Prime Rating is a DAO governed comprehensive framework for quantifying the quality and risk of open finance protocols. The Prime Rating system operates through a permissionless process governed by the Prime Rating DAO. Prime Rating is built to improve the resiliency and functionality of the open finance ecosystem, educate end-users about the quality and associated risks, and create a benchmark for an open financial system that is permissionless, trustless, and transparent while respecting user sovereignty. Prime Rating evaluates protocols from the perspective of a protocol token holder based on smart contract quality, data quality, and fundamental quality.
Our vision is to become the number one permissionless framework for quantifying DeFi protocol risk and quality. To achieve our goals and to become a reference source for protocol quality, we rely on the following three main pillars:
- Community & Governance
- Platform
- Partnerships
In other words, Prime Rating is the community forming around the protocol. Anybody with a keen interest in DeFi and crypto, in general, is welcome to participate and contribute. Further, our goal is to build and improve strong governance processes and guidelines to support the community. The platform that represents our website (moving to a new page soon) and other tools used in our daily business are here to support the community and all users of PrimeRating. And last but not least, we aim to build out strong partnerships and relations within the DeFi and crypto ecosystem.
The Path to Prime Rating V2
Since the inception of Prime Rating V1, 14 raters — including partners from DeFi Safety and API3, have submitted 24 fundamental reports, 32 smart contract reports, and 4 data reports. All in all, the Raters submitted 63 reports. Lavi, who started as a community member and now has stepped as Prime Rating product manager, has kicked off the weekly community and onboarding calls. In anticipation of the Prime Rating, we are now adjusting the framework for V2 reports, designing the new interface, building the communication channels, and onboarding new community members. In addition, we’re about to launch a Rateathon with gentle rewards for the best Raters.
Furthermore, we are working with a high priority on a new iteration of our website. We are assessing new ways to improve our governance infrastructure (currently, we use Alchemy on xDai). We are also proud of our already established partnerships with DeFi Safety and API3, among others (see PrimeDAO ecosystem).
Community and Onboarding Calls
“The DAO with the lowest entry-barriers, for community-members to start contributing, is the DAO that will win” — David Hoffman (Bankless)
As permissionless protocol, the community is one of Prime Rating’s main pillars. To support this vision, every Wednesday at 18:00 CEST, we’ve been gathering to discuss the future developments of Prime Rating. The outcome so far has been brilliant. Every week we have a diversity of people joining the calls from all over the globe. More recently, a community member expressed the need to have an introductory onboarding call, so we’ve scheduled those for Fridays. If you have experience in DeFi fundamentals, smart contracts, or oracle data and want to contribute to the space by becoming a DeFi Rater, hop on our Discord group. The community will help you come on board.
Join us on our Discord server to become part of the Prime Rating Community!
Announcing the Rate-athon
The rate-athon–rating challenge is coming soon. PrimeDAO has set aside kind rewards for those who participate and 6 grand prizes for the best raters in two main categories. The challenge starts on Monday, July 5th at and ends on Wednesday, July 14th. The top 300 DeFi projects on the Ethereum mainnet, which have tokens, will be allowed for submission under the V2 Rating framework. We will provide more details very soon, but you can already start stretching your rater tissues by getting familiar with the V1 Prime Rating structure. There hasn’t been yet a better time to join Prime Rating!
Become a Rater and earn Rewards!
Prime Raters are rewarded for submitting reports accepted by the Governance mechanisms and added to Prime Rating. Currently, Prime Rating DAO rewards each rater with 150 xDAI + 250 PRIME for each unique report covering a project/category that has not been rated yet. Of course, rewards are only allocated if the Report is accepted.
For support, remarks, and contributions, please reach out to the Stewards in the PrimeDAO Discord.
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