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Bank Overview#

The Bank is MolochDAO's bank account, which supports ERC-20 tokens and ERC-721 NFTs.

If your Bank Vault holds NFTs, there will be a gallery to view all your DAO's NFTs.

The Bank Vault only supports ERC-20 tokens, so if you are going to be receiving native tokens such as ETH, you will need to get senders to wrap the tokens before sending. RaidGuild built an excellent tool just for this purpose.

How Ownership Works#

All members share direct ownership of the bank based on their Shares and/or Loot in relation to one another. Shares grant voting power as well as a claim to the Bank funds, whereas Loot only grants you rights to the funds in the Bank.

To help you visualise, here is an example of a simple DAO with 600 DAI in the Bank.

MemberSharesLootVoting PowerExit Value
Alice10025%100 DAI
Bob101025%200 DAI
Chris20050%200 DAI
Dani0100%100 DAI
Total4020100%600 DAI

In the above example, as Bob has 10 / 40 shares, he has 25% of voting power. If he wants to withdraw from the bank, he can claim 33% of the funds (200 DAI) because the sum total of his Shares + Loot take up 33% of the total.

As Dani has no Shares, she has no voting power. If she wants to withdraw from the Bank, her 10 loot grants her 16% of the Bank funds (96 DAI)

When members RageQuit or are Guild Kick-ed, this is how their Exit Amounts are calculated

Minion Vaults#

Another way to hold funds is through Minions. Minions enable your DAO to call arbitrary contracts, enabling you to do many things such as manage ENS, collect NFTs, manage treasury in DeFi, etc. As Minions can also hold ERC-20 tokens, they are useful for holding funds that will eventually interact with smart contracts (e.g. Payroll, Superfluid, etc.)

As the Minion balance is separate from the Bank's balance, the Exit Amount during RageQuits do not take into account Minion Balances. The DAO will need to calculate the Member's fair share of the Bank + Minion Balances to ensure accuracy in Exit Amounts.

Common Bank Use Cases#

Adding & Whitelisting ERC-20 Tokens

The Bank Vault can support valid ERC-20 tokens, but for it to show on the Bank Vault UI, you will need to submit and pass a Proposal to whitelist the token. Once the token is whitelisted, the Bank should show the ERC-20 tokens.

Adding Tributes to join a DAO

When new members would like to add tributes to join, you will need to submit a Membership Proposal and indicate your tributes provided and shares requested. Currently, only ERC-20 tributes are available, but ERC-721 NFT tributes are coming soon.

Requesting Funding from the Bank

If you'd like to request funding from the Bank, submit a Funding Proposal and indicate the funds owed to you.