PROPOSAL: Grape Event: Symmetry Challenge

1. Proposal Purpose:

Propose the Event details for a competition involving Symmetry Fi and outline the basics for the requirements, rules, and participation expectations.

GOAL: Educational challenges aim to explore new Solana dApps to teach the DAO and Community about applications, functionality, strategies, and/or capabilities that could be used by individuals, teams, or DAOs to manage, administrate, automate tasks, and/or mitigate risk.

2. Grape Proposal Overview:

Grape DAO will support an education challenge to test Symmetry.fi which is a Solana dapp that provides the ability to manage a basket or portfolio of tokenized assets that can automatically configure and balance the composition of allocations for selected assets. The application provides an index-style approach to managing risk and auto-rebalancing.

NOTE : Symmetry Portfolio is public and open for other users to deposit funds. No one should deposit additional funds, including the participant, beyond the required initial deposit. Bundles can not have token allocation selections changed after creation, but do permit rebalancing. Private Portfolios are like public Portfolios, but private unless the URL is shared or permission granted for others to deposit.

Each Participant will require 20 USDC of their own funds to be deposited in a Symmetry.fi Portfolio Basket and confirmed in the Grape Discord sharing the Symmetry Fi URL Link.

Details:

  • SymmetryFi URL Example: Symmetry Fi Portfolio Link
  • Discord Event Thread: Grape Discord Event Channel
  • Challenge Duration: 1 Month
  • Start: June 30th 2024 to July 1st 2024.
  • End: July 31st 2024
  • Symmetry Portfolio Creation: Create Basket | Symmetry
  • Initial Deposit Amount: 20 USDC (NO ADDITIONS OR REMOVALS)
  • SOL Cost to Create Portfolio: 0.29 SOL
  • Portfolio Naming Start with: GR8 (i.e. GR8+ARX for Arximedis = GR8ARX or GR8+YOU = GR8YOU)

REMINDER: Once the 20 USDC is deposited between June 30th to July 1st, there can be no additions or removals, or the participants will be disqualified pending review.

Competition Scoring Criteria:

Each Participant will be scored based on the following 3 factors throughout the challenge:

  1. 60% weight will be based on the overall performance of each participants basket taken as a snapshot randomly prior to the end and at the end of the competition.
  2. 30% weight will be based on whether information and knowledge are shared to explain and educate others on the application functionality
  3. 10% weight will be based on an average of the above, plus innovative ideas to explore or consider next for future events or DAO related activities or applications.

These criteria are subject to change or adjustment based on DAO discussion and agreement.

Prize Pool: Agility Fund Unallocated Funds since November 2023 as prescribed by the DAO Budget => Amount TBD based on availability

Basic Setup Steps: (Use a burner wallet for improved OpSec when testing new tools and provide the wallet address to the DAO in Discord)

Step 1:

Before you proceed make sure to set your Priority Fees to Custom i.e. 0.0005 SOL
image

Step 2: Select Tokens, Set % Allocations to equal 100%, Name Portfolio, Settings, etc.

Step 3: Deposit 20 USDC - Confirm and Wait for Symmetry to run (it takes a approximately 5 minutes for the system to do the Rebalance and Mint your Token GR8YOU automatically. NOTE: By Default the system has a conversion of 1 TOKEN = 100 USDC or 1 USDC = 0.01 TOKEN )


Confirm Deposit

Await Symmetry Fi to Rebalance your 20 USDC and mint your GR8xxx token…

Step 4: Confirm Symmetry Fi URL in Grape Discord Event Channel AND Provide a Screenshot of the New GR8xxx Token = USDC

Take Final Screenshot of the Portfolio and all the details for the token & TVL showing 19.99 - 20 USDC

Step 5: May the best Grape Win(e) :stuck_out_tongue:

3. Stakeholders

Grape Members are eligible for participation and reimbursement for the SOL Fees required to pay for the basket creation (only one per user), which will be repaid by the Grape DAO.

4. Costs/Resource Requirements:

Prize Pool: ~300 USDC (Agility Fund Unallocated Funds since November 2023 as prescribed by the DAO Budget => Amount TBD based on availability)

SOL: 5 SOL maximum will be allocated from the Agility Fund to reimburse fees per user, subject to number of users. Only one basket per unique user will be permitted, and reimbursement is subject to participants competition for each user who adheres to the rules.

NOTE for Participants - To Redeem Funds at the End of the competition:

Click Rebalance to USDC to Get funds back as USDC.
CAUTION: IF YOU CLICK CLAIM BEFORE YOUR REBALANCE TO USDC, YOU WILL EXTRACT THE TOKENS IN YOUR BASKET!

ONLY CLICK CLAIM WHEN YOU ARE READY TO GET YOUR FUNDS BACK IN THE TOKEN TYPE YOU WANTED => REBALANCE USDC v.s. TOKENS

Regarding reimbursement of portfolio set-up fees (0.29 SOL) per user/wallet: Is there a limit to the number of participants? If there’s high participation (more than 15 participants), will the GRAPE DAO adjust the reimbursement fund to guarantee a refund to everyone?