Prime Rating’s evaluation process is based on the application of rating templates, which form the basis for an equivalent and comparable protocol assessment. These templates ensure that raters have the same prerequisite and that protocols are evaluated on a fair basis.
However, in order to stay up-to-date, these templates need to be reviewed, improved and updated on a regular basis. The following process is designed to ensure that these template updates follow a clear structure.
A TIP (Template Improvement Proposal) is a proposal to update the content, structure or any other relevant part of a rating template. TIPs can vary from proposing to add an entire new section, to slightly changing the wording of a specific question, to changing the scoring system within a template. Some examples of a TIP are:
- Change the wording in question 2.b) from … to …
- Adjust the score of question 3.c) from 10 to 20
- Add the following question to section 4: …
- Remove question 1.b) and replace it with …
- Add a new section to the Fundamental DeFi Report Template to cover…
A TIP can include multiple changes within the same proposal.
However, it is recommended to not mix contentious changes with others that have positive sentiment from the discussion. Proposers should rather split up the updates into two separate proposals, if they are not sure both changes will pass.
The following steps are required to initiate and effectively queuing a TIP for vote:
- Informal discussion and sentiment check on the PrimeDAO forum or Discord
- Creating a formal proposal (TIP template) on the PrimeDAO forum. The proposal should be categorized in the “Prime Rating - Proposal” subcategory
- After posting, inform other Prime raters, reviewers and governors about the forum submission
- There is a 48 hour minimum discussion period after the proposal was published. Make sure the backend team has also reviewed the proposal and agrees that the implementation is feasible
- The 48 hour waiting period can be bypassed, if there has been sufficient discussion on prior posts, as well as a sentiment check
- Tag a Prime governor to request a TIP number and call for a Snapshot vote on a specific date
- TIP is queued on Snapshot and runs for 72 hours once it is live
- Once the vote has passed, the implementation is carried out by the Prime governors or stewards and the template is updated accordingly. The old template is put into an archive
- Token used to vote: RXP (Rating Experience Points)
- Eligible to vote: Minimum of 50 RXP required to participate in vote
- Quorum: 25% of circulating RXP needs to participate
- Pass: 50.1% of participating votes need to vote FOR, for a proposal to pass
- Voting: can happen all year round. However, it is recommended to request a vote 1 or 2 weeks before the implementation period
- Implementation rounds: end of each quarter (Q1, Q2, Q3 and end of Q4), or after a season or rate-athon if they collide with the mentioned dates (see guidelines below)
In order to ensure that template updates do not regularly interfere with the ongoing rating process and to make sure the backend team has enough time to implement updated templates, the following guidelines should be followed when requesting an update:
- The actual TIP implementation, i.e. replacing the old template with the updated version, can only take place 4 times a year, at the end of each quarter (i.e. last 1-2 weeks of March, June, September or December).
- TIP implementations cannot take place during a Rating Season or a contest. Should a contest be running during the last week of a quarter, the implementation will be postponed until the contest has ended
- Voting on a proposal should end at least 2 weeks before the end of a quarter, to accommodate for the implementation
- Informal discussions can take place at any time
- Updating the TIP template or the TIP process require a proposal too, with the same specifications as a TIP.