LITDAO - Payment for Syndicate's Contributions to LIT Staking

Summary

The team at Syndicate helped the LIT core team in building the design and code for LIT’s staking website over the last few months. Syndicate is requesting retroactive funding for the engineering and graphic design work it did for the $LIT staking interface. The team is also pledging to not sell any funding received for a minimum of 12 months.

What is Syndicate?

Syndicate is building a decentralized investing protocol and social network. Our team is revolutionizing investing by changing how communities and capital work together through accessible, effortless, and social web3 technologies. Our first self-serve product is Web3 Investment Clubs, which enable groups of people to collectively invest in on- and off-chain assets.

Syndicate is committed to supporting DAOs across the ecosystem in building powerful financial tools for their communities, and we’ve been super excited to be able to work with LIT since the beginning.

What is Staking?

The plan for LIT staking was outlined by the core team here.

LIT staking will allow LIT holders to participate in single-sided staking of their tokens to earn more LIT, rewarding them for being early, committed members of the DAO by increasing their ownership of the community.

Syndicate developed the code and visual design elements that it gave to LIT as part of LIT's staking program.

How did Syndicate help?

• Syndicate wrote the code for a website that can allow any user to stake their $LIT. The technical aspects of this portal were designed and developed by Syndicate and delivered to the LIT team. The code Syndicate wrote is hosted by LIT on LIT’s domain. Syndicate’s work on the portal took 21 days of design and engineering efforts. The work included:
• Designing a user-friendly experience
• Engineering LIT-branded staking components
• Testing the LIT Staking Contract
• Connecting the staking interface to the smart contract created and administered by the LIT team
• Adding support for both desktop and mobile staking
• Assisting the LIT team with troubleshooting a variety of edge cases including extremely small staking balances, extremely large staking balances, and customizations required for the fork of the staking contract
• Running technical support for the staking interface and rapidly pushing bug fixes (for example, ensuring that a small amount of $LIT would remain in a user’s wallet when it became clear that the Discord bot revoked access when a user staked)

Request

The Syndicate team is requesting retroactive funding. While there are certain costs associated with the work that need to be covered, we will leave it up to the community to decide which funding option to approve:

• $6,900 in LIT
• $14,200 in LIT
• $23,432 in LIT

LIT will be paid out according to the price at 11:59PM ET on the day this proposal is live.

Additionally, Syndicate is committing to not sell whatever LIT they receive for at least 12 months.