Balancer Grants Monthly Update #5
Picking up steam with ETHDenver
The BAL Grant Program is one of the ways that BalancerDAO promotes the development of the Balancer Protocol and Ecosystem. The Grant Wave Program was established in August 2021 after a community discussion, which can be found on Balancer’s governance forum here. The current wave will run until the the end of March with a budget with close to ~50k BAL to be allocated towards grants.
Within the first month of Wave 3, already 24 applications have come in, while in the total 3 months of Wave 2 there were 53. What’s more, the amount of more serious and bigger projects applying has grown as well. Could it be that the down turn of the market has brought back demand for grants? This would validate one of the theories around why Wave 2, during the height of the bull market, didn’t perform as well as we hoped. It could also be that our renewed push, marketing wise and actively reaching out is bringing in results. Last but not least, a conference like ETHDenver always brings in new leads as well.
Having had half of the committee busy at ETHDenver, this took some of our time away. This in combination with a Lunar New year break and then a illness for the Grants Lead has made this first month of Wave 3 a bit slower in response and output from the committee’s side.
We apologize to all applicants still waiting for a reply. The backlog is being taken care of during this week!
New Live Grantees
Since the last update, the number of applications for Wave 3 total 25 with 1 new grantee having been announced already, and multiple in the works.
The new grantee so far is Andrew Garde Joia. He has been working hard on adding flashswaps to the Balancer SDK. This last week making a pull request to integrate this addition. For our first grantee of Wave 3, Andrew is working hard at completing his grant already!
Updates on live grant projects
During the last month some of our grants have been reaching the following milestones:
On February 18, DeFi Africa kicked off the month with its first virtual meetup of 2022. Andrea from the Partnership subDAO at Balancer delivered a presentation on the balancer protocol and showed a demo of how one can use the protocol to earn in liquidity pools as well as trade crypto assets. Crypto & DeFi users from all over Africa tuned in from Ghana, Nigeria and Kenya, making the event a success which mirrored the Balancer ecosystem’s rapidly growing reach and influence. Also, DeFi Africa hosted an AMA helping community members trying to use the balancer protocol for the first time. In upcoming March, DeFi Africa will detail its efforts to massively organize its first ever NFT meetup/workshop for artists, investors, crypto and DeFi users.
We are happy to announce that DeFi Basket has integrated Balancer swaps into its core and also built a routine to claim distributions for eligible baskets.
Another grantee which has been quickly delivering milestones! DeFi Basket is almost done with its grant of integrating Balancer within their Basket options. It is now possible to do Balancer swaps within their platform and create baskets comprising of Balancer ecosystem tokens! Not only that, but they also built a routine to claim distributions for eligible baskets. From their CEO, Joao Ferreira:
We have the core components of our integration running and we will keep perfecting the experience. We are very grateful for the amazing support from Balancer DAO Grants team!
This month, HaloDAO has been doing end to end testing with their contract integrations and is spinning up their front end to integrate with Balancer. Slowly but surely its original grant goals are being worked on.
The custom pool implementation for issuing new security tokens to raise capital from traders (investors) is complete. The name of this pool is ‘PrimaryIssuePool’ and it is managed by an asset management contract called ‘BalancerManager’. The asset management contract manages the workflow of issuing new security tokens starting from — underwriting a new issue, starting a new issue, getting subscriptions from the primary issue pool, allotments of underlying securities, and closure of the issue. The BalancerManager asset management contract has been integrated to the Verified Network which is a blockchain powered platform that connects traditional financial services providers and enables them to Defi platforms such as Balancer. The next step is now to begin issuing security tokens with a real life asset that will earn a yield on investments for traders on Balancer.
Wes has completed his first grant for the Balancer DAO. As a result of the research a complete inventory of existing Balancer infrastructure has been compiled along with documented recommendations on how to further decentralize key infrastructure.
The first of three Balancer Bites have been written already and can now be viewed here. The newest addition explains Balancer trading formulas in a reader friendly way. Another new grantee working diligently on its deliverables. We didn’t expect anything less from our own Baller Zen Dragon!
About Balancer Grants
The BAL Grant program provides support and funding ($1K — $75K) to projects committed to supporting Balancer Protocol in achieving its mission the leading platform for programmable liquidity. This program is a good fit for individuals and groups that want to run a project that builds technology or resources on Balancer Protocol.
If you are interested in supporting the development of the Balancer Ecosystem or want to build on top of the Balancer Protocol, this is your chance! Get started by filling in the Grants Application form. You can also check out our RFP page for inspiration!