[BIP-XXX] Balancer’s veTokenomic Launchpad (Protofire)
Project Overview
This project aims to create a comprehensive way for helping projects to launch a veToken using an 80/20 balancer pool.
This project will include step-by-step instructions, template contracts in Vyper/Solidity, and frontend code to make it easy for teams to deploy their own version of the system.
The primary goal of this project is to simplify the process of creating a vote escrow system using a Balancer’s pool.
This project will be beneficial for any team or individual looking to launch their own custom token using a Balancer pool, as it will provide a streamlined and efficient method for deploying the system. Additionally, the guide will be easily accessible for users with limited experience in smart contract development.
Project Details and requirements
The project scope will consist of:
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Documentation Guide:
- A step-by-step process for deploying a veToken using a Balancer pool, including instructions for setting up and configuring the pool.
- Code examples and explanations of how the contracts interact with each other and how to customize them for specific use cases.
- Instructions for integrating the contracts with a frontend. Information on best practices for security and testing the system before deployment.
- Troubleshooting tips and resources for addressing common issues that may arise during the deployment process.
- Additional resource like link to further reading or existing project to reference
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Launchpad:
- The core focus of this project is to build a user-friendly platform that will enable users to deploy their veSystem using factory contracts.
- Users can customize their veSystem by choosing:
- Choose the weight, main token and base token;
- Choose the name, symbol for veToken pool;
- Max lock duration
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SDK
- In addition to the VeToken page, we will develop an SDK for seamless integration of veToken functionality into any project’s website. This SDK will be compatible with React and Typescript, ensuring easy incorporation into existing frameworks.
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Smart Contracts and Subgraph
- We are going to develop a Factory contract to deploy the contracts needed for the veSystem.
- There will be necessary changes in one of the contracts to become more customizable.
- A subgraph will also be developed to track and extract events from contracts created through the factory contract to help the projects to query usage of their contracts and display on their frontend.
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VeToken page
- This page is a sample frontend for users to interact with the project’s veSystem. The goal is to provide a frontend template ready to use where the team can customize or use as a starting point.
- This page also will be an example on how to use the SDK previously mentioned.
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Test & Audit
- Testnet deployment in one network
- User acceptance test
- Simple audit, to be performed by a separate Protofire team (Protofire Audit), regarding the changes and inclusions in the Smart Contract layer
- Hard guarantee (insurance alike): Protofire will provide a protection policy of $250,000 for 3 months, on top of the Audit, to cover for losses caused by smart contract hacks or exploits of the code included or modified (audit scope). Protofire uses a Risk Transfer Protocol (https://atomica.org/) to provide such protections. This protection will increase the confidence of DAOs to start using the launchpad, while contracts are still not battle tested. Balancer could use this mechanism in the future to offer additional protection such as higher cover amount or different risks such as loss of the 20% side of the deposits due to mint/bridge attack of native tokens.
Estimation and Milestones
- Design & Discovery phase (1 week)
- Smart Contracts and Subgraph (1 week)
- Documentation Guide (1 week)
- SDK and VeToken Page (2 weeks)
- Launchpad (2 weeks)
- Test & Audit (1 week)
Proposed Team
Protofire proposes the allocation of a team of Protofire members to Balancer (called Balancer Team @ Protofire DAO), initially small, that could grow over time. This team will work on the proposed backlog of the Staking project and could continue to deliver new features, fix bugs and engage on new projects to be discussed between Balancer and Protofire.
- Full-Stack Engineer: JUAN PABLO B.
- Senior Blockchain Full Stack Developer
- Location: Argentina
- Specialties: Frontend, Backend, Smart Contracts
- Software Development experience: 6+ years
- Blockchain experience: 5+ years
- Tech Lead/Smart contracts Engineer: RODRIGO T.
- Senior Blockchain Developer/Solidity Architect
- Location: Argentina
- Specialties: Smart Contracts, Vault Patterns, Custom Contracts Implementations
- Software Development experience: 10+ years
- Blockchain experience: 3+ years
- QA Engineer: CAMILA M.
- Blockchain QA Engineer / PM
- Location: Argentina
- Specialties: QA, PM
- Software Development experience: 4 years
- Blockchain experience: 2+ years
- Project Manager: VITALIY C.
- Project Manager
- Location: Poland
- Specialties: Management, Business Analysis, Business Training, Blockchain
- IT Experience: 10+ years
- Blockchain Experience: 4+ years
- Auditor: MAKSIM K.
- Senior Blockchain Developer/Auditor
- Location: Turkey
- Specialties: Smart Contracts architecture, Integration, Audits
- Web3/Audit experience: 3+ years
Price Estimation
- Grant milestone #1: $9,400
- Scope: Design & Discovery phase, Smart Contracts and Subgraph
- Estimated time: 2 weeks
- Grant milestone #2: $9,400
- Scope: Documentation Guide, SDK and VeToken Page (UI)
- Estimated time: 3 weeks
- Grant milestone #3: $9,400
- Scope: Launchpad, Test & Audit, Hard Guarantee activation
- Estimated time: 3 weeks
Total grant: $28,200
About Protofire
Protofire (https://protofire.io/) is a team of blockchain experts who have been shaping the crypto ecosystem since its foundation. We are a combination of crypto enthusiasts and developers who are passionate about building decentralized technology and contributing to the community.
- 80+ engineers working for 10+ DAOs
- Protofire DAO is a member-owned protocol which attracts, builds, and retains engineering teams for protocols and DAOs.
- Teams pick DAOs to work for
- Start with small project
- Fully-integrated, dedicated teams - Solidity, Rust, Full-stack, Front-end, QA, GoLang, Growth/Recruiters
- Unique specialty: bootstrapping demand side (protocol revenue) and developer adoption for leading L1/L2/cross-chain/oracle networks and select DeFi protocols
- What makes us different: our teams aim to ship business outcomes, not just code. Outcomes like number and $ value of transactions (protocol revenue). Protofire teams expect outcome-based compensation (token award upon achieving outcomes).
Protofire’s developers’ experience and understanding of Balancer’s architecture
Protofire has executed more than 100+ projects in the DeFi space, helping protocols like Aave, Compound, Balancer, Curve, MakerDAO, etc., including Balancer itself. Please find below a partial list of projects we consider relevant to this grant in terms of experience:
- DEXes
- 0x Launchkit (a one-click tool to run your own 0x relayer)
- SWARM: Balancer fork with a KYC and KYB service (on Ethereum and Polygon)
- Uniswap analytics dashboard (Prototype)
- Development of CowSwap along with the core team
- dxDAO: fairdex.net, a DEX app son top of the DutchX protocol.
- Launchpads: Gnosis Auction - platform for conducting fair, transparent, and decentralized token price discovery.
- Digital Assets: Stable Coin Maker DAO, a Freight Company who wants to utilize the invoices as collateral to borrow DAI in MakerDAO (tokenize the invoices as NFT via Centrifuge / Tinlake).
- Lending: Compound (safe wallet, MMM, integrations, subgraph).
- Prediction Markets: specialized on Gnosis Framework: Conditional Token. We built and delivered https://coronainformationmarkets.com and Omen: a decentralized Prediction market among other markets.
- Non-custodial Keeper Pool: provide an opportunity for everyone to participate in vault collateral auctions, provide valuable competition to Keepers, and ultimately earn a yield on their assets (https://github.com/Atomica-Core/LiquidationMarkets)
- Insurance:
- Opyn: full stack development
- MakerDAO: insurance for vault holders
- DAO / Staking / Governance
- AragonDAO: Payroll app development
- KyberDAO: The smart contract proxy itself is being developed by the team from Protofire. More details here.
- KyberDAO: governance power delegation trustless pools
- Livepeer: we launched Livepeer.tools that include token holder account summary, subscription for token holders and transcoders to receive daily notifications, ROI ranking functionality, etc. More details can be found here.
- Cosmos: we launched a staking prototype
- MakerDAO: governance dashboard
- Integrations:
- [2022-2023] Terrace. Delivered Curve, GearBox, Frax, Convex, Balancer integrations that allow to seamlessly embed swapping, borrowing, lending, yield, or staking natively into applications, rather than linking out to third party websites.
- Audits:
- TNF (prev. Armanino): Proof of reserves, Real-time attest, Infrastructure improvements
- Swarm DEX: Smart Contract Audit
- Roe Finance: Smart Contract Audit
- Atomica: On chain Insurance protocol
- Giggy: Aggregator Dapp
Are audits included or deemed not required? If so, explain.
Protofire has included a simple audit, to be performed by a separate Protofire team (Protofire Audit), regarding the changes and inclusions in the Smart Contract layer. It will be performed during the last week of the project and an Audit Report will be a deliverable of the final milestone. For more information about Protofire Audit team, please refer to the following link:
Are you working with projects interested in using this launchpad once deployed?
Protofire currently has 40+ active projects with 20+ protocols, networks and web2 projects moving to web3. We will present this possibility to all our customers and partners as part of this project. As of now we don’t have clear data regarding their interest.
Does your team have the required capacity with other current projects to complete this work in the allotted time estimates?
Yes, Protofire has a team of 80+ professionals in all web3 areas. We indicated the team we intend to allocate, and we have also backups for each proposed position.