77: Funding Proposal - Symmetric-PrimeDAO Partnership Proposal
This proposal approves a partnership between Symmetric and PrimeDAO, described in full below:
Partnership Agreement
Between Symmetric & PrimeDAO
This partnership agreement is initiation on the th of March 2022, by and between:
Symmetric, a DEX and AMM (Balancer fork) run on Celo and Gnosis Chain, governed through the Symmetric DAOhaus DAO.
and
PrimeDAO, a DAO collective focused on researching and building next-generation coordination tools for decentralized organizations, governed through the PrimeDAO Boardroom.
Partnership Purpose
The partnership aims to set the foundation for a long-term collaboration between PrimeDAO and Symmetric. The two organizations aim to integrate on a technical and operational level to bring a top-class flexible DEX and Launch experience to Celo and Gnosis Chain.
Background on the Partnership
PrimeDAO and Symmetric have been in touch since Q3 2021 when a group of Prime contributors involved in the Kolektivo project on Celo was researching what it would take to bring Balancer V2.0 on to Celo. After meeting with the Balancer and Celo team, it became clear that Balancer would not move to the Celo chain in the short term. Around this time the Prime contributors bumped into Symmetric and started a conversation to explore whether it would be possible to collaborate instead of making competing products.
At this point, Symmetric was live for a couple of weeks with a fork of Balancer V1.0 on Celo and Gnosis Chain. The Prime and Symm contributors met to discover synergies and started researching what it would take to move Symmetric from Balancer V1.0 to Balancer V2.0. After scoping out what it would take to, Prime supported in making introductions and kick-starting conversations to gather the resources needed for Symmetric to start the migration to V2.0.
During the same time, Balancer started exploring the so-called Balancer Friendly Fork model, where third-parties teams would receive BalancerDAO’s recognition and support to launch on a chain where Balancer doesn’t aim to launch in the short-term. As Prime’s contributors are well-connected with the BalancerDAO, conversations have been started to recognize Symmetric as the official Balancer Friendly Fork on Gnosis Chain and on the Celo Network.
Meanwhile in Q4 PrimeDAO launched the Prime Launch and Prime Rating dApps. Prime Launch is a platform for hosting seed or LBP launches on Ethereum Mainnet and Arbitrum and aims to be the starting point for new DAOs. Prime Rating is a community and framework of research that creates reports on the leading DeFi projects.
There is a clear synergy between the Prime and Symmetric team and products that we would like to leverage through a close partnership. The partnership proposal will outline how the two organizations aim to align incentives and bundle forces to bring a valuable offering to Celo and Gnosis Chain.
A commitment of the Organizations
Both parties agreed that they intend to contribute the following towards this partnerships:
Product integration
- PrimeDAO and Symmetric will collaborate on launching Symmetric V2.0 on Celo and Gnosis Chain.
- PrimeDAO will deploy Prime Launch on Symmetric on the Celo network in Q2.
- PrimeDAO will expand Prime Ratings capabilities to the Celo ecosystem in Q2.
Celo Launch Programme
- PrimeDAO and Symmetric will join efforts to create a launch program for top projects on Celo. Providing projects with launch support through Prime Launch and post-launch rewards to maintain liquidity on Symmetric.
Team collaboration
- The two teams will provide organizational support and share network and knowledge where possible.
Co-marketing
- PrimeDAO and Symmetric will collaborate on co-marketing initiatives around the product launches, partnership, and Celo Launch Program.
Token Swap
To align governance interests, a Token Swap between the two organizations is proposed as part of this agreement. 12,000 SYMM from the Symmetric Risk Fund valued at $5 per token will be swapped for 120,000 D2D from the Prime Treasury valued at $0.5 per token within 24 hours of this agreement passing in both governance processes.
Market Buy SYMM
PrimeDAO will commit to market-buying at least 5,000 SYMM tokens within 60 days after the passing of the proposal. PrimeDAO is allowed to access SYMM liquidity on any of the available chains, namely: Ethereum Mainnet, Gnosis Chain, and Celo to acquire the SYMM tokens.
Management of the Partnership
Partnership Term
The Partnership is open-ended and does not have an expiry date.
Partnership Governance
The partnership is managed by representatives of the organizations. The respective governance processes of both DAOs can overwrite any decision by representatives.
In the case of this partnership, there are 2 representatives for each organization.
Exit Clause
Both organizations can at any moment terminate the agreement through their respective governance systems.
Communications around the Partnership
- An Partnership announcement blog will be created within 2 weeks after the agreement date.
- To ensure operational effectiveness, a monthly call will be set up by at least one representative of each entity
Both DAOs acknowledge that DAO agreements are inherently unpredictable and irreversible and agree to this initial partnership agreement.
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