Updated Vision & Objective for PrimeRating

Vision & Objectives for PrimeRating

TldR:

  • Updated vision & objectives
  • New key results for Q3 & 4
  • This is not final, pls add your inputs into the comments

Introduction

In May 2022, the PrimeRating team met in the Metahub embassy in Lisbon (most for the first time). During this retreat, the team revamped the vision and mission of PrimeRating, discussed goals and priorities, and aligned on how to best coordinate to efficiently tackle the next development cycle.

For instance, in the first session, the team came together to agree on the “Why”. Why are we here and what motivates us to contribute to Prime Rating? The exercise was not targeted to define a goal that can be achieved in the next 6 months, but to find agreement on an inspiring long term ideal that we strive towards.
After an insightful brainstorming session, some inspiring reasons for why we want PrimeRating to thrive came up, the main ones are summarised below:

  • to provide orientation through a holistic and comparable overview
  • to create insights and facilitate sense making - light beacons in the dark forest
  • to help decrease complexity and improve information aggregation for lower barriers to enter the space
  • to counteract bad actors and misinformation
  • because there is a lack of standards and a narrow perspective of value (get rich fast)

Essentially, what kept coming up was our desire to enable true transparency, to help us and others navigate the space more safely and more consciously. Essentially we agreed that the “why” is best summarised as follows:

To foster transparency and objective decision making in Web3.

Secondly, the team went on to also find a mission statement, to answer the question on how do we achieve the vision, which is:

Enable community-driven research by providing a permissionless framework

In other words, we aim to build a well functioning (sub-)DAO as the vehicle to empower a community of analysts and researchers, by providing the right environment and applying web3 tools best suited for this purpose.
In combination, the two statements encompass the problem we want to solve and our approach to achieve it on a high level. The intention behind this exercise was to align on a shared goal and to come up with an inspiring and easy to communicate message.

However, agreeing on our vision was only the first session and many more followed. Most importantly, the topic of how to achieve financial sustainability strongly influenced most of the discussions. You will also see this topic becoming more prominent in the next sections.

Northstars & Objectives

As done at the beginning of this year in this post northstars and milestones we want to provide orientation by updating these objectives.
In this previous post, the main objectives were summarised as (1) decentralise PrimeRating, (2) Community Growth, (3) Product improvement & additional offerings, and (4) financial self-sustainability.

At the core these objectives don’t change, however, we are going to adapt them slightly to accommodate most recent developments, discussions and future plans. The updated strategic objectives are as follows:

  1. High Quality Services & Products (prev. Product improvement & additional offerings)
  2. Financial Sustainability (no changes)
  3. Community Health & Growth (prev. Community Growth)
  4. Efficient and empowered DAO (prev. Decentralize PrimeRating)

Next we’re going to break down these high-level targets into more tangible objectives and measurable results. This list is by no means exclusive and can be adjusted as we learn more. However, for now we do believe that putting focus onto these topics in the coming months is the best way forward.

1. High Quality Services & Products

In a space where most information is public and code open source, the value of data lies in its curation, sense making and how you apply it in the right context. Whether it’s writing a report, conducting research for RoD, improving the report template, or managing the rating API, we strive to create the best quality. This requires us to become experts at what we do, which is a key factor to build trust and strong reputation.

1.1 Updated Objectives for Q3 & 4

Obj. 1: Increase our product & service quality to attract users

Obj. 2: Improve BD efforts, service support & infrastructure for RoD & API

Obj. 3: Increase internal expertise about specific fields within Web3

1.2 Key Results

  • Build basic infrastructure for RoD & API service (update website, docs & support channel)
  • Increase BD efforts for RoD & API:
    • establish BD community-group incl. org structure, targets and incentives
    • create CRM to plan, track & report on activities
    • improve marketing material (create material to simply communicate our offerings)
    • establish cohesive go-to-market strategy, incl. pricing
  • Explore PMF for at least 3 use cases of RoD (e.g. asset listing DD, pre-launch DD, research for angels) and improve service upon feedback
  • Establish a working group focusing on on-chain metrics & automation, have at least 10 questions / metrics automated for better data access and consistency
  • Ensure report updates so that the average rating is not older than one quarter
  • Establish expert groups/guilds for better informed products (e.g. DEX guild, gaming, lending, etc.)

2. Financial Sustainability

Financial sustainability is the second backbone of a thriving community. As we all know, expertise is costly and in an ecosystem full of opportunities - where joining a new DAO is only one Discord server away - it is especially difficult to retain talent and grow a community of experts. Having the financial strength to keep the best contributors in our ranks is thus a must-have. Strong partnerships can also be a big value-add, hence we also aim to increase our resource through mutually beneficial partnership agreements.

It’s also important to highlight that we aim to achieve financial sustainability and independence, by creating income streams based on our services and the expertise we build together. In other words, we aim to become financially independent from grants or VC’s, by creating value-adding services.

2.1 Updated Objectives for Q3 & 4

Obj. 1: Achieve financial independence from PrimeDAO, grants, or other “one-time investments”

Obj. 2: Establish sustainable income streams

Obj. 3: Establish partnerships with relevant entities to support the success of PrimeRating

2.2 Key Results

  • Get at least 10 unique RoD users, 5 of which are recurring users
  • Have at least 5 API implementations with relevant partners
  • Create at least 10 commissioned pre-launch reports
  • Get 3-5 event sponsorships to support our permissionless rating contests
  • Further explore demand for RoD and expand market research to similar services
  • Define & confirm PMF for at least 2 services by the end of Q3

3 Community Health & Growth

A thriving community of analysts, researchers, detectives, data hunters and of course all the supporting functions are the live blood of PrimeRating. We aim to foster healthy growth by putting emphasis on onboarding and upskilling, to increase our research muscles. Experience and expertise lead to high quality. Hence, we aim to support our analysts in their learning towards becoming experts and consequently we become a leading authority in the areas we cover.

3.1 Updated Objectives for Q3 & 4

Obj. 1: Increase learning opportunities & data access

Obj. 2: Attract new talents & partnerships to elevate our capabilities

Obj. 3: Retain the best analysts in our ecosystem and support their learning & upskilling

3.2 Key Results

  • Conduct at least 10 learning sessions for the community (can be in partnership with other reputational entities)
  • Enable more access points to information & data for our community (e.g. Nansen, Dune dashboards, internal proprietary DB, etc.)
  • increase internal analytics capabilities by attracting contributors with respective skills (e.g. have one Dune wizard join our ranks to support customized dashboards)
  • Partner with at least 3 entities for access to additional resources and connectedness within the ecosystem
  • Grow the community to at least 50 active analysts, of which at least 25 with 100+ RXP
  • Create additional learning material for analysts of all levels (video, articles, webinars)

4 Efficient and empowered DAO

The DAO is the vehicle that empowers the community to grow sustainably and to increase their expertise through co-learning, experience sharing and by providing a safe space to collaboratively improve and become better at what we do. While the DAO needs to be empowering, it also needs to be managed efficiently in terms of resources and focus. Specifically in terms of financial and human resources (both scares). It’s crucial that we put the right consensus and decision making processes in place, to help us remain on track. Further, to increase the speed and agility necessary to steer the DAO, these processes must find the right balance between being as efficient as possible while at the same time as inclusive as needed.

4.1 Updated Objectives for Q3 & 4

Obj. 1: Improve governance processes to be more inclusive where deemed beneficial

Obj. 2: Create & improve frameworks and rules to encourage members to interact and shape Prime Rating

Obj. 3 Improve & automate internal processes for report writing/submission & other related processes

4.2 Key Results

  • Increase impact of governance into more areas of the DAO (besides RAP/RUP process). Have an established governance process for at least 2 additional areas, outside of ratings (e.g. BD, finance & reporting, or marketing)
  • Increase community autonomy and enable independent working groups/guilds. Set up at least 3 guilds for major areas of priority within the DAO (i.e. BD & growth, community health & growth and product guild)
  • Define requirements and create roadmap for spin-off PrimeRating from PrimeDAO
  • Broaden contributor involvement by 50%, by improving structures for contributions. To foster community growth outside the analyst guild and support the core team via meaningful contributions supporting our core mission and objectives
  • Improve internal coordination - within core team and between contributors/community - by applying best suited methods & tools. Have at least 10 regular processes streamlines, i.e. fully described, efficiently structured and assigned ownership (e.g. monthly rewards, budgeting, objective and key result setting & reporting, bounty setting & rewarding, etc.).

Conclusion

This is the updated outline of our vision and mission for Prime Rating; in fact, one can also display the focus areas highlighted above in circular flywheel, whereby each focus point is a prerequisite of the next.


Given the current market situation and the feedback received from other PrimeDAO stewards, we aim to put specific focus on the financial aspect and thus our products & services in the coming months. We do believe that we need to solve this piece of the puzzle before putting more emphasis on other areas.

We also aim to collect feedback from everyone contributing to PrimeDAO and PrimeRating. If you have any feedback, concerns, or suggestions, please raise them in the comments.

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FYI: This sheet provides an overview of the previous stated targets and their current status.

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Thanks for the post Lavi. Wondering how to make the KR’s for OKR4 more measurable. Right now, they read more like high-level things we want to accomplish but miss the tangible outcome we want to achieve. For example, " Improve internal coordination by applying the best suited methods & tools", how will we know this is indeed happening? Same for some of the other KR’s mentioned.

Some ideas here for KR’s would be:

  • Setup working groups/guilds for major areas of priority in the DAO. Appoint guild leaders and define their areas of focus.
  • Draft requirements and roadmap for spin-off of Prime Rating from PrimeDAO (do we want this as a P0, seems a distraction given our big focus on PMF in 2022?)
  • Broaden contributor involvement by 50% by improving structures for contributor involvement (it is not clear why we want this)
  • Streamline internal team co-ordination, measured via self-reported metrics (?)
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Just a short opinion on this. Since we don’t know how much time we will need to build revenue streams, I think we need to cover more protocols. So we should focus on a wider range of protocols, not on depth (few reports per protocol) because two reasons:

  1. Every new protocol that we research and write report about - is a potential customer/client
  2. With more protocols analyzed, the Prime Rating app represents a more robust product (in this stage). If we measure reporting cost per protocol (with RUP) we extend sustainability with current funds (in a worst-case scenario)

Product quality (reports at this moment) is crucial when it comes to monetization, and I think it is necessary to determine what type of report we plan to offer through Rating API.

We will have MVP. What do you think, at this moment, is Prime Rating app MVP? I think for that answer we need few steps:

  1. Competitor analysis
  2. TM analysis
  3. Define VP (better analysis, insights, “dynamic” reports, or other improvements), but make some noise in space
  4. Create robust methodology and tools for reporting
  5. Create Reports
  6. Test product/service usability with a few free integrations - we will get answers to MVP question
  7. Then we can set measurable goals for everything
    If we have MVP, we can jump to nr 7 :grinning:,

Internal coordination is important from many perspectives: improves the learning process, saves time and $ and improves the incentive mechanism ( @xm3van thread). All participants in product creation process need to be incentivized and have aligned interest.
Just my opinion

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Thanks for the feedback @mm3729. You’re right, I gave it a shot and added more tangible results to OKR4. Lmk what you think.
Regarding the contributor involvement, I believe healthy growth should also happen outside our main focus area that is raters & analysts. To enable more community-driven steering of the DAO and support of core team activities where they lack capacity/expertise (e.g. marketing&social media, legal or technical development).
Regarding the Rating spin-off, I agree that the current point in time is not perfect, but this doesn’t mean we have to spin off in one month from now, it just means we should initiate the process and create a working group that can start defining the process. I assume this will be a lengthy process.

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I definitely agree that we should cover more protocols. However, I also think that PrimeRating is at a stage where the product is advanced enough to start talking to potential clients. The product can always be better or cover more protocols (there are almost infinite tokens to evaluate), still I wouldn’t make our product-readiness dependent on the amount of protocols covers, unless of course that’s what clients want. This is what we’ll find out in the coming months.

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Would be great to know more about your perspective on clients. You mention every protocol we rate is a potential client, in what way do you see them as client? What’d be the product/service or the business model you have in mind?

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With quality performed research every rater needs to be able to bring some recommendation for a rated protocol (in report or private) - how to improve this or that, spot weak points, establish communication, etc.
Especially when/if RUP will be implemented, raters need to provide that input from the market (because raters research that market). It’s easier to sell a service when you know that protocol needs that service.