Proposal: Flex Dapps Collaboration

On behalf of Flex Dapps, we are recommending the following proposal to the DAO. If DAO members are in favour of the recommendation, the proposal can be pushed to Snapshot to commence voting. The proposal must be then passed and pushed on-chain for engagement.

As mentioned, this proposal is a recommendation which is open to suggestions for any changes that members see fit. Members are able convey such suggestions in the comments thread below. If a change is deemed worthy by the DAO, the proposal can be updated before it is pushed for voting.

Summary
Flex Apps Pty Ltd (Flex Dapps) offers its services to the Tracer DAO (DAO) in order to work with the DAO on the development of a Keeper Liquidations Bot implementation, and a front-end for Tracer governance.

Remuneration
For the provision of these services, the following remuneration package is proposed:

40,000 USDC immediately, to fund the development of the components; and

2,000,000 TCR Tokens (0.2% of supply) to be vested over a year with a 2 month cliff, starting on the day that Flex Dapps is engaged, to fund the development of the components. TCR tokens may be claimed at any time after 2 month cliff.

Deliverables
If engaged by this DAO proposal to provide the services described in this Offer to the DAO, Flex Dapps will commit to provide the following deliverables:

A Liquidations Keeper Bot for the Tracer ecosystem;

  • Interfaces with the Tracer perpetual swaps marketplace to liquidate under-margin positions.
  • Configured via a CLI.
  • Corresponding test suite.

A governance front-end for the Tracer DAO;

  • In line with existing style guide and provided designs.
  • Functionality to parse current and past proposals, vote on current proposals, and create new proposals.

Commitments
If Flex Dapps is engaged to provide the Deliverables, it will:

For the first 6 months of its engagement, not:

  • Vote in relation to a Proposal using those TCR tokens received in connection with this Proposal; or
  • Commence an on-chain Proposal.

Variation and Termination
Flex Dapps acknowledges that, if engaged, its engagement can be varied by future proposals.

Flex Dapps expects that any engagement will be terminated if they fail to deliver in accordance with the deliverables specified above.

Conflicts of Interest
In the context of the Tracer Project, conflicts of interest include:

Existing Service Providers who are Related Parties; and
Existing (vested and unvested) holdings of TCR tokens.

Flex Dapps wishes to declare the following conflicts of interest:

No conflicts of interest to declare.

Interpretation
Unless otherwise defined in this offer, all terms beginning with a capital letter which are defined in the Participation Agreement have the same meaning unless the context otherwise requires.

If this offer is accepted as a proposal under the Participation Agreement, Flex Dapps may more formally document aspects of that proposal.

Copyright Waiver
Copyright and related rights are waived pursuant to CC0.

8 Likes

Do we have an ETA for the liquidation bot? IMO the proposal should include some kind of timeline for the deliverables.

I’ve also seen @Fox_McCloud mentioning right of first refusal for Tracer DAO to back buy from Defi Pulse if Defi Pulse plans on selling TCR. I’m wondering if this should also be added to Flex Dapps’ proposal.

6 Likes

I like the idea of right of first refusal @Beepidibop, would probably make sense to include these in at least some form in most proposals.

In terms of the timeline for the liquidator bot, Flex has done some work with us already on developing this out based on our current state of the contracts. Obviously can’t comment on the timeline they are thinking directly for a fully fledged version, and it will end up being dependent on some of the Lion’s Manes teams work so I imagine there would be a bit of back and fourth on that to establish timelines.

I think the idea for the DAO to have first refusal is great for the project. More than happy to amend the proposal and include a clause similar to the one in DeFi Pulse’s proposal.

To mirror Ray’s comments about the Keeper Liquidations Bot - we’ve actually finished the work from our side for the implementation, and I believe there’s one component we’re waiting on from Lionsmane for everything to be functional. I’ll follow up with James - our developer who worked on the bot - for more info.

4 Likes

Hi Jonathan,
Thanks for the proposal.

Could you make up a balance sheet for the 40k USDC? It helps understanding why you would need this amount and what costs you are facing developing for Tracer. Our treasury is rather thin at this moment, untill we actually earn funds for the treasury, we’d have to be carefull with the resources we have.

On the TCR token amount: I think we need to develop a grant program. It’s too hard to estimate how much value a liquidation bot and front-end UI will add to Tracer if we don’t compare it to the products we need for Tracer in the future and the partnerships/products we’ve already worked on so far.

2 Likes

Completely agree on the grant program front. This is something that has been put in the pipeline to execute on.

Thanks for the response JustASushiChef. Happy to draw up a balance sheet detailing the time we spent developing the governance app and keeper liquidations bot - will post here sometime in the next 48 hours.

If you’re unsure how to allocate resources in the Treasury - Flex Dapps are happy to re-visit the proportion of USDC and TCR tokens in the remuneration package. I might point out that this is a conversation we’ve had with Lionsmane recently, and they thought the package detailed in the proposal was suitable.

As Jonathan has eluded to, we had been negotiating some type of deal that we felt was reasonable. It’s also hard trying to value these deals when there is currently no valuation of the Tracer token due to its utility being served only as a governance token. Open to further negotiations.

2 Likes

Great! That will help us alot Jonathan. I believe Lionsmane is better at valuating your work at this point because they know the quality of work you will deliver, I believe in long term vision of projects, so longer vesting would be more appropriate for me. I can vote in favor for the 40k USDC if I think the details on balance sheet are priced fairly, else I think we could reduce it to 30k - 10k from Lionsmane and extend the TCR vesting to two years.

1 Like

LOL, out of all the “valueless governance tokens” out there. Ours really is one right now.

2 Likes

Hey everyone, I’m Agyle! I am the co-founder of Flex Dapps, a Melbourne based web3 company and is the southern neighbour to Lionsmane.

@JustASushiChef

I have attached a couple of scoping documents for the TracerDAO here.

These will make it easy to understand a few things:

  • What are the problems we need to solve to build the keeper bot and governance front end
  • How many days and hours we’ll spend solving them
  • How we value our time

If you check our our recent work on our website, as well as the ventures we’ve assisted to launch, I think you’ll see that we’re really dedicated to building high quality and maintainable tech and helping lead projects to success.

@Beepidibop

Finding folks to work with who are long term minded is imperative for the DAO, and vesting makes sense here. To signal our long term bullishness on the tracer DAO and intent to be a long term partner of Tracer & Lionsmane, I propose that only 5% of the TCR tokens are released to us on completion of the work and the remaining 95% are put into a Sablier stream and vest over 3 years. (10% TGE and 2 years vesting is the standard for VCs investing in token projects)

We are also happy to accept 50% of the USDC payment up front and 50% upon completion if that would assist in reducing risk for the DAO.

I’ll allow the Lionsmane team to chime in and give their opinion on how they value our services, as mentioned we have already begun working together on a bunch of things.

/dab

7 Likes

Hey @Agyle thanks for the post and delivering the specs that you’ve worked on. For those that don’t look into who flex has worked with, it’s some of the best. Including mStable, Chainflip and Maple as some major projects in the DeFi ecosystem. Their charge rate may seem high, but you pay for quality and understanding of the space, which Flex Dapps are not lacking in either departments.

@Beepidibop @JustASushiChef the critical thinking here is great to see, and I support moving the vesting to 3 years as @Agyle has suggested. I’d also suggest the inclusion of a 6 month voting lock until tokens are further distributed and voting power decentralised.

3 Likes

Hey Agile,

Thanks for joining the convo. Great to see the documents giving us the insights needed here; makes this proposal way more tangible.

  • I like the fact you’re agreeing on a longer vesting period. For me that was the main issue here. This also supports Lionsmane comments on establishing longer term partnerships.

  • As the USDC payment is important for the treasury at this moment, we need to find a way that your TCR will be valuable in the long run without emptying the treasury at this moment. Could you agree upon 30k instead of 40k from the DAO treasury? Not commenting on the quality of your work here, I think I can trust on Lionmsane words that’s excellent, but I believe this would be better in the long run for the DAO as we can use more USDC for other grants.

  • 50% Upfront, 50% after delivering the products is a good idea yes.

2 Likes

Hey Sushi, we’re happy to personally secure the extra 10k.

What if we run 30k from the DAO up front, and when they’ve finished the work, Lion’s Mane will compensate them 10k USD? This way there doesn’t have to be two seperate proposals for the work, and we can transition our energy to deal with more pressing matters - like how we should initially distribute our tokens.

So terms from the DAO would be:

  • 30k USD now;
  • 0.2% TCR vested over 3 years;
  • 6 months of no voting for Flex;
  • Lion’s Mane to secure the final 10k USD upon final completion of the governance frontend.
3 Likes

Hi Patrick,

Well yes this will do the trick for this proposal in my opinion.

And you’re right, let’s focus on the initial token distribution.

2 Likes

@jonathanpdunne please amend the proposal to reflect these discussed terms and we’ll proceed with a vote, I feel like enough rough consensus has been achieved.

Thanks @JustASushiChef and @patrick.mycelium

Jonno will update the proposal shortly, we really appreciate the responsive discourse and collaborative approach.

Looking forward to shipping some key artefacts for the Tracer ecosystem and building trust in the community.

Excelsior :vulcan_salute:

2 Likes

Hey all,

The amended proposal is posted here:

Looks like we’ve reached consensus so there shouldn’t need to be any more amendments. But if there are any suggestions, raising them as a comment on the new post is probably the best place to do so.

@patrick.mycelium , thank you for securing the extra 10k - Flex Dapps greatly appreciate it <3.

@JustASushiChef, thanks for your input.

5 Likes