BOUNTY: $120,000 + 300,000 FOX for FOXy (aka sFOX) by Mar 22nd
Jan 6, 2022

sFOX (aka FOXy) Bounty
GM foxes, let’s kick this new year off with a new bounty 🚀
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 31): $120,000 USDC + 300,000 FOX
Bounty Amount (if completed April 7): $85,000 USDC + 200,000 FOX
Bounty Amount (if completed April 14): $75,000 USDC + 150,000 FOX*
*If bounty isn’t achieved by April 14, 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 31, April 7, April 14th 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/foxy: Rebasing rewards for FOX staking
EIP-4626 Standard
EIPs/eip-4626.md at 98d9490dd7c3acf4908bfa7837de607ea34b09e9 · ethereum/EIPs · GitHub

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Beorn
BeornApr 15, 2022

Update: This bounty has been COMPLETED. FOXy is live and accruing yield for our community.
I want to thank sincerely for taking on this big project, and pushing through to get it done. The modest delay from original timelines were discussed with and agreed to by me, so I deemed this bounty fully met.
Toshi has been paid the full bounty of $120k USDC (+$30k for audit) and 300k FOX and it is up to him to distribute any amount to any other parties if he so chooses.
This project came together well and has expired some exciting follow-on ideas to build from here 🚀

5
Beorn
BeornMar 9, 2022

Update: Bounty deadlines moved back 9 days (March 31 is now the first tier deadline), due to Ukraine conflict (auditors are in Ukraine).

7
Josh_shapeshiftdemo
Josh_shapeshiftdemoJan 10, 2022

Congrats - the Engineering Workstream is excited to work with you on this.

7
Toshi
ToshiJan 10, 2022

Beorn:

support

I’m very excited to take this on! I’m even more excited to call it FOXy! I’m going to link up with the team and we will flesh out all the unknowns this week and get started. Thank you for this opportunity!

6
Beorn
BeornJan 10, 2022

gm
I’m hereby granting this bounty to 🚀
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 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)

10
Beorn
BeornJan 9, 2022

Love the technical scope doc , 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
Beorn
BeornJan 9, 2022

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

1
Beorn
BeornJan 9, 2022

Hey 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
Beorn
BeornJan 9, 2022

hey 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
PTT
PTTJan 9, 2022

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

2
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BOUNTY: $120,000 + 300,000 FOX for FOXy (aka sFOX) by Mar 22nd