Prime Rating Q2 Budget Proposal (119k + 154k D2D)

Governance
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Title: PrimeRating Q2 Budget Proposal
Author: @mm3729 & @Lavi
Created: April 7th, 2022
Status: Discussion

This proposal is to establish the budget for Prime Rating covering the development and contribution in Q2 (Apr-Jun). Thanks @mm3729 for the great support and preparation of the budget.

Summary
Prime Rating requests a budget of 119,1k in USDC and 154,9k in D2D. A full breakdown of the contributions and costs can be found here.

The budget is separated into two sections. The first covers estimate spendings for all full/part-time contributors, the second section providing an estimate for all events, marketing activities and community contributor rewards. In summary, we have budgeted 10 roles amounting to ~5 FTE’s for the 3 months of this cycle, whereby most of the rewards are variable (i.e. they depend on hours contributed or deliverables achieved).
Note: As can be seen in the table, most D2D spendings are reserved for community and events, whereas contributors are mostly rewarded in USDC.

Budget Overview & Milestones
This proposal also includes rewards and prizes for the first metaverse rate-athon, DeFi Rating Season 3, and the Celo ReFi rate-athon. The latter two events already have sponsoring secured, which is why their estimates are much lower than for previous events. We also reduced the buffer for community rewards. In combination, these two reductions (sponsoring + less buffer), helped to reduce the budget significantly compared to last cycle (accounting for one more month this cycle).

There are 9 specific milestones Prime Rating aims to achieve in Q2 with the given budget:

  • Expand rating scope to metaverse tokens (adjust website accordingly)
  • Plan and successfully manage first metaverse rate-athon in collaboration with Metaportal and have at least 15 reports submitted
  • Onboard 5 beta users (potential clients) to try and test the rating API
  • Plan go-to market strategy, pricing, marketing & partnerships for API
  • Conduct DeFi Season 3, and beat the participation + report submissions of Season 2
  • Build structure, processes & website to feature new service line, offering research-on-demand, have one marketing campaign to kick off the new service
  • Build structure & processes to allow new service to Prime Launch, for rating of pre-launch tokens
  • Initiate development of new frontend and advance backend development, incl. report submission interface
  • Expand token coverage to ReFi and conduct first rate-athon in Celo ecosystem
  • Onboard at least one person on fixed reward agreement, responsible for community mgmt & engagement

The event roadmap for PrimeRating is planned as follows:

  • Apr 13-27: Metaverse Rate-athon with Metaportal
  • May 4 - Jun 15: DeFi Season 3
  • Mid-end of Jun: ReFi Rate-athon with Celo

Other responsibilities covered with this budget are as follows:

  • To provide ongoing product leadership/ stewardship and steer the development of Prime Rating in conjunction with the goals and strategy of PrimeDAO
  • To support BD & Marketing efforts for Prime Rating
  • To continue the development of the Rating frontend, backend and API
  • To lead the design of Prime Rating governance and org structure
  • To grow the community of raters and researchers and ensure an engaging contribution environment
  • To expand the expertise of the current team by finding high impact talents

Budget Request
This budget is split into USDC expenses and D2D expenses. For calculation of the D2D estimates, the 30-day moving average price was taken.

In total, Prime Rating estimates a total spending of:

  • 119’100$ in USDC
  • 154’901$ in D2D = 39’077 USD (@ 0.25$ 30-day MA price per D2D)
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