Doodles DAO to establish a community fund

Doodles DAO to establish a community fund

A proposal to allocate nearly 10 ETH to establish a Doodles Community Fund (DCF) was passed on Monday night. The fund will be used to fund Doodles community-organized activities, with 90% of the capital going towards reimbursements and 10% reserved for rewards.

More than 98% of the voting power backed the initiative. According to the proposal, the community-centric fund will sponsor activities that Doodles community members want to organize for one another. The argument is that the move could introduce a handful of new activities to the community, such as online game tournaments and IRL meetups.

The community fund will begin as a six-month pilot program, at the end of which a decision will be made to continue or discontinue the DCF.

While the application process is open to every member of the DAO, to receive reimbursements, the organizers of approved activities must provide a brief activity report and reasonable records and receipts for expenditures to be reimbursed.

A DCF committee will be created to govern and manage disbursements. Some of the functions of the fund will include reviewing and approving or rejecting applications, regularly reporting and evaluating DCF performance, as well as implementing optimizations on an ongoing basis.

The initial DCF committee will consist of Executive Chairman Mushy, Doodles Moderators Hankthecat, Jonny, and Smolchonk, and CKT.

Speaking of rewards, the aim of the 10% allocation to this category is to “incentivize and reward organizers for taking the initiative and for their efforts.” DCF will feature two types of rewards – bounties and retroactive rewards. While bounties are for activities that are yet to be planned, retroactive rewards will go to organizers who go the extra mile to create a top-notch Doodles experience. Meanwhile, although reward amounts will be at the discretion of the DCF committee, they will not be more than 0.2 ETH per activity.

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