Hey Primers!
It’s been a busy week in PrimeDAO and one of the most important updates is the announcement of pushing the initial decentralized offering (IDO) back to November 16th from the previous date that was set one week earlier. The IDO will take place for two weeks ending on November 30th on an IDO specific version of Mesa.
In short:
The PRIME IDO will be November 16th-30th
Details about the Prime Liquidity Pool Manager and scheme are out now!
Balancer Pool interface is on the way
We’re launching a meme campaign!
Why PrimeDAO?
PrimeDAO is a decentralized coordination engine for systemic advancement in Open Finance, also known as Decentralized Finance (or "DeFi"). DeFi is a new type of finance that is transparent and accessible to anybody around the world with access to the internet.
PrimeDAO is here to facilitate 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.
The Initial Decentralized Offering (IDO)
The PRIME IDO will commence on Monday, November 16th on an IDO specific version of Mesa. The minimum entry for the IDO is 2500 USDC. To ensure prospects can seamlessly participate in the event, we recently released a tutorial on how to use Mesa for the IDO.
The IDO will occur in coordination with the launch of the PRIME router and liquidity pool, which will mark the beginning of PrimeDAO’s governance token distribution. 24M of the total 90M PRIME tokens will be in circulation at launch and will be used to encourage participation in the PrimeDAO ecosystem through locking and staking mechanisms further described here.
The Prime Liquidity Pool Manager
Prime is expanding on this by bringing liquidity instruments like smart pools under DAO governance. With this, the DAO’s decision-makers — in PrimeDAO’s case, its Reputation holders — may enact policies and set economic parameters that are equitable, aligned, and representative of the community’s preferences.
For smart pools, the DAO’s membership is empowered to set fees, whitelist new tokens for liquidity provision, and modify the weights of the underlying pool tokens, permitting flexible adaptation to fluctuating market conditions. The whole list of DAO capabilities includes:
Pausing or unpausing the pool.
Setting the pool’s swap fee.
Adding, removing, and updating the weight of individual pool tokens.
Transforming all pool token weights linearly to new weights, as well as setting the start and end times for this transformation.
Adding or removing addresses from pools, like a whitelist
Adding and withdrawing liquidity from the pool.
Enter The Make a Meme Competition!
PrimeDAO is hosting a Meme Competition! The competition will be open to submissions from the passing of the proposal until Nov 25th (11:00PM Berlin time). Judging will take place from Nov 25th until December 1st (11:00PM Berlin time). Each DAO member will be able to vote up to two times for their favorite meme. Anyone can create as many meme submissions as they want.
1st place: $1,000 (xDAI)
2nd place: $600 (xDAI)
3rd place: $300 (xDAI)
4rd place: $100 (xDAI)
In order to participate:
Create a meme
Share your meme on Twitter
Submit your meme in the competition with a link to your Twitter post. (to post the image in the competition you will have to upload it to something like imgur.com)
Good Reads
D2D Fractalizing Handbook- Pedro Parrachia
Reputation vs Tokens - Adam Levi
Holographic Consensus - part 1- Matan Field
DeFi Explained: Automated Market Makers - Multi.io Research
The Meaning of Decentralization - Vitalik Buterin
Recent Releases
Reputation in Growth - Governing the Engine for Sustainable Open Finance
API3 PRIME Token Swap - An execution of DAO to DAO relations
It Takes a Cryptonetwork - Prime’s Strategy for DAO to DAO Relations
From Incubation to Growth - Activating the Engine for Sustainable Open Finance
Join Us!
Prime is a coordination engine for systemic DeFi advancement. While its first iteration revolves around its first product — its smart router, also known as a DEX or liquidity aggregator — its product horizon is near-endless. To this end, Prime is actively looking for individuals, builder squads, and DAOs who want to collaborate to move open finance forward in a safe and inclusive fashion.
Technical and ecosystem builders who want to create proposals to Prime should join Discord.
Community supporters can support Prime by amplifying its online presence and sharing their respective skill sets in the #contribute channel — there’s lots to get done, and everyone can help!
Go to Prime’s xDAI DAO ➡ Prime Incubation on Alchemy or Contributor Onboarding