💼Submitting Bids

What is a bid?

A bid is essentially a tender, or a work proposal which includes cost and time estimate from studios who are willing to undertake the work and build out the idea which was green lit by the voting members of SlingShot DAO.

Submitted bids are then compared and a winner is chosen.

In short, a bid is to demonstrate to the community why a prospective team or individual should be chosen to undertake building the idea, as well as allowing for price discovery.

Bids include a cost estimate, schedule, examples of previous work completed and background information on the builders who will be undertaking the work.

(Learn more about what to include in a bid.)

How do I submit a bid?

When an idea tops its leaderboard, it advances to the official bidding stage. During this period, qualified and interested parties can submit bids to complete the work.

First, register as a builder. Then, access the SlingShot app and navigate to the studio dashboard. Here, you'll find the highest-voted ideas open for proposal submissions to secure funding from the SlingShot DAO Treasury.

Secondly, on the SlingShot app, upload a PDF file detailing your proposal. Visit the bidding best practices page for guidance on what to include.

Note that bids remain confidential and inaccessible to others until the bidding stage concludes, preventing unfair competition or insider information from influencing later submissions.

After the bidding stage ends, bids are evaluated, and a winner is awarded the work.

Very cool. What happens next?

The best studio will be selected for the build and announced to the community.

Regular check-ins will be had with the Studio, the results of which will be updated on the individual idea page so everyone has access to the latest information at all times.

Payments will be made to the studios on chain, in real time, pending their deliverables.

A good flow of communication is important for everyone involved.

You can read more about this in the project updates section.