Budget Request: Fund a public good liquid locker for veYFI

tl;dr

We propose that Yearn funds 1UP, a boost aggregator protocol for veYFI that is a neutral public good. There is no token, all fees are directed back into growing the protocol. This request asks for funding for contributors to build and maintain the protocol, and for an audit before launching. For more info about 1UP, see the detailed overview.

Motivation

Establishing a neutral layer for veYFI that does not extract value or vote power from locker users allow the overall usage of veYFI and participation in Yearn governance to grow. It can be a useful building block for other protocols and services to integrate with. As all fees levied are redirected back into the protocol itself, there's a positive flywheel effect when usage grows. Over time, 1UP becomes a perpetual source of demand for YFI.

Scope

This requests asks for funding for contributors to build, launch and maintain 1UP. This will be their only source of compensation.

It also asks for a security audit budget based on a rough estimate, with any remainder amounts returned.

Plan

This request encompasses the following deliverables:

[ ] Finalize specs based on the detailed overview.
[ ] Write smart contracts and tests.
[ ] Design a basic front end.
[ ] Oversee audit and follow ups.
[ ] Deploy smart contracts and front end.
[ ] Maintain and grow 1UP.

Deadline

We estimate 90 days from the point of request approval to reach deployment, assuming availability of audit slots.

Team

gambito
korin
weasel
storm (not paid from this request)
pickles (not paid from this request)

Funding

Bar any unforeseen circumstances, this request is intended to be a one-off donation that covers all financing required.

Funds will be used to compensate contributors throughout the effort.

Financials

Audit

~50-75k DAI, depending on final LOC for contracts. Any excess is returned.

Contributors

A donation of 1 YFI for every 4 veYFI that is locked in 1UP, up to a maximum of 42 YFI.
Donations are handled via a smart contract that accepts permissionless function calls to release YFI based on the current veYFI balance of 1UP.
Donated YFI gets locked into 1UP, the derivative token s-upYFI is distributed to the team multi-sig at the time of the permissionless function call.
In other words, once 168 veYFI has been locked into 1UP by other users, Yearn treasury will have donated the full 42 YFI, for a total of 210 veYFI locked in the protocol.

Wallet

Details for the Gnosis Safe will be provided separately.

Reporting

A single report will be delivered at the end of the request period.

Participation

Interested contributors can join the effort via this Telegram group: [TBC]

yearn / budget