In this report, we recap what the OGP has been up to in the first three months since the program's renewal, including funding breakdowns, grantee updates, and data into operational expenses.
Funding Breakdown to Date
Over the past three months, we've approved 15 grants for a total of $904k in funding. This brings the total funding approved to $2.8M+ across 58 different projects.
Batch 9, which was announced in late December, is the largest batch of grants we've done to date. The chunkiness of the batch was due to our purchase of bulk auditing services from Oak Security, which allows us to offer free audit services to grantees and dApps building on top of Osmosis!
While we saw a decline in funding amount in January with Batch 10, we saw an uptick in funding activity again in February with Batch 11. In this batch, we onboarded Notional to develop the Fee Abstraction module, and Nabla to build the UI for the upcoming Osmosis Outposts. Both of these projects were high priority RFPs.
We're scoping even more high impact initiatives so stay tuned for updates on this front!
Out of the 15 grantees we've approved in the last three months, ten of them were companies. Their total share of funding has increased to 39.7% from 34.9% since our previous quarterly report. The funding share of Individuals also slightly grew by 1%, whereas the share of grants received by Validators and Protocols both decreased by 2-3%.
Having increased from 5.4% to 16.2% in the last quarter, "Other" is by far the category of grants that obtained the most funding over the past three months. Again, this was mainly due to the $346,800 grant we awarded to Oak Security to mitigate vulnerabilities for dApps deploying on Osmosis mainnet.
On the other hand, the funding share of Apps has decreased the most, from 29.5% to 20.2%. This is because we haven't funded any new Apps over the past three months, as we're waiting for ones that we funded early on to deploy on Osmosis, and the launch of concentrated liquidity, which should attract builders to develop new kinds of specialized services, such as active liquidity management vaults.
Communication and Transparency
We have put significant effort into improving the communication and transparency around the OGP since our renewal.
Based on community feedback, we've expanded the OGP's communication efforts and cadence to include:
- Recurring Updates from Grantees every four weeks on Twitter Spaces co-hosted by the Osmosis main account.
- Monthly Transparency Reports to highlight the latest initiatives funded by the OGP, share updates on existing grantees, RFPs, and more details on the OGP's operating expenses.
- A Live Grants Dashboard that displays information related to incoming applications, such as status and funding requests.
- Regular Office Hours every four weeks in the Discord auditorium channel to give community members the opportunity to regularly discuss project ideas, ongoing grants, funding rounds, and any other outstanding questions with the OGP team.
- Grantee Discord Channels where the Osmosis community can get in touch with grantees and check up on their progress.
We'd love to hear from you to get a sense for what's going well and what could be improved. If you have any feedback or suggestions on our communication & transparency efforts, please reach out via Twitter DM or in the grants channel on Discord.
RFPs
Out of the five RFPs we published in the last quarter, we approved grants for two of them: Fee Abstraction and UI for Osmosis Outposts.
We're still looking to fund the following projects:
While we haven't yet approved any grantees to work on the RFPs listed above, we're actively reaching out to and having conversations with potential candidates.
If you know someone who may be a good fit, or have any suggestions for new RFPs we should fund, please reach out!
Grantee Updates
Completed
A total of eight grantee projects have been completed over the past three months:
Phillip-sc has built a Telegram bot for governance notifications with built-in fraud detection, automated proposal summaries, and topic categorization. Commonwealth forum posts are also included when proposal summaries and topics are generated. All of these new features were implemented using OpenAI's GPT3. You can try out the bot here.
The CronCat team has successfully completed all milestones related to their grant. They're currently live on Osmosis testnet while undergoing an audit with Oak Security. They'll launch on Osmosis mainnet as soon as their audit is complete. Check out their GitHub repository for the latest updates.
The Laika team has completed the integration of their request builder with Osmosis. They've also released a number of educational videos and tutorials, such as an Osmosis smart contract development course and dApp development series on Youtube. Check out these educational materials if you'd like to learn how to use their tool for smart contract development on Osmosis.
Leap Wallet has integrated Osmosis into their wallet, further enhancing the experience for Leap users. They've also included an in-app swap widget which enables users to seamlessly swap their tokens on Osmosis directly in the Leap app.
All That Node completed their grant after having offered a number of Osmosis node services for six months, including public RPC and Archive Nodes, Snapshot, and StateSync. Even though the six month period in the scope of the grant is now over, they have kept offering the services as they're being used by a number of grantees and other Osmosis projects!
The Scanworks team has released their runtime monitoring toolkit, Range, which is currently in private beta. They are inviting new users to try out the product on a rolling basis and are gathering user feedback for bug fixes and product improvements. You can request beta access here. The product will be released to the public once all bugs have been identified and fixed.
Tax Software - Osmosis Implementation
Defiant Labs has completed the Osmosis implementation of their tax software just in time for this tax season! You can use their Sycamore frontend app to seamlessly format your transactions for your tax processor of choice. The software currently supports formatting for Accointing, Koinly, TaxBit, and CoinTracker. Check out their demo which walks you through the whole process.
Validator Management Dashboard
PFC-Validator has built a dashboard for validators to reduce their reliance on the command line interface for their day to day operations. The dashboard includes features such as creating a validator, and submitting all kinds of on-chain governance proposals, including the instantiate and migrate contract proposal type. Validators are also presented an option to relay their commissions to Osmosis.
In Progress
Below we share some updates from active grants projects:
Augmentation of Data + Historical Charts
The Map of Zones team has released new historical charts for every zone on mainnet listed on Map of Zones! This includes charts for IBC volume, transactions, IBC transfers, daily active addresses, returned addresses, and unique delegators. The team is working on fixing some of the data before we can consider the grant to be complete.
Oak Security has completed audits for Phase, Streamswap, and CronCat. While these teams work on fixing the issues discovered during their audits, the Oak Security team is currently auditing IBCX, the Interchain Index Token project that will be deployed on Osmosis soon.
Alles Labs has completed the initial designs for the flow to create store code/instantiate proposals as well as for the Osmosis pool page. The team is currently implementing the accounts and transaction details page for the Celatone explorer, as well as researching a potential new indexer implementation that, if feasible, will make it much easier and faster for developers to get the indexer and Celatone up for any network. Read Osmosis' latest blog post for more info in Celatone.
Spoorthi has completed all the new feature work for the new version of Cosmy Wasmy. She's currently working on adding user documentation and final testing before publicly releasing the new version. She expects to release Cosmy Wasmy V2 by the end of the month.
The Skip team is working with the Osmosis team on testing the ProtoRev Module in order to include it in the next chain upgrade. In the meantime, a proposal stating that the revenue captured by ProtoRev will be allowed to accumulate within a module address until at least the 1st June 2023 has passed on-chain. Osmosis has also recently published a blog post on the future direction of their collaboration with Skip Protocol.
The Notional team has completed the initial version of the Fee Abstraction module, which will allow customer chains to pay fees in any IBC token on Osmosis using oracle TWAP data. Both the grants team and the Osmosis team are currently reviewing this initial milestone, before giving them the green light to work on the second version of the module. Check out the Fee Abstraction repo to keep up with their progress.
The Nabla team has already completed the initial version of the swap widget design for the Osmosis Outposts. They are currently incorporating some feedback on the designs and creating the designs for the web page version of the UI.
Incentives Optimization - Research
After having completed the incentives optimization research, Hathor Nodes is now working on incorporating the feedback he received from the community after posting a discussion to migrate the incentives process to the new optimization model on Commonwealth. This includes tightening up slippage levels and accommodating Mars Protocol's liquidity needs.
Incentives Optimization - Infrastructure
Chaos Labs has completed the build of the data pipelines and simulation dashboards using the data collected by Hathor Nodes to predict results for new incentives recommendations. They are currently supporting Hathor with updates and changes in the code and model based on community feedback before submitting an on-chain proposal to migrate the incentives process to the new optimization model.
The Phase team has recently completed their audit. They're now working on some minor fixes before Oak Security can publish their audit report. As soon as the report is ready, they'll deploy Phase on testnet in preparation for mainnet deployment.
Ping Pub Dashboard Improvements
Ping Pub has completed the Pinia plugin for the Telescope, which will significantly enhance Telescope's state management for Vue development. They've also made great progress on the improvement of the Ping Dashboard, including theme and API customization. Osmosis is also now listed as an official sponsor on the Ping Dashboard!
Over the first two weeks of their engagement with Osmosis, Serotonin placed the Osmosis team in direct contact with journalists at top-tier publications including TechCrunch, Blockworks, and The Block, to build critical media relationships and foster collaboration. Examples include Sunny's interview with the Blockworks Research team, and Aaron's upcoming interview on the Crypto 101 podcast – a show which boasts 100k listeners per week. Serotonin has also started with the OGP and others in the Cosmos ecosystem to align on the ideal strategy for promoting upcoming feature releases.
Dfuse has completed an initial beta version of the Python trading SDK. They've also put together an example strategy written using the SDK which goes through the required steps to set it up. They'd really appreciate any community feedback on the SDK before moving forward with new features! Please contact us or the Dfuse team directly if you have any thoughts.
Tax Software - 2023 Infrastructure Hosting
The open source tax software built by Defiant Labs is up and running. The team has publicly released the Sycamore frontend, and put together some demos of how to use it. They're also working on getting a few bugs with the legacy types from 2021 integrated into their database in order to resume with live indexing in 2023.
Testnet / Mainnet Price Parity
Defiant Labs has implemented the boilerplate for the new faucet module, the keeper for minting tokens by interacting with the bank module (pending implementation of allowed address whitelist security layers), and the algorithm for calculating the required amount of tokens to mint and send to a pool of interest to handle price synchronization. The team is currently working on the keeper implementation for address whitelist administration, implementing the security layer over the minting functionality using the address whitelist, robust unit, integration and simulation tests on the faucet module, and the external software implementation that uses the already-designed algorithm to keep the mainnet and testnet pool prices in-sync.
The Zodiac team has developed the mirrored voting-power IBC contracts for cross-chain governance and deployed the initial implementation on the Osmosis testnet. In short, this means that a Zodiac tokenholder on Osmosis can vote on Zodiac's governance proposals on Terra from Osmosis; the governance contract on Terra will acknowledge the voting power, and track the vote for the given proposal. The team is also cleaning up their contract code in preparation for the release of Tokenfactory Hooks, which are scheduled to go live in the in the next Osmosis upgrade.
Discontinued
Four projects have been discontinued over the past three months:
Map of Full Nodes Around the World
While the Map of Full Nodes dashboard was completed by High Stakes Switzerland, the team has struggled to reliably link node IDs to their respective validators, which has not allowed them to complete the analytics portion of their grant. The team will keep working on the grant in their spare time, but has asked us to consider the project canceled until they figure out a solution to gather the relevant data. High Stakes Switzerland has only received their initial payment of $10k in OSMO so far, and will not receive any additional payments.
While the Multifarm team completed the Osmosis Treasury Dashboard project, it didn't meet the OGP's quality standards. For this reason, we decided to discontinue their grant as we lost confidence in them completing the project successfully. The team has received $18.75k USDC in total for their efforts, but will not receive the full grant amount.
The Battlebrains team shut down operations back in December due to the current market conditions. They only received their initial payment of $5k in OSMO, and won't receive any follow-up payments since they won't be able to fulfill their commitment.
Portfolio Analytics & Yield Discovery
The Optical Finance team has been going through some internal changes and has not been active over the past few months, so they have currently stopped working on their project. The team has only received their initial payment of $3.5k USDC so far, and will not receive any additional payments unless they show significant progress.
Current State of the OGP
Multi-sig
- Total OSMO: 3,509,715
- Total USDC: 3,612,131
Funding
- Total funding approved: $2,856,890
- Total funding paid out: $1,523,374, or 53% of total funding approved
- Funding due on grant completion: $1,333,516, or 47% of total funding approved
Operational Expenses
The table below details our quarterly operating expenses:
Stablecoin Diversification
Over the past few weeks, the OGP has converted 1,750,000 OSMO into 1,794,856 USDC using an OTC desk. You can find more details on the diversification in this blog post.
