Name: ‘Fast Lane’ Community Ecosystem Fund
Scope: Launch a fast lane grant system for the Community Ecosystem Fund
This RFC should be seen as an extension of RIP-000-005 and a discussion board to iron out details over the possibily of having a fast lane for proposals to Community Ecosystem Fund where no extensive discussion is needed and the community quickly can deploy funds.
The following description goes under the assumption that you have already read through RFC-000-016 and RIP-000-005, this RFC should be focused on the structure of the fast lane and what parameters to be set when deployed.
There is now a general agreement over the structure and purpose of the Community Ecosystem Fund as proposed and discussed in RIP-000-005 which the ren team is now working on and will deploy in combination with the launch of RenVM v0.4 (which can be expected in May). Together with this Snapshot there is now more clarity over the structure of the Fund and how many % of the DN rewards that should be allocated.
For proposals to have enough time to go through discussions, vetting process and allow the quadratic voting model to give reasonable results and accrue enough funding the frequency of quarterly funding will be implemented initially.
One interesting point that came up in the discussions was the frequency of the funding and its limitations, which raises concerns for proposals such as bootstrapping liquidity to pools such as Rari where no extensive discussion is needed to come to a conclusion but rather a general/simple voting process where community decides details (eg. amount, length of process etc).
In light of this the suggestion of having a “fast lane” came up with the intention to address proposals which could be deployed faster to increase efficiency and impact. The ideas in here will need to be ironed out and later refined into a RIP before implementation, discussions and suggestions are therefore highly appreciated to speed up the process.
The main component to understand is the structure of the Community Ecosystem Fund which can be reviewed in RIP-000-005, also suggest reading this post by Loong to understand the technical details around where the funds will be stored. In essence the revenue allocated to the Community Ecosystem Fund will not be minted anywhere but stored on renVM smart contracts until the community decides to spend from the fund which then can be done on any chain connected to renVM.
My understanding is that this fast lane grant system will have its own structure and will be separate from the “main” Ecosystem Fund where quadratic voting and quarterly frequency applies, appreciate if the Ren Team can correct me here in case I am misunderstanding.
As this RFC should be considered a draft it is important that the community clearly communicates in the responses exactly what they feel should be changed and how the proposed change should look like. The faster we can come to an agreement the more time and earlier possibility for the Ren Team to deploy.
I personally see following key components that should be agreed upon before this RFC can even begin to evolve into an RIP and from there a Snapshot could be setup to vote for final shape/structure:
- The frequency of fund deployment (weekly/bi-weekly/monthly/bi-monthly or other suggestions)
- The % of Community Ecosystem Fund that should be deployed to this fast lane (25%/50%/75%)
- Conditions or restrictions the fast lane should have (eg. funds should not be used to fund big projects or proposals that require extensive discussions, in essence this should not be a method to avoid the quarterly process, there should be rules of what kind of proposals that qualify for the fast lane)
- Voting strucure (should quadratic funding model be used on the fast lane as well?)
I will try to post a brief summary of what has been discussed in this RFC after approx. 1 week and possibly setup an informal vote which can lay the groundwork for the RIP.
- Discuss details and agree on structure and parameters
- Informal vote to gather sentiment over parameters and details
- Open a RIP with final details and implementation model
- Setup a Snapshot vote
- Ren Team work their magic