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.
How to fund $180M into 100 DAOs, 1000 bounties, 10 partners, 100 grants, 500 launches, 50 investments, 10 hackathons in a year?
- 100 DAOs ($50M). Governors of each DAO have delegated autonomy over its assets and initiatives. Harmony helps define 3 broad mandates, recruit 9 governors, define the deliverables and metrics for the first 3 months, and fund at maximum $1M. We recommend $75 to $350 per hour as the self-assessed salary, 3-month election terms, retroactive peer bonus and performance feedback, 80% passing votes, and openly tracking timesheets and deliverables for each member.
- 1000 Bounties ($30M). Hunters of each bounty can be anonymous and without commitment. Harmony helps define the scopes, the estimated hours and the deliverables of tasks. We recommend $10K-$200K as a bounty's reward, small teams of 1-3 persons engaging over 3-12 weeks, and effective hourly rates of $110-$185 – focusing on engineering tasks for our systems, networks, protocols, tools, middle-wares, and services. In contrast, our development DAOs can manage tasks smaller than $10K while business DAOs can incentivize non-technical tasks.
- 10 Partners ($30M). Owners of each partner drive business and corporate development. Harmony commits to cross-chain adoption with industry-leading projects. We recommend $3-5M for each liquidity or marketing campaign over 6-12 months, $5-10M for each acquisition of small teams, and $1-3M for seeding a regional or thematic subsidiary.
- 100 Ports ($20M). Recipients of each grant for porting must have achieved product-market fit. Harmony helps scale these thriving projects to our mainnet. We recommend $50-250K each over 4-8 weeks, on projects already with active 10K users, and engaging their teams in public forums. Prime areas of market growths are Play-to-Earn games, musician fan clubs, investment DAOs, portfolio dashboards, and event and collectible curators.
- 500 Launches ($20M). Applications of each launch must have prototyped a feature-full product. Harmony helps incubate these founding teams with product development, fundraising, and talent recruit. We recommend a $50K equity-free contribution each: $10K after launching a feature-complete product on our testnet, $10K after forming a DAO with its community, $10K after mainnet launch with audit, $10K after 1K users, and $10K for after 10K users.
- 50 Investments ($20M). Tokens of each investment are on-chain and semi-liquid. Harmony helps evaluate technical strengths, market potentials, and ecosystem alignment. We recommend $250K-$1M for each check at maximum $10M valuation, collaborate over events and campaigns, and rebalance portfolio quarterly to diversify.
- 10+100 Events ($10M). Organizers of each event follow our templates to bring in new builders. Harmony has success with Gitcoin, DoraHacks, ETH Global and DevPost with $2M+ campaigns. We recommend hosting our own quarterly hackathons with $1M prizes each, sponsoring $100K workshops for industry-wide conferences, giving $50K keynotes in regional events, and empowering 100 local organizers – with $1K budget for a 20-attendee 2-speaker event, or $5K for 50 with 4 speakers, and $10K for 100 with a co-sponsor.
Moreover, we will continue to engage other platform partners such as Gitcoin Kernel, DeFi Alliance, DAOhaus, University of Wyoming, and HashKey.
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.
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100 DAOs each with $1M
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
- 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
- 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
- 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
- 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
- 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
- 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
- frontends – user onboarding, mobile clients, social games
- web3 integrations – dashboards, galleries, town squares
- web2 integrations – identity, reputations, channels
- security – authentication, verification, cryptography
- Cross-Border with Fintech Integrations
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)
- 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.