BOUNTY: $120,000 + 300,000 FOX for FOXy (aka sFOX) by Mar 22nd

sFOX (aka FOXy) Bounty

GM foxes, let’s kick this new year off with a new bounty :rocket:

Background

To bring value to ShapeShift platform users and FOX holders, I am posting a bounty (from personal funds, not paid by DAO) for the development of “sFOX,” which has been discussed among the community over the past several weeks.

“sFOX” is short for “staked FOX”, and we’ve also been considering “FOXy” (for FOX Yield) as an alternative. For this post, we’ll just use the term sFOX to keep it simple.

sFOX is an ERC20 rebasing token that is redeemable 1:1 with FOX tokens

sFOX is granted to any user who stakes their FOX in the sFOX Contract. A user’s sFOX grows in quantity through rebasing. The revenue that pays for this rebasing comes not only from revenues generated by ShapeShift DAO, but also from any set of arbitrary defi yield strategies that ShapeShift DAO has decided to engage in with the staked FOX.

The vision of sFOX:

  • Multiple revenue streams of the DAO will acquire FOX from the open market
  • FOX will be disseminated to holders of sFOX, causing sFOX to generate yield

From the user’s perspective, she can click a “stake FOX” button displayed next to her FOX balance in the ShapeShift platform. Upon doing so, her FOX is swapped with sFOX. The sFOX thereafter ticks up in quantity over time.

While we envision sFOX to incorporate many yield strategies in the future, this bounty focuses on building out a basic functional version of sFOX, which contemplates only a single yield strategy: the depositing of FOX into the Tokemak Reactor, which yields in the range of 20-40% annually.

If executed well, sFOX isn’t an ancillary feature of FOX tokens and the ShapeShift platform; rather, it becomes the central economic reason to hold FOX.

Bounty Specifications

Bounty Name: sFOX Bounty

Bounty Creator: Erik Voorhees

Bounty Amount (if completed March 22): $120,000 USDC + 300,000 FOX

Bounty Amount (if completed March 29): $85,000 USDC + 200,000 FOX

Bounty Amount (if completed April 5): $75,000 USDC + 150,000 FOX*

*If bounty isn’t achieved by March 31st, the amount is reduced by 5% per day.

Audit Funds: In addition to the above bounties, a further $30k will be paid by Erik towards the Solidity audit. Any cost above that needs to come out of the bounty amount.

Paid On Completion to: Bounty Hunter (TBD), to be allocated among contributors at Bounty Hunter’s sole discretion, however preferred.

Bounty Deadline: March 22nd, 29th, or Apr 5th depending on bounty amount.

Payment of the bounty remains at Erik’s sole discretion regarding the successful execution of the above terms.

IF YOU ARE INTERESTED IN THIS BOUNTY, POST A RESPONSE IN THIS THREAD ASAP. BOUNTY HUNTER WILL BE CHOSEN BY SUNDAY JAN 9TH EVENING MST.

**

Scope/Requirements: (click here)
  • A functional V1 of sFOX must be live in production in app.shapeshift.com, usable by the public, with Solidity code having at least 99% test coverage, and the UI having attractive design, and minimal bugs.

  • All code must be open-source, published at ShapeShift · GitHub

  • Launch sign-off from: Diggy, joshf, 0xdef1cafe, 0xean, MrNerdHair, Tyler, and evoorhees.

  • All Solidity contracts must pass 3rd party audit, medium and high risk issues resolved.

  • Three Constituent Components

  1. Solidity Smart Contracts
  • Creation of sFOX, an ERC20 token that schedules rebases from additional FOX being introduced to the system by the DAO.
  • Ability to deposit FOX and mint sFOX
  • Mechanism to deposit FOX into tokemak reactor from user deposits and additional FOX (compounding) earned.
  • Ability to claim tokemak rewards by privileged address (the DAO)
  • Users can request the withdrawal of FOX that will facilitate the same request with tokemak and once the tokemak Cycle ends allow for users to withdraw their funds turning sFOX back into FOX.
  • Create a liquidity reserve fund that allows for immediate withdrawal of FOX for sFOX (without scheduling). When a user selects this option, they will be penalized X% of their fox that goes back into the liquidity reserve. Users can only access this option when the reserve is funded. Depositors into this reserve will receive lrFOX tokens that represent their ownership of the reserve and which grows in redeemable FOX value as the reserve grows from exits.
    *Consider using the EIP-4626 standard
  1. Front-end integration with app.shapeshift.com
  • User can easily receive sFOX by either:
    • clicking “Stake FOX” button on FOX asset page
    • Staking FOX through flow on Earn tab
  • User can reverse position back to FOX through either flow
  • User sees sFOX balance increase periodically
  1. UI and Design
  • Attractive and clean UI for users to learn about sFOX, acquire it, see the yield they’re earning, and convert back to FOX.
  • Text should be minimal, use tooltips where appropriate
  • Clicks and steps should be minimal
  • Focus on the sFOX asset which increases over time, rather than the behind the scenes yield strategies.
  • Provide a way for the power users to learn basics of the strategies if they explicitly seek out that info.


Resources: (click here)

Primary Technical Contact:

0xean (Head of Technology at Fox Foundation)

Scoping document from 0xean:

sFOX Project - Google Docs

Preliminary Code

GitHub - shapeshift/sfox: Rebasing rewards for FOX staking

EIP-4626 Standard
EIPs/eip-4626.md at 98d9490dd7c3acf4908bfa7837de607ea34b09e9 · ethereum/EIPs · GitHub


END
19 Likes

Wish I could heart this more than once. Thank you for making this bounty offer @Beorn :pray:

8 Likes

This deadline feels very tight to complete a smart contract with a security audit. If a month is given for a locked contract during an audit + two weeks for any fixes that came up during the audit, the audit would need to be started by Jan 21st. If I were to take this bounty, I’d probably want more padding around these dates, solely due to the audit being a black hole for an unknown amount of time. Either that, or have the goal line changed to a functional product that’s under audit. Just some thoughts around that, otherwise this seems like an awesome project!

6 Likes

Love and agree with this development of the vision of Fox to drive long term and increased value.

Couple thoughts:

  • Focus on accumulation of token is key
  • As for the point on “alternative yield strategies”, would love to open this is up and have Fox Investment Punks that based on voting (track record, investment thesis, etc) get allocation to part of the pool to pursue returns and get rewarded for such.
  • Love ambitious timelines. Hope quality can be met within the above mentioned.
4 Likes

Let’s foxin go! V bullish on sFOX. Ty for creating this bounty to make it happen @Beorn :fox_face:

Re: sFOX vs. FOXy, here’s some data from Twitter: https://twitter.com/WillyOgo/status/1479115277669335040?s=20

6 Likes

If the Bounty Hunter could be classified as the organizer and oversight of the project (PM) I could see a team like Operations working to ensure the task is accomplished as outlined. With the needed tests, communication and collaboration of effort between the different workstreams and contributors it would seem like a good choice, but alas operations wasn’t even included in the final signoff of the completion of the project for SR so I am not sure if that excludes or opens the door for team lead effort of “bounty hunters”

5 Likes

Hey @Beorn, I would love to be added to the list of Launch Sign-off members (or have operations sign off included in the process) of the Scope/Requirements section. (I’m sure there was an oversight here and not a intentional removal of Ops from the process @Neverwas)

We will be needed to assure all deploys to prod are bug free and performance and behavior of app.shapeshift.com are working as intended throughout a release such as this.

This is very exciting and I know it has been in the works for some time. I look forward to the feature in the app. The timeline does look a bit ambitious if the audit timelines are as nebulous as @Toshi mentioned. Perhaps there can be an extension to the start of the % decay date if the audit goes beyond x days? Then those days could be added to the timeline of the bounty decreasing and any unduly slow audit process would not be to the detriment of the bounty hunter?

8 Likes

Thanks for feedback er’body.

A few changes made in OP:

  • Tyler is listed as sign-off requirement (thank you @Neverwas @Tyler for suggestion)
  • First two dates pushed back 2 weeks, and bounty payout on all three dates is increased.
  • This is open until Sunday Jan 9th for acceptance
10 Likes

I am interested with my dev team to give this a tackle.

6 Likes

Hello ShapeShift community members,

I would state formally that I Neverwas would be interested in heading up this project and accepting this proposed bounty, If chosen I would build and ensure that the assembled team is capable of accomplishing the AC put forth in the above bounty.

To be clear this would be outside any workstream duties and wouldn’t impact my or any other team members ability to accomplish DAO responsibilities.

I can see the envisioned value of the sFOX or FOXy asset and would be proud to lead efforts to bring this value to our DAO community. I had provided a very small introduction a while back so for those who might not of had the opportunity to read I will link here if interested. I would also note a wiliness to field additional questions if deemed necessary in building the communities additional trust toward this endeavor.

Brief overview

In initial goal mapping I can envision a selected team of 7 to 10 members with the skillsets deemed capable of meeting the proposed AC and in doing so working to ensure that communication between stakeholders (bounty team and DAO) is fostered, available, and summarized for interested parties. The focus would include all aspects of the proposed AC.

Outlined as such:

  • The creation of the associated smart contract, future proofing the ability to continue to add/remove asset barring resources for rebasing rewards
  • External security auditing of the represented contract
  • Integration process with the v2 platform
  • Testing, identification and resolution of any found bugs
  • Ultimate launch within v2 web application(s).

I look to my wiliness to form a well rounded and represented team with all of the AC goals in mind and the created process in which that lends to purpose and can help to speak to why I represent a viable applicant for this bounty.

8 Likes

I am interested in this bounty.

I have created a technical design document outlining how I plan on tackling this bounty as well as other miscellaneous information regarding to building out these smart contracts.
I have already gathered a @beard to help with the designs and part of the UI development. I plan on reaching out to current and ex-members of the engineering workstream to get help on tackling the integration with web v2 due to their knowledge of the code base. I will take charge of the project management, solidity development, SDK development, as well as integration into web v2. I made this technical design document explaining how I plan on approaching the majority of the issues that will arise with building out these contracts.

I look forward to sFOX being created regardless who gets this bounty!

Side note: sFOX integration with SCRT will be ssFOX and FOX will be sFOX. Random thing I was thinking about because I’ve been playing with SecretSwap lately

6 Likes

Great post I was actually looking to speak to you about this… lol.
I guess that I took to long, in seeing your post and desire for personally taking on multiple scoped roles.

5 Likes

Thank you!

Yea, because of that I’ve been doing immense research on integrating with Tokemak and researching some of the concerns brought up by @0xean about how this contract could be exploited. I wanted to make sure I had all my bases covered before committing to this bounty.

5 Likes

Hello, @Beorn and all the foxes here,

I loved your idea to provide more value to your users and your focus on developing your ecosystem better, hence I would love to work with such a wonderful team and offer my expertise in this amazing project.

I would like you to know that I have great experience in developing complex contracts with optimization and security, even now I am currently working with Vitalik on a trustless layer 2 bridge.

I have some questions and ideas in mind which I would like to discuss with you.

Me and my team will soon post the workflow and how we are going to complete this project on time.

Also, we will be using all the fox tokens given to us to further add value to this ecosystem.

If you have any questions feel free to shoot them on me.

1 Like

I think that Neverwas would have the ability to lead the FOXy-ness of this to greatness.

2 Likes

hey @UncleDude thank you for offering - could you ping me in discord or telegram ( [at] theerikvoorhees) and tell me about you and your team? I’ll likely be selecting Toshi for this specific bounty, but there will be more, so let’s chat.

2 Likes

Hey @Neverwas thank you for the brief pitch! Similar to my message to UncleDude above, can you ping me on discord/telegram? I’d like a better understanding of your background/experience and potential team (perhaps for a future bounty…).

1 Like

You too @amritkumarjain, hit me up and let’s discuss your skills and expertise.

1 Like

Love the technical scope doc @Toshi, and thanks for posting it publicly here. I am tentatively planning to issue this bounty to you, and have DM’d you to discuss first.

3 Likes

gm

I’m hereby granting this bounty to @Toshi :rocket:

@Toshi thank you for the preparation and communication as we scoped this out. You have my full faith and trust, and I’m here to support you and your team wherever possible to make this a success in both timing and quality. Please communicate openly with the various stakeholders listed above whose signoff is required before launch.

And as this will benefit all FOX holders and the ShapeShift platform generally, I hope our great community will support and cheer on this ambitious project. We are all routing for you @Toshi and team!

LET’S DAO THIS!

(also based on community feedback, I’m also going to start referring to it as “FOXy”… it’s just got so much more character)

9 Likes