Free TON

FreeTON DeFi Subgovernance Proposal [Finished]

FreeTON DeFi

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.

General description

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.

Motivation

A DeFi world could be one where money flows more efficiently and more fairly

Bloomberg

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:

  1. 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.
  2. 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.
  3. 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:

  1. Vladimir Maslyakov (Telegram)
  2. Sergei Shashev (Telegram)
  3. Nimrod Lehavi (Telegram)
  4. Alexey Vorobiev (Telegram)
  5. Vladimir Kanin (Telegram)
  6. Zurab Kazhiloti (Telegram)
  7. 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

Short description

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.

Motivation

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.

Contest specification

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.

Voting

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.

Reward

The relevant FTDCP will define the amount of rewards for FTDC participants.

Jury rewards

The relevant FTDCP will define the amount of FreeTON DeFi Jury’s rewards.

Procedural remarks

The relevant FTDCP will define procedural notes for the FTDC.

FreeTON DeFi Contests expense estimate

:warning: Disclaimer

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
Jury 100 000
Administrative Service 100 000
Liquidity for testing 50 000
Total TONs 5 255 000

Further Roadmap

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
24 Likes

I like. But where is the mention of the atomic swap contest?

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The contest for atomic swaps was formally launched under the main governance and that’s the only reason why it’s not here. However, I agree - it’s the integral part of the DeFi ecosystem.

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It’s a bad idea to immediately appoint a management from “your people”, and even allocate such huge sums for contests for them. We need an independent selection of candidates. In general, I observe a tendency to create contests for the interests of the jury itself.
But the DeFi direction itself is very important, undoubtedly it is necessary to develop it.

7 Likes

Very nice! :rocket: :rocket: :rocket: :rocket: :rocket: :rocket: :rocket: :rocket:

3 Likes

DeFi is the future of cryptocurrency :white_check_mark: :white_check_mark:

2 Likes

How about making it easy to implement a user-friendly interface for third-party developers
And also negotiate / write an open letter to well-known defi projects, with a proposal to implement this on TON too

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That’s exactly what we are aiming to do!

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Thank you, @Dekan, for addressing these points that may probably worry other people, too.
Let me share the results of discussions in our initiative group.

We are not appointing anyone, but rather follow the best practice of other subgovernances. It is a group of respectful experts who have initiated this discussion.

At the same time, everyone who feels competent enough can pretend to enter the governance and the jury.

It was earlier discussed in the Telegram group. To make a long story short:

  • We are in a highly competitive environment where Solana and Polkadot are flooding dev teams with money and support, so our challenge is to provide at least a decent reward to those who will invest their efforts into the development of DeFi in FreeTON
  • This money is not for “our people”, but for winning teams (up to five per contest) who will create the best solutions and provide them in the open-source for everyone, thus radically dropping the entry threshold for other developers and partners
  • Last but not least, our objective is to attract the best teams to the development of the high-end solutions, and not to save tokens of the FreeTON. As it is stated in the proposal, amounts are discussable, and the main criteria here is if they are tasty enough to motivate top-notch developers

I cannot and will not judge on motives of all the contests, but being a juror myself, I can say a few words:

  • Please do not confuse the Governing board with the Jury: they have different objectives and responsibilities:
    • The Governance’s role is to form a strategic development vector and ignite the discussions in the community. That’s why the Governance has the authority to approve or disapprove contests that should help to implement this vector.
    • At the same time Jury’s role is to make sure that contest submissions fulfill the terms and deserve the fair award.
  • Contest creators play a great role in our community, that should not be diminished. Of course, they create contests that interest them, why would they do this otherwise? At the same time, some of them are qualified enough to participate in the proposed contests, and some are not, and it’s absolutely OK.
    • If I am, say, a talented developer who knows how to create a useful tool for the community, why would I restrict myself from proposing a contest for this?
    • Please do not try to find some evil intentions in creating contests by people who are much more expert in some topics than you or me. That’s great they know their job and that they are on our side :wink:

I hope I managed to remove some of your anxiety. Again, if you feel competent enough, please post your CV to the Telegram group for discussion of other members.

For instance, one of the community members has joined the governance after discussion. See my next post below for more details.

2 Likes

I am more than happy to announce the first community member to join the Governance: please welcome Alexander Vat (aka @vatic)!

Alexander is a blockchain and DeFi expert, and I hope he will say a few words about himself :wink:

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It would be great if a person, before writing their fears / discontent or criticism, first showed their work and the contribution that he personally made to the community. 90% of the questions would disappear by themselves.

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Thank you for such a detailed and positive response! Everything is on the case. In fact, I believed that Governance and Juri are one structure, although I have been participating in the project since the day it was launched. It was also an interesting discovery for me that I can create a competition in an area in which I have expert knowledge. My suggestion on this topic: increase the number of prize places at least to 10, or reduce the fund. I believe that the amounts indicated are very generous even in comparison with the listed blockchains.

Let’s start with the fact that we have a free community and I can express my opinion whenever I want and to anyone I want, if it is correct from a moral point of view. In addition, I did not criticize, but suggested, and this is the key difference. Further, it would be strange if in response to the topic I began to list my achievements, it does not look ethical when a person praises himself from the first word in a sentence. And lastly, I took part in the life of the project from the very beginning, passed the Validator competition and took a good place in it. Besides that, I took part in other competitions.

3 Likes

Of course, you can speak to anyone and anything. It’s your right.

It’s just that there is almost no history on the forum in your profile and we often encounter situations when people do not participate in the project, but at the same time write on the forum that something does not suit them, etc.

:handshake:

This idea I support. One of the main reason we joined and are involved with FreeTon. Hope to see the idea being approved and activated.

2 Likes

Colleagues, hello everyone.
Leaving the topic of discussion “DeFi - pyramid or not” outside the this forum topic, the freeTON blockchain definitely needs this mechanism. Especially considering the potentially Vesting low fees and StableCoin emission. I am glad that this development was initiated.
In turn, I participated in the StableCoin LibreCash project - very similar to MakerDAO. In another project during the development of Graphene 3.0 we transferred the Vesting mechanism from BitShares, which could well be used as a prototype for DeFi, although it was intended for general purposes. I know pretty well the functionality of such DeFi services as Uniswap, Zerion, Compound. I am a Product Owner in life. I can write Specs, control the process, test the result. I am sure I will be usefull to this Project.

5 Likes

I agree with the Dekan too. Free Ton propagandizes freedom from bureaucracy, however, with a jury of “friends” everything looks very bureaucratic, not to mention the fabulous fees in tones. The jury must be as independent as the Court of Assize.

We have a great community based on mutual respect, where everything can be solved in a civilized way. This is a unique experiment in the field of blockchain, and this spirit must be preserved!

2 Likes

Yes, indeed! :rocket: :rocket: :rocket: :rocket:

Very good proposal! Perfect!

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