Prime Rating’s evaluation process is based on the application of rating templates, which form the backbone for an equivalent and comparable protocol assessment. These templates ensure that raters have the same prerequisite and that protocols are evaluated on a fair basis.
However, in order to stay up-to-date, these templates need to be reviewed, improved and updated on a regular basis. The following process is designed to ensure that these template updates follow a clear structure.
What is a TIP?
A TIP (Template Improvement Proposal) is a proposal to update the content, structure or any other relevant part of a rating template. TIPs can vary from proposing to add an entire new section, to slightly changing the wording of a specific question, to changing the scoring system within a template.
Some examples of a TIP are:
Change the wording in question 2.b) from … to …
Adjust the score of question 3.c) from 10 to 20
Add the following question to section 4: …
Remove question 1.b) and replace it with …
Add a new section to the Fundamental DeFi Report Template to cover…
A TIP can include multiple changes within the same proposal. However, it is recommended to not mix contentious changes with others. Proposers should rather split up the updates into two separate proposals, if they are not sure both changes will pass.
The TIP Lifecycle
The following steps are required to initiate and effectively queuing a TIP for vote:
Pass: 50.1% of participating votes need to vote FOR, for a proposal to pass
Voting: can happen all year round. However, it is recommended to request a vote 1 or 2 weeks before the implementation period
Implementation rounds: end of each quarter (Q1, Q2, Q3 and end of Q4), or after a season or rate-athon if they collide with the mentioned dates (see guidelines below)
In order to ensure that template updates do not regularly interfere with the ongoing rating process and to make sure the backend team has enough time to implement updated templates, the following guidelines should be followed when requesting an update:
The actual TIP implementation, i.e. replacing the old template with the updated version, can only take place 4 times a year, at the end of each quarter (i.e. last 1-2 weeks of March, June, September or December).
TIP implementations cannot take place during a Rating Season or a contest. Should a contest be running during the last week of a quarter, the implementation will be postponed until the contest has ended
Voting on a proposal should end at least 2 weeks before the end of a quarter, to accommodate for the implementation
Informal discussions can take place at any time
Updating the TIP template or the TIP process require a proposal too, with the same specifications as a TIP.