Introduction
The 1inch DAO currently relies on the core team to provide their analysis on grant applications, diverting them from their primary focus. To address this, we would like to introduce Nethermind as a dedicated service provider for technical grant analysis.
About Nethermind
Nethermind is a Blockchain Research and Software Engineering Company. Our work touches every part of the blockchain ecosystem - from fundamental cryptography research to application-layer protocol development.
Our aim in cooperating with 1inch DAO is to bring a technical perspective to the grant review process for grants that pass through the 1inch DAO. We can offer a blend of Technical Due Diligence (TechDD) and Protocol Engineering tailored for the Ethereum ecosystem. Our capabilities in Solidity Development stem from deep technical knowledge and practical experience.
- Protocol Engineering: Our DeFi expertise ranges from DEXs and AMMs to more intricate structured products. Our work includes decentralized KYC’d derivatives trading systems, asset tokenization platforms, and institutional-grade staking solutions.
- Enterprise Engineering: Our engineering teams collaborate with clients’ trading, portfolio management, and investment teams to develop bespoke enterprise-grade web2 and web3 software solutions. Examples include advanced crypto asset portfolio and market analytics dashboards, treasury management and trading automation, on-chain wallet monitoring, and token onboarding management.
- TechDD: With our cross-domain expertise in finance, economics (crypto and traditional), cryptography, and engineering (web2 and web3), we can offer an in-depth technical review and evaluation of costs for each grant application and review.
Process
We aim to revive the grant council to implement a process where council members can prompt Nethermind to provide an evaluation whenever necessary. Community members, delegates, or 1inch members themselves can evaluate certain grants. However, occasionally, some grants require a more thorough technical review or cost assessment. It is important to have a committee that can determine when they need our assistance.
After being notified by the committee, Nethermind will publish a technical evaluation on the 1inch governance forums within an agreed-upon deadline. This will enable the community to ask follow-up questions and continue discussing the grant openly and transparently.
Compensation
We propose an initial 6-month commitment between 1inch DAO and Nethermind as a trial period. Over the six months, Nethermind will evaluate various grants, enabling the DAO to have a more holistic view of renewing our agreement if they choose to do so after the initial commitment.
To best serve both parties, we believe a monthly retainer would be a fair approach to move forward with. In this case, 1inch DAO will pay Nethermind a flat monthly fee of $2.5k (totaling $15k) for being on standby, and we would expect this fee to be paid at the start of the commitment by 1inch DAO if Nethermind is brought on as a service provider.
Our hourly rate will be added on top of the flat fee, and anything above the fee will be retroactively compensated every two months via a snapshot vote. We will track our hours in a public Google sheet.
This payment structure compensates Nethermind for their commitment to 1inch DAO and for keeping their employees available to provide a review at all times. At the same time, 1inch can expect a report delivery within the specified time for each review.
Summary
In collaboration with 1inch DAO, Nethermind aims to contribute our technical expertise to the grant program, striving to enhance the current process to create a more holistic evaluation for these grants.
We believe onboarding a service provider, as outlined here, will help bring transparency and a fair evaluation to the grant process.
Next Steps
We welcome feedback from delegates, the community, and 1inch team members on our post, especially on the following topics:
- What do you expect to see in the technical reviews?
- Expected turnaround time for reviews.
- Revival of the grant council.
If there is an appetite for this service, we will create a 1IP-XX post with a technical evaluation draft and further information on our hourly rate.
Communication
Website: https://nethermind.io/
Email: hello@nethermind.io
Twitter: https://twitter.com/NethermindEth, https://twitter.com/NethermindStark
Telegram: @Bobbayb