SIP-13 Aqua Minimal Viable Dao (MVD)

Proposals
#1

Summary

This is a proposal to form a treasury DAO with 50K worth of SI (~$43,500 USD at time of writing) + 2 ETH for Gas Costs to handles rewards distribution for the course of 3 months (July, August, September 2021)

MOSHED-2021-6-16-14-25-0
MOSHED-2021-6-16-14-25-02048×1152 500 KB

Abstract

Since our mainnet launch in March 2021, SIREN protocol has continued to grow with our community. With over $10M TVL, we are growing and will continue to increase our value in the deFi ecosystem to build a democratized, decentralized options market.

There’s a large opportunity for the SIREN community to seize the crypto options market as early movers. To achieve this goal, we would like to move towards a collaborative DAO effort with the community.

Aqua MVD

The Aqua Minimal Viable Dao (MVD) is a step in the direction of decentralizing the protocol efforts. It will encourage more SIREN governance and co-creation by the community members. As the name suggests, we will be using this DAO as an opportunity to test what works in our community and improve on that.

The three areas of development for the MVD are:

  1. Content Creation
  2. Developer Tooling and Building.
  3. Community Contribution (answering on question, participation in discussions) in our Twitter, Telegram and Discord groups

DAO Contribution Examples

Initial examples (but not limited to):

Content and Marketing

  • Graphic or Video Creative work for the project to represent the brand in a meaningful yet playful way. This is crucial and a lot of efforts will be focused here.
  • In-depth articles regarding the value of options in the DeFi world and their implications. Topics could include The value of DeFi options, understanding the greeks
  • In depth articles regarding the SIREN protocol. How to use various trading strategies to leverage and hedge in market conditions
  • Youtube videos on how to use the product or how the protocol works.
  • We love sea memes. The more the merrier.

Community Contribution

  • We want to empower the active SIREN merfolks who are discussing the product, culture and community.
  • We will create different merfolk classes within our Telegram, Discord and Twitter so community contributors can feel more a part of the deep sea ecosystem.

Developer Products and Integrations

  • A Solidity example which showcases the usage of SIREN protocol as a financial lego block using our settlement layer or AMM layer. I.e. building a portfolio that protects against ETH price drops.
  • Collaboration on developer documentation
  • Integrating Siren with an existing DeFi analytics site, such as Dune Analytics or Token Terminal

Operations

Financials

  • Allocate 50K worth of SI (~$43,500 USD at time of writing) + 2 ETH for Gas Costs for the course of 3 months (July, August, September 2021)
  • This will be held at separate community treasury wallet composed of a few team members + core community members outside of the project. More info to be published.

Governance

  • Will initially be exclusive to Discourse SIP proposals and then the actual changes are enacted by the Gnosis Safe multisig owned by the Siren Protocol Team at the end of each month.
  • During/After the trial period, it will move towards Snapshot voting through a platform like Boardroom where other projects such as Compound, Uniswap, Bankless DAO and Index Coop do voting.

Community and Communications

  • Monthly Aqua Calls with the Community contributors
  • Regular broadcasting of the proposals and contribution efforts

DAO Contribution Steps

In order to contribute to the Aqua DAO, it is a five step process

  1. Submit initial proposal to the Discourse in the Aqua DAO Category and post in our Discord Channel for review
  2. Discussion on proposal eligibility on the Gov Discourse for every case
  3. Implementation of the Proposal with estimated timeline
  4. Review by team and community members
  5. Payment to be sent out at the end of each month through the DAO funds.

What does ‘success’ look like?

This DAO will be seeded with some initial funds, which will be used to fund the development of marketing content and documentation by the community. If Aqua is successful, we will see several high quality contributions by members of the community, regular community communication and more decentralized community work for the protocol.

Next Steps

We are really excited to open the flood gates to the AQUA DAO and look forward to your feedback :mermaid:‍♀

Create Aqua MVD
  • FOR: Initiate Aqua MVD Activities
  • AGAINST: Do not create Aqua MVD Activities

0 voters

1 Like
#2

This is great! Looking forward to the future of Siren

2 Likes
#3

How will it be decided which people supporting the community will receive the SI rewards? Will they have to make a proposal ahead of time?

#4

We will be setting a criteria for what makes a successful community contributor. Will most likely be a Form so it will be easier to collect everyone’s contribution :slight_smile:

#5

I am recommending against this and would recommend using the Uniswap Grants program as a template and inspiration. It is currently the most elegant and impactful implementation of a grants program on the market. Please see comments in-line below:

Abstract

Since our mainnet launch in March 2021, SIREN protocol has continued to grow with our community. With over $10M TVL, we are growing and will continue to increase our value in the deFi ecosystem to build a democratized, decentralized options market.

There’s a large opportunity for the SIREN community to seize the crypto options market as early movers. To achieve this goal, we would like to move towards a collaborative DAO effort with the community.

ok

Aqua MVD

The Aqua Minimal Viable Dao (MVD) is a step in the direction of decentralizing the protocol efforts. It will encourage more SIREN governance and co-creation by the community members. As the name suggests, we will be using this DAO as an opportunity to test what works in our community and improve on that.

The three areas of development for the MVD are:

  1. Content Creation
  2. Developer Tooling and Building.
  3. Community Contribution (answering on question, participation in discussions) in our Twitter, Telegram and Discord groups

I would not call this a minimum viable Dao as it conflates the reality of the Dao within the context of siren with a grants program. This should be simply called the “Siren Grants Program” for clarity.

DAO Contribution Examples

Initial examples (but not limited to):

Content and Marketing

  • Graphic or Video Creative work for the project to represent the brand in a meaningful yet playful way. This is crucial and a lot of efforts will be focused here.
  • In-depth articles regarding the value of options in the DeFi world and their implications. Topics could include The value of DeFi options, understanding the greeks
  • In depth articles regarding the SIREN protocol. How to use various trading strategies to leverage and hedge in market conditions
  • Youtube videos on how to use the product or how the protocol works.
  • We love sea memes. The more the merrier.

This should be replaced with various categories to make the review process simpler. We can likely say that the things that matter within the context of Siren are the following:

  • Decentralization
  • Usability
  • Software Tooling

Here is why:

  • Decentralization: The app is more useful the more decentralized it is. In order to encourage integrations with third party apps and tooling, a focus on decentralization is necessary.
  • Usability: Options are complex, the more documentation and abstracted tooling there is, the broader the audience that can understand and adapt the siren protocol.
  • Software Tooling: This must be differentiated from usability as there can be software tooling which provides additional depth to the siren protocol whether in the field of data analysis or data harvesting from on chain data.

Community Contribution

  • We want to empower the active SIREN merfolks who are discussing the product, culture and community.
  • We will create different merfolk classes within our Telegram, Discord and Twitter so community contributors can feel more a part of the deep sea ecosystem.

The only merfolk are the core devs. Please refer to everyone else as planeswalkers. This concept in particular is not helpful and does not move the project forward. I recommend against spending time on this and dropping it altogether.

Developer Products and Integrations

  • A Solidity example which showcases the usage of SIREN protocol as a financial lego block using our settlement layer or AMM layer. I.e. building a portfolio that protects against ETH price drops.
  • Collaboration on developer documentation
  • Integrating Siren with an existing DeFi analytics site, such as Dune Analytics or Token Terminal

I would list these as suggestions under the aforementioned categories, or you may present these in an RFP format and distribute to the community with additional details and a high level of specificity since this is an open source community.

Operations

Financials

  • Allocate 50K worth of SI (~$43,500 USD at time of writing) + 2 ETH for Gas Costs for the course of 3 months (July, August, September 2021)
  • This will be held at separate community treasury wallet composed of a few team members + core community members outside of the project. More info to be published.

This is a very bad idea, it is short-sided to mention a specific budget for this. Also, no one does this. I recommend keeping the applications coming in on a rolling basis, the goal is to fund as many good ideas / quality projects as possible to drive the utility of the protocol higher. Just remove this concept and fund out of the DAO treasury that currently exists.

Governance

  • Will initially be exclusive to Discourse SIP proposals and then the actual changes are enacted by the Gnosis Safe multisig owned by the Siren Protocol Team at the end of each month.
  • During/After the trial period, it will move towards Snapshot voting through a platform like Boardroom where other projects such as Compound, Uniswap, Bankless DAO and Index Coop do voting.

This is fine.

Community and Communications

  • Monthly Aqua Calls with the Community contributors
  • Regular broadcasting of the proposals and contribution efforts

This can be figured out later, I don’t think its necessary to outline this specifically. What you’re getting at here though is that there needs to be tracking and management of the projects to ensure timelines are met and that funds are put to good use. If that’s the goal, I’d recommend having projects applying for grants after the project has been deployed. But either way is fine, no community treasury is deployed perfectly.

DAO Contribution Steps

In order to contribute to the Aqua DAO, it is a five step process

  1. Submit initial proposal to the Discourse in the Aqua DAO Category and post in our Discord Channel for review
  2. Discussion on proposal eligibility on the Gov Discourse for every case
  3. Implementation of the Proposal with estimated timeline
  4. Review by team and community members
  5. Payment to be sent out at the end of each month through the DAO funds.

This is fine.

What does ‘success’ look like?

This DAO will be seeded with some initial funds, which will be used to fund the development of marketing content and documentation by the community. If Aqua is successful, we will see several high quality contributions by members of the community, regular community communication and more decentralized community work for the protocol.

This is fine but not important.

In summary, I recommend mimic’ing the uniswap grants program to make your life easy.

2 Likes
SIP-14: SIREN Grants Program
#6

Here is an example form from the uniswap grants program that can be used to receive grant proposals on a rolling basis: https://airtable.com/shrEXXxXB1humz7VS

1 Like
#7

This also makes more sense to me, seems like a better use of funds.

#8

Update: With the approval of SIP-14 Aqua MVD will no be discontinued.

In general we will still be having SIREN Working Calls every 2-3 weeks + the grants have started their process. We look forward to co-creating the deep sea !