EGF Grants Program
Table of Contents:
Overview: how to address the issue of decentralization and achieve quorum if company validators do not vote (to maintain neutrality).
Process: The entire process of proposals, including guidelines, interviews, onboarding and how funds will be disbursed.
Tiers: different tiered amounts, benefits and requirements
Categories: Identify categories proposal belongs to
Overview
All proposals are to be voted on-chain. Prior to on-chain voting, it is paramount that the proposer follows the following set of guidelines to ensure a greater chance that their proposal will be passed.
These guidelines are written in order to:
Propose best practices for drafting a proposal
Address the issue of reaching quorum for the reasons stated below:
public validators not controlling enough FX currently, and
Internal and institutional validators are not voting to maintain neutrality
Allow for the FunctionX team to indirectly exercise their voting power (uniquely from a delegator’s standpoint, and not from a validator’s standpoint) with full knowledge that the proposal was reviewed preliminarily by skilled individuals
In that perspective, each proposal shall lead to:
The designation of 3 team developers, for each proposal that reaches out to the committee: The internal developers are chosen based on their skillset; hence, a market-making proposal will be judged by traders/trading system engineers, while a say - NFT proposal will be judged by a smart contract developer.
The assignment: Team will designate voting power to each committee member such that each committee member will control each one of the team's top 3 validators.
Each committee member acts independently.
Funding:
Formal proposals should have the breakdown of all milestones and requested funds for each milestone.
Only funds for each milestone can be requested at any given time.
For eg. if your project has the following specs: Milestone 1 ($3,000) & Milestone 2 ($4,000).
The submission of your EGF proposal (on-chain) should only request for $3,000.
Once you have completed Milestone 1, then you may submit another EGF proposal (on-chain) for $4,000.
The rest of the voting power would then come from the public delegators and validators.
Process
Before setting up any proposal on-chain, it is strongly recommended to any proposer to proceed the following way:
Contact the team with an inquiry form
The proposer must contact the Function X team by correctly filling in the inquiry-application-template which is points 1-5 (inclusive) of the EGF proposal form
Fork the FunctionX-EGF repository
In the newly created fork, create a copy of the inquiry-application-template. If you're using the GitHub web interface, you will need to create a new file and copy the contents of the template inside the new one. Make sure you do not modify the template file directly.
Name the new file after your project:
project_name.md
.Fill out the template with the details of your project. The more information you provide, the faster the review.
Once you're done, create a pull request. The pull request should only contain one new file—the Markdown file you created from the template.
The more information provided, the better guidance the team will be able to provide to the proposer.
Identify support opportunities
Identify ways to help, beyond monetary support e.g. coding, interfaces, source code, etc.
Request more information in the Inquiry Form
Formal proposal
If identified as requiring financial support
Fork the FunctionX-EGF repository
In the newly created fork, create a copy of the formal-application-template. If you're using the GitHub web interface, you will need to create a new file and copy the contents of the template inside the new one. Make sure you do not modify the template file directly.
Name the new file after your project:
project_name.md
.Fill out the template with the details of your project. The more information you provide, the faster the review.
Once you're done, create a pull request. The pull request should only contain one new file—the Markdown file you created from the template.
Evaluation
Provide feedback
May request for more information
Technical interviews
If required, depending on the tier requested, technical interviews will be scheduled
Funding decision
Onboarding
We’ll write up a contract and do KYC before disbursing funds
Funds will be disbursed according to milestones. This means you can only request for funds for the milestone you are working on currently.
Tiered Amounts
The amounts are in USD. The grants will be paid out in FX, the amount will be calculated based on the exchange rate on CoinMarketCap at the time of payment.
Amount (Up to)
$5,000
$10,000
$50,000
$100,000 & Above
Target
Individuals
Individuals & small teams
Small teams/start-ups
Companies/foundations with a proven track record (would require pitch calls & interviews)
Benefits
Feedback during application process and evaluation
Introduction to related teams/projects
All of the previous
All of the previous + grants program badge
All of the previous + further collaboration like co-branding/marketing…
Categories (non-exhaustive list)
It is paramount that you have categorized your project for us to easily identify the team to evaluate your project.
Blockchain Network layer
Tooling – Improving the developer experience
Documentation
On-chain Apps
DeFi
Loaning and borrowing
Automated Market Makers (AMM)
Decentralised Exchanges (DEX)
Insurance
NFT marketplace
Games
Property
Social
Off-chain apps
Data Analysis
Data visualization tools
Report generation
Wallets
General apps (Web, Android, IOS…)
Trading
Market making bot
Trading systems
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