Authored by DeFi Ted, Rarity Capital and JCREW
The Priming is seeking to sell thepriming.io with the initial discussion being a funding round, it has developed into an acquisition, whereby ParagonsDAO would then receive full ownership and development of thepriming.io and take over all social media assets, software assets and infrastructure including IP.
The Priming is a valuable and important piece of infrastructure to the Parallel community and given our exposure to Parallel we feel it would be a net positive for ParagonsDAO to fund the ongoing development of thepriming.io and help shape it into a product that compliments our own infrastructure, fosters growth, and accelerates the adoption of web3 gaming.
150k USDC on public acceptance and delivery of all assets to ParagonsDAO ownership for works complete to date.
1M $PDT to be vested for 6 months from date of transfer of USDC for governance rights in project.
Assets include but not limited to;
- Twitter, Discord and any other related social media
- Source code and any supported infrastructure contracts (database warehousing etc)
Included is initial training and education on all infrastructure for ParagonsDAO developer team with Bigint. Additionally this will include a 6 months support for questions and advice from the developer team during the vesting period.
This is an opportunity to not only retain a valuable resource to many Parallel enthusiasts but also grow its capability as a valuable tool in web 3 gaming.
In creating this tooling we are giving access to aggregated yield opportunities both within ParagonsDAO’s player management system as well as other sharing models, and services such as collateralising NFT assets for a loan.
The combination of players’ usage of assets and game access as well as GameFi accesses aggregated in one convenient way we feel is a powerful model to capture the best user experience. With the integration of the subDAO’s media and streaming services as well as Stadium’s tournament opportunities it will have everything needed for a gamer in the space, and all with 0 capital from the players perspective.
Copyright and related rights waived via CC0.
Has Rarity Capital found a CTO and/or other full-time development resources? From their discord:
Funding is not the problem, rather we’ve been unable to find a suitable CTO/lead engineer. […] Most of the qualified people we’ve spoken to are only interested in temporary, contracting roles. In my experience, it’s not possible to build a scalable, high-quality project without a value-aligned core group of contributors.
Maybe the proposal above is the funding implied, but I note that this PDIP doesn’t mention any technical support coming from PDAO.
Technical support is implied but yes we are still confirming the CTO/Tech lead for this project.
The positive thing is we are already in talks with applicants and should have this solved quite soon, in the mean time our tech team will be helping revamp the code base to suit the next stage of development as well as aligning to our own.
To me the deal is broken down into a few simple yet powerful benefits to the DAO.
- Synergies brought to the tooling that we already have in the works, Player Management system, DeFi tooling, data aggregation, etc.
- Uphold a renowned community tool, creating goodwill and increasing reach to our future product stream
- Expanding Paragons brand across the ecosystem, along with the projects we currently support.
- Adding robust financial layer (buy/sell/lend/borrow/trade)
- Eventually we would need to build this out ourselves or at least build a proper API that we can leverage, which would most likely cost similar and be less optimized, need more maintenance
- Size of offer makes sense to return a well polished product that upholds market standards
Many more to list, but then I would just be reiterating what has already been published.
One part of me wants to say “Well in that case, alright then, LFG!” because I think the priming is an invaluable free tool for the community and I see the future thinking. Another part of me (drinking whiskey on the back of another 100 minutes down the drain watching England once again choke in the World Cup and so incoherently forming thotts) … $2M dollar bills. 7.5% equity. How did those numbers come out? How do the priming make money in the future? How much more money will they need to keep running? Can buy the whole thang? If PDAO is providing the tech support to the priming… what else is the priming besides the tech? Why is the tech support not explicit in this prop/how do that work?
Looks like a good match and should complement and enable synergies for the paragonsDAO ecosystem. A couple of questions:
- Reasoning of 7.5% stake and not higher or lower? Possible to follow up with bigger stake if proof of concept is successful?
- If possible, elaborate a bit more on the reasoning and how we landed in 2m usd valuation and + 1m PDT incentivization.
- If I understand it correctly, 150k usd with runway for 6 months and aiming for all three goals?
- Do we have any info on MAUs, DAUs, unique visitors/day, number of connected wallets?
Keep up the great work, love what paragonsDAO is building!
We did not want to buy out thepriming as 1), it would cost far more and 2) I think we can accomplish the same things with the deal in it’s current form. 3) We are living by one of our core values, “being an economic partner”. If we bought them out, then we would just be another VC, we wanted to be a hands-on value-add partner in the deal.
The numbers were based on similar evaluations of data aggregators in the space.
Refer to my previous reply on evaluation that Ted had come up with, which was quite fair, we try to live by the mantra of value add and fairness to produce quality results, not resentment. Once again - if we wanted to build out this solution ourselves, it would cost us more as we would be paying the same for resourcing as well as starting with no foundation.
Rarity had said that peak unique visitors/day was 1500, down to 700 now.
Such a tool will be necessary, YES.
Adding some further questions if answerable -
- Who are people behind priming?
- Can you shed some light on the expected rev generation from this tool.
- As a critical tool, why is // not interested to bring this into their fold at the moment? And is // saying that it wont build these tools exclusively at a later date as they would also look at these rev opportunities at a later date. Concerned because priming team is only building this for Parallel and not other games.
So basically the same asset outflow but instead of 7.5% ownership we get 100% in exchange for being responsible for all the labor costs going forward. Seems like a positive development.
It would be nice if there’s a way to reduce the overhang of the vesting so that it’s linear rather than cliff-based but I trust leadership has already negotiated various options and are proposing what was optimal within the realms of acceptable to both parties.