CVP Proposal for Prime Rating DAO: Community-driven Project Curation, Analytics and occasional Alpha

Gm Metis Community!

Prime Rating is intending to apply for a grant to also join the Metis ecosystem. We think we can especially add value as:

  • Curation engine for projects launching on Metis
  • Provide Ecosystem insight (i.e. Gap Analysis of missing crypto primitives on metis, benchmarking to Ethereum Ecosystem)
  • Specialised research (i.e. specialised framework for DACs, Strength & Weakness Analysis of projects building on Metis etc.)

We’d love to get approval from the Metis Community through the CVP process before formally applying for the grant.

Summary

Prime Rating builds and maintains a permissionless incentive system to incentivise the evaluation of the quality and risk of Web3 projects with the goal to foster transparency by collecting on-chain and off-chain data and interpreting the information in form of reports. We do this by applying a community-curated, open-source research framework in combination with a gamified incentive system which is facilitated through a Service DAO model.

The basic idea is to act as a public good providing publicly available information (see Website) on protocols and then build revenue-generating services on top of the ecosystem (think Index products, Insurance coverage, Risk assessments, Investment Due Diligence, Web3.0 Research). Through this, we hope to make the ecosystem more transparent and to allow people to ape responsibly as well as somewhat curate the flow of funding towards innovators. I think the value-add that Prime Rating can bring to Metis is to curate DAC and Web3.0 protocol, ReFi and Metaverse projects launching on Metis in more depth.

Some sample reports from our website to get a sense of what our community is capable of:

Note: We improved progressively as our collective knowledge grew so please refer to the latest reports to get a reference of quality.

Website and Audits

Website: Prime Rating

Audits as such are not needed at this stage as we currently can be described as the most basic DAO format possible - multisig + discord + reputation system. We will progressively decentralise and build on a Web3.0 stack - the roadmap will be published soon. Happy to take any questions on this or discuss it further.

Feature and Uniqueness

Prime Rating differentiates itself because (1) of its unique-incentive system which we believed will lead to a more objective evaluation of risk and quality of Web3.0 projects, (2) our community made up of organically, community-driven, high-grade research talent, (3) it’s holistic and standardised evaluation framework which progressively updates as the collective perception of fundamental value change through Template Improvement Proposals (TIPs).

Token description Utility

Currently, we run with a dual token model - a non-transferable token RXP issued exclusively for research work done in the DAO representing expertise and commitment to Prime Rating. In addition, we have a fungible token currently acting as a reward token for raters next to stablecoin rewards.

RXP holder (marked as PRR): PrimeDAO Rating Reputation (PRR) Token Tracker | Etherscan
D2D holder (current reward token): Prime (D2D) Token Tracker | Etherscan

We consider our incentive & reputation not finalised and have started a revamp, which we will roll out stepwise in the next couple of months. Refer to our forum post for more info: Re-vamping Incentivise Design around the permissionless Rating Process - Prime Rating - PrimeDAO.

Other relevant links:

Snapshot: primerating.eth
Gitbook: Permissionless Rating - Prime Rating

Side-comment: Happy to publicly outline the grant proposal and take any other questions - I just wanted to stick to the outlined framework of the CVP Process for now.