[Grant] - Develop a Smart Treasury

8bitporkchop · December 13, 2020, 3:01am

Grant for developing the infrastructure to establish a Smart Treasury for idle.finance

1. Abstract
Establishing a smart treasury for IDLE will help foster healthy long-term growth for the protocol, and provide value incentives for $IDLE holders over time while providing utility to the ecosystem. The initial idea for a smart treasury was described in an article by Placeholder VC link, which facilitates a buyback and make model.

There are 3 benefits to this model.

Automatic buyback machine - Fee’s earned by idle strategy tokens will be used to buy $IDLE on the open market.
Liquidity provider - Smart Treasury works as a liquidity provider, and can generate trading fees
Token Issuance - Liquidity from the smart treasury can be withdrawn to fund community grants.

2. Scope of Work
At a high level, there are 2 components that need to be developed

Bootstrapping the smart treasury with liquidity funded by the ecosystem fund, and existing fee treasury.
Fee collector smart contract which will deposit a portion of the fees generated from IDLE into the smart treasury.

The specifications of the pool have been discussed by the community, and are as follows

Smart Treasury Candidate v1.0

Tokens: IDLE, ETH,
LiquidityTokenName: “IdleSmartTreasuryToken (ISTT)”
Weights (Initial): 99/1 (IDLE/ETH) [Gradually adjusted after bootstrapping]
WeightsAfter3Months: 90/10 (IDLE/ETH)
SwapFee: 0.5% (pending snapshot vote completion)
UseWhiteList: True
WhiteList: FeeCollectionContract address, Governance address
CanChangeSwapFee: True
CanChangeWeights: True
MinimumGradualUpdateDurationForSwapFee: 3 days
CanChangeTokens: True
AddTokenLockTime: 3 days
CanLimitBPTSupply: False

Fee Collection Specification
Refer to discussion - Link

Bootstrap Specification
Refer to discussion - Link

We will take suggestions from candidates to update the specification as required.

3. Discussion Links
Forum posts

Temperature check & snapshot polls

Helpful Links

4. Application Window
The dev application window will open from when this post is created and will end on Monday 2020-12-21T00:00:00Z. This may be extended up to 24 hours.

5. Snapshot poll
Once candidates have been collected a snapshot poll will be posted to vote on who will be selected
Link: null

How to apply
To apply, candidates should provide the following information:

Bio & Background : Briefly introducing yourself (or the team) and past works. Applicants can remain anonymous, but past works should be mandatory to evaluate the skills of the developer.
Technology Specs : Specify tech & approach you will use to develop the Proposal
Budget : Provide a quote in $USD to deliver the Proposal
Timeline : Provide a roadmap/timeline for the assignment

zuniswap · December 14, 2020, 11:41pm

Hello Friends
Our team is the collective ZUNI. We are ready to serve the greater crypto community, and upon the recommendation of Jeremy Musighi, we are eager to submit an application for this grant.

We have already built a Smart Treasury as described in the Placeholder VC paper, and are continuing to build out infrastructure for the ongoing use of a Smart Treasury.

You can review our Zuni Treasury Contract at

We combined ZUNI-specific logic with passthrough functions to the underlying Balancer Smart Treasury. This approach allows for Protocol-specific logic to be stacked on top of the core Balancer Smart Treasury.

We can deliver a working base implementation with 2 weeks, and provide ongoing tech support and feature development as we test and roll out more Smart Treasury Infrastructure for our own use. We will also share ongoing data and strategies from our experiences in managing the Zuni Smart Treasury.

The Budget is flexible, with an initial payment to engage our Community and another payment upon completion. The grant would be paid into the ZUNI Smart Treasury So we can all continue to learn how these things work

If you are interested to discuss further, let us know.

Thank you for your consideration,
ZUNI

Https://zuni.fi

Davide · December 15, 2020, 11:33am

Hi @zuniswap, welcome to Idle Forum!
Your application is definitely interesting, I’m sure that you will be featured in the shortlisted applicants for the Snapshot Poll - and the fact that you already developed a Smart Treasury is a nice-to-have background.

I just advice you to provide a quote in USD about the job, as it is a mandatory detail. Don’t be scared, you can always edit the requests if you think that the scenario is changed

This first Grant Proposal probably can not pay in advance part of the compensation, but payment is expected few days after the delivery of the code, when the Proposal lands on-chain. The community already expressed the desire to implement it so the process will be as fast as possible

zuniswap · December 15, 2020, 4:15pm

Hello Davide, Thank you.
Yes, our core dev team is quite familiar with the Balancer codebase. Do you have a rough sense of the Grant budget?
Also, it would be necessary to obtain some portion of the Grant up front to begin the work, since our community has limited resources we must be mindful of commitments and maintain a mutual level of clarity, seriousness, and rigor in terms of any expectations and timelines.

Looking forward to future collaboration, on this or something else!

Thank you

8bitporkchop · December 16, 2020, 3:51pm

Hi everyone,

I’d be interested in applying for this grant also. I have a background in software engineering, and have just completed my Masters. I have been following crypto for about 7 years now, and know the concepts of crypto very well. I don’t have much practical experience coding in solidity, but I have been learning. I have experience coding in python, c#, c, javascript, and java.

I feel most comfortable developing the feeCollector contract, though I feel I could also develop the bootstrap contract if needed.

I would be using solidity 0.7.5 to develop this code using the truffle suite, and ganache-fork for local development/testing. I can release all my code as open-source, as I would likely be needing some feedback before code goes to governance.

Re budget, I think 1000 IDLE is fair if I were to develop both contracts, otherwise 550 IDLE, either of which I am happy to claim after governance vote.

Re timeline, I can have a prototype finished within a week, after which I would like to initiate some sort of review process with other devs who can give their feedback. I expect this process to take a week or two. So up to 3 weeks in total.

8bitporkchop · December 21, 2020, 12:24am

Applications are now closed for the grant.

The short list is

Zuniswap
8bitporkchop

The snapshot poll is here: https://snapshot.page/#/idlefinance.eth/proposal/QmcrXfapQbwQvQdxtgfvuyy9Uf4VrtRZdtK5mTvpUR5Hrb

Davide · December 24, 2020, 8:47am

[GRANT CLOSED]

Congratulations @8bitporkchop!

Now it’s time to rull up your sleeves and code the Smart Treasury!

8bitporkchop · December 24, 2020, 11:06am

Thank you Davide!

and thank you to everyone who voted!
I hope to be able to deliver something useful to the community!

Please keep up to date on the progress by following this github repo.

Fernando · January 9, 2021, 10:41pm

Please @8bitporkchop let us know if you have any technical questions about Balancer! We are excited to see you building this =)
PS: this is Fernando Martinelli from Balancer