View source for PrimeDAO (D2D)

==Basics ==
* Founded in: [https://ipfs.io/ipfs/QmQT1Y4ncBWP2mqum3Saq4MJfHRtSz5e8oTXeiZzRoxETc Q2 2020]
* Announced on [https://medium.com/primedao/introducing-primedao-1739ea0acb97 17-9-2020]
*[[Testnet]] release:
*[[Mainnet]] release: [https://primedao.substack.com/p/prime-times-1-primedao-mainnet-launch 11-12-2020]
* From their [https://medium.com/primedao/introducing-primedao-1739ea0acb97 announcement] (17-9-2020), their mission is to:
"<em>Facilitate wide adoption of [[Decentralised finance|Open Finance]] by coordinating and cultivating projects that promote safety, reliability, [[liquidity]], and open access, while avoiding [[centralized]] appropriation of critical financial infrastructure through [[decentralized]] [[governance]]."</em>

== History ==
* [https://medium.com/primedao/from-incubation-to-growth-598df6c6f902 Began] in Q2 2020, with the creation of a working group at [[ETHDenver]].

== Audits & Exploits ==

*[[Bug bounty]] program can be found [insert here].

=== Bugs/Exploits ===
== Governance ==

=== DAO ===

* From their blog (6-10-2021):

''"PrimeDAO’s next governance set-up combines existing building pieces with Reputation (REP), a custom-made non-transferable [[token]] function developed by [[PrimeDAO]]. The app allows the Prime [[Multi-Signature|multi-sig]] to batch [[mint]] and [[burn]] Reputation to Prime stakeholders. PrimeDAO aims to update Reputation at the end of each Prime Development Cycle.''

''The full set-up uses the following tools and can be accessed through:''

# ''[[Snapshot (The Portal)|Snapshot]] — vote. Prime.xyz''
# ''[[Multi-sig]] — treasury. Prime.xyz''
# ''[[BoardRoom|Boardroom]] + Multisafe — governance. Prime.xyz''
# ''Reputation Mint/Burn [[contract]]: reputation.prime.xyz"''

*From their [https://medium.com/primedao/from-incubation-to-growth-598df6c6f902 blog] (30-9-2020):

''"This first [[DAO]] is deployed on the [[DAOstack]] [[framework]] and utilizes [https://medium.com/daostack/holographic-consensus-part-1-116a73ba1e1c holographic consensus] for governance. At this point, there still isn’t a PRIME token, but only [https://medium.com/daostack/reputation-vs-tokens-6d7642c7a538 Reputation (REP)] — which is non-transferable voting right — as the source of governance truth."''

=== Treasury ===

* From their [https://medium.com/primedao/introducing-primedao-1739ea0acb97 announcement] (17-9-2020):

"''PrimeDAO will govern and allocate resources towards contributors for building, auditing, and maintaining its [[DeFi]] mechanisms and products."''

* From their [https://medium.com/primedao/from-incubation-to-growth-598df6c6f902 blog] (30-9-2020):

"''As an [[on-chain]] entity, Prime can govern a treasury, where funds can be exchanged to workers or service providers for their efforts."''

*[https://thedefiant.io/balancerdao-treasure-diversification/ From] [[The Defiant]] (9-12-2021):

''"Holders of [[Balancer (BAL)|Balancer’s]] governance token, BAL, are considering two proposals now, from [[MStable (MTA)|mStable]] and PrimeDAO, likely, another proposal, for [[Mist|MIST]] (the token behind the [[Decentralised Autonomous Organisation (DAO)|DAO]] that built copperlaunch.com), is coming. PrimeDAO wants to get Balancer directly involved in its operations."''
== Token ==
=== Launch ===
* [https://ipfs.io/ipfs/QmQT1Y4ncBWP2mqum3Saq4MJfHRtSz5e8oTXeiZzRoxETc Will have] a token sale in the future (17-9-2020). [https://medium.com/primedao/from-incubation-to-growth-598df6c6f902 Expected] (30-9-2020) in Q4 2020. It will be an [[IDO]] on [[Mesa]] (20-10-2020) and [https://medium.com/primedao/prime-tokenomics-and-initial-decentralized-offering-73ae04021c6d happen] on 9-11-2020.

=== Token allocation ===

==== D2D ====

* From their D2D [https://medium.com/primedao/prime-d2d-liquid-launch-lbp-f809b0e3fd1e announcement] (11-12-2021):

''"D2D is the Network token of PrimeDAO. It plays a crucial role in managing the resources of PrimeDAO and stewarding the products and services of Prime as a Cryptonetwork. In our quest to create a collective identity, D2D token embodies our mission to connect the tissues of our value network — a [[distributed]] matrix of contributors, squads, products, and further on the entire DAO ecosystem. D2D holders hence receive exposure to the underlying value of Prime’s products, partnerships, and assets as well as the ability to partake in governance around PrimeDAO."''

==== PRIME ====

* From the [https://ipfs.io/ipfs/QmQT1Y4ncBWP2mqum3Saq4MJfHRtSz5e8oTXeiZzRoxETc Litepaper] (17-9-2020):
"''PRIME, PrimeDAO’s [[utility token]], will initially be limited to a total supply of 90M distributed over multiple stakeholder groups. Note that this distribution is still subject to change based on the decisions taken by PrimeDAO in the Incubation stage. ''[[https://medium.com/primedao/prime-tokenomics-and-initial-decentralized-offering-73ae04021c6d Update] (20-10-2020): numbers indeed changed, although not a lot, couple % here and there.]
# ''Founders and Partners (Early contributors) A total of 22,350,000 PRIME tokens (25.9%). All early contributor tokens are vested for one year with a continuously linear release schedule. ''

# ''The Prime Development Foundation, a Curaçao-based foundation mandated to support the initiation and development of PrimeDAO, will receive 1,500,000 PRIME [1.7%] tokens to be able to provide support services to PrimeDAO and to cover expenses for two years. 500,000 of the Foundation’s PRIME tokens are unlocked, while the other 1,000,000 are locked for one year. ''
# ''Token Sale Participants. Up to 24,000,000 PRIME Tokens (27.8%) will be distributed to PrimeDAO Token Launch participants. These tokens will not be vested and can freely move after the launch. Alternatively, they can be locked to acquire additional voting power in PrimeDAO. ''
# ''Contributor Rewards. Up to 13,200,000 PRIME Tokens (15.3%) are reserved for Contributors and awarded if they provide valuable commitment to the development of PrimeDAO during the Incubation and Growth phases. Contributions could include developing Prime products and tools, technical audits, evangelism, research, good governance or any other contribution deemed valuable by PrimeDAO. Contributor Reward tokens issued during the Growth phase may or may not include vesting schedules—this is up to PrimeDAO’s community to decide. ''
# ''Incentives. Up to 13,200,000 PRIME Tokens (15.3%) are reserved for product users as incentives for protocol usage and community engagement. Following the token launch, a [[Balancer]] pool will be created to incentivize market makers for providing liquidity and additional price discovery for PRIME [[tokens]]. Up to 1,200,000 PRIME tokens will be distributed via this initial liquidity reward scheme. Further incentive mechanisms have been conceptualized— such as liquidity rewards for Prime Aggregator users—however; it’s up to PrimeDAO to ultimately decide which mechanisms are most valuable for PrimeDAO stakeholders and should be implemented. ''
# ''Products. Up to 12,000,000 PRIME Tokens (13,9%) are reserved to providers of early PrimeDAO products and licences acquired by PrimeDAO. This includes the purchase of a license of [[Totle]]’s liquidity routing engine. Product tokens are vested for two years with a continuously linear release schedule."''

==== REP ====
* From the [https://ipfs.io/ipfs/QmQT1Y4ncBWP2mqum3Saq4MJfHRtSz5e8oTXeiZzRoxETc Litepaper] (17-9-2020):
''"The initial REP distribution is based on merit and optimizes for good governance, vision alignment, and stakeholder cooperation. Initially, 5,500 REP will be distributed at the launch of [[the DAO]], with large REP inflation shortly thereafter for stakeholders who lock their PRIME tokens. Further distribution will be governed collectively by the PrimeDAO REP holders and is only possible through governance proposals.''
# ''Founders and Partners (Early contributors) The early Contributor group, to consist of approximately 50 individuals from 8+ different teams, will receive voting rights from an initial pool of 4000 REP that is divided according to past contributions and assumed Growth Phase responsibilities to help ethically and strategically steer PrimeDAO during its infancy. ''
# ''The Prime Development [[Foundation]] operates two-of-three [[multi-signature]] [[wallets]] and is mandated to provide support to help initiate PrimeDAO. Based on this mandate, the Prime Development Foundation will receive 1500 REP to help practice good governance. Unlike other contributors, the Foundation will not attempt to gain further voting power beyond its initial assignment of 1500 REP. In other words, PrimeDAO will progressively [[decentralize]] away from its involvement as REP is inflated and earned by Growth-stage contributors. ''
# ''Locking PRIME for REP Following the launch of PrimeDAO, PRIME holders will be able to lock their tokens to [[earn]] up to 4,500 REP proportional to the amount and time of tokens locked. Additional details regarding this mechanic will be provided through PrimeDAO’s communication channels as its Q4, 2020 on-chain launch approaches."''

* From their [https://medium.com/primedao/prime-locking-starts-february-8th-843b5a00a2c6 blog] (2-2-2021):

''"PrimeDAO has determined that any individual in the [[DAO]] should not possess more than 500 REP. With this in mind, any locks that result in higher than 500 REP will have their Reputation [[slashed]] by the DAO."''

=== Utility ===
* [https://discordapp.com/channels/740147854890500127/747557301442969703/754284901888688280 From] their [[Discord]] (17-9-2020):
"''PRIME functions as an utility and reward token in PrimeDAO and REP, a non-transferable [[governance]] token, is utilized for PrimeDAO governance. The $PRIME token is the contributor reward token used to coordinate internal resources, exchange value and align stakeholders."''

=== Token Details ===
* [https://discordapp.com/channels/740147854890500127/747557301442969703/754284901888688280 From] their Discord (17-9-2020):
"''In its initial form, PrimeDAO will be deployed on the [[DAOstack]] framework and follow a dual-token design. By separating voting power from utility PrimeDAO is better able to reward contributors according to their appetite and promotes strong alignment between governing contributors. PrimeDAO practices [https://daostack.zendesk.com/hc/en-us/articles/360001992037-What-is-holographic-consensus- Holographic Consensus], a governance mechanism native to [[DAOs]] powered by DAOstack that streamlines the attention of the collective. Central to Holographic [[Consensus]] is Reputation (REP), non-transferable voting rights used for voting on proposals. REP can be earned by contributing to the development of PrimeDAO by:''
# ''Submitting contribution proposals to the PrimeDAO''
# ''Participating in a PrimeDAO working group''
# ''Earned by locking PRIME tokens into the PrimeDAO locking mechanism"''

=== Stablecoin ===
== Technology ==
* Litepaper can be found [https://ipfs.io/ipfs/QmQT1Y4ncBWP2mqum3Saq4MJfHRtSz5e8oTXeiZzRoxETc here] (17-9-2020).
* Code can be viewed [insert here].

=== Implementations ===

* Built on: [[Ethereum]], and deploying the [https://medium.com/primedao/from-incubation-to-growth-598df6c6f902 first version] of Prime to the [[XDai]]

=== How it works ===
=== Fees ===
=== Upgrades ===

* PrimeDAO Governance [https://alchemy.daostack.io/dao/0x273d0f686a53a49a0fba2a801566b19f9aaf8fcd launched] on [[Mainnet]] (10-12-2020).

=== Staking ===
=== Liquidity Mining ===
=== Scaling ===
=== Interoperability ===
=== Other Details ===
== Oracle Method ==
== Privacy Method ==
== Compliance ==
== Their Products ==
* [https://ipfs.io/ipfs/QmQT1Y4ncBWP2mqum3Saq4MJfHRtSz5e8oTXeiZzRoxETc Has] five products on its [[roadmap]] (17-9-2020).

=== DAO2DAO Interactions ===

* From the [https://ipfs.io/ipfs/QmQT1Y4ncBWP2mqum3Saq4MJfHRtSz5e8oTXeiZzRoxETc Litepaper] (17-9-2020):

"''A robust interface supporting DAO to DAO interactions is necessary for PrimeDAO’s success as an ecosystemic coordinator. Such interactions could range from token [[swaps]] to establishing joint ventures and/or launching funding rounds such as [[Gitcoin]] that support new builder teams and enterprises. With such an interface, we can imagine fractalized DAO orders where PrimeDAO delegates or formalizes relationships with a network of sub- or partner DAOs."''

* The first DAO2DAO pool went [https://primedao.substack.com/p/balxpr live] (7-5-2021) with [[Balancer (BAL)|Balancer]].

=== Decentralized Hackathons ===

* From the [https://ipfs.io/ipfs/QmQT1Y4ncBWP2mqum3Saq4MJfHRtSz5e8oTXeiZzRoxETc Litepaper] (17-9-2020):

"''Quarterly decentralized hackathons and innovation crowdsourcing competitions are planned to stimulate and expand PrimeDAO’s builder ecosystem. PrimeDAO members with voting power will be able to allocate rewards, determine the number of winners, and the share of rewards each winner receives in a [[trustless]] and fair manner."''

=== Liquidity Pool Manager ===

* From the [https://ipfs.io/ipfs/QmQT1Y4ncBWP2mqum3Saq4MJfHRtSz5e8oTXeiZzRoxETc Litepaper] (17-9-2020):

"''As one of its first implementations, PrimeDAO is creating a governable scheme for deploying [[liquidity pools]] on [[Balancer]] Protocol. This is an experimentation ground for novel ideas such as co-[[Yield Farming|farming]], where PRIME rewards and voting power are allocated to [[liquidity providers]] who [[stake]] into the [[DAO]]-governed pools, or a [[Defi|DeFi]]/DAO alliance pool: a multi-token [[liquidity pool]] which builds liquidity between project members who cooperate on joint initiatives."''

=== Prime DEX Aggregator ===
* From their [https://medium.com/primedao/introducing-primedao-1739ea0acb97 announcement] (17-9-2020):
''"PrimeDAO’s first product is a [[DEX]] aggregator that provides best-price discovery, slippage reduction, and reliable settlement. It is a licensed version of the [[Totle Swap|Totle]] aggregator, provided to PrimeDAO as its first product."''

=== Prime Pools===

* From the [https://medium.com/primedao/prime-pools-a-cooperative-dao-liquidity-management-solution-2948bdb7a118 announcement] (6-6-2022):

''"Prime Pools is a [[Balancer (BAL)|Balancer]] reward optimizer that aims to empower DAOs to contribute to the Balancer ecosystem by providing additional rewards and control.''

''Unlike current solutions, Prime Pools does not introduce a native governance token and instead aims to enable current veBAL holders to collectively lock their tokens and provide benefits to liquidity providers to enhance their rewards. By adopting Prime Pools instead of an aggregation platform with a [[Native token]], Balancer can [[keep]] the majority of the value created by BAL inside of the Balancer Ecosystem.''

''An important aspect related to ve tokenomics is Bribing. Through Bribing, projects can reward veBAL holders for aligning with their project Gauges & Proposals in exchange for a reward. PrimeDAO is working closely with Paladin, a platform creating Markets for Influence and Voting Rights across [[Defi|DeFi]], that launched on Prime Launch, to integrate their Warden & Quest product into Pools."''

=== Prime Rating===
* PrimeRating V2 has gone [https://twitter.com/PrimeDAO_/status/1465365915889983489 live] (30-11-2021).
*From their [https://medium.com/primedao/introducing-primedao-1739ea0acb97 announcement] (17-9-2020):

"''As one of its first products, PrimeDAO will prioritize creating a decentralized [[DeFi Safety]] Interface that informs and guides [[Defi|DeFi]] adopters."''

* The above has grown into [https://medium.com/primedao/announcing-the-prime-rating-beta-3d22f81b178b Prime Rating] (14-1-2021).

* PrimeDAO’s DeFi pool [https://medium.com/primedao/prime-defi-pool-launches-on-dhedge-with-125k-in-value-5a4cd71b3d1d launched] on [[DHedge DAO (DHT)|dHedge]] powered by [[Prime Rating]] (28-4-2021):

''"Since its inception, the pool has attracted over $140 thousand in value and generated 27% returns after [[fees]]. The pool charges a performance fee of 10% on gains made by the pool. Because of the good returns, the Prime DeFi pool qualifies for [[dHedge]] performance [[mining]], earning Prime DeFi pool investors 22% APY in dHedge’s native DHT token!"''

== Roadmap ==
* Can be found [https://ipfs.io/ipfs/QmQT1Y4ncBWP2mqum3Saq4MJfHRtSz5e8oTXeiZzRoxETc here] (17-9-2020) and stretches into 2021:
"''The Incubation phase started in Q2 2020 with the creation of a PrimeDAO working group at ETHDenver and is expected to end in Q4 2020 with the launch of PrimeDAO. In this phase, the main objective has been to create a coordination structure that can facilitate ecosystemic DeFi advancement by providing democratized prime brokerage services. Once PRIME tokens have been allocated according to this litepaper, PrimeDAO will transition into its Growth phase. ''

''Second Phase: Growth. In this phase, PrimeDAO should develop several tactical governable primitives for itself. Development of the primitives will be matched by the [[DAO]]’s governance to an ecosystem of development teams according to their strengths and capabilities, with a designated team dynamically maintaining and reporting on a holistic ecosystem [[roadmap]] to all DAO stakeholders. This Growth phase is projected to start in Q4 2020 with the deployment and launch of PrimeDAO governance and resource allocation. The PrimeDAO will utilize the [[Alchemy]] platform by [[DAOstack]] at the beginning of this phase. During this phase, the dual primary objectives are (1) to mature PrimeDAO by expanding its suite of products, achieving much-needed economic sustainability, and (2) designing and improving Decentralized Governance and Operations specific to the needs and requirements of PrimeDAO. The former objective is expected to accelerate adoption in the DeFi space and the latter expected to require DAO fractalization and delegation mechanisms. These mechanisms include the capacity to designate and deploy sub-DAOs and joint DAO ventures, form nested organizational hierarchies, and allocate funding and/or special governance privileges to designated administrators. At the start of this phase, PrimeDAO will launch its first product, primedao.eth/trade, a [[DEX]] aggregator leveraging [[Totle]]’s smart routing technology. Afterwards, PrimeDAO’s community can decide on other promising DeFi valueadd models that contribute to the advancement of open finance and strengthen PrimeDAO. At this stage, PrimeDAO now consists of a broad network of independent stakeholders that coordinate publicly and transition value through PRIME tokens. In this phase, the function of the Prime Development Foundation will be limited, and the vast majority of interactions will be executed directly by PrimeDAO and its [[consortium]] of decentralized actors. All infrastructure, including the smart [[contracts]], will become increasingly decentralized during this phase. Once stakeholders have agreed to the specification of a new PrimeDAO governance and [[tokenomics]] for the next phase—including the speculative initiation of a continuous fundraising mechanism, such as a PRIME [[bonding curve]]—the network will transition to its Maturity phase. ''

''Final Phase: Maturity The Maturity phase is projected to start in Q1 2022 with the launch of a native PrimeDAO backed by [[on-chain governance]] and fully integrated tokenomics. Through continuous improvement, PrimeDAO should continue to evolve into a global [[decentralized autonomous organization]] that can self-fund, self-govern and self-organize. At this point, PrimeDAO should govern a network of decentralized financial applications and interfaces that allows anybody—without being limited by a lack of resources of any kind—to be able to utilize and benefit from PrimeDAO’s integrated financial offering. The ‘completion’ of the Maturity phase depends on the [[state]] of the industry and [[evolution]] of PrimeDAO, however specific cryptoeconomic simulation tools such as CADCAD can help create models to determine when PrimeDAO has reached a point of resiliency and economic sustainability."''
== Usage ==
=== Projects that use or built on it ===
== Competition ==
== Coin Distribution ==
== Pros and Cons ==
=== Pros ===
=== Cons ===
== Team, Funding, Partners ==
=== Members ===
*[[Luuk Weber]]; Prime Governor 
*[[Renç Korzay]], the lead of Prime Pools
*From their [https://medium.com/primedao/prime-tokenomics-and-initial-decentralized-offering-73ae04021c6d blog] (20-10-2020):

"''The DAO consists of multiple organizations that contribute in different ways. Some provide governance oversight and advisory, others are active builder collectives who are creating the first round of products and protocols for the DAO. These roles — even roles that have more of a leadership [[AURA|aura]] — are fluid and always open to change. With this understanding, there is no core PrimeDAO team as such."''
* From the [https://ipfs.io/ipfs/QmQT1Y4ncBWP2mqum3Saq4MJfHRtSz5e8oTXeiZzRoxETc Litepaper] (17-9-2020):
"''To better coordinate and steward governance, a Curaçao-based foundation—titled Prime Development Foundation—has been established to support the initiation of PrimeDAO and provide the network with a legal [[anchor]] into the traditional legal world. The Prime Foundation does not own PrimeDAO or any of its products and only has a supporting and stewarding role.''

''The PrimeDAO working group has consisted of a handful of stakeholders that coordinate via private group chats, private meetings and align through mutual contribution."''
* [https://twitter.com/AlonGoren/status/1306612845862248448 According] to a [[tweet]] by [[Alon Goren]] (17-9-2020), the following were all starting members:
[[Totle]], [[Curve Labs]], [[DAOstack]], [[DMM DAO]], [[Validity]], [[dOrg]], [[Rivet]], [[BlockScience]], [[DAObase]], [[API3]], [[Meme Protocol (MEME)|Meme]], [[AlphaFin]], [[Draper Goren Holm]], [[DeepDAO]] and [[Level K]].
* According to their [https://medium.com/primedao/from-incubation-to-growth-598df6c6f902 blog] (30-9-2020) the following are also co-governing PrimeDAO:
[[Agency]], [[CryptoAtlas]], [[The Builder Collective]], [[DeversiFi]], [[Kleros]], [[Hyper Partners]], [[Protofire]], [[DeFi Safety]], [[Kolektivo Labs]].

=== Funding ===

* From their [https://primedao.substack.com/p/balxpr blog] (7-5-2021):

''"Through a grant from [[Balancer (BAL)|Balancer]] Labs the development of what is known as Prime Launch started. With the development of Prime Launch, PrimeDAO became a Balancer v2 launching partner, expanding the collaboration from protocol usage to active contribution on the development scope. Prime Pools is another giant step in a productive collaboration between two parties."''

# From their [https://medium.com/primedao/primedao-secures-2m-from-top-dao-contributors-c92068b6a1e2 blog] (15-9-2021):

''"Raised $2 million from DAO backers, including LD Capital, Stratos, TokenInsight, Signum capital, Stacker ventures, Senary Ventures, Atka Capital, ID Theory, SMAPE Capital, XeO4, Meld ventures, Faculty Group. Some DAO contributors have also joined PrimeDAO to accelerate DAO to DAO innovation, including [[Fernando Martinelli]], CEO of Balancer Labs, [[Griff Green]], a true DAO legend, and [[Nima Asghari]], experienced DAO contributor."''

=== Partners===

* [[API3]]; is [https://api3.org/ mentioned] as a partner on their website (5-3-2021).
*Went into [https://medium.com/primedao/prime-d2d-liquid-launch-lbp-f809b0e3fd1e tokenswap] deals with [[Balancer (BAL)|Balancer]] and [[Olympus (OHM)|OlympusDAO]] (12-12-2021). [https://medium.com/primedao/gitcoin-and-prime-agree-on-mutual-grant-to-empower-dao2dao-coordination-tooling-665245ac5e41 Another one] with [[Gitcoin (GTC)|Gitcoin]] followed (17-12-2021). [https://medium.com/primedao/fiat-dao-primedao-building-the-future-of-fixed-income-assets-in-defi-a48d89b59ae One] with [[FIAT DAO (FIAT)|FIAT DAO]] came next (16-6-2022) and four days later [https://medium.com/primedao/giveth-primedao-token-swap-a-partnered-deal-update-cf69495cf0dc announced] one with [[Giveth (GIV)|Giveth]].
*PrimeDAO partnered with [[Celo (CELO)|Celo]] to accelerate DAOs building at the nexus of [[web3]] and climate (4-4-2022). Both projects intend to [https://medium.com/primedao/celo-primedao-milestone-update-dao-incubation-funding-and-a-token-swap-331fad88477f seal the deal] with a tokenswap of $250,000 (23-5-2022).
*[[Aragon (ANT)|Aragon]] and PrimeDAO [https://medium.com/primedao/aragon-and-primedao-establish-strategic-partnership-5d45dd8eb1c completed] a strategic partnership and token swap totaling $100,000 in $ANT and $D2D (31-10-2022).

[[Category:Coins/Tokens]]