Bankless Loans Grant Proposal Season 2
Project Keeper: Yves
Technical Project Coördinator: Birdman
Date: Sept 27th 2021
Summary
In Season 1, we started building a BanklessDAO frontend for the Liquity, interest-free loan protocol. Because of a lack of Dev time and knowledge, we were not able to finish it off in Season 1. We still have 200000 BANK left from the Season 1 Grant since the last allocations for time spend until 15/9, but won't have enough to finish off, as detailed below. With Mr Birdman as the Dev Manager, we now have a better estimate of what is needed to finish off.
BDAO will earn LQTY rewards generated by the 'Bankless Loans' Project.
BACKGROUND
Liquity allows anyone to take out an interest-free loan against their ETH in the protocol's native crypto dollar, LUSD. Instead of paying interest, you pay a one-time borrowing or redemption fee when you open or close your position. Additionally, Liquity only requires a minimum collateral ratio of 110%, giving better capital efficiency and more downside protection during volatile markets.
This proposal is intended to:
- Finish off the BanklessDAO frontend and connect it to the LQTY Protocol
- Expand the number of DeFi instruments in the name of BanklessDAO
- Draw the attention of each protocol to BanklessDAO
- Explain to novice users how DeFi protocols work
MISSION & VALUES ALIGNMENT
The mission of Bankless and BanklessDAO is to help 1B of people to be "bankless" translates into both the educational part and making the tools available to people. Building our own "Bankless Loans" platform, build on the Liquity protocol, accompanied by appropriate supporting documentation, can certainly help this mission.
SPECIFICATION
The "Bankless Loans" project involves the development of the following parts:
- Finish coding the Figma files ( supplied by LiveTheLifeTV )
- Web3 connect to the Liquity Protocol
- Testing
- Creation of documentation for the users
- Marketing
Start S2 Team Composition:
- Yves/LiveTheLifeTV: Project Keeper
- Birdman: Technical Project Coördinator
- Zberwaldt: UI/UX Design, Developer
- Abstrucked: Designer, Developer
- NsHuman: Web3 Developer
- Eugeneptr: New Developer in BDAO
- Alcibiades.eth: Backend Developer, new in BDAO
- Katarina: coördination and administration
FINANCIAL IMPLICATIONS
Considering the hourly rate equal to 1000 BANK
Outstanding obligations previous work: 30 hours
Remaining Landing Page work (8 hours)
Chakra Styling and Chakra Theme Work (24 hours)
BORROW LUSD Dashboard Figma 3 - 4: 3 Days (24hours)
Borrow LUSD Confirmation Figma 6,7,9,10: 3 Days (24 hours)
LUSD Trove Dashboard Figma 11,17,20: 3 days (24 hours)
LUSD Stability Deposit Form Figma 12,13,14,16: 2.5 days (20 hours)
Stake LQTY Form Figma 18,19 (12 hours)
Adjust Trove Figma 22,23,24,25: 2.5 days (20 hours)
Trove History Figma 26,27 (12 hours)
Riskiest Troves Figma 28 (8 hours)
Liquity analytics and infographics: 3 days (24 hours)
Web3 work: 3 days (24 hours)
Devops / Deployment: 3 days (24 hours)
Research Liquity protocol connect (12 hours)
Graph Infrastructure Research/ Notion Wiki/ Documentation for Bankless Dao (16 hours)
Graph Services/ Payment Research/ Coordination (8 hours)
Graph Connection to Liquity API / Bankless Loans Redux Store Updates (40 hours)
⇒ Estimated hours to complete the project development: 354 hrs
Testing + Creation Documentation + Marketing: 40 hrs
TOTAL ESTIMATED HOURS: 394 hrs
Outstanding from Grant S1: 200000 BANK
EXTRA GRANT NEEDED Season 2: 194000 BANK
- Project Keeper: The remuneration of the project keeper can be estimated as a % of the DAO's receipts from the project. In this case, the remuneration would not be a living cost to be indicated but a percentage to be agreed with the project keeper.
Foreseeable revenue streams https://docs.liquity.org/faq/frontend-operators
Bankless will earn LQTY rewards distributed by the protocol: The poll in the discord came out on 2% fee for The BanklessDAO.
Rewards are calculated based on the total deposits tagged by the frontend. In a LQTY reward event generating LQTY_d for a deposit d made through a frontend with kickback rate k, the frontend receives(1-k)*LQTY_d and the user receives k * LQTY_d.
SUCCESS METRICS OR KPIS
Number of unique visitors on the website page
Amount of deposits and loans
Revenue amount for BDAO