[FIP - 104] Creating a video for Frax Finance with DeFi Teller

Summary:

Allocation of up to $5K for creating one educational video by DeFi Teller.

Proposal:

Frax Finance is a unique project and undoubtedly one of the key players in DeFi but surprisingly, we have not found quality and detailed videos about the technologies used in the protocol. We will be happy to fill this gap.

Since the protocol is quite complex in its design, and its core concepts are not easy to grasp for newcomers to the field, we propose to make a video explainer about the technological aspects of Frax Finance, its key ecosystem components describing in simple words its innovative hybrid stablecoin design and the logic behind it. Specifically, how the platform maintains the FRAX peg to the U.S. dollar through a dual collateral-backed and algorithmic mechanism, get into the arbitrage-based minting and redemption process, the FXS token utility and so forth. We’ll also cover the AMOs and explain their modular design and much more.

Who we are:

DeFi Teller is an educational resource that does the due diligence for the user by providing information about blockchain technology and decentralized applications (reviews, video explainers, on-chain data) in the most accessible way.

What we are good at:

  • Writing scripts targeted at an audience with an average level of knowledge in blockchain. We target people who have a basic understanding of how blockchain works, as well as a cursory understanding of the crypto market and its key players. Our viewer has probably already used dApps on the simple purchasing/trading/borrowing/staking level. Our task is to immerse this user deeper and explain in simple words what technology stands behind a particular project. In doing so, we take the presentation format very seriously and try to dig deep, figuring out what is under the hood of technologies and projects and what exactly makes them special. For example, this is how we explained what rollups are: What are Еthereum Rollups and How Do They Work? Rollups Explained in Simple Terms - YouTube

  • Creating distinctive visuals. The DeFi Teller team uses only original illustrations and takes a thoughtful approach to the process of video storyboarding. Our team of illustrators and animators works tightly with the editorial team, and the team of the project we’re reviewing.

Process:

The existing DeFi Teller videos were created by us with our own funds and were highly praised by the teams of the projects we were talking about. For example, the Polkadot video was added to the welcome pages of the Polkadot and Kusama documentation. Further, we see our development in line with the spirit of decentralization - we would like to continue to talk about the most interesting DeFi projects and do so with nice graphics and quality scripts. We’re not looking for profits coming directly from the teams, nor are we looking to create entirely commercial videos, reserving the right to choose the topics and angle of their coverage. All we need is to cover the cost of the video and support us in distributing the content (retweets, adding to documentation, and so forth).

The video creation process is as follows:

-Writing script;

-Creating storyboard;

-Recording voice-over;

-Animating the video;

-Publishing the video on DeFi Teller resources (https://www.youtube.com/channel/UC4siZvLkAyiexFyPst1fC7w; Defiteller.guru, twitter.com/defiteller).

Comments, remarks and suggestions from the team are more than welcome at all stages of the video production.

Timeline:

The timeline of the video depends on its budget. Without expanding the design team, and given that edits and comments from the team will be provided promptly, we can produce one video in about 3-4 weeks.

We will need

1 week to create and edit the script (two editors involved, 4hours a day each);

1 week for designing the storyboard (three design team members involved, 3-4 hours a day each);

1-2 weeks for the animation (two design team members involved, 5 hours a day each).

This is a preliminary estimate, the final estimate depends heavily on the script.

Budget:

Our team will be able to give you an accurate estimate of the budget only after the script is approved, since most of the cost of the video falls on the work of the illustrators and animators. A rough estimate is that on average one minute of video costs us $1,000. and For one video, we are looking at an allocation of up to $5K. The approximate cost of the final amount in percentage ratio looks like this:

Script

Writer - 5%

Editor - 7%

Storyboard

Illustrator - 25%

Designer - 16%

Supervisor - 7%

Animation

Designer - 30%

Supervisor - 10%

3 Likes

IMO it is a good idea to make high-quality videos that familiarize people with different concepts in FRAX Ecosystem. I think it is safe to assume that the video would be 3 - 8 min, so we are looking at an allocation of $3k - $8k for marketing/educational video, right?

Also, your post seems incomplete. Please complete the percentage ratio in the last part and maybe add a summary.

Thank you, yes sure!

We offer you to make a detailed video explainer about Frax Finance describing in simple words its most important components. We would be happy to not just say that Frax Finance offers advantageous terms but to explain why, reveal the logic behind the protocol architecture.

Our goal is to make DeFi education accessible and comprehensible to everyone, and make learning easy and more popular, while shifting the paradigm from “what coin to buy to make money (and what buttons to press to do that)” and motivating new users to learn the technology behind DeFi projects.

From your side, in addition to involving the team and community in reviewing the script and storyboard, we will need your help in covering the cost of video production and promoting the video (e.g. on social media or in the project documentation).

The approximate cost of the final amount in percentage ratio looks like this:

Script

Writer - 5%

Editor - 7%

Storyboard

Illustrator - 25%

Designer - 16%

Supervisor - 7%

Animation

Designer - 30%

Supervisor - 10%

maybe we could include some sort of cap to this proposal , eg an allocation of up to $10k,

1 Like

I been thinking about this and would like to suggest some changes.

Rather then doing 1 video, we fund the creation of 2 videos , with the option of a 3rd once FPI ecosystem is built up.

1 for FRAX stable coin

  • how does it hold its peg
  • how is it collateralized (including information about FXS)
  • what happens to the collateral assets
  • what happens to the profits earned from the assets
  • the CR ratio
  • the decentralization ratio
  • the mint and redeem function
  • how the AMO’s operate

1 for the ecosystem FRAX is in.

  • how FRAX works with convex
  • how FRAX works with uniswap / other dex’s / other chains.
  • how FRAX works with curve
  • how the voting and bribing system works and over laps (FRAX has convex voting power and convex owns FRAX voting power)
  • the FRAXswap exchange
  • the FRAXlend platform
  • involvement of 3rd party protocols , sdFXS, pitchFXS cvxFXS
  • 3rd party lending platforms
  • how the gauge reward system works
  • how veFXS rewards and staking boost works

1 for the FPI / FPIS ecosystem (produced at a later date)

  • ???
2 Likes

Yes, totally agree, such approach sounds rational, I think it would definitely be more reasonable to break down the topic into three videos taking into account the scope of coverage you are suggesting.

I like this proposal a lot and the video you made before was high quality. We can potentially help amplify these videos’ reach via cross-promoting them with Flywheel.

1 Like

Frax has several explanatory videos on YT and blog articles with animations that already explain what FRAX is.

Not sure community will get much additional benefit from this expenditure?

Unless we are looking for a new defi user in which case I would suggest a lighter approach.
I have no affiliation with the following but this recently posted video for umami which i thought was good:

credit to:
https://mobro.studio/
https://twitter.com/Edddis3

Again though, not sure thats worth $10k.

2 Likes

I would also like to add a cap to my proposal. For one video we are looking at an allocation of up to $5K

1 Like

This proposal is up for voting here: Snapshot

2 Likes

I think educational content can be extremely valuable - content marketing is sorely missing in all of Web3… love this idea and support it, although do think the budget for a video of $5K is a bit high.

Look forward to watching though assuming it passes and also appreciate you creating this type of content around DeFi!

1 Like