WAAMI Season One
WAAMI is a community that started on Telegram in 2021 to celebrate the value of community in crypto and web3. We don’t all have a bored ape and didn’t all mint kodas, but we all already made it. Our community welcomes everyone; from those buying crypto for the first time to DeFi degens recovering from Wall Street and those of us building in web3 full time.
The community quickly grew as a place to share learnings, make new connections, and share alpha (little known or unannounced info) about projects and other communities. We wanted to invest together, but many of us felt that we couldn’t keep up; placing alpha bets takes a lot of time (and really big bags 💰💰).
We decided to pool our funds and invest together, and in true web3 fashion, launch WAAMI DAO, to invest in fungible and non-fungible tokens together.
We are sharing our DAO’s structure and invite you to expand on our idea. Occam’s DAO is our guiding principle; reflecting our desire to establish the most simple structure for launching our genesis season.
While we expect 100% voting participation on every investment decision, we don’t want to prevent the DAO from moving decisively. We asked every member to provide contact information (telegram / email / phone) for voting notifications and agreed to invest in any project that obtains approval from 69% of members with at least 69% of members having voted.
Three members volunteered to monitor voting participation and propose removal of any member who consistently fails to vote and/or uphold the values of our community.
After failing to reach quorum, reducing our quorum (from 90% to 69%), moving token-voting off chain, and failing again to reach quorum on multiple investment proposals, we realized that voter participation was going to be our biggest challenge.
We agreed to sacrifice token voting in order to make investment decisions in the place where we formed and how we interact — on Telegram, with emojis (👍, 👎).
Seven members volunteered to gather and investment proposals to standardize for member consumption in a Telegram post. Any proposal that reaches 59 votes in support (👍 responses) will be passed.
Voting on-chain is expensive ($10-$30 in gas), and executing proposals requires waiting until the voting period has ended. Sending funds to a multi-sig enables us to structure investment proposals as investments in a project rather than buying a specific NFT. Three of us volunteered to manage a 3/3 multi-signature wallet responsible for enacting proposals supported by 69% of members .
Stay tuned on Twitter for our first investment announcement!