Proposal:
Pre-authorize a grant from the DAO to support development costs of Alchemix Leveraged Vaults retroactively upon completion of outlined work.
Introduction:
Alchemix Leveraged Vaults are a system like Yearn vaults that implement a leveraged yield strategy using Alchemix as the source of yield. See short whitepaper outlining technical summary and scope of deliverables here.
Context:
I approached the Alchemix devs last year about this idea but it never got past the ideation phase because we were going to try to use the new grant system and it never materialized. This year I'm taking time off work, heading to EthDenver to form a team, and hoping to make this a reality as a BUIDLathon project. I've posted to numerous channels about this project so far but interest has been light. Overkoalafied suggested I write an AIP to pre-authorize grant money from the DAO payable only once this project is completed. This will help me attract developers (up to 3).
Alchemix Grant
Benefits for Alchemix
Having simple access to a double yield option on deposits will help to attract users to the Alchemix platform. The implementation specifics also open the door to a soft queue by which users can enlist in vaults when they are full in lieu of a gas race when the ceiling are raised and for Alchemix to have tighter control over liquidity at the moment large volumes of alAssets are minted and sold. This provides a better experience to users and helps the AMO to function efficiently.
Usage of Grant
The primary use of the grant is to attract a development team at EthDenver. Failing that I have had offers from members of previous projects I worked on who won't be able to attend EthDenver but would be willing to help make this before EOY.
Delivery of Grant (in case the proposal passes)
Grant money will be retroactively granted upon completion and handoff of the deliverables to the Alchemix DAO.
Size of Grant
I am initially proposing a grant of $10k in whatever denomination of stablecoin the Alchemix multi-sig approves of. The maximum team size at EthDenver is 4 people. Split four ways this is roughly the equivalent of $100k salary to contributors. I'm willing to discuss and adjust this amount to whatever the Alchemix community thinks is a fair amount.
Summary
Let's BUIDL. Reach out to me on Discord LogrisTheBard#0557 or reddit /u/logristhebard if you'd be interested in joining this team whether or not this grant proposal passes. I'm personally doing this as labor of love but I understand how in demand experienced Solidity devs are and will be a bit heartbroken if I can't get a team together to make this.