Prime Times #9 - New era of governance, REP minted to contributors, website is now live, seed raise conclusion, Prime Rating Seasons, TEC+Prime
Monthly Newsletter
Welcome to Prime Times, a monthly primer covering the developments in and around PrimeDAO.
In this edition;
Governance Transitions from Alchemy to boardroom: Reputation Voting meets Snapshot. REP Minted for current stakeholders
Our new website is live!
PrimeDAO raises 2M to foster the cultivation of a collaborative DAO ecosystem
Introducing Prime Rating Seasons 1.0
DAO2DAO Updates, TEC to develop the Proposal inverter mechanism
The transition to our next era of Governance
PrimeDAO is moving from governance 1.0 to 1.5, combining Reputation voting, Gnosis Safe, Zodiac, Snapshot & Boardroom. It’s a transitory but significant step towards our long-term vision for DAO governance.
Since its inception, Prime has used the on-chain governance Alchemy platform. Unlike most DAO frameworks, Alchemy utilizes non-transferable tokens to allocate governance power — preventing vote-buying, vote-borrowing, and plutocratic governance. While Alchemy was a good starting ground for PrimeDAO’s governance, the unsatisfactory user experience has led the community to opt for a new system. (See proposal)
PrimeDAO’s next governance set-up combines existing building pieces with Reputation (REP), a custom-made non-transferable token function developed by PrimeDAO. The app allows the Prime multi-sig to batch mint and burn Reputation to Prime stakeholders. PrimeDAO aims to update Reputation at the end of each Prime Development Cycle.
The full set-up uses the following tools and can be accessed through:
Snapshot — vote. Prime.xyz
Multi-sig — treasury. Prime.xyz
Boardroom + Multisafe — governance. Prime.xyz
Reputation Mint/Burn contract: reputation.prime.xyz
Governance 1.5 isn’t the end goal. But it will put us in an excellent position to work towards a stable long-term solution that fits our needs: trustless, representative, robust, fractal, and usable.
REP is now minted to current stakeholders for development cycle 6
The first proposal passed by the governance was to allocate reputation tokens reflecting the contributions made in Prime Development Cycle 5, Prime Seed Contributors, and Prime Development Cycle 3, 4 & 5 Contributors. A full breakdown of the proposal, including the amount of REP allocated, can be found in this forum post.
We’ve launched our new Website!
We are stoked to reveal PrimeDAO’s brand-new home page. We’ve moved from the legacy primedao.eth.link website hosted on IPFS to a more reliable and user-friendly new website: Prime.xyz
Developed by our Design Squad from Kolektivo labs, the site includes all information about PrimeDAO and will soon evolve to host all Prime applications – Prime Deals, Launch, Rating & Pools. Meanwhile, you can already use the new website to access the most relevant Prime links.
Introducing Prime Rating Seasons
As proposed in a forum post, Prime Rating will now happen seasonally, much like traditional sports. In other words, there is a fixed time window throughout which reports can be submitted and reviewed. The following structure is applied for the first season:
The duration of one season is six weeks
The six weeks are divided into a 4-week rating season and a 2-week review/recap window
Participants can submit reports for four weeks after the official start, from October 11th, 2021, until the 7th of November.
The first season focuses on DeFi projects. A list of eligible projects taken from Coingecko will be published before the start
After the rating period, there is a 2-week break. During this break, Prime stewards will look at all reports that came in last minute and accept/reject all remaining reports
Moreover, the break is used to curate and upload all reports onto the PR website, to payout rewards, do a recap of the previous season, and prepare for the next
To encourage early submissions, rewards will be slightly higher during the first two weeks
How can I participate in the first season:
Join us on Discord
Read through the rules and guidelines
Follow the step-by-step instructions as outlined in the #pr-season-1-rules channel on Discord
Did it spark your interest? Read on to find out how to contribute and become a Prime rater!
PrimeDAO secures $2M from top DAO contributors
The completion of the seed round is set to fuel the next cycle of growth for PrimeDAOs and bring the first set of DAO2DAO services to market.
A significant milestone for DAO to DAO innovation — PrimeDAO is thrilled to close a seed round in which it raised $2 million from top DAO backers, including LD Capital, Stratos, TokenInsight, Signum capital, Stacker ventures, Senary Ventures, Atka Capital, ID Theory, SMAPE Capital, XeO4, Meld ventures, Faculty Group.
Some top DAO contributors have also joined PrimeDAO to accelerate DAO to DAO innovation, including Fernando Martinelli, CEO of Balancer Labs, Griff Green, a true DAO legend, and Nima Asghari, experienced DAO contributor.
“With a very talented team, PrimeDAO offers an exciting coordination mechanism for new tools for DAOs in DeFi and beyond to emerge. PrimeDAO has been an active participant in Balancer Protocol, and I’m stoked to strengthen even more our ties!”
- Fernando Martinelli, Co-Founder & CEO Balancer Labs
D2D: TEC to model the inverter proposal mechanism
The Token Engineering LAB squad has proposed a collaboration between PrimeDAO, Token Engineering Commons, Commons Stack, BlockScience, Curve Labs, and Longtail Financial to develop the Proposal Inverter. The mechanism is a funding primitive that enables multiple groups or individuals to collaborate on joint proposals. It was formulated in PrimeDAO’s first research cycle with Blockscience & Token Kitchen, summarised in this Article.
It inverts the typical Proposal / DAO relationship to facilitate cross-DAO initiatives, such as co-funding shared research. Instead of having many proposals for a single DAO, we will have many DAOs for a single proposal. This enables the collaborative funding of proposals that benefit multiple DAOs throughout the ecosystem.
You can think of this as solving the byzantine generals problem for the collective funding of public goods for DAOs.
The spec and modeling development is happening publicly through the Token Engineering Commons Lab. An open development session every Friday 9amPST/6pmCEST in the TEC discord.
Working repository: https://github.com/CommonsBuild/proposal-inverter
Working Documentation: https://hackmd.io/Id2t4vybRE-_QWwKqgs_KA
TEC Proposal: https://docs.google.com/document/d/135ZH2AByCU7cmXbG501Cu4Xl8LgMcJiHpb_-XzhNlzY/edit
About PrimeDAO
Our mission is to facilitate the broad adoption of open finance by coordinating and cultivating protocols, DAOs, and DAO2DAO relations that promote reliability, liquidity, collaboration, and extensive access. We’re excited to continue to build next-generation coordination tools for decentralized finance and help steer DeFi towards a synergistic ecosystem.
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!
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