Raid Dollar

[cupOJoseph]

Raid Dollar

Project Submitted By

Cupojoseph

Summary

A Raid Guild owned stablecoin protocol for RWA assets on Gnosis, built in partnership with karpatkey, for the benefit of the guild and RAID token holders.

Stage 1.
I will be requesting $30,000 from the RG treasury to begin ($25,000 to get the license to Liquity, and $5,000 for overhead of setting up the team and beginning the work on legal entities, and a small prize for a naming contest). A sizable investment for sure. Along with a series of checkpoints where we can report back to the DAO and unlock the remaining funding as goals are being met.

The license fee is refunded after the protocol is launched.

Why should we build this?

Raid Guild has many awesome internal projects but they seldom drive revenue for the DAO or interact with RAID token. There will be a Liquity V2 stablecoin fork on every L2, with incentives and support from the Liquity team. This lowers the barrier to building and maintaining a protocol significantly, and also helps us get support from the beginning. The Gnosis team has been looking for someone to build this on Gnosis Chain, so why not us? And instead of doing it as a client job, a giving most of the upside away while doing most of the work - we can reverse that. Do most of the work, own most of the protocol.

I am proposing we launch a Liquity V2 fork for Gnosis Chain, with the support of the Gnosis team. It should be collectively owned by the guild and a source of revenue for RAID holders.

Anything else you'd like to add?

There is legal overhead to start with, and the fresh entity we setup for this can be used for other protocol or token launches in the future. Possibly even as a service to future clients.

Raid Party Skills Needed

• Design
• Content
• Solidity Dev
• FE & Backend Dev

Cost (in USD)

$30,000

[plor]

One issue I have with this RIP as it is constituted is that it doesn't actually include enough to be able to get back the deposit, this can then just be used as leverage to ask for more funds as yet undetermined. I'd prefer for a full RIP that includes at least enough to get to the protocol launch at which point those funds would likely be returned, and then the question of further RIPs can be done on a cost/benefit assessment rather than based on recouping losses. This would include milestones in escrow for the work further along, but a RIP that doesn't actually result in a working product seems like a non-starter to me.

[cupOJoseph]

A RIP that doesn't actually result in a working product seems like a non-starter to me.

Totally fair, the reason I did it this way is to limit to risk the DAO has to take on by unlocking funds only once milestones are met.

[plor]

Totally fair, the reason I did it this way is to limit to risk the DAO has to take on by unlocking funds only once milestones are met.

We've been using Smart Invoice to put RIP funds in escrow for a bit now. We normally set the client address to a multisig we call "ganggang" (so you don't need a proposal for each milestone release). I would like the discussion and vote on this to be on a complete project. It is fine if some bonus stuff is left off that can be decided later, but everything needed to get off the ground and running should be decided on in this manner. Otherwise the full cost might be obscured, and the risk of not completing the full project due to shifting priorities in the DAO would be unfortunate.