PROTOCOL REVENUE SHARING FOR POOL & FACTORY CREATORS
BACKGROUND AND MOTIVATION
Daoism Systems is a consultancy of computer scientists, engineers, and researchers developing on-chain solutions for web3 organizations, founded in Berlin in January 2022. Please read our manifesto 1 for more details.
Our integrative expertise in decentralized technologies and applied research are at the core of our process. In our approach, we offer end-to-end solutions to develop resilient infrastructures for our clients; from the initial idea, to writing technical specifications, developing the product and maintaining it. Our team is continuously growing and currently consists of 15 people, 80% of whom are web3 developers.
Our team members have been developing web3 solutions since 2017, and the Daoism Systems team has been an active development force in the Balancer ecosystem, especially by developing PrimeDao’s main products - Pools and Launch. This proposal is an initiative of our team to establish stronger relationships between Daoism Systems and Balancer, as well as bring our expertise to further expand Balancer’s ecosystem.
GOALS
Referring to the proposal from February 11th 6, we truly believe that the implementation of the protocol for revenue sharing for pool and factory creators will not only improve Balancer’s governance effectiveness, but also increase the attractiveness for developers to create new products on top of Balancer.
SOLUTION
Our approach is to set up a dedicated team that will work exclusively on this project. For the development of an automated and permissionless model for revenue sharing with pool creators, we will provide the following resources and approach:
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Technical specifications: Before starting to develop, we will set up a complete technical specification, containing a detailed description and architecture of our solution.
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Development: After some iterations (if needed) and Balancer’s approval of the technical specifications, we will start to develop. For this task we will provide the following team:
- 1 x FTE Tech Lead: will lead the development and align the developers.
- 1 x FTE Senior Solidity Engineer: will write, test and deploy Solidity smart contracts.
- 1 x FTE Solidity Engineer: will also write and test smart contracts.
- Audit: After the code is written and deployed, an independent auditor will review the code and compile an audit report. If there are any suggestions for improvement, we will implement them in the code (please note: payment for the audit is not a part of the proposal).
BUDGETING AND TIMELINE
Cycle 1 - Tech Specs
For the technical specifications, including the iterations, we require two weeks.
As we are looking to develop a long-term partnership with Balancer, we love to put “skin in the game”, therefore we are requesting 4000 BAL for this step.
- Duration: 2 weeks
- Reimbursement: 4000 BAL
Cycle 2 - Development
The development, including an independent code audit, is expected to take three months.
For the provision of developers, we have the following prices:
- 0.5 x FTE Tech Lead: 6.5K USDC per month
- 1 x FTE Senior Solidity Engineer: 10K USDC per month
- 1 x FTE Solidity Engineer: 7,5K USDC per month
- 1 x Management Fee: 1000 BAL per month
For the independent code audit, there will be a separate proposal.
- Duration incl. Audit: 3 months
- Reimbursement:
o 24K USDC & 1000 BAL per month for the first two months (100% FTE)
o 12K USDC & 1000 BAL for the third month (50% FTE because of audit)
UPDATE 07/19/2022 - PAYMENT CONDITIONS:
As discussed with the community, we have adjusted the payment conditions as follows:
- 60K USDC paid upon approval
- 7000 BAL is being sent after the deliverables are met and Orb Collective signs off that the work was completed to specifications
TOTAL FUNDING AMOUNT
60000 USDC and 7000 BAL
MULTISIG ADDRESS
0x94902b6c41F1e167c019C5707D749B95345bb02c