Teddy DAO & Polkadot: A New Way to Leverage Charitable Giving in Web3
_**TL;DR
_Lucky Friday seeks a _LOAN**_ from the Polkadot Treasury in the amount of 567,570 DOT in order to improve the Teddy DAO product and co-market it alongside the Polkadot brand. The loan will be sent to a proxy staking account administered by a multisig account. Once received, Teddy DAO can use the staking rewards to directly fund the future development of the project as well as marketing initiatives aimed at bringing new users to the Polkadot ecosystem, including traditional Web2 donors.
All details regarding our team, its past achievements, as well as the plan for how we will use the funding can be found in the complete proposal HERE
Key highlights from the proposal:
- We have partnered with JustGiving, one of the largest online donation platforms in the world that has raised over £5bn for charity
- 100% of funds are used to support charity; 1.9% B2B fee goes to JustGiving for payment processing, and the remaining 98% goes to the charity of the donor’s choice
- The Teddy DAO Foundation is a registered 501(c)(3)
- With nothing beyond organic marketing, Teddy DAO has already raised over $11K and seen 3 new users to the ecosystem win a Teddy as well as multiple others joining the community to learn more about the ecosystem
- Our all time high donation thus far was 5000 GLMR or ~ $1200 USD at the time
- Loaned DOT to be staked with Polkadot validators participating in the 1KV program
- At no point will this DOT ever be delegated or otherwise used in OpenGov
We are ecosystem agents who believe in the power of Polkadot and its future promise. We believe that Teddy DAO has the potential to become the most widely recognized brand for charitable giving in all of Web3, and we hope the token holders will help us accomplish this mission on behalf of our entire community.
Thank you in advance for your consideration, comments, and support.
Gratefully,
The Lucky Friday Team
Comments (14)
Hey, everyone.
Just to give you a heads up, I will be using this verified account to post the proposal on-chain. I only realized after posting the discussion that I was previously signed in under my longterm holdings account. Sorry for the mixup!
Thank you for submitting this discussion.
This represents a compelling initiative, and one that can help elevate Polkadot’s brand beyond being solely a blockchain ecosystem, but rather, a network with increasing real-world connectivity and awareness.
To achieve the above goal, we support the principle of allocating a modest amount of the DOT treasury towards charitable initiatives such as this proposal on an annul basis. We also find the rates included in the budget to be reasonable, and are familiar with JustGiving’s reputation.
That said, our biggest feedback to this proposal is the loan and staking structure. In addition to the potential opportunity cost of allowing this amount of DOT to temporarily leave the treasury, and for TeddyDAO to earn staking revenues to fund this proposal, we would prefer to fund the DOT-equivalent ask of $196,520.
Notwithstanding LuckyFriday and TeddyDAO’s well established reputation within the community, we feel that an unsecured loan with no recourse unnecessarily introduces trust assumptions that can be avoided by supporting the funding ask directly.