Prime Times #6 - Exploring DAO2DAO Relations, Rebrand, and Prime Rating Community Updates
PrimeDAO Monthly Recap
Welcome to Prime Times, a monthly primer covering the developments in and around PrimeDAO.
In this edition;
Have you noticed? PrimeDAO has a new look!
Prime has announced guidelines and mechanisms for DAO2DAO interactions.
D2D in practice: The first DAO2DAO governed pool running on the Balancer protocol.
Prime Rating: Community calls and Roadmap update
Prime Seed round and next steps
PrimeDAO has rebranded!
Last Monday, we announced PrimeDAO’s new visual identity we have created with contributors from Kolektivo Labs. Together we composed an elegant appearance that embodies Prime’s ethos, asserts our commitment to DAO2DAO innovations, and our dedication to co-creating a welcoming environment for DeFi mass adoption.
The Prime Products have also received a well-deserved update. In the past development cycles, PrimeDAO has further solidified its product suite to include four products. Those have been fine-tuned throughout the months and are moving towards a market-ready state. Now, each of the products has its own identity, clearing the path for each squad to innovate and explore their particular endeavors.
In addition, PrimeDAO is starting the transition from the legacy website hosted on IPFS to a more reliable and user-friendly new website: Prime.xyz. Soon the website will evolve to include all information about PrimeDAO and host the Prime applications. Meanwhile, you can already use the new website to access the most relevant Prime links — including the newly added Prime Forum & PrimeDAO Snapshot instance.
An era of DAOplomacy is coming!
Over the course of the last six months, PrimeDAO has advanced the research and prototyping of DAO-to-DAO interactions (D2D) Prime is pleased to present a complete prototype (Github) that demonstrates a minimal viable D2D mechanism using the Gnosis Conditional Tokens Framework. In brief, The mechanism allows for tokens to be trustlessly exchanged between DAOs depending on predetermined event conditions.
Moreover, PrimeDAO will develop a Negotiation Interface to fulfill the need for a place where D2D negotiations can be facilitated, ratified, and archived. This interface will allow multiple parties can clearly define the terms of their proposed DAO agreement and create the on-chain conditions for both DAOs or a single DAO. This is set to supercharge the future of D2D coordination.
The use cases the interface will support can be divided into a three-phase roadmap:
Phase 1: Joint Ventures, Co-liquidity Pools, and Token Swaps
Phase 2: The Proposal Inverter
Phase 3: Cross-chain D2D
An era of DAOplomacy is coming! Mergers, acquisitions, and exchanges between organizations have existed for thousands of years. Now, much of the overhead of exchange can be automated, helping empower a new wave of collaborative entrepreneurship. Prime will pave the way for these interactions by dogfooding itself into a headless brand — an open value network that builds effective organizational coordination tools that secure the collective future of DAOs all over the world.
D2D in practice: BAL x PR liquidity pool
On the 6th of may, PrimeDAO and balancer have launched the BALxPR smart pool. It is the first DAO2DAO liquidity pool that tokenizes a collaborative relationship between Balancer and PrimeDAO.
As mentioned in the article above, the pool is the first instance of the DAO2DAO interaction, proposed as a result of two research cycles on DAO 2 DAO relations and collaboration mechanisms spearheaded by our partners BlockScience and Curve Labs. The main motivation behind the BLxPR D2D Pool was to provide a tool for both PRIME and Balancer’s communities to participate in and benefit from the collaboration between the DAOs.
“Balancer Pool Tokens (BPTs) not only represent each member’s ownership stake in a DAO2DAO pool, but they also serve as a joint governance token with the same DeFi functionality of any ERC-20. BAL x PRIME is the first exciting step towards a more collaborative future.” Explains Jeremy Musighi, Head of Growth at Balancer Labs.
For 13 days, 125K Prime Tokens were distributed for each of the current LP pools: BALxPR pool and ETHxPR pools. The farming period has now concluded, and rewards can be claimed at the Prime Pools platform.
Prime Rating Community Calls
Prime Rating, our decentralized rating protocol, has been very active in the last few weeks. New potential raters have joined the discussion and, Lavi, the new Prime Rating community manager, has stepped in.
The first two community calls were very productive. New members were introduced to the rating system, we have examined Prime Rating V1 and V2 estimated Roadmaps. We have presented and assigned fundamental reports and other tasks to contributors and Discussed community-socials strategy. We also articulated the possibility of rating individual smart contracts such as cross-chain bridges.
Seed Round and Next steps
The pace is picking up quickly–We’ve never been more confident that DAO2DAO interactions will drive the future of crypto networks. We’re excited to continue to build next-generation coordination tools for decentralized finance and help steer DeFi towards a collaborative ecosystem.
To expand our reach and capabilities — PrimeDAO is hosting a Seed Round. If you are committed to building a more connected and aligned DeFi space, don’t hesitate to request more information.
PrimeDAO’s mission is to facilitate the wide adoption of open finance by coordinating and cultivating projects that promote safety, reliability, liquidity, and open access while avoiding centralized appropriation of critical financial infrastructure through decentralized governance.
If you or a DAO you participate in wants to collaborate with PrimeDAO or launch a DAO2DAO — hop into our Discord channel and let’s make it happen!