Introduction - who are we?
Bocconi Students Blockchain Association (BSBA) is a student club founded in 2017.
At BSBA, we foster a community-driven approach to drive and motivate the adoption of Blockchain Technology. We believe that to make a change, we must inspire students to learn and understand the technological advancements around us.
BSBA was founded in 2017 and went through a rebranding and restructuring process in 2022. From this year onwards, the association will have a Research & Consulting division, to focus on commissioned research for our partners. The goal is to deliver quality and value to projects, companies and the broader ecosystem. The main activities vary depending on the type of Research commissioned and have guidance from the Board and the most expert members, but mainly focus on the following:
- Market Research
- Potential implementation and use cases
- Competitor Analysis
- Strategy, Marketing, and Growth
- VCs pipeline and funnel
Moreover, we host several in-person events with professionals in the sector, and also online workshops and learning opportunities for our newcomers. Also, we are currently working on a DAO infrastructure ourselves to manage our activities better and properly incentivize users.
Through many different collaborations, BSBA provides its members with opportunities to work and consult with web3 and blockchain companies, providing them with a solid breeding ground for their knowledge. Our final goal is to support our members grow and experience the industry with hands-on projects.
The Meta Delegate Program aligns with BSBA’s vision and mission, and we think it is the perfect opportunity for our members to go hands-on in a real DAO. Our team for this program is composed of valuable members with several previous experiences in the industry, both in DeFi and NFT projects, who really want to have an impact and give the best contribution to Idle DAO and the community.
We want to build a long-lasting relationship with Idle DAO, where our members can keep learning and improving thanks to direct hands-on experience with a DAO, and Idle DAO can benefit from higher governance participation and commitment.
Motivation - why delegate to us?
Our goal is to work for the development of the DAO actively: on the first hand, as students, to have experience in the first person in the study, discussion, and creation of new proposals, and on the second hand to bring to the DAO new points of view from a university environment serious, ready, and capable.
By granting us the delegation, our members will actively work on proposals that will:
- improve Idle’s protocol features and design
- increase the activity of community members and the protocol’s awareness
- change/implement strategies on yield optimization.
Idle DAO’s Meta Delegate Program will benefit our members as we will have an opportunity to get insight on both how DAOs operate as well as on the whole DeFi industry by working closely with the protocol on specific yield optimization strategies.
Gnosis Safe Wallet: 0x61f0b0daBe302c5952b7038ef42c2c4F1d69e3db
An idea we had:
Following discussions, proposals, and actions by Idle DAO surrounding various governance initiatives, BSBA felt it was to analyse the policies’ effectiveness in reaching Idle DAO’s long-term goals.
A policy that stood out was governance mining, where community members get rewarded for participating in the governance process, whether through discussions on the forum or on Discord, voting on- and off-chain, etc. Idle DAO currently has a total monthly budget of 2,000 IDLE to distribute to the top 5 wallet addresses as calculated through their scoring mechanism. At current market prices this amounts to around 600 USD.
While this may be a nice prize for those top 5 contributors, we feel like it is not sufficiently effective at promoting behavior that increases long-term value for the DAO.
This reward system, in our opinion, does not cover enough breadth nor does it adequately incentivize those who are trying to improve the protocol during this time of difficult market conditions and uncertain futures.
Therefore, instead of solely rewarding those already participating in governance, we propose that Idle DAO takes the initiative to onboard new community members through a more robust long-term incentivization scheme.
We propose modifying the reward system from liquid token to vested token issuance. We believe that this transition will benefit the project both in the short term and in the long run. The vested issuance system provides a greater incentive to stay involved in the project as tokens are released from vesting once a month. This also allows Idle DAO to dish out greater rewards in total; instead of burdening current supply levels, tokens become unvested in the future where market conditions may become more favorable.
Furthermore, current thin liquidity pools do not experience as much downward pressure in the immediate term. Again, when market conditions improve, LP liquidity increases non-linearly due to the wealth effect and greater risk appetites, thus allowing LPs to better absorb selling pressure.
For example, Idle DAO could double its monthly budget to 4,000 IDLE per month, where those that receive the rewards (could be 10 instead of 5 wallets) have a 6-month cliff and then linearly unvest their token supply each month for another 6 months.
This incentive scheme which couples greater, but equally as sustainable token issuance with a broader mandate will surely increase the quantity and quality of governance participation. We welcome further discussion on this subject, the broader theme of maximising participation during this crypto winter, and the broader topic of governance.