Yeah that makes sense. A lot of NestDAO members have domain expertise, but might not want to dedicate the time to work on the NestDAO meta-model. Would be good to separate out discussions regarding deal flow and discussions regarding fund structure and our role in the ecosystem.
Fuck yeah! Data is power. As is, I think a lack of data in the Aragon ecosystem is one of the biggest contributors to the chaos and confusion. This is not because people are trying to hide anything, but because the space is moving so fast and weāre doing so much that itās been hard to keep track of everything.
AFAIK, no one is incentivized to keep track of everything, so they donāt. We should figure out more ways to fund roles that invest in the āAragon commons,ā and part of that should be getting data on finances. This would include Aragonās past investments and their results, Aragonās current burn rate, and lessons/strategies learned from the experiments that can guide future capital allocation, specifically with the NestDAO program.
All that to say, would be happy to dive into the archives and analyze past projects with you. We could start by surveying Nest project leads, but⦠unless they have more projects in the pipeline theyāre not going to be incentivized to provide detailed or honest feedback. In fact, if they do have deals in the pipeline theyāre even more incentivized to provide detailed, but dishonest feedback! lol.
In addition to surveys, letās create a framework we can use to evaluate past and current investments. This will give us a common set of metrics/questions to compare projects against, and give us a framework to guide decisions moving forward. This could be as vague as determining if the projects are in use and actively contributing to the goals outlined in the manifesto, or it could be as detailed as creating a valuation model for ANT and modeling how each Nest investment adds to the value proposition of ANT as a token and Aragon as a platform.
Thatās a great idea! We should sketch this out. Do you want to start drafting that in the Nest repo? Actually⦠@LouisGrx Is the Nest repo a good place to start working on initiatives like this, or should we create a āNest Ideasā repo or something for the NestWG to collaborate on initiatives before submitting a PR to the official repo?
Thatās a good question. Once weāve dug through the archives and assessed how well the Nest program is working and how much value is being added, then we can assess that against the performance of the Flock program and propose some rough guidelines. ATM though, we need more shots on goal. Since Nest ventures are cheap af compared to Flock, I think that the general goal atm should be to increase deal flow.
Yes, yes, and yes. Iām shocked this isnāt already a thing. Itās kind of essential. As mentioned in the āNest archivesā comment, would be happy to work with you to draft, share, and refine this into an actionable framework we can use to guide decision making.
Thereās an Aragon wishlist that @luis put together, but I think weāre due for a new one. My personal opinion is that we should really push for Aragon apps development as every app added to the platform doubles the amount of potential Aragon DAO configurations possible. Thereās lots of other things that would be helpful though. We should start a survey or somethingā¦
This is really a recurring focal point of conflict in the community. Not enough contributors hold ANT. Thereās lots of ideas on how we might fix that such as the CRDAO and partially paying out grants in ANT.
ATM NestDAO members simply cannot āinvestā along side the NestDAO because itās not an āinvestment.ā Weāre just giving money away lol. Thatās why itās the Nest grants program, not the Nest investment fund. I think an investment fund would be awesome, but thatās not what Nest is today.
NestDAO is a DAO for Aragon community members to allocate grants to projects that contribute to the strategic objectives of Aragon. Investment thesis TBD. In addition to sourcing deal flow and doing due diligence, we need to provide support infrastructure to help teams build and ship the ideas they pitched us in the first place. This could include requirements for financial transparency, documentation and user guide requirements/templates, and help performing security audits. This is easier said than done.
VC firms like USV have a whole network dedicated to this. They do this because they want to maximize the return on their investments (time, money, impact). Anything they can do to increase the chances of success is a win for all parties involved. If we want to support our investments and ensure that projects get shipped, we need to support the NestDAO team. This could be through salaries, completion bonuses, finders fees, whatever⦠The point is that if weāre investing hundreds of thousands of dollars to support Aragon projects, it makes sense to also invest in the Aragon team that finds, selects, and supports those projects.
This is a huge conflict of interest. Thank you for pointing this out!
If there is a budget then weāre creating a zero-sum game. If there isnāt a budget then things can easily spiral out of control. Thereās no easy solution here.
Perhaps a bit of competition would be good though? This might incentivize us to
- create a valuation/success framework/metrics to analyze our investments
- support our investments to ensure that they succeed based on that valuation framework
- maximize resources by promoting synergy in the network (expert network, working groups)
This could help us make better investments and help Nest teams (more) easily ship quality products. This would only work if the NestDAO team is incentivized to do this, which requires a compensation structure as described in, 7. Skin in the game
Not sure about this one. This could easily just be treated like an iTunes ToA. Everyone signs it, but no one reads it. If itās not a ToA then it becomes kind of cult like. An investment thesis that outlines concrete strategies to execute on the Aragon mainfesto is a much better way to ensure that investments align with our values. Also, IMHO Nest grants are meant to support projects, but there isnāt an expectation that teams contribute to the Aragon community beyond shipping that project.
Yup! Just going to bump this again and say that it would be an awesome, cheap, and fast way to try stuff out, get feedback, and support the Aragon commons
@joeycharlesworth This fits into the larger theme of supporting the Aragon commons and maximize our investments in Aragon projects. Happy to collaborate with you on this if you want help designing or building the actual DAO, but from your proposal it sounds like youāre already building a team (which is great too!). Regardless, we should discuss this at the next NestDAO WG metting.
This is what I was referring to in the first part of this comment with a valuation framework that lets us know how well things are working out. This is essential. In an ideal world we could tie these metrics to the performance/valuation of ANT, but until then we need to create a framework to analyze projects ASAP.
This is definitely possible and should be something we optimize for. Iām already in the process of talking to security teams for 1Hiveās Dandelion Orgs, but Iām sure A1 also has a lot of experience and connections that could help get negotiate discounts as well.
One thing that could help immediately is integrated automated security testing frameworks like Trail of Bits CryticCI or Consensys Dilligence MythX. Theyāre CI, for solidity code. They work great and reduce the amount of time security auditors have to spend on busy work and low hanging fruit. Weāre running these at 1Hive, so happy to talk with the NestDAO WG and/or anyone else about adopting them ecosystem wide.
Another thing would be expanding the Bug Bounty Program to cover all the apps that the Aragon community funds and ships.
We should really determine the initial support services we want to provide though. This is going to take time to develop. As such, we should start discussing it ASAP and it needs to be a core part of the next NestDAO WG meeting. Maybe we could create a separate thread to discuss just this (which services to provide and a tentative budget for the next ANV period), and then the community can weigh in?
Weāre working on it! @lkngtn youāre leading the charge on this right?
This would be amazing after weāve ironed out an investment thesis, success metrics, support infra, and incentives for NestDAO members. Then we could actually invest in projects, support them to completion, and recycle gains into more grants. If successful, this would allow the Nest grants program to move away from relying on treasury funds to being more like an endowment fund