Prime Times #1 - PrimeDAO Mainnet launch & start of the first builder cycle
Bi-weekly news about PrimeDAO
Welcome to the first official issue of Prime Times, a bi-weekly primer covering the developments in and around PrimeDAO.
In this edition;
PrimeDAO Governance launches on Mainnet
Builder Cycle #1 starts - See all Cycle #1 proposals
PRIME Community Group on Telegram - Join the PRIME Community
A glimpse of Prime Rating
PrimeDAO Mainnet Launch
It’s here! The Mainnet PrimeDAO has launched, marking the start of the Growth stage of PrimeDAOs evolution towards maturity. In this stage, PrimeDAO utilizes the Alchemy platform by DAOstack for protocol governance and resource allocation. To learn more about the process by which the DAO’s membership, largely made up of token holders and contributors, are rewarded with Reputation or PRIME in exchange for their skin in the game, good governance, or contributions made - read our blog about Reputation in Growth.
Current Objectives of PrimeDAO from the Litepaper
(1) to mature PrimeDAO by expanding its suite of products, achieving much-needed economic sustainability
(2) designing and improving Decentralized Governance and Operations specific to the needs and requirements of PrimeDAO
Builder Cycle #1
PrimeDAO organizes its development in Builder Cycles (similar to design/developments sprints), periods of 4-8 weeks where different groups propose and execute work in synergy. The main advantage of this rhythmic process is streamlining attention: if the collective is aligned in its virtuous, value-creating cycles, it can achieve optimal levels of efficiency, transparency, and co-accountability.
10 builder proposals for Cycle #1 have passed in the xDAI DAO and are ready to get funded on Mainnet. Based on these proposals, PrimeDAO is set out to allocate ~85K USDC and 97K PRIME tokens in the first builder cycle towards the realization of PrimeDAO’s vision.
PRIME Community Group
One of the key objectives for the first cycle is improving communication in and between PrimeDAO squads/partners. To better tailor to high-quality discussions and improve alignment between community members we have created the PRIME Community, a telegram chat dedicated to PRIME holders.
In our effort to further optimize information flows we have turned the PrimeDAO Telegram Channel into an announcement-only channel. Don’t have PRIME tokens, but want to join the conversation? Get some PRIME here or join our Discord.
A glimpse of Prime Rating! 👀
For the past weeks, the Prime Rating squad has been ideating, designing, and building Prime Rating, a permissionless framework for quantifying the quality and risk of open finance.
”Prime Rating offers a simple and comparable opinion in the form of a letter rating on a scale from A+ to D that represents the overall quality of an open finance protocol from a neutral view, based on publicly available data.”
The Prime Rating system operates through a permissionless process governed by the Prime Rating Squad and anticipated to open for early users in approximately 2 weeks.
Interested in becoming a Rater? Join the PRIME Community on Telegram to be eligible for tester access.
With the start of the first builder cycle, the first Prime squads have been deployed. In total, 20 PrimeDAO members are part of a squad and being funded to build out the vision of PrimeDAO!
Comms Squad (4): In charge of all communication efforts
Strategic council (5): Tasked with the development of strategic and tactical plans
Prime Rating Squad(5): Developing Prime Rating
Curve Labs(5): Building and improving Prime Pool and PrimeDAO locking interfaces
BlockScience(3): Researching and developing DAO2DAO tooling
Rivet(3): Providing Ethereum node connectivity and infra to PrimeDAO
For a complete overview of all passed proposals, visit the Prime Incubation DAO.
PrimeDAO cultivates a competent and well-funded builder community and establishes coordination mechanisms that sustain ongoing operations to become a much-needed DeFi Schelling point. The DAO’s goal is to produce and maintain a community-owned set of products and services everyone can access and benefit from — both early and mass adopters.