After a vote between January 25th, 2023, and February 1st, the Kwenta Grants Council was born. In this article, we will tell you about it and invite you to the official GC channels.
We’ll provide a brief overview of what the Grants Council is, and what we’ve set out to accomplish.
The Grants Council is responsible for public goods funding through grants, initiative bounties, or competition prizes. It is a value-based entity, whose ultimate goal in funding projects is to produce publicly accessible, beneficial, high-quality work where profit margins are not the priority.
Projects are chosen based on the value they can add to the Kwenta community, not just to enrich stakeholders, but to provide the community with high quality educational content, tooling, and events.
As the primary body funding MarketingDAO projects, the focus of the Grants Council is on projects which contribute to marketing, business development, and community management.
Some examples of projects the GC might manage, or is currently managing:
Educational content for traders
A Twitter Bot which tweets v2 liquidations, and a Lens version of the same bot
A trader recruitment program which incentivizes large traders to move to Kwenta
Fee and funding rate comparison tools which help traders plan and execute their trade strategies
An ad campaign managed by a community member
These examples are just some of the ideas which have already been discussed by the Grants Council, but a grant can be provided to builders, content producers, or project managers for any initiative which furthers the goals of Kwenta and its community. Grants may be requested for planned projects, or retroactively.
If you have an idea for a grant proposal, come visit us in Discord to discuss your grant. The Grants Council Discord has a ticketing system where potential applicants can provide background and details of their project, and seek guidance on how to proceed. Simply open a ticket, and let us know your idea.
If your idea has a clear deliverable and budget and you’re ready to proceed with a grant, fill out the Grant Application. A Google Form is available to describe your project, the value proposition, the timeline, and the budget. Once your application is complete, you may request a Snapshot vote to be set up so the Grants Council can approve or reject your proposal.
Unless otherwise specified, grants will be paid out at the project’s completion. For retroactive grants, this means that grant recipients will be immediately eligible for payment once their application is approved via Snapshot vote.
A project is considered complete when a majority of the Grants Council feels the applicant has delivered on the project or initiative described in the application, and the Grants Council will approve payment by signing a Gnosis Safe transaction, or by requesting payment directly from AdminDAO or the Kwenta treasury when appropriate.
If a project requires upfront payment or funding, please make note of this in the application, or in your ticket thread prior to applying. In some cases, upfront payment or funding may be approved
For some projects the Grants Council may break a larger initiative in to smaller tickets, and find suitable candidates to handle those tickets through Discord, Twitter, DeWork, or another venue. If you want to be considered for projects like these, drop in to the Grants Council Discord and let us know what skills you’d like to share, and watch for future announcements detailing how to find bounties like this.
The Kwenta GC was born on 01/02/2023.
After the vote by the token holders in the GrantsDAO Election - 1 on snapshot, in fact, they were the winners of this first epoch:
Synthquest with 8.6K KWENTA (29.21%)
MasterMojo with 8.4K KWENTA (28.5%)
Andrea0x.eth with 4.8K KWENTA (16.12%)
https://mirror.xyz/kwenta.eth/t8Ua3EHPkoCTj5G5_kzeStj_oP84rbtOCcV9PPLnGQE
This Council will serve from Feb 1st, 2023, 12 am UTC to June 1st, 2023, 12 am UTC and it’s a pilot program. This means Grants Council will serve about a four-month term and be evaluated after about three months.
During this pilot phase, BurtRock (the MarketingDAO PM) will have temporary voting power, which they may choose to exercise when necessary.
https://mirror.xyz/kwenta.eth/n9LhEiOB2C5ZzWB_NwSzdU8UuNusRTfoNqmyGOe6w94
I'm excited to be a part of the first Kwenta Grants Council. This epoch (pronounced eee-pock), I look forward to setting the stage for what this council ultimately becomes. One of our core responsibilities on the GC is to curate and nurture impactful initiatives that accelerate the growth of Kwenta. In the few weeks that the GC has been running, we've already worked with some incredibly talented people within our community and planned some exciting projects to pursue. Kwenta is rapidly becoming one of, if not the most, competitive markets to trade on in all of crypto. Whether you're an OG in the space or hearing about Kwenta for the first time, if you have an idea that would fit well with Kwenta and its community, come open a discussion!
Being part of the first ever Kwenta Grants Council is a unique opportunity to contribute to the growth and development of a protocol that I hold dearly to my heart. As a member of this council, I am excited to help fund innovative projects that will enhance the functionality and user experience of Kwenta! The world of DEFI is constantly evolving, and being part of the Kwenta Grants Council means that I get to be at the forefront of this evolution. Each member of the council brings a unique set of skills and experiences, which allows us to approach each project from a variety of angles and perspectives. Our diversity of thought and our shared commitment to the Kwenta community will enable us to make thoughtful and informed decisions about which projects to support. Through the grant council's work by working collaboratively and thoughtfully, we can help fund and support projects that will have a lasting impact on the Kwenta community! We can help ensure that Kwenta remains a cutting-edge platform for trading Perpetual Futures powered by Synthetix and works towards becoming the TRADING HUB for DEFI!
I am proud to be a part of this first Grant Council (GC). This is my first experience in a GC, and I am excited and enthusiastic about it.
Reflecting on this first month in the Kwenta GC, I am reminded of how hard we have worked and collaborated to create the first layer of this fantastic council. It's a tough road as you have to provide a stable and strong foundation for future councils. We have achieved a lot in such a short time, and I am very proud of the results we have had. I am especially proud of being recognized as an organizer within the GC, which shows my usefulness within the team.
Looking back, I am impressed by the creativity and perseverance of the team. We have implemented solutions to make the grant application experience easy and intuitive, but we are always open to feedback and improvements.
I am excited to see what the future holds for the Kwenta GC. With our talented board and passionate community, I am sure we will have great innovations coming out of the community that will have a positive impact on Kwenta.
With Kwenta, we’ve always strived to push the boundaries of our product, our ethos, and our organizational structure. Being able to work with the first Grants Council is an opportunity to not just fund independent builders as dozens of other similar organizations do, but a chance to place the core power and responsibility of marketing and business development in the hands of a community elected and led, transparent organization. I’ve been given the opportunity to coordinate with an extremely bright and talented group of people on this project, and I’m excited to see what they’re able to accomplish. LFG.
As of this moment, we are launching our online presence, opening up the possibility of interacting with CG in different ways.
Via these 3 official communication channels, you can stay up-to-date and participate in Grants-related conversations.
JOIN NOW.