Team: dAPI Team
Period: 1 April 2023 – 30 June 2023 (3-months)
Amount: 150,000 USDC
Destination: Gnosis Safe (Multi-sig wallet)
Address: 0xbBbd583e6660dF247E13E7C99Ee71c54271407e6
signers:
Ugur - eth:0x62B8E7CD3bCb904a0335Cf4b1E8D10013b5bEFca
Aaron - eth:0xc5cC23c594B54FBA391Bd4E9604C803d17066dF1
Santiago - eth:0x918350a01A4C259FBCc94c6Fb2ca49A3753BDb86
2/3 Multisig
Scope
This proposal seeks to allocate 150,000 USDC for the partnership and cooperation with ten select API providers to power managed dAPIs (Phase 2), which will allow us to offer cryptocurrency, forex, equities, and commodities aggregations.
These providers have been carefully selected and vigorously tested in the previous months. Five of these providers have already been announced in my previous medium article: NexchangeFX, dxFeed, Finage, Twelvedata, and Finnhub. The remaining five are in the final stages of onboarding. These partnerships will enable us to offer aggregations of up to 7 on cryptocurrencies and up to 5 on forex, equities, and commodities. Compared to our other API provider partnerships, these API providers will be powering a high stakes service that comes with certain commitments, such as being available in a timely manner during emergencies and having dedicated personnel assigned to dealing with API3 requests (which will most likely be weekly occurrences).
On this basis, we have decided to allocate a monthly payment of 5,000 USDC to these API providers, contingent on meeting specific performance criteria such as but not limited to,
- meeting all technical requirements, such as deployment and redeployments of Airnode
- acting on new data requests a timely manner, e.g. new cryptocurrency pairs
- acting promptly during emergencies, such as troubles with Airnode or API responses.
To ensure meeting these criteria, each provider has committed to making available one technical and one management person to oversee and maintain the standards of our agreement. If a provider does not meet all of the criteria, their monthly payment will be withheld. The determination if API providers are meeting these criteria is made on a monthly basis by the dAPI team before payouts are made.
Budget Breakdown:
- 10 API providers x 5,000 USDC/month x 3 months = 150,000 USDC
Explanation of Proposal Parameters:
Target contract address is the USDC token contract address, which is 0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48
Target contract signature: transfer (address, uint256). This is the function to call on the target contract, which triggers a transfer of USDC tokens.
The parameters stated include the address these USDC are to be sent to, which should match the proposal address, followed by the number of USDC. USDC has 6 decimal places, and solidity is unable to deal with decimal places - hence we add 6 zeros after the proposed USDC number. The number of decimal places can be verified on the USDC contract page of Etherscan - $1.00 | USD Coin (USDC) Token Tracker | Etherscan