Profile of xenias in Rari Foundation

Posts by xenias

• Grants Program Sprint #1 Report by xenias - This user is a moderator
  Posted on: July 30, 2024, 3:51 p.m.
  Content: xenias: The timeline to execute the first sprint was longer than Committee initially scoped for. The most time-consuming. I haven’t finished the sentence, it meant to be the following: The most time-consuming part was to handle negotiations with projects on the scope of project and amounts allocated. Some details were revealed during the process, such as that the lockup period should be reexamined, or that the API subscription should be subsidised for high-performant applications.
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  Likers: addie, jaf, jarisjames
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• Grants Program Sprint #1 Report by xenias - This user is a moderator
  Posted on: July 30, 2024, 2:45 p.m.
  Content: Introduction The Grants Program Sprint # 1 was focused on dapp builders aiming to contribute to innovative NFT use cases. The applications were opened on March, 11 , 2024 and lasted for a month. Afterwards the Committee started to select projects, conduct interviews and led negotiations with projects. Based on the received information, the Committee made their preferences and started KYC and agreements with selected candidates end of May. The first demo presentations to DAO happened on July, 18 , 2024 . Ecosystem Grants Committee consists of 4 members: 2 from Foundation and 2 from the DAO. One of the members took a role of Grants Lead to streamline operations process and negotiations. The timeline to execute the first sprint was longer than Committee initially scoped for. The most time-consuming. Grants Sprint # 1 in numbers We have received 64 applications during Sprint # 1 Grants application process. Committee selected 5 successful candidates. 77 , 000 RARI will be allocated. Selection Criteria For projects to qualify for a grant, they must have demonstrated: Mission alignment (growing the NFT space introducing innovative use cases) Qualified team Proven track record of commitment to building (e.g sustained reputable public presence, successfully shipped past projects or features) Proposal content: Can the team deliver on the proposal? Is the proposal technically sound/sufficiently thought through Does the project’s success drive ecosystem growth? Does this project build a new NFT use case or improve existing products? Is this project uniquely enabled by the ecosystems projects? Accountability: Is the funding ask laid out transparently? Is the project willing to report on progress and be held responsible for laid out KPIs? Does the project demonstrate a collaborative attitude toward RARI community? Willingness to KYC and sign formal agreements How do we track grants’ success? Reporting During development phase, at the end of each month grantees need to provide update on the progress in development. After development phase is complete the grantees are required to provide metrics on their dApp usage with regards to RARI Chain and Rarible API. Usage KPIs: RARI Chain: Transactions count MAUs attracted Number of unique wallet addresses Rarible API: Number of API calls DAO Revenue from RARI Chain and protocol API Brand/Awareness KPIs: Co-marketing activities key results (X spaces, social media posts engagement) Opportunities for further ecosystem growth (i.e. for infrastructure project - how many projects the infrastructure attracted, for consumer application - community engagement) Who are the next RARI Builders? Meet the finalists: CryptoRank, Floor, Mintpad, Dropframe, DAOSpace CryptoRank CryptoRank is a well-established crypto analytics company that provides professionally curated research, price analysis, and crypto market news to help make informed trading decisions. With the grant, the company will develop an NFT tracker page to represent most traded NFT collections using Rarible protocol and a cross-bridge to move NFTs minted on other chains to RARI Chain. The latter allows users to cross-mint their NFTs from any chain support in the dApp to RARI Chain. Dropframe Dropframe will bring Farcaster Frames to RARI Chain and allow no code NFT drops on Frames. The mechanics are simple: add an image, choose a chain, choose parameters, add gas, paste in your link to Farcaster! This integration will allow a simplified creator experience for minting as well as collecting NFTs on RARI Chain straight from Farcaster. DAOSpace 1 DAOSpace builds an on-chain reputation and identity protocol for DAO contributors using NFTs as proof of work that will appear on RARI Chain. Their mission is to make DAO contribution more fun and enjoyable by creating a gamified system that incentivizes active participation in a DAO through Contributor Cards that are dynamic based on DAO participation. These cards, built on RARI Chain, embed royalties at the node level, ensuring contributors earn from card sales. Higher reputation, based on forum activity, increases card rarity and grants free platform promotion. Owning a Contributor Card is required to pay for ad space on DAOSpace. The grant from RARI Foundation will support a pilot program for RARI DAO contributors to explore innovative NFT use cases, including a reputation system for SocialFi. Mintpad 1 Mintpad, a no-code creator tooling platform, will launch NFT collections on RARI Chain. To date, Mintpad supports 30 + chains, with over 90 k collections created on the platform. Mintpad, your go-to free NFT launchpad, simplifies the process of introducing your unique collection to the digital world. With just your artwork and a cryptocurrency wallet, you’re ready to go. The platform handles all the intricacies, offering an NFT creator tool that supports multiple chains and features a user-friendly, no-code solution. Their primary aim is to empower creators by seamlessly bringing their artwork, passes, tickets, and more onto the blockchain. The first goal with the funding would be to get Mintpad working flawlessly with the RARI chain. This would give Rarible and RARI chain users access to all of the current creator tools as well as on-going support from Mintpad team. Floor Floor is the onchain everything app! Floor helps people discover new platforms, creators, and blockchains and stay connected to the onchain assets that they currently own. This integration aims to help collectors discover RARI Chain NFTs and mint them directly through the app using in-app purchases. Floor’s Mobile Minting abstracts away the need to bridge across chains, simplifying the process to collect art, whether it is someone new to web 3 , or the most experienced web 3 collector! Additionally, Floor will provide NFT tracking support for the Rarible marketplace for both Ethereum and RARI Chain NFTs, enhancing the discoverability of current collections on the marketplace. What happens next? At the moment, Grants Committee is finalizing agreements and KYC with a few finalists. Most projects stated that their timeline for project delivery is within 3 months, some are already in the integration stage. Going forward, expect reports coming at the end of every month on the progress of grant finalists. In the meantime, RARI Foundation is accepting applications to support new projects via Open Call. Nominate the next RARI builder or apply yourself via this form 1 ! More info on Grants is available in these docs 2 .
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  Likers: coffee-crusher, lionmsee, jaf, bitblondy, lloyd, jarisjames
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  • xenias: xenias: The timeline to execute the first sprint was longer than Committee initially scoped for. The most time-consuming. I haven’t finished the sentence, it meant to be the following: The most time-consuming part was to handle negotiations with projects on the scope of project and amounts allocated. Some details were revealed during the process, such as that the lockup period should be reexamined, or that the API subscription should be subsidised for high-performant applications.
• Grants Program Sprint #1 Key Takeaways by xenias - This user is a moderator
  Posted on: July 25, 2024, 10:51 a.m.
  Content: Grants Program Sprint # 1 is closing as applications are analysed and finalists chosen. Here are the Grants Program Sprint # 1 takeaways and learnings, shared with the intention of maintaining full transparency with the DAO and to progress in our decision-making process in the next sprints. Please expect another forum post where Grants Committee provides a recap with more data and details on this sprint. 1 . Grant Proposals should have structure and contain the following info: Team experience supported with relevant information, links on previous projects etc. Measurable Outcomes/Metrics of success: Based on the proposal and project scope metrics can be different. They should be discussed upfront and ideally set in the agreement. Transparency reports presented to the DAO and the community are a must for every milestone. These reports can significantly influence the decision to continue with the grant. In addition to the grants form sent out at the start of every sprint, each project should submit a well-detailed proposal containing: 1 . Full project description & how it impacts growth of RARI Ecosystem 2 . Funding request & it’s alignment to the scope of the project and actual project need 2 . The grants are intended to support the ecosystem growth. It translates into on-chain user engagement for RARI Chain and active usage of Rarible API. Committee gave a priority to projects who have clarity on how they can make a positive impact on these parameters. A bunch of applications that at first glance seemed interesting and relevant were unclear about how they can drive us new users. Priority is given to projects with active user base/community and proven product-to-market fit (rare combination nowadays, but). Asking for incentives along with development grant from treasury to support project [in most cases] means double-spending. Foundation then pays both for integration and for user acquisition (go-to-market). It should be either or: DAO and Foundation either help a project with development costs but the project can guarantee to provide new users, or the project covers development costs themselves and DAO/Foundation helps with go-to-market execution. Projects that come as an infrastructure (creator tooling, for example) should have go-to-market strategy to launch on RARI Chain. Giving a grant to an infrastructure project without knowing who will use this infrastructure has high chances of not being used. Example: A platform for loyalty programs applied for a grant to build on RARI Chain. They tick all the boxes except for this one: not having a client who can directly use it. The recommendation was to bring a client along with application to improve chances of getting funding for this launch. 3 . We can realistically support up to 5 - 6 projects per sprint, allowing us to sustainably lead these initiatives and track their KPIs effectively. 4 . Grant requirement is to use Rarible API, a paid service. Some applicants are well-established projects and require Business grade of Rarible API that costs ~$ 1 , 000 /month. An additional hidden cost for them is switching part of their infrastructure to Rarible and altering arrangements with their previous data indexing provider, as these companies typically have existing data indexing in place. We should consider subsidizing API for a period of 6 months to 1 year to encourage them to use Rarible API service. 5 . Lock-up period. During the process, we’ve learnt that the lockup period that was set to 6 months after every milestone is a feature that applicants hesitate a lot. We issued a vote on Tally to make changes to that rule. As a result the Committee was allowed to: Remove the lock-up period for $RARI after full project delivery. Decide on a case-by-case basis if $RARI tokens should be locked until project completion and hitting the last milestone. 6 . Operational process: The Grants Committee consists of 4 members ( 2 from Foundation/ 2 from the DAO) with one ‘Operations Lead’ who sits on top of the Committee and leads initiatives and key processes, such as interviewing teams, negotiating the terms of the deal between applicant and Grant Committee, managing KYC and agreements, issuing proposals to DAO if it’s needed to adjust the process, leads team calls, arranges marketing activities, manages relationships with candidates.
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  Likers: jaf, lionmsee, coffee-crusher, bitblondy, addie, lloyd
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  • coffee-crusher: xenias: ally support up to 5-6 projects per sprint, allowing us to sustainably lead these initiatives and track their KPIs effectively. 4. Grant requirement is to use Rarible API, a paid service. Some applicants are well-established projects and require Business grade of Rarible API that costs ~$1,000/month. An additional hidden cost for them is switching part of their infrastructure to Rarible and altering arrangements with their previous data indexing provider, as these companies typically have existing data indexing in place. We should consider subsidizing API for a period of 6 months to 1 year to encourage them to use Rarible API service. Great report, thank you! And I love that it includes the GC team’s thinking of how applicants will be measured, tracked and qualifications required.
• RRC-25 Lock-up revision for Ecosystem Grants by xenias - This user is a moderator
  Posted on: June 6, 2024, 8:38 a.m.
  Content: Hi @Sixty thank you for sharing this opinion. This proposal does not reflect on how milestones should be applied, and here we should refer to RRC- 12 . For your visibility, currently milestones are proposed by the project depending on the scope and approved by Committee. The first milestone that unlocks the first portion of the grant is signing the contract and successful KYC.
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  Likers: sixty
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• RRC-25 Lock-up revision for Ecosystem Grants by xenias - This user is a moderator
  Posted on: June 6, 2024, 8:37 a.m.
  Content: Hi @Sixty thank you for sharing this opinion. This proposal does not reflect on how milestones should be applied, and here we should refer to RRC- 12 . For your visibility, currently milestones are proposed by the project depending on the scope and approved by Committee. The first milestone that unlocks the first portion of the grant is signing the contract and successful KYC.
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  Likers: sixty
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• RRC-25 Lock-up revision for Ecosystem Grants by xenias - This user is a moderator
  Posted on: May 27, 2024, 4:02 p.m.
  Content: Abstract This proposal revises the lock-up period for $RARI tokens awarded to grantees of the Ecosystem Grants Program from the RARI Ecosystem Growth Fund. It builds on the previous proposal, RRC- 12 : RARI Ecosystem Growth Fund 4 . Previously, RRC- 12 stated: “The individual grants should take the form of locked RARI that is revocable for a period of 6 months in the following tranches: 50 % upon grant approval and 50 % upon project delivery. This mechanism aims to ensure the grant recipients deliver their projects in full.” Based on insights from Sprint # 1 , the Ecosystem Growth Fund (EGF) Committee proposes these changes: Remove the lock-up period for $RARI after full project delivery. Allow the EGF Committee to decide on a case-by-case basis if $RARI tokens should be locked until project completion and hitting the last milestone. Motivation The EGF Committee recommends revising the lock-up period to remove barriers for accessing funds earlier while ensuring projects are delivered fully and on time. Most grants involve short-term projects, making a 6 -month wait impractical. This change would also attract more established projects requiring upfront payments. Rationale The proposal aims to: Attract more mature projects with proven track records to the RARI Ecosystem that require upfront payment. Remove barriers to accessing funds for projects that need the grant to cover development costs. Specifications From Sprint # 1 , the EGF Committee noted that most projects do not exceed 2 months. A 6 -month lock-up period can cause frustration. Therefore, the Committee suggests granting immediate access to funds upon full project delivery. Additionally, the Committee proposes that while it is generally reasonable to lock $RARI until project completion, some projects might need a portion of the grant upfront to cover initial costs. The Committee suggests evaluating on a case-by-case basis whether a project can access a portion of funds after grant approval, this is only for exceptional cases where the project needs to cover development costs. Maintaining milestones as a part of grants will help protect RARI DAO from potential grants’ mishandling. Steps to Implement As Sprint # 1 of the Ecosystem Grants Program concludes and participants are selected, the results of this proposal will be applied immediately, affecting Sprint # 1 applicants. The lock-up period terms will be outlined in grant agreements and managed via Hedgey Finance 1 . Timeline The voting period is advised to conclude by June 10 th on Tally, followed by a cooling-down period. Overall Cost There is no cost associated to implementing the proposal.
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  Likers: jaf, winverse, janabe, bitblondy, sixty
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  • coffee-crusher: I support this proposal. Allowing for removal of locked $RARI after successful (and accepted) completion of a project at delivery will incentivize a completion of a grant, with the intention of more grants being submitted.