PrimeDAO
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PrimeDAO

Get ready for Prime Rating Season 3!

Get 💸 paid 💸 for rating DeFi projects, earn rating points, POAPs, and learn from experienced Raters

TL;DR

  • Prime Rating is a Rate-to-Earn, gamified approach for evaluating crypto projects and promoting transparency in the open finance web3 ecosystem and is pleased to announce the start of Prime Rating Season 3 alongside our sponsor, 1kx.
  • Season 3 starts on May 23, 2022, 10:00 (UTC) and ends June 27 , 2022, 22:00 (UTC).
  • The projects listed here can be chosen for submission (priority projects are eligible for higher rewards 🤑).
  • Click here to find the rating templates used to evaluate projects and click here for our rating site with plenty of example reports.
  • Submit ratings through Discord to participate in Season 3 and be eligible for rewards and win prizes (a total of 9500 USDC + 10500 D2D are up for grabs 🤯; that’s our biggest rating season payout…ever)
  • Register for Prime Rating Season 3 here.

It takes three

Prime Rating is a permissionless framework for evaluating the quality and risk of crypto projects and is hosting its third rating season focused on DeFi. For the past year, community Raters have independently evaluated more than 120 DeFi and Metaverse projects, using Prime Rating’s fundamental analysis framework. Anyone interested in token research can participate and earn rewards!

Prime Rating Season 3 will go live on May 23, 2022, 10:00 (UTC) and will end June 27 , 2022, 22:00 (UTC). Check out the list of eligible projects here and mark which ones you’d like to rate. There’s no limit to how many projects you can rate (in fact, there’s a nice prize for Raters who submit the most reports). That said, no project can be rated more than two times in a season and expectations on report quality are high. More details below👇.

All successfully submitted reports earn a minimum of 150 USDC + 200 D2D tokens + 10 RXP and are eligible to win prizes for both best quality and highest quantity, totalling 9500 USDC + 10500 D2D tokens. Additionally, all participants also get helpful feedback and tips from experienced Raters, earn POAP badges and earn Rating Experience Points (RXP) which increase future rewards and governance voting power within Prime Rating.

Once reviewed and accepted via governance vote, reports are uploaded to the Prime Rating website, where they are available for individual and institutional users.

So far, more than 120 DeFi and Metaverse projects have been rated and reviewed by our community. With nearly one year of ratings history at Prime, some projects have been rated multiple times to keep pace with rapid development in web3. All reports follow our in-depth fundamental review process covering each protocol’s value proposition, tokenomics, team, governance and regulatory exposure.

For both new and experienced Raters, lots of resources are available to refine your skills. Recordings of experienced Raters sharing their learnings about each portion of our rating template and research process were produced in a prior season and can quickly help you get up to speed. Check out our YouTube channel for these and more resources. Don’t forget to check out our Gitbook as well for top-notch tips and tricks on our ratings process and high-quality data sources. The general guidelines and helpful resources sections should especially not be skipped.

Prime Rating is making amazing progress in its mission to create a permissionless and transparent rating framework for the Web3 ecosystem and needs you to join the action. Are you ready??

Read on for the nitty gritty on how to become a Rater and participate in Prime Rating Season 3! 👀

Season 3 Ratings Guidelines

REMINDERS: Reports can be submitted starting May 23th at 10:00 (UTC) until June 27nd 22:00 (UTC); to join, register here. The competition focuses on DeFi projects on Ethereum and participants can find a list of eligible projects here.

  • ‼️Please consult our rating Gitbook for a detailed overview on Prime’s rating process before getting started on your review.‼️
  • All reports must identify and name their sources of information. Participants must use publicly available information as a basis for report writing (i.e. CoinGecko or the project’s website). We encourage the use of on-chain analytics tools such as Dune Analytics, Nansen, Tokenterminal, IntoTheBlock, or others. We also encourage primary research by interacting directly with the project team on their Discord or other communication channels.
  • Raters can join as individuals or in teams of two. Teams of more than two Raters are not supported at this time. For submissions by two Raters, rewards will be divided equally.
  • A Rater or group can rate the same project only once during this competition.
  • Raters cannot submit the same project more than 3 times throughout the competition. Only the first 3 submissions that are approved will receive the rewards.
  • Submitted reports are approved via Snapshot vote. If quality doesn’t meet Prime Rating standards, there is a possibility a report could be rejected. Don’t worry, Raters will have multiple opportunities to improve before the final vote is cast. Read on for more information.

Report Acceptance Process

Submitting a report consists of three main steps: report creation, gathering feedback, and report submission.

Report Creation

  1. Rater chooses which project to evaluate from this list and reserves the project by adding their name to the list.
  2. The person or group introduces themselves in Discord and states the project(s) they are going to evaluate.
  3. The fundamental report template is downloaded from Gitbook.
  4. Rater creates a copy of the file and fills out the report (check our website for examples of past reports).

Gather Feedback

  1. Once completed, Raters upload the report to the PrimeRating Discord channel #report-feedback to ask for feedback from Prime Reviewers.
  2. At least one Reviewer will provide feedback.
  3. The Rater can decide to either implement the feedback, stop the process, or (if feedback was excellent) proceed directly to submission. Raters can also repeat the feedback process to ensure the report adheres to Prime Rating’s high standards for quality.

Report Submission

  1. After finalizing the report, Raters convert it into a .pdf file and proceed to the submission form to submit the report.
  2. Reports that were submitted will go to a Snapshot vote. Prime Governors will review the report, and vote FOR or AGAINST accepting it.
  • If the majority votes FOR, the report will be added to the Prime Rating website and update the project’s score. Rewards are paid to the Rater after the conclusion of the event.
  • If the majority votes AGAINST, the report is not accepted. The Rater can then approach Prime Governors, ask for feedback, and re-submit again after implementing the feedback.

Raters can only submit the same report twice per season. If reviewers did not accept it the second time, that usually means that the report didn’t meet the quality threshold, but don’t be discouraged! Raters come from all backgrounds and PrimeRating maintains lots of helpful resources for upping your rating game.

Community Contributions & Raters

As outlined here, ensuring high quality reports is extremely important to PrimeRating and is one of the main reasons our rigorous governance structure is in place. We also want to provide the opportunity for more engagement within the DAO to those Raters (and groups) that consistently create high-quality reports. Furthermore, we want to establish a community that becomes fully autonomous and self-sustainable, that can carry this project forward for years to come.

In the spirit of building long-term incentives and a strong community, we’ve introduced a system that allows Raters to level up and receive more responsibility (and rewards) within Prime Rating, based on their contribution. For example, for Raters who move from the ‘Novice’ to ‘Graduate’ level, there is an increase in rewards by 10% and an invitation to become part of the reviewing group (which carries an additional set of rewards).

Rewards & Prizes

Rewards are paid out for each report at the conclusion of the rating season. The amount of each reward depends on the Raters’ experience and the priority of the project. To check which projects are higher in priority, check the list of protocols included in this season. Additionally, ratings completed early in Season 3 qualify for an additional bonus.

  • Reports submitted in Week 1 (May 23rd, 10am UTC — May 31th, 10am UTC) gain a 20% bonus on USDC and D2D rewards
  • Reports submitted in Week 2(May 31st, 10am UTC — June 7th, 11pm UTC) gain a 10% bonus USDC and D2D rewards

Below are the rewards for a Level-0 or Novice Rater:

  • Rewards per report: 150 USDC + 200 D2D + 10 RXP (180 USDC + 240 D2D + 10 RXP, if completed during Week 1; 165 USDC + 220 D2D + 10 RXP, if completed during Week 2)

Below are the rewards for a Reviewer (only for Raters with 100+ RXP):

  • Reward per review: 100 USDC + 100 D2D + 5 RXP

Prime Rating Season 3 Prizes

Additional prizes for participation in this rating season fall into two main categories: The first is quality, and the second is quantity. The three best reports in terms of quality — chosen by the governing group — will each receive 2000 USDC + 2000 D2D + 30 RXP.

The three parties that submitted the most reports will receive:

  • 1st place 2000 USDC + 2000 D2D + 30 RXP
  • 2nd place 1000 USDC + 1500 D2D + 20 RXP
  • 3rd place 500 USDC + 1000 D2D + 10 RXP

By now, we are sure you can’t contain your excitement to join Prime Rating as a Rater for Season 3 🤓. So, to summarize, here’s the wrap-up:

  1. Register here
  2. Join us on Discord
  3. Read through our guidelines
  4. Follow the steps of the Report Acceptance Process listed above (write, feedback, submit)
  5. Learn and earn!

Stay Prime everyone!

About Prime Rating

Prime Rating builds and maintains a permissionless rating framework for quantifying the quality and risk of open finance protocols. The Rating App offers a simple and comparable opinion in the form of a letter rating on a scale from A+ to D, that represents the overall quality of an open finance protocol from a neutral view, based on publicly available data. Prime Rating operates through a permissionless and transparent process governed by PrimeDAO, applying a wisdom-of-the-crowd approach by allowing multiple independent reports per protocol, making each score more accurate and resilient. Learn more here.

About 1kx

1kx is an early stage token fund run by two former technology founders Lasse Clausen and Christopher Heymann. Its mission is to be the most founder friendly and helpful source of early stage capital for tokenized projects. You can follow 1kx on Twitter.

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