DeFiSafety is evolving from just publishing ratings on DeFi protocols to issuing safety certificates and we need the support of protocols like Rocketpool. We can’t go into the next bull run expecting investors to DYOR on protocol safety. We have written a review of RocketPool in September 12th, 2022. RocketPool - detailed report | DeFiSafety We ask RocketPool to purchase a certificate and support the creation of certificates.
What are we asking for?
- Pay for the certification. It is an annual payment. Pricing can be discussed further in a meeting
- Support the DeFiSafety quality certification concept in marketing and discussions.
What do you get?
- Your site is quality certified by DeFiSafety. This certification should assist investor both retail and institutional about the safety of your protocol.
- Certification will bring customers! Not understanding risk is a big inhibitor for investors both retail and institutional. Certification brings revenue and will rapidly pay for itself.
- DeFiSafety certified badge for your website. Badge on our website and our reports
- Your rating is on the public side of the Protocol score website, not behind the paywall
- Non transferrable certificates deposited to your wallet addresses allowing wallets to declare yourself certified before users click confirm
- Ability to participate in developing the revised standards
Why Certificates?
DeFi desperately needs accepted quality standards. Asking investors to do DYOR on safety is ridiculous. It is too complex.
DeFi protocols can be immensely safe if they follow good processes and have good, mature code. Quality Certificates make determining this easy. A good protocol is transparent about these things and our reviews highlight this. But a protocol can also be designed to facilitate fraud, or just be sloppy in execution. Our reviews have been detecting relative security design and processes effectively for years.
A certificate that the industry supports is the easiest way to communicate safety.
Expecting the user to self research for technical safety is unreasonable. You don’t do it for tires, for gasoline or for mutual funds. Can you imagine reading a rubber deformation report to determine if a set of tires is good for your car in the winter. Of course not. If the snowflake badge is on the tire, you are good. Before the next bull run starts, we must have simple quality standards implemented.
When regulators inevitably look at DeFi, they will impose quality standards as part of the regulation. If we already have working quality standards, they will accept what we use. If we do not have a quality standard (as we are today), they will develop one without much consultation. We need standards today.
Why DeFiSafety?
DeFiSafety has been rating DeFi protocols for almost 3 years. We are an independent and ratings (using our transparent process) is our only product. This means our reputation is vital to us and we strictly maintain it.
Our process is transparent and this keeps us honest, as it does with DeFi. If we cheat, anybody can compare our report with the public data and out us, destroying our reputation.
Can’t a DeFi Protocol just buy a certificate?
Before we can offer a certificate to any protocol, it must have a passing (70%) score, based on our latest public report.
Centralization
DeFiSafety is centralized. Though we have been deep in DeFi since early DeFi summer, we chose a centralized format. DeFiSafety is a Canadian incorporated company. Just after we started, Prime Rating , of Prime DAO, tried a fully decentralized rating organization. I supported Luc in this effort. After more than a year, a centralized structure works better. Rating is a not incredibly exciting task yet needs a stable team to build consistent ratings. As a straightforward job, it works.
We are not against evolving our structure or our funding into something more decentralized.
We want to support the space. We want our ratings to become the standard for the industry. We want to be trusted. We do not have a token.
Is this something RocketPool would be interested in?