Nothing came up for

DAO Treasury Building Blocks

$32,143.00 Received
$75,000.00 Requested
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Problem:

以负责任的方式筹集和管理DAO资金,最好用智能合约来完成,但这需要Plutus工程的专业知识。

挑战: F7: DAOs ❤ Cardano
funded Awarded 15% of the fund.
Community Advisor Reviews:
4.3 (21)
Yes Votes:
₳ 87,176,814
No Votes:
₳ 4,146,999
Unique Wallets:
413

经验

金融市场软件工程、加密货币支付、初创企业、数据和政府技术、影响投资。组织法律技术社区。

解决方案

粘合曲线的可重用模块和SDK使DApp开发者能够实现DAO财政管理和公平支付。

  • yumi-logo-abstract-88c975-87378d-cea767

DApp developers working on DAO tools need to move fast and test their market, iterating quickly on designs and approaches. These DAO DApps often require market mechanisms that help fund the DAO, manage the funds, and incentivise community activity. The best, most transparent, and accountable way of doing this is to use smart contracts to manage our collective funds (treasuries).

However, developing robust, scalable, modular and composable Plutus Smart Contracts requires formal analysis, design and engineering across many disciplines, including software engineering, finance, economics, and complexity science. Many DAO Tooling and DApp development teams lack these skills. Those that do have the skills are forced to direct resources away from working on their core projects.

The Smart Contracts will carry significant value and are the basis for building communities of trust. Communities need to know that the protocols managing their collective capital (financial, human, and social) are well-engineered and of high assurance. A single software bug can mean a community may lose wealth and trust.

Co-organising the Catalyst Eastern Townhall, an early Catalyst Community DAO prototype, we are painfully aware of the need to manage our funds in a transparent and accountable manner. Ideally, as engineers, we'd like smart-contract based management. At the moment however, there are no primitives we can use to build the tools we need.

Team & Experience

The team has experience in financial markets software engineering, cryptocurrency payments, tech start-ups, Data & Govtech, impact investing. We are also organising a legal-tech community and the Catalyst Eastern Townhall.

Robert O'Brien: Distributed Systems Software Engineer (Financial Systems) and Entrepreneur. Co-Founded three start-ups in Financial Data Analytics, International Trade Payments, and Impact Investing. Co-organises LegalHackers New Zealand and advises a Social Entrepreneurship Incubator. Co-Initiator of the Eastern Town Hall.

Andrew Walker: Distributed Systems Software Engineer, mainly in the financial sector in the City of London. Worked at Barclays Capital (credit risk) and LIFFE (derivatives exchange). Working on cryptocurrency payments infrastructure and also experienced with the hospitality sector.

Jack O'Brien: Developer Relation, Haskell Developer, Sound Engineer, Videographer. A graduate of Massey University CoCA in Commercial Music & Technology; Developing software and training material on applying blockchains, NFTs, DeFi in the creative sector.

Plutus (Cohort 1) and Atala Prism Pioneers (Cohort 1). Over the last thirty years, we've worked on highly concurrent distributed systems using C/C++ and functional languages OCaml, Erlang, Scala, and Haskell. The team (and our extended network) has experience in User Experience design, used formal methods, and developed high-performance systems in financial settings. We have experience in Blockchains and cryptocurrency projects.

Our Solution

A Bonding Curve Plutus Software Development Kit (SDK). We will design and engineer a module of baseline Smart Contracts for implementing Automated Market Makers (AMM) and more.

We will build an open-source, reusable module in Plutus utilising the Extended Unspent Transaction Output (EUTxO) architecture. It will be general enough for use in many applications and reliable enough to incorporate into complex Plutus designs. Layered over that will be a Software Developers Kit (SDK) to enable easy integration with DApps.

Bonding Curves[1] are one of the most useful and widely used components in DeFi and DAO Treasury Management. They are used in AMMs that underpin many of the Decentralised Exchanges (DEX), Loan, and Insurance protocols popular in DeFi. Their applicability extends beyond the limited scope of DeFi, including many different scenarios for Decentralised Autonomous Organization (DAO) governance, project funding, fractional ownership of NFTs etc.

A EUTXO Specific Architecture

The module and Smart Contract design will be engineered specifically for the EUTXO architecture of the Cardano Blockchain. The core design will utilise a batch auction mechanism to maximise throughput and prevent resource contention on the underlying reserve (liquidity pools). The design is based on the Treynor Dealer model[13]: A design that combines an order book (Dealer) as a periodic combinatorial auction with an AMM liquidity pool.

The combinatorial auction is not your typical English Auction! It is an off-chain optimisation algorithm designed to maximise welfare (a fair price for all participants). A single Plutus-Backend node can execute it or run as an Oracle Pool when more complex higher-throughput matching requirements are needed.

Bonding Curve parameters adjust the behaviour to suit specific periodic settlement windows (per-slot, epoch, or other), throughput requirements, shared reserve pool, and transaction matching using metadata. Future extensions include a simple bidding language for more complex matching scenarios found in DAO-2-DAO treasury management; Allowing a form of token-based if-then-that logic.

Please refer to our Catalyst Fund 2 Proposal for more details about Combinatorial Auctions and Oracle Pools[2], and our Catalyst Fund 5 proposal[3] for more details on Bonding Curves and their use.

To design and build the Bonding Curve module and SDK, we are using as a reference the Comos Bond Module[4]; leveraging the economic and system dynamics work already done by Blockscience[5], the Token Engineering[6] community, and Shruti Appiah[7]. As the project gets underway, we will welcome other interested contributors from the community to help build and maintain the project.

Impact on Challenge Metrics

Bonding Curve building blocks make DAO treasury management, governance, and financing tools easier to construct. Many aspects of project funding, team accounting and compensation systems will also benefit. There is no need to keep reinventing the same components. Bonding curves underlie our work with Risk-Adjusted Bonding Curves [14], a novel governance mechanism matching many DAO operational needs.

The bonding-curve module aims to be an essential toolkit for software developers that don't want to dive into learning Haskell, EUTXO, PlutusTx or the Plutus Application Backend. An essential toolkit for technology start-ups that don't have the skills in complexity-science and engineering talent to develop excellent economic protocols.

By focusing on baseline primitives and engineering for reuse across the Cardano Ecosystem, we can make it faster to deploy reliable DAO-focused DApps. DApp developers can easily integrate and interoperate modular Smart Contract mechanisms that we develop, giving customers confidence that their wealth is secure and value streams are fair.

Key Performance Indicators

Key Metric: Project Velocity[8], defined as a combination of base activity metrics of commits pulled from Github.

Activity Metrics: captured as project activity in Github and cadence of deliverables and engineering milestones achieved.

Community Metrics: engagement behaviours are broken down into four categories [9] to measure how our work spreads and is used in the Cardano ecosystem. These metrics derive mostly from Github.

What Success Looks Like

Our proposal will contribute to Cardano's developer ecosystem a module of bonding curve primitives explicitly designed for the EUTXO architecture. They are intended for integration into other higher-level protocols and DApps.

After One Month:

Initial specifications and scope for bonding curve module completed. Nix-based Jupyter notes infrastructure established integrating Nix, Python, and OCaml into a reproducible data science/simulation pipeline. Engagement with individuals interested in contributing to the work via a DAO.

After Three Months:

Developed simulations for the system dynamics of the combinatorial auction design. A draft formal specification and tested using Bigrapher[10], a Bigraphical Reactive System (BRS) simulator. Pre-Alpha implementation of the core protocols running on testnets.

After Six Months:

Completed design for the module(s) and implemented the core protocols running on testnets. Documentation published explains the design and use of the bonding curve primitives. DAO trusted seed is established, and plans to hatch the DAO using Bonding Curves for future funding are developed. The primary purpose of the DAO is to ensure long-term, cost-effective support of the module and continued development.

After Twelve Months:

Formal specification published Production-ready core protocols fully engineered, tested and audited. An SDK for one development environment developed (most likely Haskell, with PAB). Five projects use the bonding-curve module in their implementation; A mix of DeFi, SoFi protocols, DApps, and DAO.

The project will evolve with the extension of bonding curves to bonding surfaces (see Balancer[11]) and incorporate a bidding language. We are committing to ensuring long-term support that will be managed and funded by a DAO (using bonding curves to fund and govern it!).

Licensing

All our source code will be licensed under a free and open-source (OSI) licence, e.g. MIT, and contributions must be contributed patent-free. Contributors will be required to agree to a Contributor Covenant[12].

Published content will be licensed under the Creative Attribution-Noncommercial-ShareAlike International (CC BY-NC-SA) Licence v4.0. The specification will be published under a Creative Commons Attribution-NoDerivatives 4.0 International (CC BY-ND 4.0) licence.

Code, documentation, project activity and Jupyter notebooks will be made available on Github or similar service.

Budget Breakdown

The requested Fund 6 budget is for wages and expenses for six months of the project. We will deliver the initial bonding curve module code and related documentation. Further funds will be requested to continue the work beyond this period, either through Catalyst or direct funding of the yümi DAO.

Software Specification & Engineering: $53,250 USD (71%) Technical Writing: $7,500USD (10%) Community Engagement: $3,750USD (5%) Project Management: $7,500USD (10%) Software Services & Server Fees: $500 x 6 months = $3,000 (%4)

Budget based on a pro-rata hourly rate spread over up to three team members. FTE hourly rate of USD$100 includes all overheads; Adjusted for experience, nature of work, and short term intermittent nature of project funding.

Affiliated proposals

The Bonding Curve module is informed by the bonding curve work used for the Retroactive Project Funding SDK (Fund6) [14]. The Risk-Adjusted Bonding curve consists of four or more bonding curves and demonstrates reuse and composition. The bonding curve module generalises the RABC work to make it more useful in other contexts.

The technology will also help build tools needed to implement the Distributed Autonomous Accelerator[16] and potentially enable rapid funding mechanisms[15] in Catalyst itself.

References

[1] Bonding Curves: https://medium.com/giveth/deep-dive-augmented-bonding-curves-3f1f7c1fa751

[2] A Smart Market Toolkit for Cardano. https://cardano.ideascale.com/a/dtd/A-Smart-Market-prototype-for-NFTs/323408-48088

[3] AMM for Continuous Financing: https://cardano.ideascale.com/a/dtd/AMM-for-Continuous-Financing/350654-48088

[4] Comos Bond Module: https://github.com/ixoworld/bonds

[5] Blockscience cadCAD: https://cadcad.org/

[6] Token Engineering Community: https://tecommons.org/

[7] Shruti Appiah: https://iohk.io/en/team/shruti-appiah

[8] Project Velocity: https://chaoss.community/metric-project-velocity/

[9] Community Metrics: https://communityroundtable.com/best-practices/thecrs-work-out-loud-framework/

[10] Bigrapher: http://www.dcs.gla.ac.uk/~michele/bigrapher.html

[11] Bonding Surfaces: https://medium.com/balancer-protocol/bonding-surfaces-balancer-protocol-ff6d3d05d577

[12] Contributor Covernant: https://www.contributor-covenant.org/

[13] Treynor Dealer model: https://en.wikipedia.org/wiki/Treynor_dealer_model

[14] Retroactive Project Funding SDK: https://cardano.ideascale.com/a/dtd/Retroactive-Project-Funding-SDK/369011-48088

[15] Catalyst Rapid Funding Mechanism Challenge: https://cardano.ideascale.com/a/campaign-home/26236

[16] Distributed Autonomous Accelerator: https://cardano.ideascale.com/a/dtd/Distributed-Autonomous-Accelerator/382562-48088

社区顾问评论

Addresses Challenge

4.6 / 5
7 评论

Does the proposal effectively addresses the challenge?

社区评论 (7)

Commenter gravatar
January 23, 2022

Proposal offers a reusable one-module solution of federation curves and SDKs to help developers implement ongoing project funding and investment into DApps/DAOs. I agree with this suggestion, any Dapp or DAO needs modules to build. However, it should be clarified that these modules for the development of a DAO will fit the criteria of this challenge. One point I have not seen clearly states what basic or advanced functions DAO projects will need and what are the benefits of DAOs using these modules?

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January 23, 2022

An objective observation and assessment of this proposal is probably strongly agreed that this proposal addresses the challenge briefly and purpose very effective. By focusing on generating DAO Building blocks, the proposer aims to provide value for the DAO environment at general and therefore provides a strong and valid impact to the ecosystem as the Building Blocks might facilitate and support the DAO work of many

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January 23, 2022

This proposal perfectly fits into this challenge. The proposer aims to create a SDK and financing mechanism to provide developers with funding and a DAO treasury management. Providing developers with tools to ease the creation of Dapps for DAOs is a beneficial way forward for everyone. If DAO creation is better on Cardano more devs will use Cardano and the tools the community provides. Overall, this is a very mature proposal and ready to be implemented and will positively impact the Cardano Ecosystem.

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January 23, 2022

I find this proposal highly in accordance with the challenge aim.

It is true that currently we are behind in a DAO race and having such a kit could shift the tide to Cardano side from ETH.

I think that this is inevitable anyway, due to the fact that ETH is the blockchain of the rich, so who comes first with the alternative solution will be the one who benefits the most.

Rating given 5.

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January 23, 2022

This proposal is about building a reusable module and SDK for bonding curves enable DApp developers to implement DAO treasury management and fair disbursements. This is a great and interesting idea. The problem is clear, suitable to the given challenge. The solution is clear (with a logical detailed plan). The impact argument is quite convincing. Therefore, based on the given information, I agree with this proposal's impact, I can rate it with a score of 4

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January 23, 2022

This project is about building an open source module (SDK) for DAO Dapp developers that will facilitate DAO funds management, though a smartcontract implementing Bonding Curves. By adding trust to the DAO fund and community incentives management, Dapp developpers would gain a better engagement of the community. By using this existing module facilitating interaction with the blockchain, DAO Dapp development will be accelerated. This proposal meets the challenge criteria, clearly explains how it will add value to Cardano's DAO ecosystem, and based on above I anticipate a high level impact.

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January 23, 2022

I admit I had to do a lot of reading to hang in on this proposal, Bonding Curves were an entirely new concept for me. That said, the proposal appears to address the challenge well. The only thing holding me back from rating this a five rather than four, is that I have some difficulty making the conceptual leap that a DAO requires bonding curves (and thus the API) as a first fundamental need. This might very well just be my own ignorance, and if so, then the proposal could probably address that with a few sentences that focus on what required a logical leap for me.

One highlight for me, is that the first key metric listed for this campaign is the amount of ADA coming from DAO transactions. While I am curious how the bidding language implementation can be deferred until future versions (and successfully abstracted later), what is described in this proposal seems like it would be a net-positive investment if successful.

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Feasibility

4.1 / 5
7 评论

Given experience and plan presented is likely that this proposal will be implemented successfully

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January 23, 2022

The team and plan look to be well directed. I rated a five rather than four because this proposal will require another round of funding either from catalyst or outside to deliver the end product. I think that's a rational approach, but I'd consider five-star to be essentially zero (unmanaged) risk of not delivering. I ask myself: "What do we have if this does not receive further funding?" Since most of the funding will go directly into engineering and specification to deliver working code and documentation, it seems like a reasonable risk.

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January 23, 2022

This team has already successfully delivered numerous proposals since the beginning of project Catalyst. The team has the relevant experience to execute this proposal. The team provides a very detailed plan on how the solution will look like and how it will be implemented. Budget seems sensible and has been broken down in identifiable items. The timeline provided to complete the project seems fair.

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January 23, 2022

The plan and the experience provided are reasonable.

The team consists of crucial members, which should ensure the successful implementation of a proposal. Also, these are well-known Cardano community members, high creditability.

Rating given 5.

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January 23, 2022

The provided roadmap and the related KPIs/OKRs are well defined and mapped out. The objectives are realistic and the Expertise and Experience of the execution Team makes a successful implementation of the proposal very likely. Additional to that. The proposer got funded in the past already and has proven an accountable activity and execution of previous funded projects.

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January 23, 2022

You need to add team identity and professional skills on twitter, githup. Key Performance Indicators, Success Patterns, Licensing, Budget Analysis are the documents you link to on the internet without seeing the highlights of the project. The proposed amount is large, but no information has been found describing how the funds should be used. This makes it very difficult for the reader to evaluate the successful implementation of the project. The team video document that submitted the demo using voting should be provided with more information to see how it works

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January 23, 2022

The 3 core team members are identified, and they gather relevant skills and experiences in the field of finance, software engineering, and blockchain. One is a developer who has been part of Plutus and Atala prism pioneers' program. This team already has been funded in previous funds 2 and 5. The architecture of the module and smartcontract is described with a high level of details and good quality reference documents are provided about Bonding Curves. Based on the level of details on the solution and on team experience, I consider that is is highly likely that this proposal will be implemented successfully.

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January 23, 2022

Team profile is provided and described enough for understanding, with suitable skill, experiences but without reference/proof (documents/links,…) for varifying. The budget distribution and explanation should be provided [Technical Writing, Community Engagement, Project Management]. Risk is not provided. Therefore, based on the given information, I am neutral with this proposal's feasibility, I can rate it with a score of 3

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Auditability

4.3 / 5
7 评论

Does the proposal provides sufficient information to assess and audit progress and completion?

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January 23, 2022

Metrics are clear and understandable, as well as being largely quantitative boolean assessments rather than qualitative.

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January 23, 2022

They've gone into great detail explaining how and what they will build on a timeline. Also provided key performance indicators, some that will be measured using github. They provide a tool that will benefit Dapp creation for DOAs. Turning this project into a DOA and making it open source makes it resilient to future challenges and tasks. There is a Github sources mentioned. So the community will be able to track the progress of this proposal.

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January 23, 2022

The proposal contains the detailed roadmap, budget, and key metrics, which are sufficient for audit.

KPIs are divided into categories, and I am convinced that these are covering most of the measured part.

Also, Open Source code is increasing the audit both of progress and the final output.

Rating given 5.

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January 23, 2022

As the proposer is familiar with the current auditing and reporting process of funded proposals, the proposer maintains an active github repository on which we can follow the progress of the proposals execution. The proposer commits in the proposals licensing part to an open source solution which helps the community to audit the proposals success

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January 23, 2022

When will the project be started and the product will be released, how will the roadmap steps be performed, and metrics such as how many SDKs to serve for which Defi. These should be included in the proposal, except for some of the code I've seen posted on github. smart contract on cardano is not yet developed so how do people who need to know how to use this SDK?

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January 23, 2022

The roadmap is well defined, with 3 main milestones up to 6 months including very precise progress criteria. A 12 month target is also defined, but not in the frame of F7 funding as the requested budget covers only first 6 months of development (further funding needed after 6 months). Budget breakdown is detailed enough to be monitored when project will be launched. The source code will be published under a free and opens source licence. This project is crystal clear about what will be done and when, and it will be easy for the community to monitor its progress.

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January 23, 2022

This problem and solution's idea is quite convincing to me. However, the plan did not provide me enough information, especially the following: (1) Profile with reference/proof (documents/links,…) for verifying; (2) Budget explanation for some items. Therefore, based on the given information, I am neutral with this proposal's auditability, I can rate it with a score of 3

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