Polkadot Music Events Initiative (PMEI) has proposed a plan to bring the music industry onto the Polkadot network. They want to use blockchain technology to help the music industry, which is worth $100 billion. PMEI has a contract with Billfold, a company that helps with payments at live events. 

Here are the key points about the proposal:
- They are asking for $1.133 million to pay for the contract with Billfold, marketing, and legal expenses.
- The plan is to bring 3 million users from Billfold to Polkadot.
- These users will make 4.5 transactions each per year, which means 22.5 million transactions per year on Polkadot.
- Billfold is a payment system for live events, like selling food, drinks, and merchandise. They want to use Polkadot to make their payments faster and more secure.
- The proposal will help Polkadot grow by adding more users and transactions.
- PMEI's goal is to help music companies use Polkadot to solve problems with traditional finance.
- The team behind PMEI has experience in the music industry, web3 technology, and software development.

If the proposal is approved, PMEI will start working on integrating Billfold into Polkadot and marketing the project. They expect to finish the project in about eight months.

**Growing the Music Vertical on Polkadot: Onboarding Billfold** (revised prop from 989)

a PMEI proposal

Requested USD: $1.133M

Please see milestones and technical doc [HERE](https://docs.google.com/document/d/1aPZjgUy3UsI3m03_xtt_hku0xbySIgDlGsAbzHr_xqg/edit)

With community and DV feedback, we have updated this proposal from prop #989 to request in stables and to split into two smaller tranches, focusing first to onboard Billfold.

The team behind {bash} events, PMEI (Polkadot Music Events Initiative), is a web3 foundation supported BD agency and DF grant recipient that is focused on bringing active users to Polkadot through the music industry vertical. We are leveraging decades of our music industry experience and relationships to strategically bring in millions of users and billions of dollars in transactions.

The music industry is a $100B industry which functions primarily on paper intensive processes - mostly in excel spreadsheets and manila envelopes (we’re not joking). Music is absolutely prime for change and blockchain can be a large component of that evolution.

**Key Points on Proposal**

-   This prop covers the financial obligations under contract terms for Polkadot’s integration with Billfold, marketing expenses and legal expenses. Nothing goes to the PMEI team.
-   We are only onboarding Billfold in this prop
-   3 year contract term
-   Will drive 3 million accounts for loyalty rewards and use of USDC on Polkadot for concession payments
-   Direct Polkadot branded marketing to all users of the Billfold platform

**Tell me more...**

This proposal is solely to cover costs to fulfill our financial requirements for a contract that will bring 3M+ of Billfold’s existing user base to Polkadot. Based on Billfold’s repeat and expanding customer base, we will see 4.5+ transactions per user on average annually. Each new user will automatically be added to Polkadot which means a potential total of 5M+ new Polkadot users across the contract term. That means 22.5M transactions per year.

**So as Billfold grows, so does the number of users and transactions on Polkadot.**

This is an incredible case of blockchain solving an issue where web2 falls short. This deal also brings hundreds of millions of dollars in transaction volume through Polkadot in gradual steps.

If you are unfamiliar with Billfold, please visit their website [HERE](https://www.billfold.tech/) to learn more.

In short, Billfold is a vendor payment system for live event concession sales (alcohol, soft drinks, merchandise). What sets them apart is that they streamline concession sales by using a single tap feature at the point of sale and groups transactions to reduce time spent on checkout and reduce banking fees. Billfold is running $150M in annual transaction volume with massive brand partnerships which will greatly impact the usage of the Polkadot network.

**Billfold believes in web3 and in Polkadot’s ability to provide the speed and security necessary to handle the current and future volume.**

[HERE](https://www.youtube.com/watch?v=-CDIhfB0Jj0&t=1s) is a video outlining Billfold’s value prop and current operation.

![](https://i.ibb.co/PFdd1ks/Billfold-User-Flow.jpg)

**The nature of this deal does not allow us to execute on these commitments without full funding in advance. A traditional milestone approach is based on building tech and presenting repos for review. In our situation, we are funding Billfold for the acquisition of their users and the chance to create a long, ongoing relationship with Polkadot.**

**ROI for Polkadot**

In basic terms, the CAC is $0.33 per user TO BEGIN WITH. Every new user added to Billfold will automatically get and transact with a Polkadot wallet- so the CAC only decreases with each new user.

**ROI for Billfold**

Why else is this so incredible? Because Billfold can benefit from a blockchain solution that optimizes their business. Currently, Billfold’s dashboard provides every vendor (ie. bar vendor, merch vendor, food vendor, etc.) with an itemized list of concession items that are tracked and transacted on, with basic databasing and fiat rails, making it hard to verify and transparently share data with artists and brands. With Polkadot user wallets, this data is clear and verifiable so that an artist or brand can query data to identify loyal customers and reward that audience. This all happens on Polkadot. Beyond that, a vendor could already be working on tight margins, and in territories with volatile foreign exchange rates, this can mean a tremendous loss in revenue should the local currency shift out of their favor between payment settlements. USDC payouts solves this for every vendor on Billfold, and its powered by Polkadot.

**Users need intuitive experiences for mass adoption of web3**

If we agree that more active users on Polkadot is conditional for success, then this deal is a homerun for the ecosystem. These are repeat, lifetime users that are top-of-funnel and will have the chance to learn about and engage with Polkadot tech through extremely positive brand deposits. On average these users are transacting 4.5 times per year through Billfold’s current business, and they are in the process of making a larger global push to capture a far more significant piece of the market. It’s not a stretch to think that transactions can scale 10x from here.

In addition, every PoS unit and receipt will have Polkadot advertising baked in to reinforce the fact that Polkadot is what powers and secures their experience. That means each user has a great experience and sees the Polkadot logo, over and over and over again. This is directly marketing to users that are USING the tech. Simple, straightforward and impactful marketing.

**More on PMEI’s Mission**

PMEI is helping music companies use Polkadot. Polkadot products create highly optimized experiences within already successful web2 businesses- particularly in music and events. It’s important that we drive web3 products to solve real problems caused by traditional finance. Solving these problems breaks down barriers and creates an easy, web3 entry point for people in their everyday lives. This not only creates great success stories for other companies interested in leveraging web3, but it also drives organic growth for Polkadot.

**More on Billfold**

Billfold has 3 million active users through their point of sale (PoS) product, generating $150M+ in annual transaction volume. They will be integrating crypto with the help of the Polkadot Music Events Initiative and community approval of these onboarding terms. This Billfold deal onboards an established web2 company that will scale the music industry vertical on Polkadot, adding 3 MILLION active users and progressively transitioning $150M+ in annual transaction volume through Polkadot-based USD stablecoins.

PMEI is spearheading a new and exciting initiative with our business development and onboarding partners at Transistor that will onboard these two companies into the Polkadot ecosystem. Billfold and Radiate are some of the most forward-thinking names in electronic music events, and are excited about the prospect of launching products on Polkadot to further solidify their leading position as music event technology providers.

**This proposal will cover the cost to integrate and market the following:**

-   Onboarding 3 Million active user accounts via Polkadot (substrate) custodial wallets
-   Streamlining crypto native payments for those users through web3 PoS solution: including, but not limited to, live events and sporting events
-   Polkadot activations via loyalty reward tools for brands, venues and artists
-   Marketing strategy centering the Polkadot brand across physical PoS systems and digital receipts in Billfold activated venues

**Why vote aye on this?**

-   We already have LOI’s in place and defined scope Billfold. We are weeks away from finalizing a contract which will be executed upon successful passing of this prop. If for ANY reason, a contract is not signed for either party, the dedicated funds will be returned to the treasury. We have signed a contract with web3 foundation to ensure this happens and there is accountability on our end.
-   We will onboard the current 3M active users over a period of 3 months + every additional user that uses Billfold We are gradually transitioning their payment settlement to USDC on Polkadot resulting in organic volume and growth of transactions
-   Anybody creating an event can now use this tech moving forward to run their events and any entity can activate these users via their Polkadot wallets to market and interact with fans and the artists

Proponent: Polkadot Music Events Initiative

Beneficiary: Polkadot Music Events Initiative Multisig Address: 15nKYvAm8Yu9QVK65JWrhfyabhHkWywg21X9gX4GFJo3v4cT

Proposed Start Date: Oct 15th 2024

NOTE: PMEI is managing this project to ensure that proper technical integrations are delivered. These components will also be used in the context of {bash} events beyond our current onboarding flow and tech stack.

These components will also be available to other event organizers and marketing orgs can have elevated tools for streamlined use of web3.

ANY project can benefit from this in Polkadot. ANY team can build on and customize these tools. This makes the funnel for onboarding wider, and the engagement and web3 education MUCH easier and more accessible.

**Deliverables**

The initial user onboarding will be completed within a 3 month timeline from when the deal finalizes.

The full scope of this integration is expected to be completed within an eight month timeframe. This would put the completion date, including payments, around June of 2025. Getting to contract signature(s), creating user onboarding infrastructure, and a built PoC for borderless payments using USDC on Asset Hub are the initial stages and are anticipated to be done by 2024. Marketing will begin as soon as user onboarding has launched.

Technical documentation and further timeline expectations can be found [HERE.](https://docs.google.com/document/d/1aPZjgUy3UsI3m03_xtt_hku0xbySIgDlGsAbzHr_xqg/edit?usp=sharing)

Budget Requested USD: $1.133M

Billfold Integration $ 1,018,000 -this is the cost to acquire users through Billfold and move forward with the integration. This pays Billfold, nothing goes to PMEI whatsoever.

Legal $ 75,000 - includes software licensing agreement and negotiation, compliance costs 

Marketing/ PR $ 40,000 - We are working with a top tier marketing agency to broadcast the completion of this integration to build positive sentiment around Polkadot and its ability to solve real world problems.

Project Management Fee - **0%** (we are not charging an agency fee for this. Now that we have been granted funds for DF, this sits within our purview)

_The costs to integrate will not be used for any operating expenses for the PMEI team as we are a DF funded initiative_

Who’s on the team? PMEI

Miami - Expert full stack developer in Polkadot and Kusama known for their work under Moonbeans and across the Moonbeam ecosystem. Miami is the lead Developer for {bash} events.

Spencer Zabiela - Lead for {bash} events with deep ties in the music industry. Spencer is driving business development, bringing Billfold and Radiate together under this enterprise onboarding deal.

Sam Ruberti - Sam Ruberti has been developing full stack applications for over fifteen years. He was a Senior Rust Developer on the ink! team at Parity and has built full stack software for many companies, including Bloomberg, Peloton, and Clear, with a heavy focus on distributed systems, microservices, security, and user-facing web applications. He joined the Web3 space in 2017 and has launched numerous dApps, tokens, DeFi platforms, and NFTs on various chains.

Jaclyn Francis - Formerly at Tidal (Jay-Z’s HiFi music streaming platform recently acquired by Square/Block), Jaclyn is also part of the PMEI/ {bash} team and will be managing the digital ticketing experience for live music venues and artists using the RA platform.

**Additional Support**

Transistor - Transistor is a blockchain research and development firm focused on Polkadot adoption in the United States founded by Peter Mauric and Yoon Kim. Transistor will be supporting this onboarding effort with business development, key partner integration and development work. Peter led multiple teams and initiatives in the development of Ethereum and launch of Kusama and Polkadot’s success while at Parity Technologies and the Web3 Foundation from 2017-2022. Yoon Kim is a Polkadot ICO investor who worked at the highest levels of Wall Street tech banking and hedge funds throughout the Web 2.0 era.

Exiled Studios - Exiled Studios is a gaming studio focusing on developing low touch, high reward games. Exiled focus on algorithmic and low touch strategy games allows time poor, ex-gamers a way to enjoy gaming without the effort. Exiled is currently building the Exiled Racers gaming platform on top of the Moonbeam (Polkadot) blockchain.

**Summary**

Please see milestones and technical doc [HERE](https://docs.google.com/document/d/1aPZjgUy3UsI3m03_xtt_hku0xbySIgDlGsAbzHr_xqg/edit)

Budget: Requested USD $1.133M

More on the PMEI team here.

Contact Manager of the Funds PMEI team: [hello@polkdotmusic.events](mailto:hello@polkdotmusic.events)

Recipient DOT Address: 15nKYvAm8Yu9QVK65JWrhfyabhHkWywg21X9gX4GFJo3v4cT

More Information [www.polkadotmusic.events](http://www.polkadotmusic.events)

PMEI proposes to onboard Billfold to Polkadot for $1.133M, covering contract terms, marketing, and legal expenses. The deal will bring 3M+ users to Polkadot and drive billions of dollars in transactions. The proposal covers the cost to integrate and market onboarding 3 million active user accounts via Polkadot custodial wallets, streamlining crypto-native payments, and loyalty reward tools for brands, venues, and artists. The initial user onboarding will be completed within a 3-month timeline from when the deal finalizes, and the full scope of this integration is expected to be completed within an eight-month timeframe.

Growing the Music Vertical on Polkadot: Onboarding Billfold

WagMedia is a content creation and media hub that supports storytellers in the Polkadot ecosystem. They have been active since 2021 and focus on quality content and impact. In the past 5 months, they have published 26 weekly newsletters, opened 41 content bounties, and retroactively rewarded impactful content. They also have a website and X account for media publishing and aggregate all content. WagMedia has had a significant impact, with some content receiving up to 120,000 views and being shared by Polkadot and its teams. Many ecosystem agents and initiative leaders started their journey with WagMedia. They aim to continue serving as a content creator hub and evolve into a media hub that curates content from Polkadot creators. They request a one-year budget to continue their services, upgrade their website, and sustain growth on X.

**About us:**

WagMedia is a content creation and media hub that has been nurturing and incentivizing storytellers within the Polkadot ecosystem since 2021. We connect the dots, taking ecosystem ideas, products, and solutions from “So What?” to “Why Should People Care?” through supporting and nurturing content creators and ecosystem agents.

![](https://i.ibb.co/qMWpSgM/unnamed.jpg)

**Adaptation and Evolution:**

WagMedia continuously adapts to the needs of the ecosystem and paradigm shifts of the general crypto landscape, refining its approach in each treasury request. Starting as a simple tipping mechanism for content and translations on Discord, WagMedia now focuses solely on quality and impact over quantity, nurturing content creators to become ecosystem agents and long time contributors to the ecosystem.

**What We Delivered in 5 months:**

-   **Weekly Newsletter:**  A comprehensive [newsletter](https://thewagmedia.com/newsletter) with 26 published editions, featuring stories thats showcase WM content generation and rise awareness about the polkadot ecosystem. A selection of featured stories that raise awareness  include: [The Moonbeam way](https://thewagmedia.com/post/dots-etf-ectively-on-the-way-1716850613205), [Time for Hydration](https://thewagmedia.com/post/bring-on-dot-liquidity-1718732892138), [DOTcentralized funding (Polimec)](https://thewagmedia.com/post/dot-way-forward-1722290276913), [Ready for Awesome Ajuna](https://thewagmedia.com/post/ready-steady-dot-1723067397681), [Wud is going on (WUD)](https://thewagmedia.com/post/dot-wud-it-take-august-4th-to-august-10th-1723589173211), and [the LAOS Report](https://thewagmedia.com/post/reporting-about-dot-1715117127497).
-   **Content Bounties:** On average, we opened **2 content bounties** each week, totaling **41**, **+180** content written. Notable content from our bounties, featured in stories from our newsletter, includes The [Bounty-Hive](https://thewagmedia.com/post/dot-is-ded-eggshilarating-1712494918000), [Backing Content](https://thewagmedia.com/post/a-dot-2-back-1715796015841), [Define DOT Content](https://wagmediaweekly.substack.com/p/define-dot-and-make-changes-june), [Wag Content](https://thewagmedia.com/post/kolkadot-1720525494690), and [Gud Content](https://thewagmedia.com/post/ah-defining-dot-1724256292070)
-   **Retroactive Rewards:** We retroactively rewarded the most impactful Polkadot content monthly, with a total of **+30** payouts. Averaging **$104.655** per post. Check out the featured story from our newsletter about retroactive content here.
-   **Website and X Account:** We aggregate all content on [our website](https://thewagmedia.com/) and leverage our [X account](https://x.com/thatMediaWag) for media publishing, memes, and entertaining material. See: [Gavliator](https://x.com/thatMediaWag/status/1793644584322371841) by Turingmachine, [Polkadot: where you define the rules.](https://x.com/thatmediawag/status/1819697695847793061?s=61&t=1RpmaG7bX9D08YhEvaIbwg) Our X account also publishes threads and x articles derived from the news and featured stories in our newsletter.
-   **Monthly Reports:** We published +10 detailed reports on OpenGov, treasury, [DeFi](https://thewagmedia.com/creator/TheOyster), and the broader ecosystem.

**Impact:**

Many of the WAG creator’s content have had significant reach, with notable pieces receiving between **20,000** and **120,000** views. These have been leveraged by Polkadot and its founders, parachain teams and their official accounts.

-   [A megathread about the future of Polkadot–JAM](https://x.com/EmilKietzman/status/1781085529611661512) by EmilKietzman: 115K views, 850 Likes
-   [Polkadot updates, changes, direction](https://x.com/mrkusama/status/1814660945634820109?s=46&t=w6Lx2_7W6OffmtSBDHsQwA) by Pablo 56K views, 693 Likes
-   [Decoded takes](https://x.com/gbacix/status/1811811327268028798?s=46&t=8OHoQS5WYvVJ6O_n5G4B0g) by Gbaci: 40K views, 376 Likes

[Check out +30 written posts, among many, that stand as the main highlights from the past 5 months.](https://docs.google.com/document/d/1fhswWQAxeGHTkfvyCD9Fq3KTCsZULJ-B7lZtWzorY20/edit?usp=sharing)

**Our Hidden Contribution:**

Many current ecosystem agents and initiative leaders began their journey with WagMedia, including:

-   [Csaint](https://x.com/csaint02): Once a Kusamarian and WAG member, now a member of the Polkadot Editorial Board (EB).
-   [Jay](https://x.com/GldnCalf) and [Pnin](https://x.com/BalanceBorn): Former WAG members, now Jay leading the Kusamarian and Pnin works for it.
-   [Cris.pap](https://x.com/Cris_Pap8): Formerly with WAG, now founder of OGTracker.
-   [Jeeper](https://x.com/xcjeeper): Former WAG contributor, now part of the DF-funded OpenGov.watch team.
-   [John Rhodel](https://x.com/johnrhodelb): Formerly with WAG, now working on a Brazilian BD initiative funded through OpenGov.
-   [Jimmy Tudeski](https://x.com/stakenode_dev): A Polkadot OG and validator who contributed to WAG for a while before taking a DV role.
-   [Gbaci](https://x.com/gbaciX): Author of Polkadot Beginners, continues contributions through WAG.
-   [Goku](https://x.com/0xgoku_): Started as a content creator, now a team member of WAG and the Polkadot EB.
-   [Pablo](https://x.com/mrkusama): Long-time WAG contributor and also contributor to Kusamarian.

[And many more who have been either became ambassadors or team members of various ecosystem projects.](https://docs.google.com/spreadsheets/d/16izZpBeoevWN5GE2YiasGIStlFh6LIrz_e0KMkkZpmM/edit?usp=sharing)

**Our monthly audit reports for every expenditure:**

-   [WagMedia 2024 Data Report Volume 1: Through March 24, 2024](https://thewagmedia.com/post/wagmedia-2024-data-report-volume-1-through-march-24-2024-1724705852585)
-   [WagMedia 2024 Data Report Volume 2: March 25 - April 24, 2024](https://thewagmedia.com/post/wagmedia-2024-data-report-volume-2-march-25-april-24-2024-1724706015764)
-   [WagMedia 2024 Data Report Volume 3: Recap of 1st Half and April 25 - May 24](https://thewagmedia.com/post/wagmedia-2024-data-report-volume-3-recap-of-1st-half-and-april-25-may-24-1724706133077)
-   [WagMedia 2024 Data Report Volume 4: May 25 - June 24, 2024](https://thewagmedia.com/post/wagmedia-2024-data-report-volume-4-may-25-june-24-2024-1724706198565)
-   [WagMedia 2024 Data Report Volume 5: June 25 - July 24, 2024](https://thewagmedia.com/post/wagmedia-2024-data-report-volume-5-june-25-july-24-2024-1724709440241)

[WagMedia website](https://thewagmedia.com/audit) provides detailed content evaluation and reward audits. On-chain reward distributions can be found [here](https://report.wagmedia.xyz/) (Treasury: DOT - OpenGov 365, and USDT - OpenGov 365).

**Our Goal:**

We aim to continue serving as a content creator hub, nurturing ecosystem agents, and incentivizing them to organically tell the stories of Polkadot. Our value loop:

![](https://i.ibb.co/LCdpzWv/unnamed-1.jpg)

**Looking Forward:**

We aspire to evolve into a media hub that curates content from Polkadot creators, inspiring agnostic audiences everywhere. Our content will remain:

-   Entertaining
-   Witty
-   Approachable
-   Factual
-   Data-based
-   Authenticated

We are committed to enlarging the options for creators and teams to access content and retroactive tips, as well as enabling teams to open their own bounties. We have built a simple and minimal website to narrow down the steps to access WagMedia and plan to make it even more user-friendly in the next phase.

**One-Year Budget Request:**

**![](https://i.ibb.co/xqkyWXs/unnamed-2.jpg)**

[Brief budget info here](https://docs.google.com/document/d/1nJQ08XU9rfuMJQsoZgU_HqcvxvbJPj9dlFoWixC7HTk/edit?usp=sharing)

For:

-   Continuation of all existing WagMedia services.
-   Upgrading the website to make it more accessible, becoming a one-click tip request hub for creators.
-   Sustaining growth on X, maintaining an educational and entertaining tone.

**Was everything Pink?**

Nope. Challenges: WagMedia is primarily about creators, and it’s deeply satisfying when a creator is nurtured well enough to step up and make their own impact beyond WAG within the ecosystem. This is the ideal scenario when there is a constant emergence of new creators. After all, our value grows when there is starfish-like growth. However, we’ve noticed a stagnation in the number of new creators approaching Polkadot over the past year. Not just Polkadot, but also due to the prolonged market conditions and general sentiment changes in the crypto landscape. Still we adapt and keep on focusing on rewarding the best content rather than recycled or low-impact content, with tips ranging from $450 to $0.50.

Despite these challenges, during this period we have incentivized and kept prominent figures to write about Polkadot. We believe that if you see engaging, impactful content within the ecosystem, it’s likely written by a WagMedia creator.

![](https://i.ibb.co/ZBHbHWZ/unnamed-3.jpg)

You can read the **full proposal** [here](https://docs.google.com/document/d/1nJQ08XU9rfuMJQsoZgU_HqcvxvbJPj9dlFoWixC7HTk/edit?usp=sharing).

Questions and feedback are welcome, and we look forward to hearing those.

[WagMedia Discord](https://discord.gg/jPqAEb2X4H)

[WagMedia Twitter](https://twitter.com/thatMediaWag)

WagMedia proposes to continue nurturing and incentivizing content creators within the Polkadot ecosystem through weekly newsletters, content bounties, retroactive rewards, and a website. The one-year budget request is $1,500,000 for upgrading the website, sustaining growth on X, and continuing existing services. The main challenge is the stagnation in the number of new creators approaching Polkadot.

WagMedia - Collective Content Creation for 52 Weeks

The Treasury Proposal is about creating an ink! Alliance to help Polkadot, a blockchain protocol, become more successful. Polkadot wants to make smart contract development easier and more accessible. Ink! is a special language that helps build secure and decentralized technology. It is important because it is made for Polkadot and shares its security and resilience. 

The ink! Alliance will have different teams working together to make Polkadot and ink! better. They will teach people about ink!, make it easier to use, and keep improving the code. They also want to get more people to use ink! and make Polkadot stronger. 

The alliance has some goals, like making good tutorials, being active on social media, and helping at events. They also want to keep making ink! better and support people who use it. They are asking for $520,000 to do this work for 6 months.

# Treasury Proposal: ink! Alliance for a more successful Plaza

## **1\. Overview**

### Motivation Overview

Polkadot is built to be “the next-generation blockchain protocol at the heart of a vision for a fair, secure and resilient web that protects user interests by design (Web 3.0).” ([src](https://polkadot.network/blog/what-is-polkadot-part-2-the-vision)). It is the compute platform designed to power the next generation of applications. Polkadot is secure, resilient and unstoppable, without compromise. However, for Polkadot to truly reach the masses, smart contract development must become more accessible. ink! offers the most straightforward approach to building secure and truly decentralized technology. By supporting the ink! alliance, growth can be accelerated and the developer pool broadened for Polkadot, Plaza, and parachains.

Why is ink! part of the solution? ink! is a Polkadot native smart contract language. ink! shares the same ideals, security and resilience as Polkadot. It uses the same code-libraries and technology that the Polkadot SDK uses, allowing for seamless integration with runtimes and Polkadot’s multichain composability. ink! allows smart contract developers to use Polkadot’s offerings, while remaining secure.

This security comes from ink! being Rust. The language that built Polkadot, and is renowned for its robustness, reliability, and performance. Rust is extensively used by major companies like [Amazon](https://aws.amazon.com/blogs/opensource/sustainability-with-rust/?tag=zd-buy-button-20\&ascsubtag=1ddc6af3e945494ebd3b89e022b5e7ac%7Caccf3de4-4a83-4c81-8514-635e90015433%7Cdtp-oo\&utm_source=the+new+stack\&utm_medium=referral\&utm_content=inline-mention\&utm_campaign=tns+platform), [Google](https://security.googleblog.com/2021/04/rust-in-android-platform.html?utm_source=the+new+stack\&utm_medium=referral\&utm_content=inline-mention\&utm_campaign=tns+platform), and [Microsoft](https://www.youtube.com/watch?v=8T6ClX-y2AE), [Discord](https://discord.com/blog/why-discord-is-switching-from-go-to-rust), and even the [Linux kernel](https://en.wikipedia.org/wiki/Rust_for_Linux). Additionally, Rust has a thriving ecosystem with over [4-million developers](https://research.slashdata.co/reports/66546c6a78c13bcad12eac6e), is the fastest growing programming-language, and has been the [most admired programming language](https://github.blog/2023-08-30-why-rust-is-the-most-admired-language-among-developers/#:~:text=For%20the%20eighth%20year%20in,Stack%20Overflow's%20annual%20developer%20survey.) for 8 years in a row.

With ink!, Polkadot has a smart contract language that makes creating proper decentralized applications simple, while remaining true to Polkadot’s uncompromising ideals and composability. Solidity allows Polkadot to cater to Web3-native developers, and ink! caters to the market of Rust developers. Multi-language smart contract support diversifies the developer pool, providing Polkadot, Plaza, and parachains the best chance to thrive.

To achieve growth for ink!, and Polkadot, this ink! Alliance is formed to decentralize the decision making amongst a strong-group of companies motivated to help make Polkadot & ink! thrive. As ink! has not achieved mass-usage, this alliance is putting a large focus on traction, with a strategy centered on developer education, increasing the awareness of ink!’s capabilities while also making it easier to start building for Polkadot. Additionally, the alliance will ensure ink!’s codebase continues to be maintained and improved, and provide ongoing community support including answering questions, giving workshops at hackathons (EasyA, EncodeClub, WebZero, etc.), teaching at the PBA and more.

### ink! Alliance & Collaborations

The initial alliance is made up of the following members:

-   [Michael Müller](https://github.com/cmichi): Led the ink! team at Parity bringing ink! to where it is today.
-   [Polytope Labs](https://research.polytope.technology/): The team behind [Hyperbridge Network](https://hyperbridge.network/)
-   [R0GUE](https://r0gue.io/): The team behind [Pop](https://onpop.io)
-   [Virto](https://virto.network/en/): The team behind Virto and Kreivo

Additionally, the alliance will work closely and collaborate with:

-   [EasyA](https://www.easya.io/), to incorporate ink! into the #1 Web3 learning platform
-   [Encode Club](https://www.encode.club/), for education, ink! bootcamps and hackathons
-   [WebZero](https://www.joinwebzero.com/), to promote ink! and provide hackathon support
-   [Distractive](https://distractive.xyz/), aligning ink!'s messaging for powerful and cohesive narratives
-   Core ink! engineers and dApp developers

### ink! status

**Current Status and Adoption of ink!**

It is an ideal time to push for greater traction for ink! due to Polkadot’s preparation for contract-enabled system-chains, and ink! being at its most mature-stage yet. ink! is supported by several parachains, has thousands of contracts deployed across the ecosystem, and boasts a robust set of tools, including full-stack boilerplates, scaffolding tools, and advanced security tools.

**Endorsement and Impact**

OpenZeppelin, a major player in Web3 security, highlighted that they “see great potential in ink! and its tool `cargo-contract` which has demonstrated robust security measures and an unwavering commitment to ensuring the safety and security of its users. Overall we are confident that ink! and its associated tools will see significant adoption in the future” ([src](https://blog.openzeppelin.com/security-review-ink-cargo-contract)). Data from Parity indicates that the most used smart contract parachains in 2023, Astar and Phala, support ink!, with Phala having over 6,000 ink! Contracts deployed. Additionally, Aleph Zero has developed a thriving ecosystem around ink!, showing how ink! can be impactful in Polkadot with the proper support.

**Widespread Usage**

Numerous projects including [Abax Finance](https://abax.finance/), [Archisinal](https://www.archisinal.io/), [Pendzl](https://medium.com/web3foundation/decentralized-futures-introducing-pendzl-67c3f02755dd), [GenesisDAO](https://genesisdao.com/), [Music Finance](https://www.mufi.app/) are utilizing or contributing to ink!. Chains supporting ink! include Aleph Zero, Astar, Kintsugi, Kreivo, Magnet, Pendulum, Peaq, Phala, Pop Network, Ternoa, Zeitgeist, and more. In addition to the many tools such as [ink!-analyzer](https://github.com/ink-analyzer), [DRink!](https://github.com/inkdevhub/drink), [ink!athon](https://inkathon.xyz/), [Pop CLI](https://onpop.io/cli/), [ink!scope](https://github.com/inkscopexyz), and many more.

### Objectives and Ask

The objectives of this alliance and proposal is to execute on the following:

1.  Traction
    1.  Produce high-quality tutorials, courses, and examples
    2.  Consistent social media engagement
    3.  Unify branding, messaging, and developer journey
    4.  Teach at PBA and hackathons/conferences
2.  Development
    1.  Maintain ink!, including fixes and addressing V5 audit findings
    2.  Finalize PolkaVM support
    3.  Maintain ink!-focused tooling (e.g., [`cargo contract`](https://github.com/use-ink/cargo-contract), [ui.use.ink](https://ui.use.ink))
3.  Community Support
    1.  Support parachain teams and developers using ink!
    2.  Assist with hackathons from EasyA. EncodeClub, WebZero and more

To do this, the alliance is requesting a budget of $520,000 USDC for 6-months of support for ink!. This will be controlled via a multisig of trusted members. Please see the section "Deliverables & Budget" for a breakdown of this amount.

See the [full proposal here](https://docs.google.com/document/d/1-XprsFVOIkDSHpnGDMg0pKuswU_S0YHLdWLNtlsmJfw/edit?usp=sharing)

WHO: ink! Alliance, consisting of Michael Müller, Polytope Labs, R0GUE, and Virto, along with EasyA, Encode Club, WebZero, Distractive, core ink! engineers, and dApp developers.

WHAT: Form an alliance to accelerate growth and broaden the developer pool for Polkadot by promoting ink!, a Polkadot native smart contract language.

PRICE/TIMEFRAME/RESOURCES: Requesting a budget of $520,000 USDC for 6-months of support for ink!, controlled via a multisig of trusted members. See "Deliverables & Budget" section in the full proposal for a breakdown of this amount.

ink! Alliance for a more successful Plaza

- The Polkadot Blockchain Academy (PBA) is planning new programs called PBA6 and PBA-X to train more people.
- PBA has already helped over 400 developers and entrepreneurs learn about Polkadot in the past 2 years.
- The goal is to help thousands of new learners and offer different types of educational content.
- The proposal asks for funding for a 6-month plan to support this new training.
- A new online program, PBA-X, will start with its first group in January 2025.
- There will be two tracks: one for DApps and another for Protocol.
- PBA aims to work with universities to share its content and support former students in their careers.

Polkadot Blockchain Academy proposes to create and execute PBA6 and PBA-X, an online version of PBA, to educate thousands of potential contributors to the ecosystem. The proposal requests funding for a 6-month activity to deliver an advanced in-person cohort, a scalable online program, a new DApps track, a written syllabus, university partnerships, and continuous learning initiatives for alumni. The first cohort of PBA-X is planned for January 2025. Details in the proposal linked below.

Polkadot Blockchain Academy; PBA-X production and launch, Wave 6 production and execution. September 2024 to the end of March 2025.

Centrifuge has proposed a plan to support the long-term sustainability of the Polkadot Treasury by deploying 1.5M USDC into real-world assets to earn stable yield, grow Polkadot TVL, and bolster RWAs within the Polkadot community. This investment would follow the Web3 Foundation's investment in the Anemoy Liquid Treasury Fund. The proposal aims to manage Polkadot's funds responsibly and support growth and long-term stability. The investment will be fully managed using XCM, directly depositing from the Polkadot treasury into the pools on the Centrifuge parachain. The Anemoy Liquid Treasury Fund invests exclusively in U.S T-Bills with a maximum maturity of 6-months, focusing on maximizing interest rates and minimizing price and duration risks.

_9/10/24 Update: Centrifuge updating this initial USDC deployment to 1.5M from 3M_

_Centrifuge’s main priority is to execute on the goals listed below in the original referendum, without impacting short-term spending. Over the last 24hrs, members of the community voiced concerns about the following ‘big spends’ after us potentially not being able to receive funds due to a lack of USDC. We are changing this proposal so that the foundation sends back 1.5M USDC immediately if this referendum passes so this threat is mitigated._

_Centrifuge is committed to working with the community to be the long-term treasury partner helping preserve the DAO treasury in earning yield on idle funds and empowering RWAs on the network, and is happy to cut the initial ask to accommodate other near-term opportunities. We believe a next step following this referendum would be to propose small incremental stablecoin deployment into Centrifuge overtime to further eliminate stablecoin shortages and build strong reserves as the amount of stablecoins coming into Asset Hub continues to grow._

_It’s also important to note that the beneficiary wallet listed is the Polkadot Community Foundation multi-sig wallet - in no way is Centrifuge involved as an added layer of risk in being responsible for sending back the 1.5M._

_The updated instructions for the foundation are listed at the bottom of this referendum._

This proposal is aimed at supporting the long-term sustainability of the Polkadot Treasury. We propose that the newly formed [Polkadot Community Foundation](../treasury/820) on behalf of the DAO, deploy USDC into real-world assets to earn stable yield, grow Polkadot TVL, grow the treasury, bolster RWAs within the Polkadot community and support a leading parachain, Centrifuge. This investment would follow the investment that the **Web3 Foundation made in January** of this year into the Anemoy Liquid Treasury Fund. This is also a strong marketing opportunity for Polkadot as it begins to engage in RWAs, specifically being a talking points at this years [RWA Summit](https://www.rwasummit.io/) this October at the flagship event in NYC.

This proposal is for 1.5M USDC to be deployed into Centirfuge’s T-Bill pool, Anemoy Liquid Treasury Fund. This referendum resulted from the [previous discussion](../post/2393) about onboarding the Polkadot Community to Centrifuge.

The investment will be fully managed using XCM, directly depositing from the Polkadot treasury into the pools on the Centrifuge parachain.

This proposal is important for Polkadot to manage its funds responsibly and support growth and long-term stability. Having a mix of different assets that don't all move in the same direction is crucial for public organizations like DAOs and endowments to earn strong returns over time.

![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXfjHX9oX1pD3gniDahIgJ-bFWPNwwO06UlQKf6vrT90t3UWn6kRl0WVx7fGeRTTiyG6bPBDFUqMb0qBj2h5tgteZjasgySPLLuS0p6LA-4ocIql5ry25lIDU02A-XHox_kWn0PsCXVM4XoQdxus2uAjS9GY?key=fj1g456z0bCM-8ENVUnFdQ)

Quick Links:

-   [Centrifuge app](https://app.centrifuge.io/pools)
-   [Centrifuge website](https://centrifuge.io/)
-   The Defiant: [Polkadot’s Web3 Foundation To Invest $1M In On-Chain Treasuries](https://thedefiant.io/news/defi/polkadot-s-web3-foundation-to-invest-usd1m-in-on-chain-treasuries)
-   [Anemoy Liquid Treasury Fund Deck](https://centrifuge.mypinata.cloud/ipfs/QmSPNN2QsqBB9MkiifWQi55iVZ2CLicq7X6EezZwB98uLE?format=)

Grayson - BD & Research at k/f (Centrifuge contributing organization): [grayson@k-f.co](mailto:grayson@k-f.co)

Ivan Postavskyy - Centrifuge Governance Facilitator: @ImdiorCKZ (Telegram)

Anil Sood - Cofounder at Anemoy Capital (Centrifuge-native asset manager): [anil@anemoy.io](mailto:anil@anemoy.io)

Ryan Haczynski - Centrifuge Ambassador and DAO Active Contributor: [ryan@luckyfriday.io](mailto:ryan@luckyfriday.io)

### About Centrifuge

Centrifuge is the largest protocol built on Polkadot rails, and operator of the Centrifuge parachain. Founded in 2017, Centrifuge is one of the original and most sophisticated real-world asset protocols, having financed $600M+ in assets, and with $300M in current TVL. Some of our previous work includes working alongside Web3 Foundation, MakerDAO, Aave, BlockTower Capital, and GnosisDAO.

### Centrifuge’s History with Polkadot

Centrifuge was launched on the substrate in July 2021 as a live network on Polkadot. In 2022 Centrifuge secured a 9th parachain slot on Polkadot in the second batch with 5,435,161 DOT raised from 27,101 contributions. That was the highest participation in the 2nd batch! In November 2023, Centrifuge successfully self-funded a new lease via para ID3353. In addition, the Web3 Foundation invested into the Anemoy LTF pool.

Centrifuge successfully delivered 2 grants for Polkadot Community:

-   Substrate Go API client — [Completed](https://github.com/w3f/Grants-Program/blob/master/applications/index.md#:~:text=Substrate%20Go%20API%20client)
-   Substrate / Ethereum Bridge — [Completed](https://github.com/w3f/Grants-Program/blob/master/applications/index.md#:~:text=Substrate%20/%20Ethereum%20Bridge)

Centrifuge is building on Polkadot for several reasons:

-   Scalability: Polkadot’s parachain architecture offers scalability, allowing Centrifuge to handle a large number of transactions efficiently.
-   Interoperability: Polkadot’s interoperability enables seamless communication between different parachains and blockchains, which is crucial for the liquidity and RWA tokenization.
-   Security: Polkadot’s security features enhance the trustworthiness of Centrifuge’s platform.
-   Cost-Effective Transactions: Transactions on the Centrifuge chain are notably inexpensive, fast, and easily adjustable when compared to the Ethereum network.
-   Efficiency: Fine-tuning and endless possibilities with upgrading and improving existing infrastructure.
-   Decentralization: All parachains on Polkadot are independent which makes this system fully decentralized.

Centrifuge leverages Polkadot’s infrastructure to make real-world assets more liquid and accessible in the DeFi space.

### Why RWAs are Beneficial to the DAO

This proposal is aimed at growing the Polkadot treasury by earning yield on idle stablecoins. Diversifying the treasury in stable, yield bearing assets will better position the DAO to meet long-term liabilities, and overall support the longevity of the treasury. Additionally, this is a major step on behalf of the DAO to support real-world assets on Polkadot.

![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXeThNh6DotHOwHxfDbWKkoO2wgncwuuy4bhMz_EUIC7zuSZd0_FTesP-3zxnlDNxtCypCJYYnbbNS2VBu9kv_AYe2ZjbwO6zgio23RycL6elOjGKld-BXYZu5jefoDaeLT5rNiITks2ukwQ49rLtInpRIfM?key=fj1g456z0bCM-8ENVUnFdQ)

### Investment Details

**_TVL Accrued to the Parachain_**

Centrifuge’s parachain is a Substrate network purpose built for the Centrifuge protocol. Not only would TVL accrue to the chain, but there would emerge a great commercial partnership opportunity around marketing RWAs on the network.

**_T-Bills as the first RWA for the DAO_**

Treasury bills (T-Bills) are short-term debt securities issued by the U.S. Department of the Treasury with maturities ranging from a few days to one year. Anemoy focuses on durations less than six-months and the fund earns an average of 5% annual yield. T-bills are considered to carry zero risk because they are backed by the full faith and credit of the U.S. government, making them one of the safest investments available. This low-risk profile makes T-bills a popular choice for investors seeking a secure place to earn yield and preserve capital.

Below is a chart showing the yield the DAO can generate by USDC deployed.

![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXdIQS8nW_tWpqTUn6Z37yt-I-iTQyiLtD2SWIuUV0rKA6uvPBkVDE_zs7xY-3O238m7Bn3o1EJTaUK-dVn48OPaD0yuJfQtEdndigX2QQQMa4pnEek-jQu62BIjlJzFe3hydfXflDpGYt2dVMtCHq8Lz-g?key=fj1g456z0bCM-8ENVUnFdQ)

**_Increase positive brand sentiment through marketing/ PR_**

The Centrifuge marketing team will promote the investment across earned and social media channels, drawing attention to the long history Centrifuge and Polkadot have together, why we decided to build a parachain and the fact that Polkadot is further investing in their ecosystem and growing their treasury.

![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXfyPAs5emux_53clkLT8u1CY-vvCRIHCOlqm2_EgveF10hXfeD3zz0xZ8iLbu6iYrH0tH7-KnkW8F7C3iamd5rBmhqrqRIxU_Imwb2QJENmHwEEpJpAsHZvelKtwrt_TVCCgs7Lq4QwsEabmVTP73UMaBHD?key=fj1g456z0bCM-8ENVUnFdQ)

If passed, Centrifuge would also be proud to share the advancement at the Real- World Asset flagship event this October in New York. [The RWA Summit](https://www.rwasummit.io/) is the premier event series dedicated to the intersection of traditional and decentralized finance, with the largest networks, protocols, and traditional firms all in the one venue for two days. [See here](https://youtu.be/A9NNLzMhrRw) a summary video from last years summit.

### About the Anemoy Liquid Treasury Fund (LTF)

The Anemoy Liquid Treasury Fund invests exclusively in U.S T-Bills with a maximum maturity of 6-months, focusing on maximizing interest rates and minimizing price and duration risks. U.S T-Bills are held directly by the fund with the custodian and the individual asset holdings can be viewed onchain. The fund is a BVI-licensed fund open to non-U.S Professional Investors.

[View the fund in our app](https://app.centrifuge.io/pools/4139607887)

Below you will find the current asset makeup of Anemoy’s Liquid Treasury Fund as of  8/6/2024.

![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXeO46yKevxbJBZ6NKhdZ2mH3Us3Gv-YJX4EZN-2Q_fYVohyRQlwSLyaPraFfhlrAueW3dyxKbOv2cmGd_W27ZYHsJYV74INQQbD_MKGVvTpB6G4zpqT15qboeH-qfb9ArR9bA6exgxRfq6PgsFwA3n2VaqI?key=fj1g456z0bCM-8ENVUnFdQ)

The Centrifuge app takes transparency seriously as a core value to investors. In the assets tab, anyone can see the individual Bills held by the Anemoy Liquid Treasury Fund, with the CUSIP securities identification number available.

![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXfndZr-16JAWqYl7mPtgfSjFJTgC2RJqkqGpUaS__kqxhFj71r7MCMKcSx1RFP1wUPJxHXLBVEuJ_YQRYqoCFTcXlQSMtxgfrXMJcbLrZGyzxg5AR05XYZRsVx6moegh1tA1kqgCeu2dd4RTVS98Bx66y-K?key=fj1g456z0bCM-8ENVUnFdQ)

Above is a detailed view in the Centrifuge UI of a single T-Bill security.

![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXf-yTjDKpHjvA9a7ZIES8US4LBWgm66y2fxqQxWCuSOE24XYfcdrw_DidpLLtVIgdn2RpdtoiVIXcYDA80yfVqt9jehXrwiPk2EcVEv3LDWBZEpl2XCT5fpqu8A4UDNfxgyts8UWvR7xGa2SkO2L1ir0g?key=fj1g456z0bCM-8ENVUnFdQ)

[Source: Anemoy Deck](https://centrifuge.mypinata.cloud/ipfs/QmdiVxQ9FnM5nSEwPHdtFE6krzPQKy5Y4fwZfHhFvk2zXX)

Benefits of the Anemoy structure include:

-   ‍Instant Liquidity: Anemoy has recently begun offering instant liquidity.
-   Direct Ownership: The tokens serve as direct evidence of ownership of the fund shares, allowing cost-efficient redemptions and providing full legal claims on assets.
-   Investor Protection: Prospective investors adhere to requirements of a BVI-regulated professional fund, ensuring a secure and transparent investment environment well-protected from regulatory risk and sanctions enforcement.
-   Transparency: Centrifuge provides real-time onchain visibility of holdings, returns, and tokenized U.S. Treasury Bills.
-   Ultra-low fees: Fees for the fund are 15bps annually (7.5bps Anemoy management fees + 7.5bps Centrifuge protocol fee).

A list of third-party service providers are here:

-   Primer Broker: StoneX
-   Banking: First Citizens Bank
-   Fund Admin: Trident Trust
-   Fund Auditor: MHA Caymans
-   Custodian of T-Bills: unnamed U.S bank custodian \[name can be revealed privately upon request\]

**_Returning Funds - Liquidity_**

There is no lock-up period for the investment - a redemption / return of funds simply requires aproposal outlining such actions. These actions are for the Polkadot community to decide.

Once a sell order has been passed by the DAO, funds can be returned on the same day.

**_Instructions for the Foundation_**

Once 1.5M or more is in the foundation’s control, they should immediately send this amount back to Asset Hub where the USDC came from. Then the foundation should proceed with the process as originally set out with the remaining 1.5M USDC: 1) Begin KYC/KYB with the Anemoy Liquid Treasury Fund and fund administrator 2) Invest into the Anemoy Liquid Treasury Fund immediately once investor onboarding is complete to reduce the opportunity cost of yield.

Centrifuge has been in contact with [Autonomous Projects](https://autonomousprojects.co/), who proposed the referenced Polkadot Community Foundation, and now serve as administrators of the foundation.

### Conclusion

The DAO investing into real-world assets, alongside the W3F, provides stable yields, grows Polkadot TVL, diversifies the treasury, bolsters RWAs within Polkadot, and supports a leading parachain, Centrifuge.

T-Bills are a natural first step for the DAO as it looks to target idle USDC earning no yield for the community, and are highly liquid when needed. This is an exciting first step for the community to utilize the newly setup Polkadot Community Foundation, to access real world opportunities otherwise not available to the DAO. Centrifuge is committed to growing RWAs on Polkadot, and would be thrilled to share this development with the broader blockchain community.

WHO: Polkadot Community Foundation on behalf of the DAO, Centrifuge
WHAT: Deploy 1.5M USDC into Centrifuge's T-Bill pool, Anemoy Liquid Treasury Fund, to earn stable yield, grow Polkadot TVL, diversify the treasury, bolster RWAs within Polkadot, and support Centrifuge
PRICE/TIMEFRAME/RESOURCES: 1.5M USDC immediately, no lock-up period, no added layer of risk for Centrifuge, fees for the fund are 15bps annually

*UPDATED* Proposal for the Polkadot Community to Earn RWA Yield on Idle Stablecoins via Centrifuge

Cyborg Network is planning a treasury proposal to build a web2.5 centric parachain to bring new enterprise and web2 users into the Polkadot ecosystem. They aim to create a platform for managing AI compute resources and launch the Cyborg parachain as Polkadot's web2.5 hub. They are also launching JAM-Boost, a product line for deploying and managing Polkadot edge nodes. The team is seeking 182,275 USDT to build and launch the Cyborg parachain on mainnet. They have a history of winning hackathons and receiving grants in the Polkadot ecosystem. The proposal is not for a token swap, and they plan to use DOT and Asset Hub stablecoins for JAM-Boost transactions.

Hello, everyone. This discussion post aims to gather insights and feedback from the community about a planned treasury proposal for Cyborg Network. Cyborg Network is a web2.5 centric parachain to onboard a fresh wave of enterprise and web2 native users into the dotsama ecosystem.

**Summary:**

Polkadot, as one of the most technically advanced blockchain ecosystems, holds immense potential for modeling enterprise-ready applications. This can attract a significant influx of users and developers. Our goal is to leverage this technology and introduce a new wave of web2 and enterprise users into the Polkadot ecosystem. We plan to achieve this by building industry-ready infrastructure that facilitates AI adoption.

We are developing a platform for managing AI compute resources (both training and inference) with strategic partnerships across web2 and web3 domains. Our vision is to launch the **Cyborg parachain** as **Polkadot's web2.5 hub**. This will empower developers to build, deploy, and scale web2.5 applications on our parachain with dedicated business development support and mentorship.

Additionally, we are launching a Polkadot-centric product line called **JAM-Boost**. JAM-Boost will enable the deployment and management of Polkadot edge nodes (low-latency collators and validators). This will facilitate infrastructure decentralization for new technologies like async backing and JAM. JAM-Boost will be offered as part of the [IBP](https://polkadot.subsquare.io/treasury/bounties/50) bounty program.

We are **seeking 182,275 USDT** to build and launch the Cyborg parachain on mainnet. 

We are a team of PBA graduates (Devs and Founders) spanning across different cohorts. We recently won a few polkadot hackathons and delivered a W3F grant. Here is a short highlight of our team’s journey across the polkadot ecosystem:

[Winner - Web3 Hack X Hackathon](https://x.com/Web3HackX/status/1733845137602875791)  
[Winner - Polkadot Hackathon Global Series: NA edition 2024](https://www.linkedin.com/posts/angelhack_polkadothackathonna-activity-7204421834795020291-yEpa?utm_source=share&utm_medium=member_desktop)   
[Winner - Polkadot Prodigy Hackathon](https://www.youtube.com/live/1bmbMU55fyM?si=MuCBDjAe00tEynxp)   
[Finalist - Polkadot Winter Hackathon](https://x.com/OneBlock_/status/1739949571525271716)  
[W3f Grants Program](https://x.com/Web3foundation/status/1815368184419013072)  
[PBA Finals Pitch](https://www.linkedin.com/posts/cyborg-network_founders-venturecapitalist-industryexperts-activity-7166757848570322944-JDIp?utm_source=share&utm_medium=member_desktop)  
[Polkadot Alpha Program](https://polkadot.network/development/alpha/)  
[Polkadot Relayers Incubator](https://x.com/AngelHack/status/1706537750839832759)  
[Polkadot Encode Accelerator 2023](https://x.com/selen_klara/status/1754920215480016953)  
[Polkadot Decoded Viewing party 2023](https://www.linkedin.com/posts/megha-varshini-t_event-content-polkadot-activity-7085141333731921923-pQPp?utm_source=share&utm_medium=member_desktop)  
[DMCC TDeFi Accelerator](https://www.linkedin.com/posts/tdefi_cohort-2-exploring-web3-acceleration-program-activity-7132613355894153216-uWs2?utm_source=share&utm_medium=member_desktop)  
[Polkadot Insider](https://x.com/PolkadotInsider/status/1816231903156146628)

Link to the full proposal is [here](https://docs.google.com/document/d/1DBb_qPRV_GcalvIbJsx0DUbL4JF51l1w/edit?usp=sharing&ouid=104593553144733642568&rtpof=true&sd=true)

Looking forward to your feedback!!  
  
\-----------------------------------------------------------------------------------------------------------  
  
**Updates:**

Contrary to common assumptions, this proposal is not for a token swap.

The airdrop, as mentioned above, will be done irrespective of the result of this proposal. We like the idea of every DOT wallet holding some BORG, similar to how DED tokens are distributed, and to achieve effective decentralization.

Based on the feedback we received so far, we have decided to use the DOT token and Asset Hub stablecoins for all transactions related to JAM-Boost. Users can pay for services and receive rewards in DOT or other Asset Hub stablecoins. Our token will not be used for this product, as this will act as a common good for the ecosystem.

In the future, however, we may opt to use DOT across our entire platform (depending on user feedback and community consensus), potentially removing the need for a separate token for Cyborg Network.

Cyborg Network plans to build a platform for managing AI compute resources and launch the Cyborg parachain as Polkadot's web2.5 hub. They are seeking 182,275 USDT to build and launch the parachain on mainnet. JAM-Boost will be offered as part of the IBP bounty program. The team has won several hackathons and delivered a W3F grant. They plan to use DOT token and Asset Hub stablecoins for all transactions related to JAM-Boost.

Cyborg Network: Unlocking the Web 2.5 potential of Polkadot with Blockchain powered Edge Computing

Polkadot's technology is well-suited for B2B applications, but the market segment is undervalued. To seize the market opportunity, Polkadot needs to focus on B2B Marketing & Sales enablement. The proposal aims to give ecosystem teams strategic insights, tools, and guidelines to close more deals and establish Polkadot as the leading Web3 platform for businesses. The project will be carried out in three phases: B2B Market Segmentation, B2B Target Market Selection, and B2B Positioning Strategy Development. The project is expected to drive improvements in key performance indicators, such as generating better-qualified leads, reducing sales cycles, increasing win rates, and securing larger deal sizes. The project will be completed in 14 weeks at a cost of $181,000.

B2B Marketing & Sales Enablement For The Polkadot Ecosystem

WebZero is proposing a new version of the Sub0 developer conference for Polkadot. Here are the main ideas:

- The conference will last 3 days and include evening events, a day for Web3 educators, and a 72-hour hacker space.
- It focuses on grassroots hacker culture and aims to make entry easier by offering free tickets, food, and drinks.
- The venue will be designed for a creative experience with areas for networking, art displays, and cozy stages.
- They plan to be transparent with budgets and expenses so everyone knows how the money is spent.
- The goal is to gather over 400 attendees each day by partnering with universities and creating a special marketing campaign.
- The conference will include all Substrate projects, bringing together different communities.
- It will be located in Bangkok, just before the Devcon conference, to make it accessible and cost-effective.

Overall, the event aims to be fun, collaborative, and focused on developing the Web3 community.

WebZero proposes a reimagined Sub0 developer conference, with a focus on grassroots, Web3 hacker culture. The proposal includes a 3-day conference, evening events, a Web3 educators' day, and a 72-hour hacker space managed by WebZero's developer relations team. The requested amount is $437,560.00 USDC, and the proposal aims to bring together the top Substrate-based projects from across the ecosystem. The event will be held just before Devcon in Bangkok.

"sub0 RESET" @Devcon Bangkok - back to the roots

- Polkadot-API is a project that builds on PolkadotJs.
- It provides tools to help developers make decentralized applications (dApps).
- The project focuses on ensuring it's easy to use and "light-client first."
- The stable version 1.0.0 of Polkadot-API has been released.
- The team is looking for funding to continue developing the project.
- They want feedback on their funding proposal before submitting it.
- More details about the proposal can be found in a shared Google Doc.

WHO: Polkadot-API development team

WHAT: Seeking funding for ongoing maintenance and development through treasury proposals

PRICE/TIMEFRAME/RESOURCES: Details of the proposal can be found in the Google Doc provided.

Polkadot-API: Aug 2024 - Jan 2025 development financing

This is a request for additional funds for proposals #812 and #948 in the Polkadot network. The proposals involve creating libraries and applications for the Polkadot ecosystem. The person who created these proposals has completed all goals for proposal #812 and is making good progress on proposal #948. They have built libraries like "reactivedot.dev" and "dotconnect.dev", and also created a developer console called "DOTConsole". They have contributed to other projects in the Polkadot ecosystem and joined the Polkadot Tooling Collective. The request is for 37,314 USDT to cover the difference between the amount of DOT requested and the current value in USD. The person hopes this shows their commitment to improving the Polkadot ecosystem.

This is a top-up request for the following proposals: \[#812\](https://polkadot.polkassembly.io/referenda/812) and \[#948\](https://polkadot.polkassembly.io/referenda/948). ## Accounting

| Proposal | Date | Timeline | DOT amount | DOT price in USD | USD amount | USD difference |
| --- | --- | --- | --- | --- | --- | --- |
| [812](https://polkadot.polkassembly.io/referenda/812) | 28/05/24 | [Created](https://polkadot.subscan.io/extrinsic/20966474-3) | 6,000 | [7.424](https://polkadot.polkassembly.io/referenda/812) | 44,544 | \-9,864 |
| 19/06/24 | [Awarded](https://polkadot.subscan.io/block/21427200?tab=event&event=21427200-50) | [5.78](https://www.coingecko.com/en/coins/polkadot/historical_data?start=2024-06-19&end=2024-06-19)\[1\] | 34,680 |
| [948](https://polkadot.polkassembly.io/referenda/948) | 05/07/24 | [Created](https://polkadot.subscan.io/extrinsic/21501158-2) | 15,378 | [6.11](https://polkadot.polkassembly.io/referenda/948) | 93,959 | \-27,450 |
| 17/08/24 | [Awarded](https://polkadot.subscan.io/block/22118400?tab=event&event=22118400-12) | [4.325](https://www.coingecko.com/en/coins/polkadot/historical_data?start=2024-08-17&end=2024-08-17)\[1\] | 66,509 |
| Total |     |     |     |     |     | \-37,314 |

1\. Average of the opening and closing price. \*\*Requesting amount:\*\* 37,314 USDT ## Current progress Proposal \[#812\](https://polkadot.polkassembly.io/referenda/812) has been fully completed with all stretch goals achieved, and the current proposal \[#948\](https://polkadot.polkassembly.io/referenda/948) is progressing well. I always strive to go the extra mile and deliver beyond expectations. The following sections will recap everything I’ve produced so far: ### Libraries - \*\*Front-end utilities library:\*\* \[reactivedot.dev\](https://reactivedot.dev/) - \*\*Wallets connector library:\*\* \[dotconnect.dev\](https://dotconnect.dev/) - \*\*Forum posts:\*\* - \[Reactive DOT - A reactive library for building Substrate front-ends\](https://forum.polkadot.network/t/reactive-dot-a-reactive-library-for-building-substrate-front-ends/8655/17) - \[Show and tell | ReactiveDOT × PAPI\](https://forum.polkadot.network/t/show-and-tell-reactivedot-x-papi/9388) ### Applications In addition to building libraries, I've also taken the initiative to create a developer console during my free time, aptly named "DOTConsole". This application serves three main purposes: 1. A means to test and experiment with my libraries. 2. A reference application showcasing the ease of building with next-gen libraries. 3. Following positive feedback, it may also serve as a potential devtool replacement for the aging PJS App, without the downside of being geared toward everyday users. You can check out the full details in this \[forum post\](https://forum.polkadot.network/t/show-and-tell-reactivedot-x-papi/9388). But here’s a quick sneak peek: !\[image\](https://hackmd.io/\_uploads/H1AYzbysR.png) !\[image\](https://hackmd.io/\_uploads/Hkl6zZ1oA.png) !\[image\](https://hackmd.io/\_uploads/S1Nu7WkoR.png) ### Other activities within the ecosystem - Being independently funded by the treasury has allowed me to contribute to various other projects within the Polkadot ecosystem. You can view these contributions on my \[GitHub profile\](https://github.com/tien). - I've also submitted my \[application\](https://github.com/polkadot-tooling-collective/collective/pull/25) to join the Polkadot Tooling Collective (PoToC) to further cement my part as a long-term contributor. ## Q&A \*\*Q: Why did the previous proposals request DOT?\*\* \*\*A:\*\* When \[#812\](https://polkadot.polkassembly.io/referenda/812) was being prepared, requesting in stablecoins wasn't generally available and still wasn't well established by the time \[#948\](https://polkadot.polkassembly.io/referenda/948) was created. My very first proposal (\[#811\](https://polkadot.polkassembly.io/referenda/811)) was incorrectly formatted due to a front-end bug, which I was told occurred because of ongoing upgrades to support stablecoins. This experience made me hesitant to try something not well documented. To play it safe, I requested in DOT. All future proposals, if any, will be requested in stable amounts instead. \*\*Q: Why didn't you request top-up for \[#812\](https://polkadot.polkassembly.io/referenda/812) right after it was awarded?\*\* \*\*A:\*\* I'm still relatively new to OpenGov, having only been involved for roughly three months as of this writing. Requesting additional funds immediately after the passing of my first proposal, without strong deliverables proving my ethic, would be in bad taste in my opinion. > \[!NOTE\] > For any further questions please leave your comment below! ## Closing remark I hope that these deliverables, along with the many extra works I've been taking on, clearly demonstrate my strong commitment to Polkadot and my consistent effort to \*\*always\*\* go above and beyond. Therefore, reassures you of the investment Polkadot OpenGov is putting in me (including this top-up), as well as my personal long-term investment to improve the Polkadot ecosystem. 🙏

Polkadot OpenGov is requesting a top-up of 37,314 USDT for completed proposal #812 and ongoing proposal #948. The previous proposals requested DOT as stablecoins were not well-established at the time. The developer has created libraries and applications, and has contributed to various projects within the Polkadot ecosystem. The top-up request is for the completed work and ongoing efforts.

Top-up request for Reactive DOT and related works

- The proposal seeks to use 59 million $DED from the Polkadot Treasury for a marketing campaign targeting the Korean-speaking community.
- The campaign aims to increase international exposure for the $DED Project on Polkadot.
- It will be conducted through Naver Cafe, the largest social networking service in South Korea.
- The campaign is scheduled to run from August 17 to September 2, 2024, with an option to extend for an additional week at a discounted rate.
- The extension would coincide with Korea Blockchain Week (KBW) 2024, which takes place from September 2 to 7, 2024, in Seoul, South Korea.
- KBW is an annual global blockchain and web3 festival.

WHO: The proposal is made by an unknown individual or group.
WHAT: Use $59 million from the Polkadot Treasury to conduct a targeted marketing campaign for the Korean speaking community prior to Korea Blockchain Week (KBW) 2024 in Seoul, South Korea.
PRICE/TIMEFRAME/RESOURCES: The proposed marketing campaign will cost $59 million and will run from 17 August to 02 September 2024, with an option to extend for an additional week at a discounted rate during KBW if needed.

Proposal to use $DED to Conduct Targeted Marketing during KBW 2024

This is a request for extra money to help with a project that was already given money before. The people working on the project had planned how much they would need based on a certain price of a thing called DOT. But when they got the money, the price of DOT had gone down, and they didn't have enough to finish the project well. They are asking for an extra 183.326 USDC to make up for the difference in the price of DOT and keep the project going as planned. They think this extra money will help the project and everyone involved. They are ready to talk more about this request and thank everyone for their support.

_This is a resubmission of [1058](1058) as the multisig was not present on Assethub_

Amount requested: **183.326 USDC**

**Introduction**

We are reaching out to kindly request additional funding to support our [previously funded proposal](663). This request arises from unforeseen market fluctuations that have impacted our budget and jeopardized the quality of our project delivery.

**Background**

In our initial proposal, we based our financial calculations on the DOT price of $8.722 (7-day EMA based on Subscan on April 10, 2024). This figure was instrumental in planning and budgeting for the milestone we set out to achieve.

**Issue Faced**

On the day of award payout, May 8th 2024, the DOT price had dropped to $6.707 (block 20736000 [https://polkadot.subscan.io/referenda\_v2/663?tab=timeline)](https://polkadot.subscan.io/referenda_v2/663?tab=timeline\)) At first, we anticipated this was a temporary pullback and expected a correction back to the $8.5 range. Unfortunately, this correction never occurred, leading to a significant shortfall in our budget.

**Impact on the Project**

The decline in the DOT price has put the quality delivery of our proposed milestones at risk. Without the necessary funds, we face the possibility of compromising on the quality and scope of our deliverables, which we believe is not in the best interest of the community or the project's long-term success.

**Request for Additional Funding**

To mitigate this situation and ensure the successful completion of our project, we are requesting a top-up of **183.326 USDC** (91.663 DOT x 2$ price difference from proposal date to payout date). This additional funding will cover the losses incurred due to the lower-than-expected DOT price and allow us to maintain the high standards we committed to in our original proposal.

**Conclusion**

We understand that fluctuations in the market are an inherent risk. However, we believe that supporting this top-up request will ultimately contribute to the project's success and the broader goals we aim to achieve together. We sincerely appreciate your consideration and support.

**Next Steps**

We are available to discuss this request further and provide any additional information required. Thank you for your understanding and continued support.

WHO: The project team behind a previously funded proposal.

WHAT: Requesting a top-up of 183.326 USDC to cover losses incurred due to lower-than-expected DOT price and ensure the successful completion of their project.

PRICE/TIMEFRAME/RESOURCES: 183.326 USDC, no specific timeframe or resources mentioned.

Top-Up Request for Previously Funded Proposal #663

- The Dots Magazine is a fun project about Polkadot created by two fans in January 2024.
- They use humor to attract people to the Polkadot community.
- The team has gained a lot of attention with over 1,960 followers and millions of impressions.
- They are asking for $38,980 to continue their work for the next six months.
- The money will help pay salaries for their team, promote their content online, and buy tools they need for creating work.
- They want the funds because they are running low on money and need to fix budgeting issues from their first proposal.

**WHO:** The Dots Magazine, Mantra, and John Mental. **WHAT:** Requesting $38,980 USDT for 6 months of operational work to create Polkadot mememedia. **WHEN:** 15th August, 2024.

The Dots Magazine - 2nd proposal 

- A new Polkadot App was introduced at the Polkadot Decoded event in 2024.
- The app is designed to be user-friendly for people new to crypto.
- The Polkadot Community Foundation (PCF) wants the community to own the app's code.
- They are asking for community support to own the app’s source code, which will be open source.
- They need $50,000 to cover costs for legal and administrative work related to the app.
- This money will help set up accounts on Apple and Google stores and manage other needed services.
- The PCF aims to keep the app updated and easily accessible for everyone.

The Polkadot Community Foundation (PCF) proposes to gain community support to own the IP and source code of the Polkadot App, a beginner-friendly mobile wallet for newcomers to crypto and Polkadot. They seek funding of $50k to pay Walkers for legal and administrative fees to sign up, publish and review updates to the Polkadot App over time. The PCF will also administer these accounts to the maintainers.

Polkadot App - PCF IP Rights & Funding for publishing the app

- A proposal was made to compensate for work on smart contract research, but it had an error and needs to be voted on again.
- The research helps the Parity Smart Contract team find the best tools for a new Polkadot VM.
- Two people worked for three days on this project, totaling about $2,400.
- They are asking for $1,900 instead, believing the research is valuable for future developers.
- A full report of the research can be found online.
- The idea for this request came from a talk with someone from the Parity team who agrees it should be paid for.
- The researchers hope the community will appreciate their work and support the proposal.

The proposal requests compensation of 1900 USD for 2 people who spent 3 working days researching solidity smart contract tooling for Polkadot. The value generated is significant for Parity smart contract team and future Polkadot tooling. The full report can be found in the provided link. The proposal has been inspired by the discussion with Alex from Parity smart contract team.

(Already passed as 1072, but didn't execute) Solidity smart contract tooling - research for AssetHub/Plaza

- Someone said to give a tip about a problem.
- They looked into a project called "Polkadot."
- They talked to many people to see if anyone knew a person named Michiko.
- There was a worry that if they were wrong, it could hurt the reputation of the group.
- By checking everything, they helped stop a scammer from taking $10,000 every month.

Leemo proposes a tip for identifying a potential scammer in the Polkadot ecosystem, which prevented the Treasury from paying $10,000 per month. No specific WHO, WHAT, price, timeframe, or resources mentioned.

Tip for exposing Michiko Watanabe

- Integritee is a company that works with privacy technology on a special platform called a sidechain.
- They have made changes to their request for money after getting feedback.
- Integritee is asking for about 39,680 CHF (which is about 44,302.72 USD) for their project.
- They plan to repay this amount by sending back 30% of the money they earn from fees.
- Their technology is already working and can be tried out by anyone.
- The company’s leaders have given talks about why privacy is important in technology.
- They have made videos explaining their work and past proposals.

Integritee proposes a retroactive funding of 39,680 CHF (≃ 44,302.72 USD/USDT) as a soft-loan, to be repaid with 30% of gross fee revenue until the loan plus a one-off premium of 10% is paid back. This is for the development of their privacy sidechain technology on Paseo.

Incognitee: Privacy Sidechain on Paseo (Retroactive)

This TIP is asking for money for creating a special interview guide. The guide helps people choose the best person for an important job called Head Ambassador. It took 4 hours to make and they want to be paid $50 for each hour. They collected questions from different groups and made a helpful document for everyone. They think it's worth at least $200 and hope others agree.

This TIP is a request for compensation for time spent writing: https://hackmd.io/@T6Wf5EsOQKe-6wyPjJPtuw/S1UVpQ0BA This standardized interview guide aims to provide a comprehensive and fair assessment of each candidate's qualifications and suitability for the Head Ambassador role. The document is open for anyone to add a question they think it is relevant. It took around 4 hours (2 people each 2 hours) to create, the document for which we are asking $50 per hour. Time was spend gatjering questions community was asking on candidate's proposals and in different chat groups (such as ChaosDAO and Kus delegation). After compiling th questions, we created a document, which gathers all the relevant questions to help every voter compare the candidates with ease. We believe the value generated by creating this document is at least $200. We hope the DOT holders will agree. !\[\](https://i.imgur.com/chVRzoh.png)

WHO: The authors of the standardized interview guide. 

WHAT: Requesting compensation for their time spent creating the document. 

PRICE/TIMEFRAME/RESOURCES: $50 per hour for 4 hours, totaling $200.

Creating a standardized interview for Head Ambassadors

This proposal is to ask for more money because the price of DOT changed and we got 30% less than we asked for. We asked for 167,214.5 DOTs, which was worth $1,585,229.01. But when we got the money, DOT was worth less, so we only got $1,107,026.87. This made us short by $478,202.14. We need this money to pay our workers and suppliers. We are asking for 478,202.14USDC. If we don't use all the money, we will take it out of our next request.

This proposal is to top-up our approved request from OpenGov #584, as due to the fluctuation of the DOT price, we have received 30% less liquid funds. OpenGov Referendum #584 / Treasury Proposal #751 was submitted on 2024-03-18 19:38:12 (+UTC). We requested 167,214.5 DOTs. At the time of conversion, the price of DOT was 9.4802, which translates to a request for $1,585,229.01. The funds were disbursed to the PBA on May 12th 2024, when the price of DOT was $6.6204, effectively making our funding $1,107,026.87 This resulted in a $478,202.14 deficit due to the drop in price of DOT. We did not expect such a level of volatility and our expenses are set in fiat. While we did allocate a buffer for the expenses to be incurred, this large deficit does not allow us to fulfil our obligations to our vendors in Singapore, our international faculty, and our operational staff. We are making a top-up request of 478,202.14USDC. As is the case with all Polkadot Blockchain Academy funding, any unused funds will be deducted from future proposals.

WHO: Polkadot Blockchain Academy
WHAT: Making a top-up request of 478,202.14USDC due to a $478,202.14 deficit caused by the drop in price of DOT.
PRICE/TIMEFRAME/RESOURCES: The requested amount is 478,202.14USDC and any unused funds will be deducted from future proposals. No timeframe or additional resources mentioned.

Top-up of Proposal 751 due to DOT price change

### Milestone 2 Proposal for Polkadot Collectives

**Summary:**
- **Features:**
  - Support for ambassador businesses, similar to fellowship features.
  - Business warnings to prevent accidental demotions or missed promotions.
  - Enhanced profile pages with detailed member information.
  - Statistics on collective spending and member activities.
  - Sub-treasury management for fellowship and ambassador funds.
  - Enhanced referenda features for collective decision-making.

- **Budget:**
  - Total estimated hours: 1960
  - Hourly rate: $90
  - Total budget requested: $176,400

WHO: The proposer team. 

WHAT: Implementing milestone 2 to support collectives (fellowship, ambassadors) on Polkadot, including features such as ambassador business support, business warnings, profile enhancement, statistics, sub treasury, and referenda enhancement. 

PRICE: $176,400. 

TIMEFRAME: Not specified. 

RESOURCES: 3 FTE for most features, 1 FTE for testing.

Subsquare polkadot collectives support milestone 2

dAppForge is a planned AI-powered plugin for Polkadot developers that aims to reduce development time. It is designed to address the difficulty of learning Substrate and Ink! frameworks, which are major challenges for developers in the Polkadot ecosystem. The project has received $100,000 in funding from an angel investor to build the first iteration of the AI model and the alpha version of the plugin, which is available for download from the VS code extension marketplace.

The development of dAppForge is divided into four milestones:
1. The first iteration of the AI model and the alpha version of the plugin have been completed.
2. The beta version of the product, which includes fine-tuning the AI model, integrating Ink!, and building a chat feature, is the next phase. The team is seeking treasury funding for this milestone.
3. And 4. Future milestones involve integrating the Pop network to improve the developer experience for Ink! developers and implementing features like reference documentation and pre-written prompts for runtime templates. The main task will be releasing a freemium API model with a free tier for basic code suggestions and a premium subscription-based API offering enhanced AI, personalized learning, and an up-to-date knowledge graph.

Neurons Lab, which developed the initial AI, has been commissioned again and can leverage AWS AI Production Ready Funding Program to obtain $75,000 in co-funding from AWS, resulting in a total AI development budget of $150,000. The comprehensive cost for milestone 2 is $105,000 and is expected to take 12 weeks to complete. After milestone 2, the core of dAppForge will be open-source, and the team plans to ask the treasury for funds for milestones 3 and 4, which will each take about 12 weeks and cost around $100,000 to $115,000 each. The monetization strategy includes a subscription-based premium API to support ongoing development and improvement of the free, open-source version.

Hello, everyone. This discussion post aims to gather insights and feedback from the community about a planned treasury proposal for dAppForge. dAppForge is an AI-powered plug-in for Polkadot developers that reduces development time.

### Summary of Important Points

The developer experience on Polkadot is the ecosystem's #1 problem. Substrate and Ink! are very powerful frameworks, but they are very difficult to learn. Because of this, Polkadot developers always struggle to build better applications. The bad developer experience also makes it harder for new developers to enter the ecosystem. Polkadot needs a better developer experience to grow the developer ecosystem and enable developers to build better applications faster. Better applications will attract more users, which is a problem Polkdot has always had. One solution to the DevEx problem is dAppForge.

dAppForge is an AI-powered plug-in for Polkadot developers that reduces development time. The AI model will be explicitly fine-tuned for substrate and ink! We received $100,000 in funding from Angel Investor to build LLM's first iteration and the alpha version of the plug-in. You can also download the alpha version of the plugin from the VS code extension marketplace.

![](https://i.ibb.co/5KmDZ7J/d-App-Forge-1.png)

Since this is the alpha version, there is still much fine-tuning left to do. The funding received enabled us to complete the first of four milestones to build dAppForge V 1.0. dAppForge version 1.0 is divided into 4 milestones: Milestone 1: the first iteration of LLM and the alpha version of the VS code plugin. This was completed, but the product is at a level where developers won’t see a lot of value. This is because the model needs to be further fine-tuned. Milestone 2: This is the beta version of the product. It includes fine-tuning the LLM model, integrating ink!, and building a chat feature. This is where developers will see value in using the product. We are applying to the treasury to fund milestone 2. Milestones 3 and 4: We plan to integrate the Pop network to further improve the DevEx for ink developers! We will also work on implementing other features, such as reference documentation and pre-written prompts for runtime templates. The main task for these milestones will be releasing our API freemium model. The API will have a free tier, and developers will have access to basic code suggestions and a foundational knowledge graph to help them build their Polkadot projects. The subscription-based premium API will offer extra features, such as:

-   **Enhanced AI**: More accurate, contextually relevant code suggestions powered by advanced models.
-   **Personalized Learning:** Train the AI on your codebase for tailored suggestions.
-   **Up-to-date Knowledge Graph:** Access the latest Polkadot knowledge and best practices with our regularly updated knowledge graph.

We completed milestone 1. Here is the **[GitHub link](https://github.com/neurons-lab/dAppForge-copilot/)** to the repository. It will be migrated to the dAppForge repository in the future, and the code for the plug-in will also be open-sourced. We are now seeking treasury funding for milestone two. Milestone 2 funds the product's beta version, which developers will see value in using. The code suggestions will be more accurate and help reduce some of the developers' pain points when building with Substrate. We will also incorporate ink!, making it easier for developers to use smart contracts to test their ideas quickly.

[Neurons Lab](https://neurons-lab.com/), which developed the first version of AI in the previous development phase, has been commissioned again. As an AWS partner, Neurons Lab can leverage the AWS AI Production Ready Funding Program to obtain $75,000 in co-funding from AWS. This results in a total AI development budget of $150,000, with costs split equally between AWS and dAppForge. This will enable us to build a robust beta verison with a better fine-tuned AI model. AWS credits cover all the AWS hosting costs. The $75,000 does not include building the chat feature and integrating the AI model into the plug-in. Those are separate development costs. The comprehensive cost for milestone 2 is $105,000 and will take 12 weeks to complete.

The beta version of the product will be free to everyone. After completing milestone 2, developers will see the plug-in's value. The core of dAppForge will be open-source, meaning anyone can download the model on their local devices. After completing milestone 2, we plan to ask the treasury for funds for milestone 3 and then milestone 4.

Milestones 3 and 4 will each take about 12 weeks to complete and cost around $100,000 to $115,000 each. After completing milestone 4, dAppForge version 1.0 will be ready. The main part of milestones 3 and 4 will be implementing the API freemium feature. The subscription-based premium API is part of our monetization strategy. The cloud-based premium features will support dAppForge's ongoing development and improvement. This helps ensure that the free, open-source version is available and improved for everyone. The monetization strategy also eliminates the need to ask for continuous treasure funding after milestone 4.

Here is the **[](https://docs.google.com/document/d/149YzOSx8DoqSX5eEVutvG7fimRh9pmBkK8wzQuSZi0M/edit?usp=sharing)[link to the whole proposa](https://docs.google.com/document/d/149YzOSx8DoqSX5eEVutvG7fimRh9pmBkK8wzQuSZi0M/edit?usp=sharing)[l](https://docs.google.com/document/d/149YzOSx8DoqSX5eEVutvG7fimRh9pmBkK8wzQuSZi0M/edit?usp=sharing)**

Looking forward to feedback from the community!

dAppForge, an AI-powered plug-in for Polkadot developers, received $100,000 in funding to build Milestone 1. They are now seeking treasury funding of $105,000 to complete Milestone 2, which will fund the product's beta version. Milestones 3 and 4 will each cost around $100,000 to $115,000 and will take about 12 weeks to complete. The comprehensive cost for the entire project is $420,000. The core of dAppForge will be open-source, and the beta version will be free to everyone. The subscription-based premium API is part of their monetization strategy.

dAppForge - AI powered plug-in for Polkadot developers that reduces development time. 

Project Magnet submitted a proposal on April 7, 2024, for 33,956.17 DOT worth $294,400. The proposal was approved, but due to a decrease in DOT's EMA-7 price, the project received only $248,354.20, resulting in a shortfall of $46,045.80. The project has made progress in Execution Layer Modules, Coretime Layer Modules, and Profit Layer Modules. The front-end design is complete, and development is ongoing. The Magnet Testnet is online in Rococo, using DOT as gas fee. The project requests a top-up of $46,045.80 to align with the original budget and ensure successful execution.

**Context**

On April 7, 2024, Project Magnet submitted a proposal [(Proposal 654)](654) for 33,956.17 DOT, equating to USD $294,400 based on the EMA-7 price of $8.67 per DOT at the time of submission. The proposal was approved, and the funds were received on May 6, 2024. However, the EMA-7 price of DOT had decreased to $7.315045 by this date, resulting in a significant shortfall.

**Calculation of Shortfall**

Initial Proposal Amount (April 7, 2024):

-   Requested DOT: 33,956.17 DOT 
-   EMA-7 Price: $8.67
-   Total USD Value: 33,956.17 DOT \* $8.67 = $294,400

Funds Received (May 6, 2024):

-   Received DOT: 33,956.17 DOT
-   DOT Price: $7.315045
-   Actual USD Value: 33,956.17 DOT \* $7.315045 = $248,354.20

Shortfall:

-   Shortfall in USD: $294,400 - $248,354.20 = **$46,045.80**
-   EMA-7 Price: $5.991 (July 8, 2024)

Request Top-up:

-   46,045.8 USD

**Project Development Updates:**

**Execution Layer Modules:**

EVM, WASM, and MoveVM abstractions are completed. AssetBridge: The front-end UI and application redesign have been completed. Please refer to the attached images. Proxy and Multisig: The abstraction and integration of these two modules have been completed. Coretime Layer Modules:

**Coretime Layer Modules:**

Bulk & on-demand: Work in Progress (WIP). Bulk coretime purchase information proof generation and verification have been completed. The on-demand coretime module is currently under development.

**Profit Layer Modules:**

Profit Modules: On-demand Profit calculation and configurable distribution have been completed. Bulk Profit calculation and configurable distribution are currently under development.

For details about project updates, please refer to our GitHub page.

**Front End:**

Design has been completed, and front-end page development is in progress. For details, please refer to the attached images.

**Testnet:**

The first Magnet Testnet is online in Rococo, running with Bulk Coretime model using DOT as gas fee

**Conclusion:**

The requested top-up of **46,045.8 USD** is essential to align the project's funding with its original budget, ensuring the successful execution of the Magnet project as initially planned. We kindly request the community's support for this proposal.

Github: [https://github.com/Magport/Magnet](https://github.com/Magport/Magnet) (Latest feature is in develop branch)

Design Detail: [Google Doc](https://docs.google.com/document/d/1vlpuy7s5EZ53O25u7mM4Moq4EMRgKDsl5Cx15BTAkd4/edit?usp=sharing)

Partial application interface preview can be found in the appendix : [Google Doc](https://docs.google.com/document/d/1G6GhifkTAPHiBjZe1CnrcPyiGM_6Jbay5Q3qW9dRBrc/edit)

Project Magnet requests a top-up of $46,045.8 to align funding with the original budget. The project has completed the EVM, WASM, and MoveVM abstractions, front-end UI and application redesign for AssetBridge, and the integration of Proxy and Multisig modules. Coretime and Profit Layer Modules are in progress, and the front-end page development is ongoing. The first Magnet Testnet is online in Rococo.

Proposal: Request for DOT Top-Up to Cover Price Difference

- The Editorial Board for Polkadot en Español needs funding to keep their team working for the next six months.
- They have greatly increased their activity on social media, going from 6 posts in January to 63 in June.
- Their posts have reached 169,000 people in June, a huge jump from 14,000 in January.
- The team includes MacZam from Chile, Janko from Mexico, and Gabriel from Argentina, each with special skills.
- They want $46,000 to pay the salaries of these three team members and help the account continue to grow.
- This funding will help keep spreading the message about Polkadot in Spanish-speaking countries.

WHO: The Editorial Board for Polkadot en Español X account.

WHAT: Requesting funding for the salaries of three key members for six months to continue their mission of enhancing Polkadot's presence in the LATAM region.

PRICE/TIMEFRAME/RESOURCES: The total amount requested is 46k USDT, which includes 45k USDT for the salaries of the three members and 1k USDT for external signatories' tips for six months.

Continuation and Salary Request for Editorial Board in Spanish Members

A group asked for $1,337,000 to sponsor HEROIC esports on a blockchain. They started working with Polkadot community members on a marketing campaign and will have a keynote and stand at Decoded. But because the price of DOT dropped, they only got $1,231,427 and need an extra $105,573 to cover all the marketing plans they agreed to.

In Ref#762 ([https://polkadot.polkassembly.io/referenda/762),](762\),) we requested a total of $1,337,000 for an exclusive blockchain sponsorship of HEROIC esports.

Since then, we have successfully launched the partnership, established the Marketing Council with Polkadot community members (Leemo, Evan, and Olli + Nate from Distractive) to work on the first marketing campaign, and we are confirmed to do a keynote and stand at Decoded.

Unfortunately, due to a price drop, we received the payment when the price of DOT was $6.18 (29.06.24 at 10:40AM) and we are asking for a top up to cover the difference. This is to make sure we have the budget to cover all agreed marketing deliverables in the partnership agreement.

**Top up request**

-   Original requested amount: 199,260 DOT at 6.987 USD — 1,392,259 USD at the time, anything above 1,337,000 USD would be repaid
-   Received amount: 1,231,427 USD at 6.18 USD per DOT
-   Top up request: 105,573 USDT

[https://polkadot.polkassembly.io/referenda/762](762)

HEROIC esports requested a top-up of 105,573 USDT to cover the difference caused by the price drop of DOT. The original requested amount was 199,260 DOT at 6.987 USD, and they received 1,231,427 USD at 6.18 USD per DOT.

Top up | HEROIC x Polkadot sponsorship due to DOT price drop

Snowbridge, a trustless bridge between Polkadot and Ethereum, has successfully launched and is growing in usage. It is a significant innovation for interoperability in the Polkadot ecosystem. The project has completed 3-4 integrations and plans to increase integrations across all parachains in the coming months. A treasury proposal has been submitted to finalize payments for completed engineering milestones, operating costs, and team incentives. The proposal includes additional controls for team incentives and medium-term insurance guarantees for bridge users. The total amount requested is 505157 DOT and 2812500 USDC, covering audit and operational costs, milestone completion bonuses, post-launch bonuses, and successful operation incentives. The beneficiary address is provided for the payments.

**Launch**

Snowbridge is live! We've been up for ~ 2 weeks, running smoothly since launch, with no issues and usage is starting to grow.

If you're not familiar with it, it's a bridge between Polkadot and Ethereum that is designed and implemented to be fully trustless, with no multi-sig or third party involved. It’s a major innovation for interoperability in the Polkadot ecosystem.

Snowbridge is one of the longest running and most complex public goods project in the Polkadot ecosystem outside of Parity itself, and many teams have eagerly awaited the launch.

We've also already finished off 3 - 4 integrations with other teams, and are expecting to ramp up integrations across all parachains over the next month before a wider growth and adoption program.

If you missed the launch, see more details in our blog announcement [here](https://snowfork.substack.com/p/snowbridge-is-live) and try it out yourself using the app [here.](https://app.snowbridge.network/)

**Treasury Proposal**

With the launch done, we’ve completed all our milestones from our [original proposal in 2022](../referendum/88) and are set up for the long term success of the bridge. In that proposal, our team and the Polkadot community agreed upon our expected milestone payments and incentives which totalled to ~$10 mil worth of DOT.

This proposal finalizes the payments for our 2024 completed engineering milestones, operating costs and team incentives. It also adds additional controls on those team incentives to ensure strong alignment between the team and the Polkadot community, and gives medium-term insurance guarantees to bridge users.

The proposal is long as it documents a lot of the work we've been doing over the last 2 years as well as future plans, but we're looking for any early support, feedback and discussion here before going live with the proposal.

The executive summary of the propsal is copied below, and the full proposal is here:

[https://spinamp.mypinata.cloud/ipfs/QmRSkK7YVbnTDYCsgWhyfvDydtbSi1uyWDbRDrxPvnPzmi](https://spinamp.mypinata.cloud/ipfs/QmRSkK7YVbnTDYCsgWhyfvDydtbSi1uyWDbRDrxPvnPzmi)

(Note: exact numbers will be updated based on the Subscan EMA7 rate on the day of submission)

**Executive summary**

Total amount: 505157 DOT and 2812500 USDC (~5,797,500 USD, based on the current Subscan EMA7 rate of 6.22, with a 5% buffer for slippage)

This is broken down into:

-   Audit & Operational costs: Single payout of 187849 DOT (based on $1,110,000). Paid on execution of proposal
-   Milestone completion bonus: First 12 out of 24 months vesting payouts, covering the period from July 2024 to July 2025. 13221 DOT per month, totalling 158652 DOT. Scheduled for monthly claim, starting immediately. (based on $937,500)
-   3-months post launch bonus: Single payout of 158656 DOT (based on $937,500). Scheduled for claim 3 months after launch.
-   Successful operation incentives: First 9 out of 21 months payouts, covering the period from July 2024 to July 2025. 312500 USDC per month totalling 2812500 USDC.

Beneficiary Address: 129Uxho5oKBz6js8dwjoQLzLjYsEs4ZLBtS7KRotQbunVNfP

This payment covers:

-   Auditing costs (both retroactive and future 2024 costs)
-   Sponsorship for light client relayer costs for 2024 (both retroactive and future costs through July 2025)
-   Already completed engineering and launch milestones
-   The first 6 out of 21 months of successful operation incentive payments, based on the schedule agreed upon in our original proposal, for longer term success in maintenance and development work on the bridge.
-   Medium-term Insurance for users of the bridge and the wider Polkadot community.

Snowbridge, the first fully trustless Polkadot <> Ethereum bridge is live. We’ve completed all our milestones from our original proposal last year and are set up for the long term success of the bridge.

Demo (on Polkadot): [https://app.snowbridge.network/](https://app.snowbridge.network/)

See the Completed Work and Future sections in the full document for a summary of our completed milestones, last year of work and future plans.

Our last successful proposal was in 2022, where our team and the Polkadot community agreed upon our expected milestone payments and incentives. The agreed total milestone payments and incentives totalled ~$10mil worth of DOT.

This proposal finalizes the payments for our 2024 completed engineering milestones, operating costs and team incentives. It also adds additional incentive alignment controls and medium-term insurance guarantees for the bridge. Further details on the payment and incentive structure, see the full document.

A summary diagram of payment flows:

![](https://i.ibb.co/z5KG6Gt/sankeymatic-20240703-184218-1800x1200.png)

The execution is a batch transaction, with spends that are delayed over the next year to cover all 4 payment buckets mentioned. There is a table that specifies the amount, validFrom and days delayed of each spend in a much simpler, easier to read form at the end section of the full proposal, linked above.

Snowbridge, a trustless bridge between Polkadot and Ethereum, has launched and completed its milestones. They propose a payment of 505157 DOT and 2812500 USDC (~5,797,500 USD) for audit and operational costs, milestone completion bonuses, and successful operation incentives. The proposal adds additional controls on team incentives and medium-term insurance guarantees for bridge users. The proposal details can be found at https://spinamp.mypinata.cloud/ipfs/QmRSkK7YVbnTDYCsgWhyfvDydtbSi1uyWDbRDrxPvnPzmi.

Treasury Spends