Kickstarting the first ReFi Rate-athon!

Earn rewards, rating points and explore ReFi from June 13th-27th.

TL;DR

• Prime Rating is a Rate-to-Earn, gamified approach for evaluating crypto projects and promoting transparency in the web3 ecosystem and is pleased to announce the start of the first ReFi Rate-athon alongside Celo, ReFiDAO, and Impacta.
• The ReFi Rate-athon starts on June 13th, 2022, at 14:00 (UTC) and ends June 27th , 2022, at 14:00 (UTC).
• The projects listed here can be chosen for submission. The V1.0 of the ReFi Rating Template can be found here.
• Submit ratings through Discord to participate in ReFi-Rateathon and be eligible for rewards and win prizes (7500 cUSD + 10,000 D2D are up for grabs).
• Register for the ReFi Rate-athon here.

Starting the ReFi Rate-athon

Prime Rating is a permissionless framework for evaluating the quality of Web 3.0 projects. For the past year, community Raters have independently evaluated more than 150 DeFi and Metaverse projects, using Prime Rating’s fundamental analysis framework. Now we’re excited to delve into one of the Web 3.0 areas PrimeDAO is most committed to, Regenerative Finance! #ReFi

We’re starting our journey with a ReFi Rate-athon, a collaborative research and exploration event that will gather the leading ReFi DAOists to create a snapshot of the current ReFi space.

As ReFi methodologies are still maturing, one of the key objectives of this Rate-athon is to gather valuable input and resources to improve the ReFi methodology and report template.

ReFi Rate-athon Guidelines

• 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. 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 2 times throughout the competition. Only the first 2 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 ReFi report template can be accessed here.
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 Prime Rating 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!

ReFi Rate-athon Prizes

Raters are rewarded for each project they successfully review (report accepted by Governance) with a base reward of 150 cUSD + 200 D2D + 5 RXP per report.

Additional prizes for participation in this rating event fall into two 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 1000 cUSD + 1000 D2D + 30 RXP.

The three parties that submitted the most reports will receive:

• 1st place 1000 cUSD + 2000 D2D + 30 RXP
• 2nd place 750 cUSD + 1500 D2D + 20 RXP
• 3rd place 500 cUSD + 1000 D2D + 10 RXP

Rewards are paid out for each report at the conclusion of the rating season.

By now, you’re ready to join the ReFi Rate-athon. So, to summarize, here’s the steps you need to take to get started.

1. Register here
2. Join the 🍃│refi-rateathon channel 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!

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. Learn more here.

About Celo
Celo is a Layer-1 Blockchain and Community with a mission to build a financial system that creates the conditions for prosperity — for everyone. Explore the Celo Ecosystem or follow Celo on Twitter to discover more.