move on to discussing another point.

madeafterdeath · October 19, 2023, 11:47am

This is where you have to tether or find a stable coin to build the treasury up upon as to not suffer from price volatility and have a better and clearer understanding of how much is in the treasury without having to second guess it every 12 hours. It is also easier to track what’s being put into the treasury as to what’s being taken out as well.

DAO means to me that its running no matter what and it has a recycle system in place for the tokenomics to the point its self sustaining long as people use it The members for the DAO are there to help build it up and bring more people into it,and to make sure it is doing what it should be doing, and develop new stuff when needed, Think of possibly more options to help the recycle of the token or even another circle for the token to be used in (i use the term circle as a circle for the tokenomics) for example (if radar had its own blockchain fees would be part of building up the treasury , staking , un-staking, Swaps, Possibly fees from partnerships where they give us so much of there tokens (we take a fee cut to build are treasury up) Then we list NFT’s and tokens for people to stake to as well as having a liquidity pool for said Tokens which can be paired for certain other tokens for basic rewards as well as sometimes unique rewards dependent on how long u have staked, Provided liquidity for) This is just an idea thrown out im not suggesting it at the moment but we do need some form on treasury building its important.

As for the accounting side if the block-chain is transparent we should be able to build a bot that keeps track of accounting ect and all it would need doing after is checking for any abnormality’s by an accountant. (then a profit vs Loss at end of month and a report about it)

I think where we should start is with radar its self. What is Radar? why do people use it? how can we make it to where they come visit the site everyday? and what would make Radar better?

Then after that we move onto The radar token With the questions, What is the radar token? why do people want to buy it? how can we make it to were users want to buy, use or hold the token? what would make the token better.

As for the DAO we got a little insight in some of the roles currently available (which to me seems strange as a DAO is decentralised =D anyone can be apart of it yet there are roles for certain key DAO members which brings in a certain amount of centralization into it but these roles can evolve into other stuff or become redundant as the DAO its self evolves and other roles pop up as and when is needed)

Personally i think we should start with the Radar the website its self it’s constantly updating teams doing a good job at updating it There is the road map for this year already set out we need a road map for Q2 for next year with the DAO building in mind. As well as trying to increase pro user count of radar holders.
(one possible idea i just randomly thought of right now gonna add this real quick How about rewarding people who Actively vote Put a certain amount of value onto each vote and anyone who votes gets a share of the Vote rewards at the end of the vote obv whales would get the most so u have it cap at a certain amount as to not have 1 whale get 50% of the vote rewards say make it a max of 5% or 10% i dont know i dont know if it would even be possible but it would encourage people to build up voting power as well as making them want to vote for stuff that has passed the voting pole this idea could be expanded upon i guess in the future i just wanted to put it tho as it passed my brain)

Anyways I’ve ranted enough nice to see people replying and it sorta moving forward. (we need a starting point and focus or groups for us to focus within) ill break down the cheat sheet later and try and think of a format where this don’t get cluttered. (this is the starting point)

madeafterdeath · October 19, 2023, 3:52pm

What tools will we be using for account and crypto accounting i suggested creating a bot for it thats about best input i got im not an accountant =D

Accounting policies you should know a fair bit about this as we been told EU rules.

I feel you could suggest ideas for this part of the cheat sheet easy mixmore and help shape it.

No body should be ultimately in control of anything as such apart from the treasurer who has access to funds should a time come to use them. (other than that they are being constantly saved up and building a savings)

Payments to DAO members should be automated with a bot (if there is going to be any) And a person controls whos on that list and how much gets payed out and a monthly report is made public on who got what, when and why. (think there should be some form of tax which goes into the savings with this as well if DAO members do get payed just means a little goes back into savings from the out-goings because as the DAO expands out-goings might start adding up that tax will help alot)

Doubt we will get off to a perfect start with the process improvements but as time goes on these are bound to be improved regardless specially if they aren’t working the best they should be.

Governance review at the moment we are doing radar tokens for votes this has some draw backs as well and benefits at moment it seems to be working ok for the votes people are voting. Would be nice to know how much we are working with when it comes to spending ect its hard to say what’s possible and what’s not when you don’t know how much u got to start with or how much is needed to save up ect.

Roles for the community in the future for the DAO i think should be semi centralised as in hand picked from the community or other community’s they interact are active and have been around for some time there community is use to seeing them about ect, Obv its nice to on board new people specially people from other DAO’s and community’s Radar is about advertising such things and having such members be part of are DAO can only mean good things but i dont think they should be given a role that involves them being in charge of finances as they might put there’s before are’s.

My gonna keep expanding on all the cheat sheet points and give my view on them.

mixmore · October 20, 2023, 2:02am

@madeafterdeath Thank you for your response and the ideas you provide.I believe that by continuing discussion among members of the community, step by step, we can develop the matter.
The important thing is that the interaction continues so that we can achieve progress.

bayar · October 20, 2023, 6:24am

Hey @madeafterdeath!

It’s great to have input from you, thanks!

There are several crypto accounting tools out there that provide clarity with regard to the crypto transactions of an entity, based on wallet addresses. We’re currently using tres.finance for the company and I’m pretty happy with it. We use the information provided to book transactions into our legacy accounting system.

For the DAO, we’re considering a similar approach, but with a different legacy accounting tool, such as Quickbooks, because tres.finance can integrate with it and perform automatic bookings. It’s also important to identify and classify types of transactions, so that the cypto accounting tool knows how to push the transactions to accounting.

There are a number of such tools we can use except Tres.Finance, like Cryptio, Cryptoworth, Bitwave, etc. many of whom are already working with other DAOs.

The DAO does not fall into the EU jurisdiction with regard to financial reporting, nor does it fall under FASB regulations for the US. My current view is that we should apply accounting policies that bring the best understanding of the DAO’s financial performance and financial position to its stakeholders.

For example, on IFRS currently crypto assets are treated as inventories or intangible assets, which requires to measure them at the lower of cost and net realizable value (fair value less costs to sell). In this case, I don’t believe it is in the best interest of the DAO stakeholders to apply this IFRS guidance for our treasury. A more important view is that of the fair value of our treasury which basically shows the value of our funds. But things are changing pretty fast in the regulatory space and we’re monitoring the updates regulary.

This is a good point. I envisage the role of governance review will be to monitor if the actual projects and tasks and progress of the DAO are performed in line with the decisions of the DAO based on the votes. Basically if what is happenning is really the will of the people who voted on it.

In order to achieve this, a governance review would review that funds, resources, projects and workstreams are working to achieve the DAO’s objectives effectively.

There is a term in internal audit (based on the IIA/CIA standards) called GRC, which comes from Governance, Risk and Compliance. Which are all areas that must ensure a healthy development of an organisation on strong pillars of internal control.

At the same time, I don’t want to create a bureaucratic organisation, so we need to find a balance between what is asked of the workstreams and community members, so the actual operations of the DAO, and the governance requirements. A lot more to be discussed here.

mixmore · October 20, 2023, 7:20am

Hi

If you allow me, regarding this part, I have a comment

For example, on IFRS currently crypto assets are treated as inventories or intangible assets, which requires to measure them at the lower of cost and net realizable value (fair value less costs to sell). In this case, I don’t believe it is in the best interest of the DAO stakeholders to apply this IFRS guidance for our treasury. A more important view is that of the fair value of our treasury which basically shows the value of our funds. But things are changing pretty fast in the regulatory space and we’re monitoring the updates regulary.

You are right, but there is also a third way: it is treated as if they are foreign currencies, just like any other foreign currency, such as the Indian currency or the Chinese currency, for example, and this, from my point of view, is the closest to accuracy.

I believe that cryptocurrencies should be considered money . In fact, if we try to understand the nature of cryptocurrencies, we will find that they are not inventory or intangible assets; their nature is closer to money.

I mentioned this in this topic that I posted in the past on the forum.

I wrote this part

Cryptocurrency is something unique that never existed before it combines several qualities, It takes the attributes of money,inventory ,investment and also sometimes it like stocks when you own it, you have the right to vote in the companies that issue it.

and when looking at Financial Reporting Standards (IFRS)-International Accounting Standards (IAS) we don’t find a standard for cryptocurrency until now so when we look at this criteria

IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
“In the absence of an IFRS Standard that specifically applies to a transaction, other event or condition, management uses its judgement in developing and applying an accounting policy that results in information that is relevant and reliable. In making that judgement management refers to the following sources in descending order:
the requirements and guidance in IFRS Standards dealing with similar and related issues; and
the definitions, recognition criteria and measurement concepts for assets, liabilities, income and expenses in the Conceptual Framework”

This means that there is room for multiple opinions as long as it doesn’t break the standards the topic is complicated and there are many opinions, but here I will summarize it

Most opinions say that cryptocurrencies should not be consider as money
Some opinions say to consider it as Inventory Therefore, it is under criteria Inventory (IAS 2) but Most of the opinions it consider as Intangible assets Therefore, it is under criteria Intangible assets (IAS 38) there are also other opinions
and the matter is not completely specified because there is no specific standard for dealing with cryptocurrencies

This is just a personal estimate and a point of view that anyone may disagree with, but I believe that it is the most accurate and will produce financial reports that are closer to the truth if they are treated like foreign currencies.

But if they are considered inventories or intangible assets, we will find many accounting problems, and their evaluation will become a matter of controversy and objection to many who read the financial statements.
As foreign currencies, we can avoid all of this and this is closer to its nature.

Here I mean that only cryptocurrencies are treated as foreign currencies, but NFT and other cryptoassets may be treated as inventory, which is more accurate. If the purpose of its acquisition is to trade with it,

mixmore · October 20, 2023, 9:52am

@bayar I have now presented my point of view on two points (equity and cryptocurrencies), and I hope to know your opinion about what I wrote. If you think that my point of view is wrong, just tell me the other points of view. I have no problem with discussing, and I also have no problem with being wrong. I am open to learning new things, and I can change my accounting ideas easily if I discover that they are wrong or that there are better ideas. I have no problems with that. I am involved in the crypto communities, and anything I learn here will certainly benefit me.

@madeafterdeath His opinions and ideas benefit me also.I follow and read it with interest, too.
The whole topic I’m interested in, and perhaps by following this topic, I will find useful answers to some mysterious matters in accounting for DAOs.

madeafterdeath · October 20, 2023, 10:05am

i think when it comes to DAO what bayar is saying is its decentralised so we cant go on any ideal way of working with accounting. (prices of crypto move every second meaning if we track them like real money we will be constantly be trying to keep it up to date and that would be a bot having to track like 200 different things and trying to keep it up to date)

Also trying to make it so everyone can get involved without running into trouble i would hope.
Also if we keep track of what we have treasury wise it should be in what form it is to start with so if its ETH how ever much eth same with any other crypto, BNB,Radar,Polygon Ect that way we know what we are working with crypto wise instead of getting a worth in many different currency values.

with it the crypto way i think it would be easier to keep track of the circle and what needs filling when and where if that’s the case. (like liquidity in certain pools ect) buy back and burns, Things the road map is showing. Out goings to the contribute to earn. Also the Income from fees for transitions, tbf we need to think of more way to earn income as a dao. towards radar treasury cuz at moment its node running and fees from a dex and properly a few other things like partnerships ect. I dont think ur wrong tho.
If we class everything as an assist might keep everyone a little safer than if they class it as money different countries different rules and were trying to if a balance between these rules.

If there is currently no stake holders as such reporting it is gonna be difficult.(at financial reporting)

Operational reporting should be done by accounting mostly almost as well as they will need to keep up with whats going in to whats going out so should be keeping track of that.

Developers should be keeping track of if everything is working way it should be and efficiently if improvements can be made to them voice them see what people would think of said improvements and why they are needed.

Governance reporting should be done by community managers, As well as marketing as they keep track of the marketing side which is advertising and key people who keep track of Events, Votes, Ideas people think of ect

Tokenomics reporting should be done by accounting as well analyses should work closely with accounting as well as they could have alot of input properly to add to this.

After i said all this tho everyone should be helping do this in any space if they can do and feel free to do so. if they choose to.

With more thought to access to the treasury multi signature sounds good with at least 3 people of say 5 needed to access it this way could stop any tom foolery.

Forecasts should always be on the up side if we can help it, If the forecast is downwards it should be because we are peaking obv this part is also hand in hand with reporting network so again everyone in the DAO should be giving feed back on what they think as well as the analysts doing a more in depth forecast which is even part of this at the bottom lol.

Fund allocation should be voted upon after costs have been added up with extra for overheads just incases. Any events should be discussed as well as airdrops this is just planning to make sure we can afford what we want to do and to see if its worth it voting by the community as a whole as well not just the DAO cuz they are holding tokens as well and this could effect them as much as anyone else.

Once something has been done we make a report of it This should be for events, Airdrops, Anything new, This should be users turning up to events, Interaction of users, Airdrops should be too see how many sold to how many held or utilized and if its for another project how it effected that project we don’t want to ruine projects we want to lift them, tho scam checks should be a given as well on this if it ever happens. Analysis should be sorta covered by the reporting tho in first place.

mixmore · October 20, 2023, 10:26am

Thank you for your response and interest

If they are considered foreign currencies, we do not need to update anything when we talk about the accounting aspect.
For example, if your primary currency is the US dollar and you hold other currencies such as the euro and the rupee in any accounting system for any organization, do we constantly update the exchange rates for foreign currencies?

For sure, we don’t do that.

Consider Bitcoin, Ethereum, and any other cryptocurrency as foreign currencies.

We will have reports that show the currencies we own as they are and not convert them to any other currency and only some financial reports are prepared once a month. For example, all our currencies are evaluated in US dollars.

In general, there are accounting standards that govern dealing with foreign currencies. If we want to prepare financial statements such as the income statement and the balance sheet, things will be easy.

Regarding this part, I agree with you, and that’s what I mean.

Also trying to make it so everyone can get involved without running into trouble i would hope.
Also if we keep track of what we have treasury wise it should be in what form it is to start with so if its ETH how ever much eth same with any other crypto, BNB,Radar,Polygon Ect that way we know what we are working with crypto wise instead of getting a worth in many different currency values.

Good points

with it the crypto way i think it would be easier to keep track of the circle and what needs filling when and where if that’s the case. (like liquidity in certain pools ect) buy back and burns, Things the road map is showing. Out goings to the contribute to earn. Also the Income from fees for transitions, tbf we need to think of more way to earn income as a dao. towards radar treasury cuz at moment its node running and fees from a dex and properly a few other things like partnerships ect. I dont think ur wrong tho.
If we class everything as an assist might keep everyone a little safer than if they class it as money different countries different rules and were trying to if a balance between these rules.

madeafterdeath · October 20, 2023, 5:03pm

I want to play a part of planning with this cuz i want a Dex and i also want a token supply increase if one is needed. (which i personaly think it will do and also u can do alot more with a token increase gonna try and shoot for moon with this dex number 1 dapp explorer in world with number 1 dex in world <3 and it recycles best we can make it while also rewarding users ect)

I hate the idea of burning tokens but i can go with the flow on this if i disagree with something ill vote No =)

Cuz i want to be part of the planning with the tokenomics and ideas to utilize radar token ill add my ideas and thoughts later thought wise ur gonna find 1 epic long post. @ the moment tho we have pro, staking. Extra insight and a few extra channels we get access to, also there is good rewards for providing liquidity so its in no danger at moment but in my eyes little utility but its there.

Imma have to listen to Nathan on this one teams gonna have to help us with this.

KYC for anyone holding the keys to the vault if there’s 5 people who hold the keys to the treasury they need to be KYC. (that’s it in my eyes) anyone else can be who they are if they just wanna go by a nickname then let them long as there inputs good and not malicious if it is or they suddenly become that way just warn people and ban block when possible. I don’t class fud as malicious as well if something thinks something negative they can do what i class as malicious is threats, Trying to scam and hack people, Stalking, ect ect <—should be no need for any of this from anyone, anything they done in past is behind them drama from other stuff shouldn’t be dragged over to radar.

anyways swiftly moving on.

the Portfolio structure i feel is what im sorta doing now going though the list and saying my first thoughts on everything after this im gonna start thinking of groups and people in that group and what i think they should be doing as part of the DAO.

Investment strats is part of the tokenomics part DAO2DAO sounds good could have a lot of fun with this part if we can both get along as community’s =D be nice to see what ideas we can all think of =) i never wanna feel like were being mugged off tho and charity only goes so far. (if i feel i have to say something like no that’s a bad idea i will do specially if its always give give give and no take on radars side i doubt it will ever come to that tho and visa versa for us as well we should think of way to help both parties equally) Fingers crossed make some lyfe time DAO2DAO’s partnerships.

Payment flow is part of tokenomics and also accounting accounting should know they payment flow off by heart once they get there teeth in the game about it.

I understand risks in crypto lol there massive best we can do is double check everything run it by RADAR team always as a DAO, Check to see if certain stuff is legal before we implement it, Also cost factors to the treasury should the tokenmonics fail =/ (which they shouldnt), also need to run any coding by several coders before implementing anything that has anything to do with swapping tokens staking tokens anything that has anything to do with anyone’s wallet because last thing u want is a hack on radar. anything we plan tho ill be thinking of what the risks could be anyways as i think about it more and more.

Long term financial planning is what tokenomics is sorta about again. but this can easy go beyond that, its also how much can we afford to payout on the contribute to earn and how do we recover the money lost if they sell asap by anything they done vesting payments seems a good way to cover this they been payed but its vested and unlocked bit by bit for a set period of time gives us a chance to recover what we handed out how many people are gonna be part of the DAO if there’s like suddenly 20,000 people wanting to be part of it giving feed back ect =) it could get cluttered then and out going costs could far outweigh what we are pulling back into the treasury i think certain Parts of the DAO should be for certain time periods they come and go as and when is needed. Ideally what i would like to see is the treasury building to such a point that we can add liquidity to the token (radar And Slowey build its value up or to keep it stable if people keep trading it which some would go back to the treasury)

DAO2DAO should be able to help with this as is noted underneath it. Also If we make a layer blockchain for radar we can run nodes on that (which would help with fundraising i think?)
we could stake on other platforms but i don’t like this idea as risk factors are high no promise of a return could easy turn into a loss.

I’m trying to Advise the DAO right now ish…just giving my thoughts and feed back on it.

Anyways that’s all the cheat sheet boxes covered. In My eyes i don’t need to say more about it now unless any one has any questions for me?

Thank you for taking the time to read and try and understand what i been typing about =)
Have a nice day and welcome to the DAO =)

madeafterdeath · October 21, 2023, 1:04pm

So pretty much echoing what @bayar said The groups of people.

Financial reporting will be going down to the account side of things and analyze. @mixmore you want to do this most from what i seen so you should ask about who u can reach out to to see what you can do to start with this. Also i was thinking about what u said other day as in currencies and thinking it over if you want to do it like that you should and write it up as you would but there should be a small group of you doing it say 3/4 different people and you can cross check to see if everything is the same this would help and save on mistakes before they happen.

Tokenomics reporting is another analyze job sorta they would be doing it while also helping with the financial reporting side of things. end of month reports on holders, Transactions, Price averages, ect Thoughts on how to make it better, the community as a whole could help with this as well cuz its what do they want to see? what would they like to happen with the token for utility.

Governance reporting is what’s happing and trying to think of events and reporting what everyone is doing its basically like trying to keep track of how events went if they was a success or not, Trying to think of ways to make stuff better but every group should be doing that. Also keeping track of the community as a whole from numbers to mood. Basically like a customer support almost. (like at moment i feel were inactive almost we get engagement but i feel we should be getting more) look at how many people have posted on here about it? barely any. (fingers crossed this changes)

Operational reporting this is Dev’s jobs as well as users of dappradar if something isn’t working right it need reporting if something is working right how well is it working how often is it being engaged with does it need any updates upgrades? Could it be upgraded if so how? All coding needs to be checked, how often is the site being viewed accessed as a day. as well as keeping track of how many new projects have been listed of dappradar as well as chain integrations and possible new ones.

Now these 4 groups it feels like are solely for us…(tho tokenomics would be keeping track of pools so tec would be keeping track of other token prices but they would be attached to are liquidity) The dappradar community apart from governance who has to keep track as much as possible and play middle man to all the other groups tho every group should be getting on best they can its just governance is the people you go to for help reaching out for other people which is why i said they are almost like customer support anyone governance reporting should be able to help reaching out to other certain groups if you cant but seen as we are doing it on here that shouldn’t be a problem id hope.

Now that i echoed pretty much what Bayar said in my own words i can break down the graphs’ in my head and understand them a little better.

If im wrong on any of this please someone correct me =)

I think we should have a outreach group and if not it should be part of governance where basically trying to talent seek and find projects that could be possibly brought to listed, or possibly even used on dappradar, or social medias and write up a report of why you think it would be a good idea. share with the community and team see what they think?