We ask that Curve support the concept of quality certificates issued by DeFiSafety, buy a certificate and show their support to other protocols.
DeFiSafety is evolving from just publishing ratings on DeFi protocols to issuing safety certificates and we need the support of protocols like Curve. We can’t go into the next bull run expecting investors to DYOR on protocol safety. We have been reviewing Curve since we started in August 2020 then Jan 2021 and most recently on Jan 2022. We ask Curve to purchase a certificate and support the creation of certificates.
What are we asking for?
- Pay for the certification. It is an annual payment. We are considering US $15k per year.
- Support the DeFiSafety quality certification concept in marketing and discussions.
What do you get?
- Your site is quality certified by DeFiSafety.
Certification will bring customers! Not understanding risk is a big inhibitor for investors both retail and institutional. Certification brings revenue and will rapidly pay for itself.
- DeFiSafety certified badge for your website. Badge on our website and our reports
- Your rating is on the public side of the Protocol score website, not behind the paywall.
- Soulbound token deposited to your wallet addresses allowing wallets to declare Curve certified before users click confirm
- Ability to participate in developing the revised standards
Please note we have not changed our website yet (to allow certificates). We are gauging interest from big protocols before committing. We have an ongoing discussion with Aave also.
DeFi desperately needs accepted quality standards. Asking investors to do DYOR on safety is too complex.
DeFi protocols can be immensely safe if they follow good processes and have good, mature code. Quality Certificates make determining this easy. A good protocol is transparent about these things and our reviews highlight this. But a protocol can also be designed to facilitate fraud, or just be sloppy in execution. Our reviews have been detecting relative security design and processes effectively for years.
A certificate that the industry supports is the easiest way to communicate safety.
Expecting the user to self research for technical safety is unreasonable. You don’t do it for tires, for gasoline or for mutual funds. Can you imagine reading a rubber deformation report to determine if a set of tires is good for your car in the winter. Of course not. If the snowflake badge is on the tire, you are good. Yet the Curve audit page has a list of audits on it. Before the next bull run starts, we must have simple quality standards implemented.
When regulators inevitably look at DeFi, they will impose quality standards as part of the regulation. If we already have working quality standards, they will accept what we use. If we do not have a quality standard (as we are today), they will develop one without much consultation. We need standards today.
DeFiSafety has been rating DeFi protocols for almost 3 years. We are an independent and ratings (using our transparent process) is our only product. This means our reputation is vital and we strictly maintain it.
Our process is transparent and this keeps us honest, as it does with DeFi. If we cheat, anybody can compare our report with the public data and out us, destroying our reputation.
Can’t a DeFi Protocol just buy a certificate?
Before we can offer a certificate to any protocol, it must have a passing (70%) score, based on our latest public report.
We want independent quality organization to thrive in the DeFi space. We fill an important need.
But we must have a financial model that allows us to survive. How will we pay salaries? VCs won’t touch us. Our revenue stream is too small for their investors. Gitcoin grants aren’t sufficient or stable enough to run a team. Our users and community won’t pay. They expect the product for free. Certificate payments can make a viable business model if enough protocols support it.
Will Curve finance consider this proposal?
Curve pushes the DeFi towards an independent quality organization. Curve pays $15k annually for certificates and supports the concept with other protocols. Puts the certificate badge on the Curve website.
Status quo, until government or big actors impose their own quality system
No poll to date. Open to suggestions.