This post serves to update the community on the current state of the OGP. In this second edition of the OGP Retroactive report, we include a breakdown of funded grants, grantee updates, and other financial information such as operational expenses to date.
Going forward, we will release these reports on a monthly basis.
Funding Breakdown to Date
Since launch, the OGP has received 270+ applications. Not only did we review each application for their potential to benefit the protocol, but also proactively reached out to a number of projects to discuss possible grants funding. Out of these projects, 43 have been approved for funding for a total of a bit more than $1.9M.
The diversity of the Osmosis community is reflected in the Grantee Breakdown laid out above.
Companies are the category that received the most grants funding, mostly because they typically work on long-term oriented products — we want to support long-term oriented teams that are building things that will last.
Validators run the network – we want to support them every step of the way, which is why they're the second most funded category.
Individuals are typically contractors working on one-off tasks for the protocol, which is why we funded them the least. However, we're confident that many of the individuals we funded will stick around and keep building for Osmosis.
Over the last couple of batches, we've doubled down on funding Apps, Tooling, and Infrastructure-related grants. We also introduced a new category – Research – which will be a big focus for the OGP going forward.
A large portion of the approved funding in Batch 4 was directed to Void Protocol. However, the Void team has discontinued their project after running into regulatory hurdles with the Tornado Cash incident. Since they have only received an initial payment of $75,000 out of the total budget of $250,000 they were approved for, the remaining budget allocation of $175,000 will be repurposed towards funding other initiatives.
Apps and Infrastructure projects have received the most funding to date because of their high potential to add value to Osmosis. They also tend to be the most costly projects to build.
Education is the least funded category so far because the quality of the applications didn’t meet the OGP’s quality bar. We'd love to fund high-quality educational initiatives going forward: if you’re working on one, please reach out!
Grantee Updates
In Progress
Below, we share some updates we received from grantees over the past couple of months:
Having deployed on Osmosis testnet, Cron.cat has completed the first milestone of their grant. The team is now getting ready to launch on mainnet, which is scheduled for early Q1 2023. You can watch their agent demo, and check out their GitHub to keep up on their progress.
Scanworks is building real-time monitoring and alerting infrastructure for Osmosis. The team recently released their product, Range, which is currently in private beta, and are working on verifying all CosmWasm contracts on Osmosis by adding them to the CosmWasm Contracts Registry. After completing the first milestone of their grant, they're close to accomplishing milestone two and completing the project.
While waiting for some updates to the TokenFactory module — which are required for Zodiac to function and deploy on Osmosis — the team deployed their app on Terra's testnet. Once the TokenFactory module is upgraded, the team is confident they can turnaround their contracts in just a few weeks.
Phase’s contracts will be finished within the next couple of weeks. Before deploying on Osmosis, the team is waiting for Apollo's new router and Cron.cat's contracts to be released on mainnet in order for the app to function. The team will also have a Dollar-Cost-Averaging frontend live soon in preparation of their audit.
Leap’s web app is live in beta, which includes support for Osmosis from day one! They've started to collect the beta invite list for their mobile app, which will be released very soon. The team is also working on an integration with Wallet Connect.
Margined Protocol is currently live on Juno testnet and will be deploying on Osmosis shortly. The team has been audited by Oak Security and plans to publish the audit report soon. If there are no issues with the audit, the app should be ready to deploy on Osmosis.
The team has finished all of the development work for the grant and the app is already fully usable. The team is now left with completing the educational videos (which have been recorded but not yet processed) and integrating Laika with other Osmosis tools. They expect to release the videos sometime over the next couple of weeks and are currently working on the integrations with the Osmosis team.
Map of Full Nodes Around the World
The main features of the dashboard have been completed by High Stakes Switzerland. They are now working on improving the UI, and including other metrics and additional data to make the dashboard as insightful as possible.
The Multifarm team has completed the dashboard, which is currently in private beta. Before releasing the dashboard publicly, we wanted to make some adjustments to ensure it caters to Osmosis' needs as much as possible. We have discussed these changes with the team, which is currently working on the updates.
Tax Software - Osmosis Implementation
Defiant Labs is working on releasing a sample product soon. The UI is ready; they are currently working on indexing the data for the software. They've also successfully integrated their product with Accointing, and are now working on the Koinly integration.
The initial portion of their grant is a retro grant for developing REStake, which has been evolving quickly. In the last few months, a number of features have been added to better support the overall Cosmos ecosystem, such as adding support for Keplr, Leap, and Ledger devices, full AuthZ functionality, and more detailed validator descriptions and metrics. The second part of the grant is for the development of the Governors feature, which is still in the planning and preparation stage. A number of core features that Governors relies on have already been developed.
As part of the Grant, the team has updated the Terra Classic code to make it chain-agnostic within the Cosmos ecosystem, implemented the governance proposal notifications feature, and integrated the bot with Signal and Telegram. Now, instead of adding features to optimize yields (auto staking/claiming rewards, farming, etc.), we've agreed to change the scope of the grant to include more governance-focused features, such as scam detection, summaries, and topic extraction.
The grants that have been approved in the latest batch have been making good progress, though it's still too early to report any significant updates.
Completed
Since the report we published a couple of months ago, the following grantees have completed their projects:
The axlUSDC on/off ramp via Osmosis has been live for over a month now. Things have been going well, as Osmosis is their top on-ramp destination by volume! In addition, Kado is working on a solution (which is past the scope of the grant) that will allow them to on/off-ramp any token available on Osmosis by directly swapping them on the DEX, which should significantly contribute to volume. They also plan on launching an incentivized referral campaign for Osmosis users soon.
The OSMO on-ramp is live. Transak is currently working with the Osmosis team to integrate it into Osmosis' UI. Full US support, which will be achieved on or before November 14th, has been a blocker due to a longer compliance process.
Pine Street Labs has successfully added support for Osmosis into the first version of walletOS. The team will be receiving additional payments for each successful custodian integration (up to a maximum of five integrations).
The two additional features (merge the current version of the multi-sig with the upstream version + fix the multi-message feature) that were requested by the OGP have been completed. The Notional team went above and beyond by making the tool work well with Telescope, which involved transpiling over 20 chains!
Alternative Osmosis Front ends
Citadel.one's alternative front ends for Osmosis (web and mobile) have been completed with full functionality, including Superfluid. The team has also put together open-source documentation and step-by-step guides.
Current State of the OGP
Multi-sig:
- Total OSMO: 5,916,345
- Total USDC: 2,453,315
Funding:
- Total funding approved: $1,953,090
- Total funding paid out: $761,340 or 39% of total funding approved
- Funding due on grant completion: $1,191,750 or 61% of total funding approved
Operational Expenses
A summary of the OGP’s operating expenses to date:
- Grants Operations (Reverie): $520k USDC ($100k USDC setup fee and $70k USDC per month)
- Legal: $70k USDC
- Committee Members: $36k USDC
- Other Expenses: $6k USDC
- Total: $632k USDC
Stablecoin Diversification
Over the course of our initial term, the Grants team has diversified 2,734,374 OSMO into 3,500,000 USDC, at an average price of $1.28/OSMO. You can check out the details of our stablecoin diversification plan in our dedicated blog post.
