Prime Rating Season Two is Coming

Review DeFi projects, get tips from experienced raters, earn rating points, POAPs, and prizes up to 9k USDC

All levels of Raters are welcome!

TL;DR

• 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 January 31st, 10:00 am (UTC) until March 7th, 22:00 (UTC)
• The projects listed here can be chosen for submission
• Here you can find the report templates used to evaluate projects. Choose between Fundamental or a Smart Contract (technical) rating
• Join the movement through Discord and participate in the rating contest to be eligible to win prizes (9’000 USDC + 10500 D2D in total)
• Register here

Season 2

Prime Rating, the permissionless framework for evaluating the quality and risk of DeFi protocols, is kicking off the new year with a new Rating Season. Prime Rating Season two will go live on January 31st, 2022 will last for four weeks. We invite everyone interested in token research and DeFi analysis to participate in the contest by submitting rating reports. Check out the list of projects and sign up in the sheet here.

All successfully submitted reports earn a minimum of 150 USDC + 200 D2D 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 9k USDC and 10’5k PRIME tokens (D2D). 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. Moreover, reports submitted in the first week of the competition earn a 20% bonus reward in both USDC and D2D, and those submitted in the second week earn a 10% bonus reward.

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 our community. Some reports have been updated two to three times to keep up with the rapid pace of development in the Web3 ecosystem.

For the first time since the Prime rating competitions began in 2021, raters will also be invited to weekly DeFi coaching events to connect with the community and further hone their rating skills. Coaching events will be led by Prime Rating’s experienced raters.

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!

Season #2 Guidelines

• Reports can be submitted starting January 31st, 10:00 am (UTC) until March 7th 22:00 (UTC); to join, register here
• The competition focuses on DeFi projects on Ethereum. Participants can find a list of eligible projects here (some are marked with “higher priority,” yielding higher rewards)
• All reports must identify and name their sources of information. Participants must use publicly available information as a basis for report writing. However, we encourage using preliminary information such as contacting the project team or analytics tools such as Dune, Nansen, Tokenterminal.
• 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 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. The first 3 submissions (that get accepted) will receive the rewards

Report Acceptance Process (RAP)

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:

Report Creation

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 states 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

Gather Feedback

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

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 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 Prime Stewards, 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.

Community Contributions & Raters

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 & Rules

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

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

• Rewards per report: 150 USDC + 200 D2D
• Bonus rewards per reports (for priority projects): 200 USDC + 300 D2D
• Reward per review: 100 USDC + 100 D2D (only eligible for raters with 100+ RXP)
• Reports submitted in Week 1 (Jan 31st, 10am UTC — Feb 6th, 11pm UTC) gain 20% bonus USDC and D2D rewards (180 USDC + 240 D2D)
• Reports submitted in Week 1 (Feb 7th 10am UTC — Feb 13th 11pm UTC) gain 10% bonus USDC and D2D rewards (165 USDC + 220 D2D)

Season 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 each receive 2000 USDC + 2000 D2D

The three parties that submitted the most reports will receive:

• 1st place 2000 USDC + 2000 D2D
• 2nd place 1000 USDC + 1500 D2D
• 3rd place 500 USDC + 1000 D2D

How can I participate in Season 2?

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)

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 PrimeDAO

Our mission is to facilitate the broad adoption of open finance by coordinating and cultivating protocols, DAOs, and DAO2DAO relations that promote reliability, liquidity, collaboration, and extensive access.

We are excited to build next-generation coordination tools for decentralized finance and help steer DeFi towards a synergistic ecosystem. To learn more, check out the link below.

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