Authors: Katarina & LiveTheLifeTV & Birdman
Date Created: 15/12/2021
Date Posted: 16/12/2021
In Season 1, we started building the Bankless Loans App, our BanklessDAO frontend for Liquity, an interest-free loan protocol. We continued the coding work during Season 2 and are now testing on Rinkeby Testnet, but there is still some bug fixing and styling work to be done. During Season 2 we decided to improve the UI/UX and add some extra features. There is a clear idea of the work still needed, the only issue could be the available dev and designer time.
We still have 292000 BANK left from the Season 2 Grant, of which we still need to pay the work of the last month. This will not be enough to finish the work planned for Season 3. Besides the coding work left, we will need budget to create some educational content and do marketing, using the AV and marketing guild of BDAO, once the App is ready.
BDAO will earn LQTY rewards generated by our ‘Bankless Loans’ App.
SUMMARY OF ACTIVITIES IN SEASON 2
- Birdman completed 75+ components/files with all promised functionality for opening a trove, add Eth as collateral, borrow LUSD, adjusting trove collateral and redeeming a trove. Additionally, Birdman added all Liquity Platform statistics using the Liquity SDK.
- We had a design meeting with FLOC to improve the UI/UX, based on the user-stories Birdman created, but decided not to work with them for now as that would delay the shipping of our Bankless Loans App and add too much to the needed budget.
- OverAchiever joined the team as a designer to work on the original figma files and give them a more BDAO look.
- We decided to code the most important features only, so the UI/UX is simple and clear (Uniswap Style) for the users.
- Abstrucked researched the option of adding notifications for the users when they become at risk with epns.io to give our users a better level of protection. There is a meeting planned with the EPNS team.
- Opening a Trove Loan, adding collateral and repaying the Trove have all been deployed and tested in a Vercel link (Preview environment) on Rinkeby Testnet.
SEASON 3 PLANS AND GOALS
- The first functionalities are coded but there is still some styling work needed
- Next features to code are Stake in Stability Pool and stake LQTY to earn LUSD.
- More testing and bug fixing will be needed.
- Deciding on a domain for the App together with DevOps. We would prefer it to be a decentralised domain.
- We are looking into the option to allow users to earn BANK along with LQTY when staking LUSD in the Bankless Loans App. The Liquity team has said that a new smart-contract would be required on top of the Liquity protocol but they like the idea. We are also in contact with Liquity along with the BDAO Tokenomics team regarding the potential to hold LUSD as a BDAO treasury asset. Other well-known DAOs are already holding LUSD as a treasury asset. BDAO holding and staking LUSD would provide reassurance to Bankless Loans users.
- Research for DSProxy Smart Wallet Integration using Defi Saver or Instadapp SDK
- Work on education of the users with the help of the AV Guild.
- Work on a marketing plan together with the Marketing Guild.
For Season 2 :
Hours left to pay for coding, design and project management: 150 hours
For Season 3 :
Redesign / Chakra Styling Theme Work: 50 hours
LUSD Stability Deposit Manager UI: 60 hours
LQTY Staking Manager UI: 60 hours
NextJS/ENS/Fleek configuration and research: 25 hours
Smart Contract for BANK token rewards ?: 50 hours
EPNS functionality: 50 hours
Education of users: 20 hours
Marketing plan: **20 hours
TOTAL: 485 hours ⇒ 485000 BANK still needed
292000 BANK left in multisig
⇒ EXTRA GRANT NEEDED S3: 193000 BANK**
*Project Keeper: The remuneration of the project keeper can be estimated as a % of the DAO’s receipts from the project. In this case, the remuneration is not a living cost to be indicated but a percentage to be agreed with the project keeper.
Foreseeable revenue streams https://docs.liquity.org/faq/frontend-operators
Bankless Loans will earn LQTY rewards distributed by the protocol: The poll in the discord came out on 2% fee for BanklessDAO.
Rewards are calculated based on the total deposits tagged by the frontend. In a LQTY reward event generating LQTY_d for a deposit d made through a frontend with kickback rate k, the frontend receives(1-k)*LQTY_d and the user receives k * LQTY_d.
SUCCESS METRICS OR KPIS
Number of unique visitors on the Bankless Loans App page
Amount of deposits and loans
Revenue amount for BDAO
- I Agree
- I don’t Agree