Harmony is driving blockchain adoption by building bridges to all networks. Our recent blogs "Harmony’s $1M Hackathon & DAO" and "Here’s to The ONEs Who Build" call for working together with builders and communities. Below are the strategies and the execution plans for growing Harmony Ecosystem with our $300M+ treasury fund.
Our thesis on Harmony Ecosystem Fund is
- Build – generous pay for developers and creatives toward impacts;
- Play – small budgets but many experiments in short timeframes;
- Talk – strong guidance and peer feedbacks in open forums.
| Category | Quantity | Per Item | Budget | Duration |
|---|---|---|---|---|
DAOs | 100 | $500K-$1M | $50M | 1 year |
Bounties | 1000 | $10-200K | $30M | 3-12 weeks |
Partners | 10 | $3-5M | $30M | 6-12 months |
Ports | 100 | $50-250K | $20M | 4-8 weeks |
Launches | 500 | $25-50K | $20M | 8-12 weeks |
Investments | 50 | $250K-1M | $20M | 1-3 years |
Hackathons | 10 | $50K-1M | $10M | 1-6 weeks |
TOTAL BUDGET | $180M | 1 year | ||
[Treasury Reserve] | $200M | 3 years | ||
[TOTAL FUND] | $380M | 4 years |
Moreover, we will continue to engage other platform partners such as Gitcoin Kernel, DeFi Alliance, DAOhaus, University of Wyoming, and HashKey.
$1M Hackathon & DAO on Building BridgesHere’s to The ONEs Who Build| Amount | Quantity | Budget | Hourly Rate | Men * Weeks |
|---|---|---|---|---|
$10,000 | 500 | $5M | $111 | 1 * 3 |
$25,000 | 100 | $2.5M | $139 | 1 * 6 |
$50,000 | 25 | $1.25M | $139 | 2 * 4 |
$100,000 | 10 | $1M | $139 | 3 * 8 |
$200,000 | 5 | $1M | $185 | 3 * 12 |
TOTAL BUDGET | $10.75M |
Effectively: maximum 30 hours per week, involving (500 + 100)*1 + 25*2 + 10*3 + 5*3 = 695 developers in 6 months, or about 2100 in 1 year with a $30M budget.
Open Bounties & TasksAaron Li: 1Wallet & Social NFT
Below are a few examples of DAO tag lines and mandates – memorable enough to fit in a tweet! See Stephen's talk harmony.one/talk-dao for details.
- Wallet DAO – Fearless wallet for everyone
- Security: promote social recovery & one-time-password authenticators for on-chain fund
- Impacts: create basic income & wealth from fixed-rate or high-yield investments
- Adoption: open millions to self-custody assets & collectibles without hardware, password or hack
- Research DAO – Bring best results to production
- Cryptography: deploy succinct proofs for privacy & performance
- Security: use mechanical verification for audits, strongly typed languages for prototyping
- Decentralization: scale transactions across protocols, on-chain staking & delegation across light clients
- Community DAO – Open Consensus with Radical Fairness
- Growth: onboard users on missions and culture, pollinate values across communities
- Engagement: amplify content of roadmap and milestones, creative campaigns of products
- Diversity: solicit voices and votes in forums, reinforce strong governance participation
- Validator DAO – Diverse participation for vibrant network
- Decentralization: bootstrap thousands of elected validators, grow diverse validator profiles
- Security: support high staking rate, promote security practices and tooling
- Participation: facilitate protocol upgrade proposals, recruit votes for improvements
- Developer DAO – Builders First & Friendly
- Support: resolve daily issues on forums & channels, drive weekly meeting agenda
- Bounties: prioritize bugs & features with task management & contributor retention
- Advocacy: hold workshops & events, content marketing with talks & blogs
- Basic DAO – Basic Income for At-Will Contributions
- Timesheets: help contributors track work hours & deliverables in public
- Payrolls: setup paid challenges, wallets, streaming payments & tax
- Reviews: follow up performance feedback for bonus or penalty, rage quits or kicks
- Matching DAO – All for ONE with Love
- Humans: spotlight our builder, artist.. or stranger
- Stories: write editorials of appreciation, curate moments of retroactive significance
- Bonds: layer 1-to-1 edges among billions, bring meanings to everyday endeavor toward a shared mission
3 Themes & 12 Tracks
Below are some structure and labels to help allocations – see Stephen's talk harmony.one/talk-build for details.
- Cross-Chain with Trustless Bridges
- liquidity – aggregation, arbitrage, fixed-rate
- middlewares – index, analytics, names
- applications – assets (DeFi), collectibles (NFT), clubs (DAO)
- platform – network, protocols, bridges
- On-Chain with Wallet Security
- Cross-Border with Fintech Integrations
Success Metrics
2021-10-16 (at $0.215848 per ONE)
- 190k wallets
- $8.5m payout for 27 approved grant proposals
- $5.8M payout for 104 Gitcoin bounties (1494 ETH)
- 5,463 artists with $674k NFT sales (3M ONE)
2021-09-29 (at $0.148952 per ONE)
- 159 apps with 137.6k wallets (19.9k delegates)
- $89.1M assets on 3 cross-chain bridges (10.0k ETH)
- $3.86M payout for 100 Gitcoin bounties (1286 ETH)
- 4,382 artists with $402k NFT sales (2.69M ONE)
2021-08-24 (at $0.102146 per ONE)
- 68 apps with 136k wallets (17.7k delegates)
- $101M assets on 3 cross-chain bridges (8.82K ETH)
- $2.77M payout for 73 Gitcoin bounties (892 ETH)
- 2,511 artists with $743k NFT sales (688K ONE)
Key Targets
- Mirror is an on-chain DAO with writers. Toward an open creator economy, its publishing platform is running on smart contracts with blockchain-native middlewares such as domain names, content storage, tokenized crowdfunding. Mirror compresses content revenue splits with Merkle proofs like Uniswap exchange’s airdrops and embeds reserve auctions for collectible editions with Zora marketplace’s timed mechanism. The “Splits” feature that routes funds continuously is a primitive for authorship attribution, patronage rewards as well as funding public goods like Gitcoin and ETHGlobal. Mirror’s weekly campaigns for inviting new writers are gated with its native token, attracting millions of votes and thousands of candidates. Beyond individual creators or writers, Mirror also supports building crypto-native communities and businesses collaboratively via joint publication as media DAO.
- Yield Guild is a social DAO for gamers. Yield’s community buys virtual lands together as investment, plays game together to earn assets, and rents items to each other to share profits. Yield is also scaling on-chain staking, reward claims and NFT lending.
- Timeless is a curator DAO for moment NFT. True fans, tastemakers and patrons can bond over animated 3D models as mementos of real-life events. Like NBA Top Shot for iconic games, Timeless captures the memories of your life, your clubs or your metaverse as NFT. Timeless hosts on-chain auctions for event tickets, boosts incentives for engagement in DAO, and monetizes exclusive access or conversations. A time wallet with beautiful calendars and crypto integrations, defining the next million subcultures on blockchain.
- Frax is a fractional-algorithmic stablecoin with under-collateralized assets and its governance tokens. Buybacks from asset interests and redemption fees keep collateral ratio low. Algorithmic market operations such as reinvesting, lending collaterals, vesting yields, and volatility hedges further improve Frax’s monetary policies for robustness. Its on-chain price index can soon denominate the standard of living better than stablecoins.