An Overview of Doodle’s Proposal for a Revamped DoodleBank

On March 31, the NFT project Doodles announced an amendment proposal on official Twitter to seek to transform its project treasury, DoodleBank, with a focus on community empowerment and holder rewards, streamlining funding, and improving governance. According to the proposal, the new Doodle Bank will appoint a founding community committee and establish a community based governance model, remove the $100000 business license limit for approved projects, enable community members to think creatively about innovation, strengthen supervision and communication, replace snapshot proposal voting with council and team approval, remove quorum requirements, and strategically adjust incentives.

Doodles Community initiates a proposal to amend the renovation project treasury, including the cancellation of the commercial license limit of $100000

Introduction

On March 31, the NFT project Doodles announced an amendment proposal aimed at revitalizing its project treasury, DoodleBank, and empowering its community. As per the proposal, DoodleBank will establish a community-based governance model, remove the business license limit for approved projects, and strategically adjust incentives, among other changes.

The Proposed Changes

Founding Community Committee

Doodle’s new proposal includes the appointment of a founding community committee to oversee DoodleBank’s operations. The community committee will be responsible for the treasury’s financial decisions, investment strategies, and allocation of funds for community projects.

Community Governance Model

With the proposed changes, Doodle aims to transition towards a community-based governance model. This means that community members who hold DOOD tokens will have a more active role in decision-making processes. The proposed amendments will enable the community to propose and vote for changes in the project.

Removal of Business License Limit

Doodle’s proposal includes removing the $100,000 business license limit for approved projects. With this change, community members with creative ideas will have more opportunities to propose projects that can benefit the Doodle community.

Encouraging Innovation

The new amendments to DoodleBank aim to encourage innovative thinking by empowering the community to propose creative ideas. Members will have greater autonomy while proposing ideas, and the organization will support projects that positively impact the community.

Supervision and Communication

The proposed changes aim to improve coordination, supervision, and communication between the community and the Doodle team. This objective includes enhancing the organization’s transparency and creating more opportunities for the community to engage with the team.

Removal of Quorum Requirements

The current quorum requirements for voting on proposals in Doodle lead to delayed decisions and hamper project progression. To address the issue, the proposed amendments include removing quorum requirements, allowing more flexible and agile decision-making.

Snapshot Proposal Voting to Be Replaced with Council and Team Approval

The proposal voting process on snapshot will be adjusted to increase accountability and enhance community involvement. Instead of individual votes on snapshot, council and team approval will be used to increase transparency and ensure strategic decision-making.

Strategic Incentive Adjustment

Finally, the proposed changes aim to strategically adjust incentives to motivate members to engage more actively in the community. The new amendments will help achieve the project’s goals while rewarding community members who contribute to the project’s success.

Conclusion

Doodle’s proposed amendments to its project treasury, DoodleBank, aim to empower the community and promote engagement. By establishing a community-based governance model, removing business license limits, and strategically adjusting incentives, the organization hopes to encourage its members to take an active role in its development.

FAQs

Q1. What is DoodleBank?

DoodleBank is Doodle’s project treasury that provides funding for community projects related to the NFT ecosystem.

Q2. What are the proposed changes to DoodleBank?

The proposed changes include the establishment of a community-based governance model, the appointment of a founding community committee, the removal of the $100,000 business license limit, and the strategic adjustment of incentives.

Q3. How will the proposed changes affect Doodle’s community members?

The proposed changes aim to empower community members by providing more opportunities to propose ideas and participate in decision-making processes to enhance the overall value of the project.