Evolve the Growth Fund into a Grants Program

Summary:

Evolve the Growth Fund and allocate its remaining INST to create a more focused and directed Grants Program

Proposal:

We started the Growth Fund in July of last year. The Growth Fund was created to distribute and reward Instadapp contributors for the various contributions, such as marketing, writing, community participation etc. Through the Growth Fund we have also paid for development of Subgraphs, Dune Dashboards and have funded different contributions to Instadapp such as CN Wiki Translations and Support Services in WeChat.

The Growth Fund currently is a monthly pay out to participating contributors and a handful of projects. The Grants Program will make the use of funds more effective and better track the success of where the funds are distributed. It may also make more sense for certain individuals or projects to receive funding in a more consistent way, we will also explore streaming funding as well.

The Grants program will be run by a Grants Committee, we will use the current Guild Captains as the initial committee but if other individuals would like to participate in the Grants Committee please reach out to us. This is my recommendation for the starting Grants Committee:

What does the Grant Committee do?

The Grant Committee will be tasked with creating and maintaining and operating the Grants Program. Such duties would include reviewing grant submissions, sponsoring projects and media, generating grants, creating reports and any other documentation that the community can review such as Grant costs and management information.The Grant Committee will be able to fund grants directly with a maximum cap of $10,000 USD. This is based on the current Growth Fund and INST’s current price. If the value of INST increases it would be reasonable to allow the Growth Committee to spend and allocate larger amounts.

Overview of Remaining Funds in Growth Fund:

Current INST Holdings: 33797 INST
Remaining INST to be distributed: 60,000 INST
Total INST: 93,797
USD Current Value: $243,872 ($2.60 per INST)

Earmarked Funds:

5000 INST for Rabbithole
2000 INST for Cimple.CC upon completion of Milestones

On-Going Projects:

On Going Media Magic via Fabricated Abyss
CN Wiki translations and guides via LoveCrypto
Dune Dashboard Analytics via Miscao

First Order of Business

The Grants Committee first duty will be to set up grants for the on-going projects. The Grant Committee will formulate and organize these grants as well as develop a structure for projects and individuals to receive funding i.e. an application and review process. We will honor all previous earmarked distributions and bring them forward into the Grants Program. The Grants Committee should also be compensated for their efforts this is to be determined.

Larger Funding

In addition to the funds allocated for the original Growth Fund, Instadapp’s DAO has funds for Ecosystem Partners. For Grants that are larger than $10,000 USD applicants can submit a proposal to the Grants Committee for review and the Grants Committee can submit their recommendation to the team for distribution of Ecosystem Funds.

What are your thoughts?

We would love to hear your thoughts on shifting to this model as well as any projects, peoples or areas of focus for the Grants Committee to initiate.

6 Likes

This is exciting, this should create more building and interaction with Insta…What happens when the fund is out? Will there be multiple rounds of funding(yearly) or until order of business is complete? what makes a project attractive for awarding of a grant?

I believe having this structure in place will allow the team and community to more easily fund initiatives with the funding guidance provided by @Seb_EthMonk. I think it will help determine the value of the project because they will be evaluated in the same manner. This will also help the parties requesting funding because they will know ahead of time how much capital is available and can use that knowledge to determine level of effort.

I still support the ability to reward the community on a monthly basis for their contributions outside of the grants. Based on the initial figures provided, it looks like this is possible if that’s what we decide.

I am very supportive of this proposal, but we should set clear goals for each grant, and we need to issue an evaluation report periodically, so that we can clearly understand the direct benefits brought by the grant. For example, we have funding for community operations, but what is the result? We didn’t see the community becoming more active.

I think Balancer’s DAO Grant has done a very good job. For each direction of funding, there are clear goals and phased results. We should learn from it. [DRAFT] Proposal: Balancer subDAOs Formation - Proposals - Balancer

We need to set clear goals for each grant, and we need to periodically issue an evaluation report so that we can clearly understand the immediate benefits that the grant brings.