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Prime Rate-athon #2 is in town

Get your rating hat on!

Choose DeFi projects you’re curious about, get feedback & tips from experienced raters, prizes up to 7.5k USDC, and 10.5k $PRIME tokens. All levels of Raters are welcome!
  • Prime Rating is a Rate-to-Earn, gamified approach for evaluating DeFi projects and promoting transparency in the open finance Web3 ecosystem
  • The contest starts on November 29th, 10:00 am (UTC) until December 8th, 22:00 (UTC)
  • The projects listed here can be chosen for submission
  • Here you can find the report templates used to evaluate projects
  • Join the movement through Discord and participate in the rating contest to be eligible to win prizes (7'500 USDC + 10'500 $PRIME in total)
  • Pre-register here

Prime Rating, the permissionless framework for evaluating the quality and risk of open finance protocols, is holding another rating competition in anticipation of the new website and rating app release, going live on November 29th, 2021. PrimeDAO invites everyone interested in token deep-dives and DeFi analysis, to participate in the contest by submitting rating reports. Check out the list of projects and sign up on this sheet here.

All successfully submitted reports earn a minimum of 150 USDC + 200 PRIME tokens and are eligible to win both quality (for the best reports) and quantity (most reports written) prizes at the end of the competition, totaling 7.5k USDC and 10.5k PRIME tokens. All participants also get useful feedback and tips from experienced raters and earn Rating Experience Points (RXP), increasing future rewards.

Once reviewed and accepted via governance vote, reports are uploaded to the Prime Rating website, where they are available for both individual and institutional users. So far, more than 90 DeFi projects have been reviewed by the Prime Rating community; some have even been updated two to three times to keep up with the rapid pace of development in the Web3 ecosystem.

Prime Rating recently concluded Season One, where most of the quality prizes were won by first-time Raters, underscoring the potential for even those with little DAO experience to step in, have their opinions heard, and be rewarded.

Prime Rating is just getting started on its mission to create a permissionless and transparent rating framework for the Web3 ecosystem. Are you ready to join in the action? Get your rating hat on!

Read on to find out how to sign up and become a Prime rater!

  • Reports can be submitted starting November 29th, 10:00 am (UTC) until December 8th 22:00 (UTC); participants can submit reports afterward, but they will not be eligible to win prizes (just regular rewards)
  • Raters interested in joining can pre-register here
  • The competition focuses on DeFi projects on Ethereum. A list of eligible projects can be found here (some are marked with "higher priority", yielding higher rewards)
  • All reports must clearly identify and name their sources of information. Participants must use publicly available information as a basis for report writing. However, using primary information such as contacting the project team, or using analytics tools such as Dune, Nansen, Tokenterminal, and others is highly encouraged.
  • Raters can join as individuals or as a group. For submissions by a group, rewards will be paid to the group and not to all the individual contributors
  • A project can only be rated once per Rater or group during this competition
  • A project cannot be submitted more than 3 times throughout the competition. The first 3 submissions (that get accepted) will receive the rewards

Submitting a report consists of three main steps: report creation, gathering feedback, and submission. Those steps can be summarized into the report acceptance process (RAP) as described below:

  1. Rater chooses which project to evaluate from this list and claims the project by adding their name to the list
  2. Ideally, the person or group introduces themselves in Discord and stating the project(s) they are going to evaluate (optional)
  3. The technical or fundamental report template is downloaded from Gitbook
  4. Rater creates a copy of the file and fills out the report
  1. Once completed, Rater uploads the report to the PrimeDAO Discord channel #report-feedback to ask for feedback from Prime Stewards and other Raters
  2. At least one reviewer will provide feedback
  3. The Rater can decide to either implement the feedback, stop with the process, or (if feedback was excellent) proceed directly to submission. Raters can also repeat the feedback process to ensure the report adheres to the quality standards expected
  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 Stewards will review the report, and vote FOR or AGAINST accepting it
  3. If the majority votes FOR, the report will be added to the Prime Rating website updating the project's score. Rewards are paid to the Rater
  4. If the majority votes AGAINST, the report is not accepted. The Rater can then approach the governing group, ask for feedback, and re-submit again after implementing the feedback

Please be aware that 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 is not of good quality.

As outlined here, ensuring high quality of reports is extremely important to Prime Rating and one of the main reasons a rigorous governance structure is put 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 and ensure its future success.

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 its own set of rewards).

Rewards are paid out per report. The amount depends on the rater's level and (in this contest) on the project. Some projects in the list were highlighted in color, meaning they have higher priority than others, and hence will yield bonus rewards.

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

  • Rewards per report: 150 USDC + 200 PRIME
  • Bonus rewards per reports (for priority projects): 200 USDC + 300 PRIME
  • Reward per review: 100 USDC + 100 PRIME (only eligible for raters with 100+ RXP)

Rate-athon #2 Prizes

There are prizes in two main categories. The first one is quality, and the second one is quantity.

The three best reports in terms of quality — chosen by the governing group — will receive:

  • 1500 USDC + 2000 PRIME (each)

The three parties that submitted the most reports will receive:

  1. 1st place 1500 USDC + 2000 PRIME
  2. 2nd place 1000 USDC + 1500 PRIME
  3. 3rd place 500 USDC + 1000 PRIME

How can I participate in the Rate-athon?

  • Pre-register here
  • Join us on Discord
  • Read through our guidelines
  • Follow the steps of the Report Acceptance Process listed above (write, feedback, submit)

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.

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