BanklessDAO <> CitaDAO partnership

Project Team: ManuelMaccou, thinkDecade, NFThinker
CitaDAO collaborator(s): Ethan | CitaDAO

Summary

This post outlines the proposed grant from CitaDAO to BanklessDAO to develop content for CitaDAO’s protocol. The content will be distributed via Bankless’ medium, newsletter, social media, and podcast channel. CitaDAO offered $15k in fees to BanklessDAO with a split of $5k worth of $BANK (or any other preferred tokens - ETH, USDC, USDT etc) and $10k worth of CitaDAO tokens paid to BanklessDAO treasury.

Mission Alignment

CitaDAO’s vision is to accelerate mass adoption through real estate, an asset that’s familiar to every single society, and add legitimacy to the DeFi space. We are aligned with BanklessDAO’s vision to bring one billion users and we would like to leverage the social weight of BanklessDAO to spread awareness of our platform.

We believe CitaDAO will realize DeFi’s promise of creating a fair access ecosystem by removing some of the barriers to entry that prevented the unbanked and underbanked from accessing real estate as an asset class.

About CitaDAO

CitaDAO vision is to build Sustainable DeFi Yield Farms powered by Real Estate globally. We will leverage DeFi to improve liquidity, accessibility, and composability for the existing real estate ecosystem by creating interoperability with other DeFi applications/primitives operating on the Ethereum protocol.

The protocol has two sets of tokens, consisting of the CitaDAO platform governance token that represents governance rights to the platform, as well as the Real Estate Tokens (RET) that will benefit from the underlying Real Estate listed on the CitaDAO Platform. To facilitate a decentralized consensus alignment of the platform rules, the tokens will be issued on the public Ethereum Blockchain.

We will Introduce Real Estate On-chain (“IRO”) via the IRO process where the community decides the real estate which they will commit to bring on chain.

Every real estate will need to go through the IRO process, and only assets with sufficient commitment from the community will be tokenized.

Community members that staked their stablecoin to back the listing will receive Real Estate Tokens (RET), an ERC20 token with the right to buyout all other fraction holders to redeem the underlying real estate title IRL.

Eventually, CitaDAO wants to enable permissionless real estate listing by landlord globally. In the current launch version, we are focused on commercial real estate in the commonwealth countries (e.g. Canada, Australia, UK, Singapore, etc).

Youtube: CitaDAO intro

Project Summary

The project aims to promote CitaDAO’s IRO to the bDAO audience with the aim of

1. Increasing awareness about CitaDAO’s upcoming launch;
2. Increasing the number of users who interact CitaDAO’s Discord

The focus of the educational content will be on average to low experienced users who are not familiar with CitaDAO. A very simple and intuitive communicative style will be adopted.

Total Fees: $15k

We propose to split the fees to BanklessDAO with $BANK (or any other preferred tokens - ETH, USDC, USDT etc) and CitaDAO tokens from the foundation. The token and vesting contracts are currently not live.

CitaDAO believes in developing sustainable relationships with our strategic partners given the long-term nature of our project vision and mission.

We believe in aligning our success with our partners and therefore propose USD$5k in USDC or its $BANK equivalent, and USD$10,000 in CitaDAO tokens at TGE value with a vesting period of 48 months.

Given that 2% of all real estate TVL on our platform will accrue towards the CitaDAO treasury, and the positive correlation the real estate tokens will have with inflation, our CitaDAO tokens will increase in value as more real estate is introduced on-chain via CitaDAO permissionless platform.

We believe that over the course of 48 months, the value of CitaDAO tokens will far exceed its TGE value, thus benefiting both Bankless DAO and CitaDAO treasury while also providing Bankless DAO treasury a natural hedge against inflation on-chain, complementing Bankless DAO treasury of stablecoins and native tokens.

Most importantly, we value the voice of the BanklessDAO community and with the issuance of governance tokens to the treasury, we hope that we can bring in a diverse community to guide the future growth CitaDAO’s governance platform.

Financial Impact

Grants committee to fund $10k BANK to education guild.

Proposed Deliverables

• Interview on CryptoSapiens
• AMA within bDAO discord hosted by NFThinker
• Features in newsletters
  • DAO spotlight
  • Sponsored spots within State of the DAO (subject to availability)
  • Link of medium article outlining CitaDAO platform guide
• Education articles posted on Bankless’ platform (Medium)
• Short-form contents distributed via Twitter and IG posts from BanklessDAO’s social media
• 2 articles to be featured in International Media Node

Project Timeline and details

The first IRO launch date on Jan 7, 2022. The real estate getting tokenized is a $20.69 m real estate, located in the prime shopping belt in Cardiff City, Wales. The historic building is currently leased to HSBC with an annual rent review that provides stability of rental income to hedge against inflation. DocSend

Additional BanklessDAO member benefit

We see a lot of overlap with the bankless community and we’d like to offer CitaDAO governance token airdrop to anyone who holds >10,000 BANK to onboard a broader community to participate in our governance process. We would leverage BanklessDAO’s discord channel to help spread the message to the community and create a microsite for token holders to claim the airdrop.

Treasury Token

In order to facilitate the governance process, we will set up a delegation mechanism to allow bDAO members to vote on CitaDAO’s snapshot.

Project reference

Podcasts

Index Coop Conversations with the Coop - Joel Lin - CitaDAO - View From the Nest | Podcast on Spotify

Human Guild What’s a Real Estate Use Case for Web3? w/ Citadao Contributor Joel Lin | Next Creators Podcast - YouTube

xToken Integration

Chainlink Integration

Social Channels

Discord: discord.gg/citadao

Twitter: twitter.com/citadao_io

Medium: citadao.medium.com

Website: citadao.io

I’m assuming this is a branding/awareness campaign since there is no specificity of product/service other than their mission.

Sorry, what am I missing here. They will pay us 15kUSD to BanklessDAO Treasury and you would like to have 10kBANK to deliver on the services paid for?

In that case the Financial implication should be positive?

Also this is not a partnership agreement in any way beyond these services? (I get the airdrop, that great of course but no deliverable from us)

Sounds like a very interesting project! Been thinking about how to tokenice property myself. Some thoughts when it comes to the proposal.

There is alot to understand before im able to say if its a good idea or not to put our name on this as a partner.

You are trying somthing that has not been done before, how is the structure of ownership setup, i assume the DAO cant own the property but a company does somehow? Basically it comes down to assessing the risk of this blowing up and i feel that it is alot both to ask of everyone and for me individually to wrap my head around…

Regarding the alignment of the DAOs and onboarding 1 B, we might very well be aligned in lots of ways but i dont see tonenized real estate as being something that onboards anyone, this is catering to people already in crypto and thats fine but it wont do much for our mission.

I think there is a discussion to be had around what it entails to be a partner and not just a sponsor. In many ways i feel like it would be alot cleaner if it was just a sponsor deal and we agree on what is included in that, but we dont put our brand on the product. That way im not beeing asked to asses the risk of the business they are trying to create.

And for the medianodes, what typ of articles and who is writing? To be able to agree we probably need to know a little about what to do and what the compensation for that is.

And who doesnt love an airdrop Im sure alot of people in bDAO will be interested in what you guys are building and be willing to contribute, me included.

Thx!

CitaDAO offered $15k in fees to BanklessDAO with a split of $5k worth of $BANK (or any other preferred tokens - ETH, USDC, USDT etc) and $10k worth of CitaDAO tokens paid to BanklessDAO treasury.

We’re proposing to pay the $15k in a mix of USD and CitaDAO’s governance token. We asked the amount from BanklessDAO treasury because CitaDAO token is not in circulation yet and we wanted to make sure the contributors are paid for their effort.

I’m working closely with ManuelMaccou, thinkDecade, NFThinker, and the education guild to come up with the following deliverables. The feedback from discord was positive: Discord

Proposed Deliverables

• Interview on CryptoSapiens
• AMA within bDAO discord hosted by NFThinker
• Features in newsletters
  • DAO spotlight
  • Sponsored spots within State of the DAO (subject to availability)
  • Link of medium article outlining CitaDAO platform guide
• Education articles posted on Bankless’ platform (Medium)
• Short-form contents distributed via Twitter and IG posts from BanklessDAO’s social media
• 2 articles to be featured in International Media Node

I have a couple projects that would be interested in a collaboration

First of all, thank you for bringing this proposal forward. I tend to agree with Nicklas here. It’s a very exciting idea, that’s for sure! Having said that, it seems quite complex to me, not being familiar with (tokenized) real state, so I would like to better understand how this would be setup between the two DAOs in the longer term, beyond this initiative. It’s not fully clear to me: is our collaboration focused on the campaign, or is this a full on partnership? If it’s the second, then I would appreciate some more color around the mission and vision, and where we see opportunity. I am not sure at this point how tokenized real state will in fact onboard newcomers to blockchain/crypto. I am probably wrong, butI would expect newcomers to be onboarded through different channels/use cases. Looking forward to your comments and further interaction

Hi, thanks for the proposal:

I think the TLDR is CitaDAO would like to put up an initial partnership proposal, by gifting a 15K grant to BanklessDAO.

And BanklessDAO will help with some deliverables.

Sounds like a great idea! Also might even be a great idea at a later stage to extend this partnership by swapping some of our treasury tokens for the CitaDAO token to diversify our treasury.

Who will write and edit these articles? I ask because the BanklessDAO Writers’ Guild has set remunerations of up to 6K BANK/article for writing and editing (3K each). Will the Education Guild handle all of this?

You are trying somthing that has not been done before, how is the structure of ownership setup, i assume the DAO cant own the property but a company does somehow? Basically it comes down to assessing the risk of this blowing up and i feel that it is alot both to ask of everyone and for me individually to wrap my head around…

The title deed will be held by a company (“SPV”) that issues a NFT with the right to the assets of the SPV and the underlying title deed for the property. The NFT will then be custodied into a Smart contract and ERC20 tokens of the Smart contract, known as the Real Estate Tokens, will then be distributed to participants of the IRO process. The Real Estate Tokens will have the right to redeem the NFT and hence the title deed and assets of the SPV.

We are likewise very conservative and to ensure this does not blow up, we have gotten this structure reviewed by lawyers. We have a Legal Opinion issued by a law firm with more than a century of track record specializing in commonwealth real estate law in Singapore validating that the structure is enforceable under existing legal frameworks. However, this structure can only be implemented under commonwealth law. Examples of Commonwealth countries consist of Canada, UK, Australia, New Zealand, Singapore, etc… Hence no Real Estate for Non-Commonwealth countries yet.

We do have a solution to bridge real estate from Non-Commonwealth countries, but will only validate that structure in v 1.5. Please feel free to attend our weekly Project Introduction call on our Discord to ask further questions. These are good questions.

Regarding the alignment of the DAOs and onboarding 1 B, we might very well be aligned in lots of ways but i dont see tonenized real estate as being something that onboards anyone, this is catering to people already in crypto and thats fine but it wont do much for our mission.

Our project allow landlords to underwrite the process of introducing real estate on chain by receiving part of the transaction in Real Estate Tokens instead of stablecoins such as USDC. Landlords will also be able to use the Real Estate Tokens to provide LP and earn CitaDAO tokens. This enables us to onboard no coiners into the DAO and the DeFi community. Infact, we have been educating landlords of this process to improve the capital efficiency of their real estate, and the reception has been very positive. It is a seamless and easier path for them into the DeFi space.

I think there is a discussion to be had around what it entails to be a partner and not just a sponsor. In many ways i feel like it would be alot cleaner if it was just a sponsor deal and we agree on what is included in that, but we dont put our brand on the product. That way im not beeing asked to asses the risk of the business they are trying to create.

We do not want a sponsor deal because we want our stakeholders to believe in our long-term vision and mission to make a difference, hence we insist on part of the payment to be made in CitaDAO tokens, so that the bDAO community is aligned and will benefit from what we are building here. bDAO is not the first DAO to put branding on the product, neither will it be the last. We have xToken and ChainLink which have put their brand and are vested in the long-term vision and mission of our DAO, and there have been a few other DAOs and L2 chains that believe in our DAO and have contributed resources towards building our DAO that we will announce soon.

We would like to invite you to our weekly project introduction call to share your concerns and questions, and we are happy to clarify them for you. Alternatively, we are happy to host an AMA on bDAO for the DAO to have a live Q&A with us to help clarify any concerns the bDAO members have.

Nonetheless, we respect the DAO decision if bDAO is uncomfortable with this partnership. We will always be happy to explore opportunities to build our common vision and mission together in the future.

And for the medianodes, what typ of articles and who is writing? To be able to agree we probably need to know a little about what to do and what the compensation for that is.

We’re proposing to pay the $15k in a mix of USD and CitaDAO’s governance token. CitaDAO offered $15k in fees to bDAO with a split of $5k worth of $BANK (or any other preferred tokens - ETH, USDC, USDT etc) and $10k worth of CitaDAO tokens paid to bDAO treasury.

And who doesnt love an airdrop Im sure alot of people in bDAO will be interested in what you guys are building and be willing to contribute, me included.

Thank you and we look forward to sharing more about our project with the bDAO community.

Thx for a very good answer. I’m looking forward to learning more!