Dash on DeFi DEX Proposal
14 Feb 2021 - Andy Freer
I’d like to highlight a new type of project we’re taking on at Dash Incubator where we work with a partner within Dash to sponsor a proposal to the Dash governance system to fund the work we want to do together.
Recently we’ve been working on DeFi enabling Dash through the establishment of a wrapped Dash asset that will enable Dash to be traded on DEXes such as Uniswap, in collaboration Dash NEXT and an Ethereum developer (@raf on the Dash Dev Discord).
We’ve got to the point now where we’re ready to implement but the work involves conversion and custody of fiat funds (USD 50k) to pay for the required yield farming program to kickstart the associated liquidity pool, which is outside the budget & scope of a purely Dash-denominated development fund such as the Incubator.
Secondly, the cost of the development involved for the implementation is substantial and even though DeFi is something we support it’s not strictly within our strategy as this work doesn’t support Dash Platform growth directly (even though there are certainly DeFi use cases on Platform itself).
We want the integration project to succeed so how we’ve decided to approach this is we’ve created a bounty which itself incentivizes both creation of a proposal from the Dash network that raises the required funding and the custody / conversion to fiat by a 3rd party. Secondly the proposal will build in the funding required to develop the integration which the Incubator will manage.
As we’ve already been working with Dash NEXT on this project who’ve brought the idea forward and been key to the project’s execution, we’re happy to work with them on this proposal where they would take on the required work to raise and handle the fiat funding side.
This is the first project of its kind for the Incubator so we’re excited to try it out and put this forward to the network to help us get the first DeFi features for Dash.
Please checkout the new proposal for Dash on DeFi DEX and vote / leave feedback on that and our new approach.