BSLDAO/BankSocial Delegate Meeting 01/07/2026
Attendees: Kranthi Kalagara, Michael Allen, Jeremy Dube, Joe Weinzetl, Becky Reed, Sara
Khadar, Nathaniel Odell, John Wingate, Darlene Hilton
Introductions and Setting the Stage John Wingate formally called the meeting to
order, confirming a DAO quorum, and outlined the agenda, which included
updates on remaining tasks, new thoughts on the DAO portal, scaling and speed
of delivery, and open Q&A .
Voting and Wallet Connect Update John Wingate reported that wallet connect for
voting is the highest priority and has been updated several times, with
inconsistencies arising because the DAO voting dashboard was forked from a
community derived original site with an old version of wallet connect. They
replaced the old wallet connect backend with a more robust reown version, which
is complete, but the final remaining piece is the old voting site which has
undergone a major overhaul and is currently in QA.
DAO Portal and Identity Provider Upgrade John Wingate shared an idea to roll
the Bank Social DAO app into the Bank Social Wallet as an embedded
component, which depends on an IDP (identity provider) switch to OIDC (Open ID
Connectivity protocol). This upgrade, currently underway, will centralize identity
and allow for portability, enabling experiences like advertising the BSL DAO to
token holders within the embedded wallet.
Mobile First Strategy for DAO Tools John Wingate proposed a mobile-first
approach, skipping a web-based version for now and focusing on the mobile app
for features like voting and multi-IG wallet functionality. Michael Allen supported
having everything embedded in the Bank Social app, using an “own it to unlock”
model. John Wingate and Michael Allen agreed that the immediate goal is to
regain access to the locked SLP funds through multi-SIG.
DAO App Strategy: Embedded vs. Standalone John Wingate suggested creating
a standalone Bank Social DAO app for a more DAO-focused experience, though
he acknowledged they could start with an embedded web component in the main
app. Jeremy supported separate, lighter apps, citing the potential for complexity
and risk in packing too many features into the main wallet app. Jeremy
emphasized that the main app is for holding money (a “vault”) and should
prioritize safety, while the DAO functionality is more community-focused.
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DAO Naming Convention John Wingate floated the idea of modifying the PSA
(Private Services Agreement) to use “Bank Social DAO” instead of “BSL DAO” to
clarify adoption, allowing the use of the Bank Social name if it is specifically used
as “Bank Social DAO”. Michael Allen agreed, and John Wingate suggested that
the easiest rollout would likely be a separate “Bank Social DAO app” given the
current lack of a protected login space for DAO members.
Single Sign-On and Multi-Wallet Voting John Wingate confirmed that the IDP
migration would allow all apps to use a single sign-on with a verified account,
eliminating the need for different user accounts. Jeremy Dube raised the
potential to calculate vote weight across multiple wallets linked inside the Bank
Social app. Michael Allen clarified that this would require multi-wallet signing,
and John Wingate noted that automating this multi-wallet signing process for
voting would be a significant effort, though they could integrate a process where
the user manually votes with each wallet.
Security Concerns and Authorization Revocation Jeremy Dube voiced security
concerns about connecting multiple wallets to external Web3 apps, mentioning
that many lack proper authorization revocation, which could leave funds
vulnerable. John Wingate agreed on the risk of granting cryptic permissions in
third-party DApps. John Wingate committed to building an automatic revocation
feature into Secure Essentials, confirming a prior discussion on the matter.
Prioritizing Multi-SIG and DAO App Rollout John Wingate shifted priority to the
multi-SIG functionality for DAO delegates to sign transactions, giving an update
timeframe of “through the weekend” for a playable version. The migration of the
DAO web app to a standalone DAO app for testing would follow in the next two to
two and a half weeks, focusing on the informational site and connecting back to
the Bank Social app for voting and key management. Michael Allen emphasized
that current voting functionality needs to be resolved before considering the “nice
to have” multi-wallet automation.
Status of BSL Token Sell Function Michael Allen brought up the fact that the sell
function for the BSL token has been off for about six months, preventing the 4%
fee from being sold into the liquidity pool. John Wingate clarified that the 4% is
being pulled off but not sold. Michael Allen estimated that a “decent amount” of
stacked BSL has accumulated and suggested spreading out the sale of this
amount over a longer period.
Options for Stacked BSL Tokens John Wingate proposed options for the stacked
BSL, or distributing it to every token holder as a “bonus dividend”. Michael Allen
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favored the distribution option, noting that credit unions do this as a member
bonus, and John Wingate suggested putting this decision up for a DAO vote.
Burning the tokens was also considered as an option to eliminate supply.
Rearchitecting the Sell Function John Wingate discussed rearchitecting the sell
function for Hedera, as the previous method relied on smart contract logic
unavailable on that chain. The proposed solution involves monitoring the chain
for transactions using a paid third-party platform that acts like a mempool
monitor, allowing for quick, minimal threshold sales to prevent market spikes.
John Wingate said they would present the economics of this rearchitecture soon.
Determining the Amount of Stacked BSL Michael Allen was tasked with
determining the amount of BSL in the collector wallet, which is critical for making
a decision. Initial investigation suggested 4 billion BSL, but Jeremy Dube clarified
that this included the staking pool. Jeremy Dube calculated that the collected
BSL is actually around 213 million. John Wingate concluded that this amount is
small and could be spread out to all token holders if needed, but the plan should
be to propose a pro-rata distribution to the DAO for a vote.
Marketing Strategy Shift John Wingate acknowledged that the marketing efforts
have been too focused on the company and committed to switching the content
on X to focus more on the DAO and community engagement, including
announcing team members like Darlene Hilton. This change will involve
increasing traction on X with more content, which will include both DAO news
and financial institution updates.
DAO as a Client and Partnership Model Becky Reed explained that the DAO
would be handled like a credit union client, formalizing the relationship with a
Master Services Agreement. Darlene Hilton will serve as the client success
manager for the DAO, and enhancement requests will flow through the delegates
to Darlene Hilton, who will present them to the product development team. This
process is designed to manage projects effectively and provide updates to the
DAO.
DAO as a Client and Future Engagement Models John Wingate emphasized the
significant effort being put into supporting the DAO as a client, treating it with the
same priority as any other client. They suggested this approach could establish a
new model for engagement between private and decentralized public companies.
Michael Allen agreed, noting that discussions around new products are valuable
for DAO members to see.
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Enhancing DAO Features and Communication John Wingate proposed creating a
separate app for the DAO to enable faster updates without risking the wallet’s
vaulting system. Becky Reed shared data showing that a 100,000 USD
contribution from the exchange doubled staking rewards for the last two months,
a positive development that Michael Allen wants to amplify.
Marketing Strategy and Communication Channels Sara Khadar outlined a new
marketing strategy with approximately 40% DAO focus, 40% community focus,
and 20% announcement focus, and they proposed using Telegram initially to
communicate with delegates about prioritization of announcements or upcoming
votes. Becky Reed confirmed that Darlene will be the primary point of contact for
getting information to Sara Khadar and others internally. Michael Allen requested
Sara Khadar’s social media/marketing plan to tailor DAO-related content
accordingly and suggested a two-week advanced posting schedule coordinated
with Darlene.
Visualizing Bank Social’s Milestones and History Jeremy Dube proposed
creating a visual representation, such as a timeline or infographic, to help new
people understand the foundation and accomplishments of Bank Social and the
DAO. They suggested that seeing the established milestones and the connection
to the DAO could be valuable to community members and investors. Michael
Allen agreed, noting that while early on they avoided such materials due to
concerns about intellectual property theft, now is the time to capture and display
the achieved milestones.
Sourcing Imagery and Historical Content Michael Allen suggested that imagery
from past Bank Social and DAO events, like conferences, could be sourced from
the community to illustrate the milestones. They also suggested that individuals
like Nate and Anthony, as original members, could help identify important
milestones for both Bank Social and the DAO. Sara Khadar agreed to follow up
with Darlene to get an overview of key milestones and to seek assistance from
the delegates in sourcing imagery.
DAO Infusion for Exchange and Volume Growth Michael Allen inquired about the
readiness for the next capital infusion for the exchange, which Becky Reed
affirmed, noting the Latin American market is driving significant volume. Becky
Reed mentioned the previous 100,000 USD infusion is turning four times, and
requested a minimum of 200,000 USD up to 300,000 USD to cover current
volume and growth, as they just signed four new credit union clients. Kranthi
Kalagara agreed with the proposal, assuming the risk component remains
acceptable.
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Post-Vote and Infusion Procedures The delegates confirmed that the next
infusion can proceed once the voting site and the multi-SIG access to Hideera are
fixed. They also agreed to immediately convert the received ETH into USDC to
mitigate price risk, referencing a previous 20,000 USD loss due to a price drop.
Becky Reed noted the current exchange volume is about 400,000 a month.
Concluding Remarks and Appreciation for Darlene Joe Weinzetl joined the
meeting late but confirmed they had no issues or further comments. Michael
Allen expressed gratitude to Kranthi Kalagara and Jeremy Dube for contributing
to the discussion. Michael Allen acknowledged Darlene for taking on the liaison
role between the delegates and Bank Social operations, noting that Nathaniel
O’Dell and Anthony are taking on more active operational roles.
The meeting adjourned at 5:18pm.