The governance DAO of finance protocol 1inch is voting on whether it should allocate $150,000 in USDC to develop a platform to “educate newbies into experts in web3.”
A 1inch governance proposal suggests creating a new bug bounty platform that will allow the crowd to beta test web3 products releases, with 1inch itself to be the first product listed on it.
According to the 1IP-56 proposal, the yet-to-be-named platform will be developed by xcrwd, which appears to be a semi-anonymous Russian team of coders. The proposal is seeking $150,000 to pay for the “development, the work of the community manager, and the closure of project needs.”
Part of the requested amount (around $20,000) “will be directed to rewards for platform contributors,” said xcrwd founder Danya, who also claims to work at 1inch Labs as QA according to their LinkedIn profile. Crypto.news reached out to 1inch to confirm Danya’s status at 1inch Labs, but didn’t hear back at the time of writing.
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“At its core the platform has a powerful bug tracker where users can submit reports. Approved reports are rewarded, recognizing the valuable contributions of our testing community.”
Danya
Out of the total budget, xcrwd intends to spend approximately $130,000 on the platform’s development, including backend and frontend, smart contract integration, and design aspects.
The development timeline extends through 2024, with voting on the proposal set to conclude on Jun 15. As of press time, the snapshot indicates overwhelming support, with approximately 99.4% in favor and 0.58% opposed.
Read more: 1inch Investment Fund buys $10m worth of Ethereum
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