Introduction
Welcome to the latest update and roadmap overview for MetricsDAO! We’re proud of what we’ve accomplished over the past few months. We started off bootstrapping a DAO as an “excubation” from Flipside Crypto with a few core members to now having 1500+ community members and major grants from some of the biggest projects in the space.
This article is intended to shed light on some of the biggest initiatives we’re working on as well as a quick summary of Q1 2022’s highlights.
Looking to tap the MetricsDAO community for on-chain insights? Partner with us! We have openings for June 2022 that you can apply for now. 2022. Activating on-demand analytics generates more than valuable insights, it’s also an opportunity for you to distribute your native token (as you pay analysts), grow your community and gain exposure. Learn more here.
Q1 2022 - Here’s what we’ve done so far
- Released our White paper
- Received grants from 3 launch partners: Harmony, Uniswap, Olympus
- Formalized a “Reverse Grants” program for DAOs to start tapping our community for on-chain analytics
- Launched “Mentor’s Circle” to foster peer-to-peer analytics education
- Recruited and trained contributors to own and facilitate the Analytics Program Operations
The Road Ahead
$METRIC token launch
This is explained much more thoroughly in the whitepaper, but a key development for MetricsDAO is the launch of our $METRIC token. The purpose of this token is to incentivize the key operational components of the DAO as a whole. The contracts for the protocol will be open-source and available on Github.
There are 3 main behaviors that $METRIC will empower in our Organized, On-Demand Analytics Delivery (in addition to Governance, which will be covered later). $METRIC is used to participate in the system and access opportunities to earn Partner Tokens.
- Question Creation
- Solution Generation
- Solution Review
Another key aspect of $METRIC is a “Value Faucet”, which is intended to nurture activity early on its lifecycle through actions such as upvoting or reviewing. This will hopefully reward active community members that will ultimately contribute to the health of the entire system, instead of investors or speculators. This is expected to begin in Q3.
Long-term, we intend to focus on token generation, rewards, vesting contracts, in addition to more logistical (slightly more boring) issues such as forecasting, budgeting, and accounting. We've worked with a tokenomics consultant to work out distribution rates and how the token will cycle through the ecosystem.
According to gnomadic, our Protocol Development Pod Leader:
“The intention is for $METRIC to be flowing with the DAO, and also act as a mechanism to influence quality of content produced by the DAO. These intentions are lofty, and it is hard to predict- but we've done a lot of modeling and will continue to explore predictive future states. A treasury pod is spinning up within the DAO as well, and they will focus their energy on how this will shape up.”
For the most up-to-date information on $METRIC and this roadmap, I recommend keeping a close eye on the distcord!
Protocol Development
In terms of the technical development to implement all these great ideas related to $METRIC, we’ve identified a roadmap for key areas that require resources:
- Protocol and smart contract development
- Developing faucet for $METRIC token incentivization
- Creating contracts and submitting to a 3rd-party auditor
- Addressing results of audit and main-net release
- In Q4 - launch grants program to extend UI and protocol development
From gnomadic:
“ I've built the scaffolding, ERC20, and am starting the token vesting logic based on Sushiswaps MasterChef v2. All the code is public on GitHub, and any interested developers can ping to get involved!”
Governance
For readers that are especially interested, I highly recommend reading through the governance proposal by avi. This proposal to create the MetricsDAO Governance Committee officially closed on 3/23/22 with unanimous voting in favor.
The key tenets of the proposal’s Phase 1 are to:
- Establish a Governance Committee - transferring the power to pod leaders. When established, we’ll have 25 members which will increase/decrease based on the pod structure.
- Define Voting and Consensus
- Each member of the Governance Committee has 1 vote to simplify and ensure all voices are equal.
- Simple majority, >=51% Quorum
- This requires more than half of the governance committee to vote, setting a precedence for high vote participation
- We usually see around 20% participation across the space, so >50% would be incredibly impressive.
- Standardizing the Proposal Process
- Any Governance Committee member can bring a proposal forward, which is then posted on the discourse forum with a Temp Check poll live for 3 days
- If the Temp Check poll passes, it moves to official committee vote 24 hours later.
After launching Phase Launch V1 of MetricsDAO governance system, governance will become more complex and automated with the introduction of token-weighted voting and smart contract-based voting. We plan to hold a retrospective on governance system V1 and outline changes and improvements for V2.
Finally, a word from a committee member:
“Most critical in this case is to ensure the implementation achieves two key goals: 1) it provides a flexible foundation that can evolve quickly with the rapid pace of change inherent in early-stage DAOs, and 2) ensures those with the most stake (in this case, sweat equity) are entrusted to usher in the next iterations of the DAO”
Grow the MetricsDAO Community
We’ve begun identifying and posting about various positions within the DAO, and we’re looking to expand this to reach our operational capacity.
Current open roles can be found here: https://metricsdao.notion.site/metricsdao/Work-with-MetricsDAO-ef9fd15dc51e4c28adc0e536ce21752a
Mentor’s Circle is another important initiative we’re focusing on. We’re thinking about expanding our community by:
- Recruiting more mentors to join the group to share their expertise and to help new analysts
- Recruiting more analysts who are interested in learning the relevant skills but can’t find the right guidance/resources.
We can expand our offerings in 2 ways:
- More analytics platforms
- More blockchains
These workshops will be free for the community in order to remove any sort of barriers for new analysts. We are starting to see more interest in conducting and attending workshops, so we’re very excited about the road ahead. Our Youtube channel can be found here!
Partnerships
We’re looking to launch and grow our Grants team to facilitate DAO-to-DAO relationships and receive 6 additional grants. Then we’ll be ready to form partnerships between Mentor’s Circle and other crypto organizations to expand educational offerings and mentorship opportunities
From anduril, a Community Pod Leader:
“It would be cool if a crypto organization came to us to expand their educational offering. We could provide them with a month long "Analyst Development Program" where we include educational materials, weekly workshops and dedicated office hours sessions. We can have dedicated mentors who directly lead and support this program.”
Automate and Decentralize
Along the lines of maturing and expanding as a DAO, we’re looking to automate and decentralize as many aspects of MetricsDAO as possible. We currently utilize somewhat manual processes for choosing reviewers and other aspects of the Analytic Program operations, but we are looking to further automate this in our existing pre-protocol system..
We are excited to use the Value Faucet to spur decentralization of METRIC tokens into the hands of active participants.
Ongoing learnings from the pre-protocol system will inform protocol development and iterations. Full protocol launch will provide the largest leap in automation and decentralization.
As always, stay connected with the discord, twitter, website, and mirror for the most up-to-date developments, specific dates in the roadmap, and to engage with the community!
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