Summary
Nobel Peace Prize holder Doctors Without Borders / Médecins Sans Frontières (MSF) is requesting an innovation grant of $100k in ETH to support the development of a pioneering liquid staking donation initiative Stake2Care.
Raising philanthropic money to support urgent medical support is very costly, sharing a fraction of a future revenue from staking rewards is painless.
With Stake2Care, ETH owners can participate in liquid staking via the Lido protocol and can effortlessly commit their rewards to MSF via a dedicated Impact staking pool.
It’s an invitation for the Lido community to pave the way and write history with us, being the first community to generously support philanthropy commitments via liquid staking rewards.
The presentation of Stake2Care is attached here
Source code publicly available on GitHub
Security audits from BlackPaper and HHK
Contract Address : 0x34f4e4b964a3e648723aE71AF5550FbC85E2e534
Multisig Address : stake2care.eth
Dune Analytics : Stake2Care Dashboard v1
Stake2Care initiative is Smart Contract based and has been designed to keep three principle in mind:
- Simplicity
- Modularity
- Transparency
Phase One (done) :
- Design
- Development
- Security audits
- Stake2Care Mainnet is LIVE !
Phase Two (ongoing) : Broadcasting & Engaging
- Advertising : ongoing 12 weeks (no paid ads - internal )
- Media diffusion strategy ( specialised and traditional media - paid support )
Grant request for module development and maintenance:rotating_light:
- TimeLock contract
- Point system
- Donation snippet / Partners integration
- Donation Dashboard
- Tax certificate generator (for tax exemption in some countries)
- Video content (illustration) for promotion
- Impact Vault Bootstrap
Phase Three (following grant linked developments) : Innovative Incentives Program
- Point system granting rewards based on donations (enabling you to acquire the following badges: Supporter, Admirable, Pivotal, Influential, Transformative, Grand Donors)
- Point system will generate soul bound tokens that act as badges to recognize the commitment and status of a donor, that could lead to exclusive MSF philanthropy events in the future.
Expenses
At MSF, we champion transparency and accountability as you can see in our latest international activities report.
Whenever possible, expenses are paid in USDC or ETH to ensure full transparency of the funds spent.
Operational costs for phase one & two have been covered by private donations for a total amount of $33140.
Expenses to date (including ones paid in USD and EUR) are available via IPFS and listed hereafter:
CID: QmaTy5Rhtz6XcrpnXgjsuyDm2kNdfSH5FP2UYmgvjpDx3Q
- Development
- UI/UX
- Audit 1
- Audit 2
- Media Diffusion
Purpose
MSF is looking to sustain its financial independence from government funding, and remain driven by medical needs alone with no interference from political agendas. It is actively seeking to leverage blockchain as means to shorten intermediaries between donors and patients, and sees in cryptocurrencies a new way for philanthropic giving.
MSF wants Stake2Care to support its Emergency fund, allowing for immediate deployment to any emergency unfolding, and as such to save as many lives as possible, not waiting for financial support to trickle in or support for a particular situation to materialise. This is all the more crucial when crises we intervene in do not make it to the public eye and don’t benefit from Media attention.
MSF is a direct implementer, guaranteeing support costs are optimal at all times, and not diluted by paying intermediaries to deliver aid. Transparency in disbursement and accountability to our donors and the public are weaved into our ways of working, as we report back on how every amount received is used.
A donation of 50 CHF can go to fund 3 Surgical kits, one of 100 CHF can fund 25 Cholera vaccines, while one of 200 CHF can provide 28 malnourished children with therapeutic food for 2 weeks, and so on: MSF believes in individual donations put together allow for a unique & direct impact.
We are a non-profit organisation and 80% of our financial resources are allocated to fulfilling our social mission. Our fundraising costs are among the lowest in the sector, but still account for
15%: Help us drive this number down, while helping us fund our activities!
MSF is also highly attuned to the current workload and priorities of the Lido development team, and has successfully endeavoured to remain self-sufficient through the development process of this project - relying on existing learning materials, documentation and code as far as is possible. We believe that there will very few lulls in development for Ethereum and Lido as the Surge, Verge, Purge and Splurge advance - so are keen to begin this work as soon as is possible in Q4 2024 - and liaise closely with the Lido team to schedule future reviews, in-depth testing and go-live as busy schedules allow in the following months.
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Who is Doctors Without Borders?
A worldwide movement since 1971:
Doctors Without Borders (Médecins Sans Frontières, MSF) is an international, independent medical humanitarian organisation that provides medical assistance to people affected by conflict, epidemics, disasters, or exclusion from healthcare. MSF was founded in 1971 in Paris by a group of doctors and journalists with the aim of delivering rapid, effective, and impartial emergency medical aid. Over 52 years old, MSF has become a global movement of nearly 52,000 employees active in more than 70 countries around the world (2023 numbers). MSF is a non-profit, self-governed, member-based organisation.
Patients first:
MSF was created in the belief that all people should have access to healthcare regardless of gender, race, religion, creed or political affiliation, and that people’s medical needs outweigh respect for national boundaries. MSF’s principles of action are described in our charter, which establishes a framework for our activities. MSF seeks to provide high-quality care to patients and advocate for affordable, high-quality medicines. Our actions are guided by medical ethics and by our working principles: impartiality, independence, neutrality, bearing witness, transparency, and accountability.
MSF in figures:
In 2023, MSF provided more than 16 million outpatient consultations, more than 3,2 million vaccinations against measles and performed over 125,000 surgical interventions. All these achievements are made possible thanks to more than 7,3 million individual donors and private institutions (private companies and foundations) that provide 98 per cent of the annual funds raised by the MSF movement. Individual private donors are the very condition of MSF independence and allow us to offer assistance based on our evaluation of medical needs, independent of political, economic or religious interests.
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How does it work ?
A donor stakes its ETH via Stake2Care, ETH are sent to the Lido protocol, converted in stETH and sent to Stake2Care pool, donor receives in exchange an amount of msfETH tokens equivalent of the stETH staked via the pool.
So the Stake2Care pool begins to receive daily rewards starting from the first day of staking. Stake2Care uses Lido protocol and captures only the rewards.
donors only see their msfETH balance while an automatic change in the MSF wallet balance will be visible without an accompanying transaction.
When the user wants to exchange msfETH tokens, he can use the GUI interface to unstake its msfETH, receive stETH in exchange and he will start capturing again the rewards linked to its stETH received.
In short:
- A donor decides the maximum amount of ETH to stake.
- Donor chooses the generosity factor.
- As long as stETH are in the Stake2Care Impact Vault, rewards are sent automatically to MSF.
- As long as the donor owns msfETH, he can withdraw from the Stake2Care Impact Vault and receive stETH in exchange.
- If a donor has staked ETH, he will receive msfETH. When he wants to withdraw from the vault, he will receive stETH in exchange (not ETH).
- The collected donations are to be held within an account opened in a Bank custody for MSF in order to convert some of the proceeds to buy material for emergency support.
- The privileges of MSF over the staking pool should be minimised to follow security best practices and ensure that MSF cannot be requalified as having the custody of the staked funds.
- The smart contract is optimised to minimise transaction fees (gas costs) and have the widest possible reach.
- To further increase the MSF revenues flow, we will apply to Lido’s revenue-sharing program.
- The project will be delivered with comprehensive security checks and “ready to be audited”.
Leveraging LIDO technologies to build multi yield strategies with a philanthropic component
msfETH token could work across various DeFi platforms (Lending, Yield Farming, Liquidity Pools) which implies msfETH could potentially be used as a collateral to exploit the full potential of DeFi similar to ETH tokens.
We are reflecting now on future multi yield strategies with a philanthropic yield component.
MSF has created a set of smart contracts which are split in two main features :
1- LidoMSFVault
- The LidoMSFVault is the core smart contract in charge of revenue donation. It is an ERC 4626 Vault, a standard to optimise and unify the technical parameters of yield-bearing vaults. ERC 4626 Vault are smart contracts designed to optimise the returns on cryptocurrency assets by pooling and strategically allocating them across various DeFi protocols.
- LidoMSFVault is used to donate the revenues of a value-accruing stETH to MSF wallet.
- On Deposit of stETH, the user receives msfETH. Withdrawals are instantaneous and handled in stETH only.
- At each deposit or withdrawal, the LidoMSFVault automatically distributes the Vault’s surplus (contract balance of stETH – issued msfETH) to MSF address.
- Deposits and withdrawals are exclusively done in stETH.
- Provisions have been implemented in order to protect the depositor against a potential slashing risk. Namely as follows:
- ERC-4626 mechanics are used to mint/burn redeem token depending on the vault underlying net value in stETH. Due to revenues donation to MSF, the value of one vault token is superiorly bounded by 1 stETH.
- In case of slashing, we wait for the asset to rebase above 1 before resuming distributions.
- To alleviate the remote risk of the asset rebasing up then down due to an oracle malfunction, we have put in place a 24-hour time-lock before surplus distribution takes place.
2 - LidoMSFVaultDepositor
This smart contract mediates deposits into the LidoMSFVault, allowing users to easily deposit stETH or ETH through an unified entrypoint.
When depositing stETH, the smart contract must be appropriately approved.
For ETH
The User chooses how many ETH he wishes to convert to stETH and which proportion thereof he wishes to stake into the LidoMSFVault. She receives a mix of stETH and msfETH depending on her chosen deposit proportion.
For stETH
This function directly routes the chosen stake amount to the LidoMSFVault.
Note: Although the user can directly ‘deposit’ ETH into the Vault from an UX standpoint, withdrawals from the vault are exclusively handled in stETH.
Assessing and countering risks
Slashing penalties
- A validator incurs a slashing penalty when committing a slashable offence, pushing them into a slashed state on Ethereum. This can happen in t
- If there is a slashing and the surplus is negative, no distribution occurs. As a consequence one msfETH is always worth equal or less than one stETH.
Oracle issue
- To further protect the depositor against a remote, thought possible, devaluation of stETH due to a faulty reporting of the accounting Oracle where Oracle overestimates rebasing and then needs to issue a correction to reach the correct amount, we implemented a 24-hour timelock so that we only distribute the minimum of the current surplus and the surplus 24 hours ago.
Scope of Work
Initial Phase: Design, Development & Deployment
- Building the MSF liquidity Pool via a set of smart contracts
- Dedicated webpage with Web3 wallet integration and stake2Care donation module, under the umbrella of MSF Switzerland,
- Webpage including MSF background, Web3 Initiative, technical explanation including Smart contract details, links to audits, Q&A
Smart Contracts and connectors
Product design : 4 weeks
Code : 8 weeks
Unit test : 2 weeks
Security tests : 4 weeks
Webpage :
Design : 2 week
Content : 2 weeks
Deployment : 1 week
Impact Vault Smart Contracts
These are the two contracts described above: LidoMSFVault and LidoMSFVaultDepositor, which respectively handle the core logic and accounting of the Impact Staking drive as well as the integration with the Lido Core protocol in order to drive vanilla ETH deposits into the system, thus driving new inflows into the Lido ecosystem.
The LidoMSFVault respects the ERC4626 standard, allowing seamless deposits and withdrawals of stETH, this fits with our ambition to drive msfETH usage throughout DeFi and have msfETH being on boarded as a valid collateral in DeFi lending protocols.
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Scope of Engineering Work & Timeline (still pending)
1 - Ancillary TimeLocked Staking Smart Contract
The stability of the donation income is important to MSF, this can be achieved by giving donors the option - but not the obligation - to lock their msfETH for a chosen time length. Donators choosing to do so will benefit from an increased influx of “MSF-points’’ on the platform.
Technically, this is achieved by an ancillary time-lock, or vote-escrow, smart contract into which msfETH holders will be able to lock their holdings for a period of their choice.
Solidity Development: 2 weeks
Uni Tests and pre-audit: 1 weeks
2 - Points system & SoulBound Token Issuance Infrastructure
The implementation of the points system have recently emerged as a popular innovation for protocols to incentivize usage and activity. For Stake2Care, it’s a great opportunity to highlight donors activities and commitment in order to prepare special events and rewards that might occur in the future.
As part of the third “Engagement” phase, a real-time accounting of user donations is held so as to grant donors status rewards as soulbound tokens.
The accounting and soulbound token issuance is handled from the initiative back-end so as to reduce gas costs for the end-user as much as possible.
Solidity Development: 4 weeks
Uni Tests and pre-audit: 2 weeks
3- Front-end and UI/UX
All the components described above require the design and development of dedicated front-ends with the aim of building a seamless UX and bolster conversion into msfETH.
Some components, such as the staking tool, should be delivered in widget format and can be easily integrated by partners looking forward to encouraging staking into msfETH.
Front-end Development: 6 weeks
Uni Tests and pre-audit: 1 week
Solidity Development: 4 weeks
Uni Tests and pre-audit: 2 weeks
4 - Donation Dashboard
A donation dashboard is set to be built and integrated within the msf website to assess the performance and transparency of Stake2Care project.
We use Dune Analytics but we face limitations.
Front-end / Backend Development: 6 weeks
Uni Tests and pre-audit: 1 week
5 - Tax-exemption certificate
The tax-exemption certificate generator requires an orchestration between back-end blockchain accounting tools and MSF so as to precisely evaluate a user’s donations, in his home-currency, during a given fiscal year and have the certificate generated and signed by MSF.
Solidity Development: 2 weeks
Uni Tests and pre-audit: 1 weeks
6 - Video content for promotion
We would like to mandate a company to create a 2min video so as to explain the stake2care initiative workflow in simple terms and engage new donors.
7 - Impact Vault Bootstrap
Until further payment, the grant will remain in the Stake2Care impact vault to generate interests for MSF.
Payment
The NGO has setup a multisig wallet managed by MSF members with control access and sign procedures to secure the multisig
MSF is requesting the grant payment of $100k in DAI at the address below
stake2Care.eth wallet 0x462F351EE8b10Cc21B161ad698eF3CEba957FE65
Payment can be made in 2 instalments of $50k each.
Schedule 1 : September, Thursday, 12th
First payment would be made to recognize the innovation done
KPI
- Design
- Development
- Stake2Care Mainnet is LIVE !
Schedule 2 : November Monday, 11th
KPI
- Tax exemption certificate
- Fundraising Dashboard
- Interface / documentation for exchanges and protocol integration
- Ancillary TimeLocked Staking Smart Contract
- Point System for future incentives
