Dear community and governance members, I am more than happy to announce this proposal on behalf of the FreeTON DeFi initiative group.
DeFi is a prospective technology ecosystem that, we believe, will bring a lot of value for the good of the FreeTON. At the same time, it needs some dedicated approach and subgovernance to make it prosper.
We count on your support and invite all DeFi experts, partners, security specialists, promoters, testers, and purely interested community members to join the discussion and build the most efficient ecosystem.
This document suggests the implementation of on-chain governance for the FreeTON DeFi ecosystem as a separate interface. The proposed governance should have the initial interface located at the URL https://defi.gov.freetong.org.
A DeFi world could be one where money flows more efficiently and more fairly
It goes without saying that the modern financial system has a lot of pitfalls: overregulated, centralized, with excessive bureaucracy and high fees, it fetters the economic growth and retards the innovation.
DeFi, a new financial paradigm that has appeared not so long ago, is winning the minds of economists and financiers. According to DeFi Pulse, the total valued locked in DeFi have exceeded $9.5B on Sep 2nd (compared to less than $0.5B a year ago).
The mission of FreeTON DeFi governance is to develop the DeFi ecosystem that will ensure FreeTON the rightful position of the leading blockchain for DeFi projects and transactions.
We have a tough competition out there, and that’s why we believe this development direction deserves dedicated governance.
Governance proposal specification
It is proposed to create on-chain governance integration for FreeTON DeFi within which the following will be available:
- FreeTON DeFi Initial Members must be appointed to form the initial FreeTON DeFi Governance and Jury. This initial composition assumes all responsibilities of the FreeTON DeFi Jury and is to launch a FreeTON DeFi Jury Contest. The description is given below.
- A mechanism for the FreeTON DeFi Contests (FTDC) should be implemented, the purpose of which is to continually create new useful tools for FreeTON DeFi and ensure its functionality. The description is given below.
- There will be a FreeTON DeFi Jury Contest to select the full FreeTON DeFi Jury. The main duty of the FreeTON DeFi Jury is to vote in the FTDCs. The description is given below.
FreeTON DeFi Initial Members
The following FreeTON DeFi Initial Members are assigned:
- Vladimir Maslyakov (Telegram)
- Sergei Shashev (Telegram)
- Nimrod Lehavi (Telegram)
- Alexey Vorobiev (Telegram)
- Vladimir Kanin (Telegram)
- Zurab Kazhiloti (Telegram)
- Alexandr Vat (Telegram)
The FreeTON DeFi Initial Members form the initial FreeTON DeFi Jury until the FreeTON DeFi Jury Contest is held.
FreeTON DeFi Contests
This section describes the procedure for running the FreeTON DeFi Contests (FTDC) by publishing the FreeTON DeFi Contest Proposal (FTDCP) in the “FreeTON DeFi” section of the FreeTON forum.
The goal of all FTDC contests is to offer the FreeTON community the opportunity to regularly create new and useful tools for the FreeTON DeFi and keep it running.
Contest entry period
The validity period of each FTDC will be defined in the respective FTDCP.
Creation of basic infrastructure layer to facilitate the entrance of new partners to the FreeTON DeFi ecosystem, as well as the switch of current market leaders to FreeTON from Ethereum and other blockchains, which will boost the wide adoption of FreeTON.
The relevant FTDCP will define the specifications of each FTDC, including but not limited to entry period, description, specification, criteria for evaluating work, voting procedures, rewards for participants, jury rewards, comments on the procedure, etc.
Evaluation criteria and winning conditions
The relevant FTDCP will define the performance criteria and the conditions of rewards.
The relevant FTDCP will define the voting order of the FreeTON DeFi Jury.
FreeTON jury members do not automatically acquire the right to vote on the FreeTON DeFi Jury solely by their FreeTON membership. To vote on the FreeTON DeFi, the jury must be selected to that voting body through the Jury Selection contest.
The relevant FTDCP will define the amount of rewards for FTDC participants.
The relevant FTDCP will define the amount of FreeTON DeFi Jury’s rewards.
The relevant FTDCP will define procedural notes for the FTDC.
FreeTON DeFi Contests expense estimate
Amounts are approximate and are subject to the discussion with the main governance and the community
This estimate is based on a forecast of the total Tons required to run FreeTON DeFi contests for the most crucial services until the end of 2020 after the FreeTON DeFi Governance is launched.
Most of the contests are split into sub-contests: design, smart-contracts, an API framework, security audit.
|Possible contest topic||TONs per contest||Possible winners per contest|
|BTC wrapper||640 000||5|
|ETH wrapper (including tokens)||640 000||5|
|Solana wrapper||640 000||5|
|Polkadot wrapper||640 000||5|
|Market data streamer||280 000||5|
|DeX: uniswaps||800 000||5|
|DeFi: Compound analog||720 000||5|
|DeFi: any crypto lending/borrowing||960 000||5|
|Administrative Service||100 000|
|Liquidity for testing||50 000|
|Total TONs||5 255 000|
Besides the basic part of the infrastructure, there are additional development streams the DeFi Government plans to launch after the discussion with the FreeTON community and governance.
- Building bridges to other blockchains
- Alternative DeX
- Transaction farming
- Original DeFi technologies