Retroactive Funding - Polkasafe Revised Proposal

About Polkasafe

PolkaSafe is a enterprise-focussed, non-custodial tool built on top of substrate’s multisig pallet, designed to provide a seamless user experience and robust security features for managing assets in the Polkadot ecosystem.

Changes from Previous Proposal

Dear community, We failed to garner support from the community during our previous request for retroactively funding the development work done by the Polkasafe team over the last 6-7 months. Acknowledging our mistakes and taking inputs from the community, we have made changes to the proposal, penalizing ourselves and taking a significant cut on the budget. We are also sharing some additional data to give insights about Polkasafe’s adoption in the ecosystem and the role it is playing to bring institutional capital into the ecosystem.

Let’s start with the proposal changes first -

1. We made a mistake of not rightly attributing the efforts of the Chainsafe team while building on top of their work, and hence we have removed the expenses for that entire feature set completely.
2. The multisig integration work done by the team in the Polkassembly product has been accommodated in Polkassembly’s maintenance proposal itself, allowing us to further reduce the budget requested from the treasury.
3. Next.js migration

• Polkasafe apps’ speed was a major complaint from our users and we have worked to migrate the entire application to next.js improving the app performance by over 75%.
• Load time has reduced significantly from 10s to 2.5 seconds
• This work has been done as part of the current proposal but no additional funding is being included in the budget for the same.

Current traction

On AAG, during our previous proposal, we presented the status of Polkasafe’s adoption, and the impact it is creating for the ecosystem. Find the presentation link here.
We have been building with the users and having interviewed 100+ users we built the current product and our roadmap as below -

As of Oct’23, Polkasafe is being used by

• 340+ wallets
• Collectively managing $15mn+ across networks
• We are expecting a $50mn+ AUM in the next 3-4 months from our partners.

A path to sustainability has been shared towards the end of the document.

We have been actively working with institutional teams joining the Polkadot ecosystem, to get them onboarded to the product and the Polkadot ecosystem, providing them a reliable way to manage their assets safely using Polkasafe.

We have completed all milestones from our first proposal on Kusama and have continued shipping over the past months.
This proposal is a retroactive funding request for the work done on the product. Details of tasks, product features and timelines are outlined in the proposal document here along with our roadmap and vision for the product.

We look forward to community's feedback on the product and support for helping build the product so that institutions and projects can continue using Polkasafe to manage their assets safely using multisig wallets in the Polkadot ecosystem.