Applying for Project Grants Under the Switcheo Development Fund

  • Re: [TIP-2] Creation of the Switcheo Development Fund

    The process for getting your development project funded under the Switcheo Development Fund (SDF) can be broken down into 4 different stages - Share, submit, implement and maintain.

    Share Your Project Idea

    When an idea is first conceived for a project, the first step to take is to create a development plan and timeline before sharing it on Switcheo’s community channels. By doing so, project owners can gauge responses and gain feedback from the community, or recruit like-minded individuals to join the team.

    Be sure to check for any ongoing projects under Governance to avoid potential overlaps.

    Access our community channels to share your ideas on Discord and Switcheo Foundation Forum.

    Submitting a Project Proposal

    Once project owners feel that their idea has garnered sufficient support, they can then
    submit a Plain Text governance proposal using the proposal template below describing the development plan in detail.

    The project proposal submitted on the Governance portal will require on-chain agreement from SWTH stakers through a voting process.

    Proposal Template

    1. Summary

      • State your project title
      • Give a brief snapshot of your project including key details on what your project is about
    2. Description

      • Introduce project owners and include any relevant background information or experience
      • State the project’s key objectives and explain how it will bring value to Switcheo TradeHub and its stakeholders
      • Share how you plan to carry out your project
      • Elaborate on the long-term plans for your project and how it will be maintained after launch
    3. Risks and Benefits

      • Discuss the potential drawbacks of your project and any mitigations
      • Discuss any auxiliary benefits that may arise from implementing the project
    4. Project Roadmap and Key Deliverables

      • Define a realistic timeline and roadmap for your project
      • Elaborate on key deliverables and specifications within your roadmap
    5. Budget

      • Share the total budget required for your project (in USD)
      • Breakdown the budget for each project deliverable stated above for the fund release process (e.g. 10% to Deliverable #1, 20% to Deliverable #2)
    6. Switcheo TradeHub Wallet Address

      • Include your Switcheo TradeHub wallet address to receive funds (funds will be received in SWTH)

    Share the link of your governance proposal on Switcheo’s community channels to bring awareness to your proposal and encourage SWTH stakers to vote.

    Project Implementation

    In line with Switcheo’s Governance guidelines, submitted proposals must obtain the minimum deposit amount before they can progress into the Voting Phase and garner votes from the community. More information about Governance can be found here.

    Proposals that have obtained sufficient votes will officially qualify for project grants under the Switcheo Development Fund. The project’s journey is now officially underway!

    How Funds Are Released to Projects

    Projects will be awarded funds in stages upon completion of key project deliverables that can be openly verified and assessed by the community. This ensures that projects are seen through to completion and that project owners are held accountable at every step of the process.

    When deliverables at each stage of the project are met, project owners will need to submit a Community Pool Spend proposal to release funds on Governance. If the proposal garners sufficient votes from the community, the funds for that stage will be released accordingly.

    Project owners would therefore need to allocate relevant proportions of their total budget to each project deliverable, with the last project deliverable marking the completion of the project. At this stage, all remaining funds will be released.

    For example, let’s assume that Project A is awarded a total of $1000 under the SDF. This sum must be broken down and allocated to each project deliverable that was stated in the project proposal.

    Deliverable 1: 10% = $100
    Deliverable 2: 20% = $200
    Deliverable 3: 30% = $300
    Deliverable 4 (completion): 40% = $400
    Total awarded over project timeframe: $1000

    What Happens After a Project is Completed?

    One outcome of decentralizing Switcheo’s development is that community-led projects should be able to run independently of Switcheo’s involvement. Therefore, long-term plans to operate and maintain projects must be thought through carefully and stated clearly in the project proposal.

    As all projects must be open source, they will still be available for the community to improve and build upon after completion via Governance.

    Have questions?

    Hop onto our Discord to clarify any questions you may have regarding the Switcheo Development Fund or application process.

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