Should we give BootNode a grant to design an ERC-4626 compliant covered vault?
The BootNode team has requested a grant of 32,000 USDC to design an ERC-4626 compliant vault that takes an existing ERC-4626 compliant vault (e.g. Yearn) and purchases Nexus Mutual coverage on behalf of all users, with coverage effectively being paid from the yield. A bundled yield-bearing plus covered vault.
Project Description
To minimize technical implementation risks for this project, BootNode has proposed a step-by-step delivery approach including the following stages.
The current proposal will focus only on Phase 1 (Discovery & Planning). Development and testing of the complete solution will be a separate proposal, and its budget and duration will be determined at the end of phase 1.
Phase 1: Scope definition & project planning Phase 2: Iterative development Phase 3: User acceptance & transition
Motivation
- Purchasing and managing coverage on an ongoing basis can be cumbersome due to the need to roll over and/or change coverage amounts.
- Gas for cover purchases effectively means it’s not economically viable for smaller users.
- Bundled products have much higher take-up rates due to the reduced user friction.
Deliverables
- Product Definition Document covering business, functional and technical requirements.
- Action plan: technology validation, recommendations on roadmap, milestones, scope, and effort estimates.
- BootNode engagement proposal to create a synergetic incentive alignment mechanism (stables and tokens considerations. Goals and KPIs).
- If required and time allows, we can also create a prototype.
Timeline The estimated timeline for this project would be 5 weeks of analysis, design, and prototyping. If this discovery phase is successful, it should be followed by a second phase for development (not included in this proposal).
The grant would be paid in two instalments:
- 16,000 USDC as soon as the proposal is approved
- 16,000 USDC once the deliverables are presented for review
Members can review the full text of the proposal on the forum: https://forum.nexusmutual.io/t/proposal-nexus-covered-vaults-discovery-phase/875/1
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0x0960...Bd9565 | 1,471 | Approve grant request |
 0x0A8C...29Bc27 | 1,000 | Approve grant request |
 0x10cC...4caB99 | 532 | Approve grant request |
 0x4AdA...9e1c6b | 416 | Approve grant request |
 0x546a...B3CC9C | 363 | Approve grant request |
VOTE POWER
Proposal Status
- Mon August 01 2022, 05:00 pmVoting Period Starts
- Sat August 06 2022, 05:00 pmEnd Voting Period
Current Results
1-Approve grant request
4,421.957