References
https://gov.1inch.io/discussion/12867-1rc-nethermind-technical-grant-analysis-service-provider
Summary
This proposal seeks to introduce Nethermind as a service provider to the 1inch DAO, with the objective of enhancing the technical assessment of grants that undergo review within the 1inch DAO.
Abstract
The 1inch DAO currently depends on the core team to assess grant applications, diverting them from their primary objectives. To address this issue, we would like to introduce Nethermind as a dedicated service provider for technical grant analysis.
Motivation
Our aim in partnering with 1inch DAO is to bring a technical perspective to the grant review process for grants passing through the 1inch DAO. Currently, certain grants face delays due to the absence of a specialized technical team available for review. This hinders grant applicants from contributing to the growth of the 1inch ecosystem.
We aim to streamline the evaluation process and ensure that projects receive a prompt and thorough assessment before advancing to a vote. This will facilitate a smoother and more efficient grant review process within the 1inch DAO.
Specification
About Nethermind
Nethermind is a team of world-class builders and researchers. We collaborate with a global developer community and partners to advance the Ethereum, Starknet, and broader blockchain industry. Our work spans Layer 1 and Layer 2 Engineering, Cryptography Research, Infrastructure Management, Smart Contract Security, and Application-Layer Protocol Development.
Blockchain Core Engineering
We are active builders of the Ethereum and Starknet protocols, closely aligning our development and research work with their roadmaps. The Nethermind client supports Gnosis Chain, and we are in the midst of adding support for the OP-stack as well. Our ecosystem contributions for Starknet include Juno, an open-source full-node implementation, and Voyager, a block explorer and API platform.
Protocol & Enterprise Engineering
We specialize in DeFi, covering DEXs, AMMs, and complex structured products. Our projects include decentralized KYC’d derivatives trading, asset tokenization, and institutional-grade staking. Our engineering teams work closely with clients to create customized Web2 and Web3 software solutions, such as crypto asset analytics, treasury management, trading automation, on-chain wallet monitoring, and token onboarding.
Cryptography, ZK and Protocol Research
Our research team consists of cryptographers, protocol experts, and DeFi researchers, and as such, can tackle complex research challenges. The cryptography team has expertise across a wide range of domains, including cryptographic protocols, zero-knowledge proofs, distributed validator technology (DVT), decentralized identity, verifiable credentials, consensus design, Sybil and white labeling resistance, and oracles. Our protocol research experts are blockchain and financial professionals specializing in DeFi & blockchain protocol research for institutional clients.
Nethermind Security | Smart Contract Auditing, Real-Time Monitoring, and Formal Verification
Nethermind Security is the security arm of Nethermind, providing services related to Smart Contract Audits, Formal Verification, and Real-Time Monitoring. Our work includes Solidity and Cairo smart contract auditing, building protocol-specific custom Forta Network detection bots, and formal verification services across ZK-circuit, EVM-based smart contract, and Starknet smart contract verification.
Process
Operations council
The Operations Council is best positioned to trigger our reviews, given their active role in governance and the inclusion of 1inch team members. This council comprises:
- Natalia
- Jordan
- StableLab (Kene)
- DAOPlaomats (Jenga and Baer)
These members have agreed to act as the “triggers” for grant reviews. The activation process involves posting a comment in the public forum thread under “Nethermind Grant Analysis Thread” and communicating with us through telegram.
Turnaround time
Once a grant review is activated by the Operations Council, Nethermind commits to delivering a comprehensive report within a specified timeframe of three weeks.
Should our initial assessment indicate that a grant review might extend beyond the three-week timeframe, we will promptly notify the DAO. In our notification, we will detail our reasons for the extension, for the extension, ensuring transparent dialogue throughout the review process.
Posting
Nethermind will publish all reviews as a separate post on the public forums and answer any follow-up questions. I.e., 1inch Analytics Dashboard [Grant Review by Nethermind]
Evaluation Template
Because no two grants are the same, a one-size-fits-all template would be impractical. Nonetheless, our evaluations will consistently address the following key topics: (1) Technical Assessment (2) Feasibility (3) Budget evaluation (4) Workload required by 1inch team.
Compensation
Nethermind’s fee structure for providing services to the 1inch DAO is as follows:
- A one-time payment of $15,000 for a 6-month retainer.
- An hourly rate for research, with a blended rate averaging around $180 per hour.
As each grant will vary in complexity, we will maintain complete transparency by recording our hours in a Google Sheet, providing a description of the work we perform.
In the 1IP-XX, we are requesting the transfer of $100,000 from the 1inch DAO to the 1inch operations multi-sig. Upon the successful approval of this proposal, the operations multi-sig will initiate the agreement by sending $15,000 to our address. Subsequently, Nethermind will be compensated monthly based on the work completed in the preceding calendar month.
1inch Operations Multi-sig address: 0x45e84e10e8E85c583C002A40007D10629EF80fAF
We kindly request payment in the first week of the following month. For instance, if we spend 25 hours reviewing grants in October, we expect payment to be made in the first week of November. This fee structure and payment schedule will ensure transparency, efficiency, and timely compensation for our services to the 1inch DAO.
Nethermind’s multi-sig address: 0x237DeE529A47750bEcdFa8A59a1D766e3e7B5F91
Rationale
Engaging Nethermind as a service provider for the 1inch DAO will significantly enhance the efficiency of the grant evaluation process. This partnership ensures that the 1inch DAO will consistently have a dedicated team available to assess grants, thereby preventing potential delays or blockers in the grant review process.
Next Steps
We welcome community feedback so we can answer any questions. After we have answered all questions, we will move to the following process:
- Temp check
- Snapshot Vote