In this report, we recap the past three months of the OGP, 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 $819k in funding. This brings the total funding approved to $3.7M+ across 73 different projects.
While we saw a decline in funding activity in March with Batch 12, and no new batches of grants were approved in April, we saw an uptick in funding in May with the announcement of two new batches for a total of $703k in funding:
- Batch 13, which was announced in partnership with Axelar, Akash Network, the Osmosis Foundation, and the ATOM Accelerator, included a number of grants for the development of Mesh Security.
- Batch 14 was the second largest batch of grants we've done to date, largely due to the renewal of our bulk audit purchase with Oak Security and other high impact initiatives, such as funding Mystic Labs to integrate Cosmos with Metamask Snaps.
The "Other" category has received the most funding over the past quarter, having increased its total share of funding by 7.6%. This was due to the $346,800 grant we awarded to Oak Security to enhance the security and fast track the mainnet deployment of many projects eager to deploy contracts on Osmosis mainnet.
In contrast, "Infrastructure" was the category that lost the most funding share (3.3%). While we still funded many infrastructure projects over the past three months such as Mesh Security, Starship, and the Metamask integration, the large amounts of funding directed to projects in the "Other" category resulted in a net decrease in funding share for infrastructure projects. That said, "Infrastructure" is still our most funded category of grants to date.
Out of the 15 grantees that were approved over the past three months, almost half of them were companies. This caused a slight increase in their total share of funding from 39.7% in our previous quarterly report to 41.1% today. The funding share of Individuals grew by 4.7%, whereas the share of grants received by Validators and Protocols both decreased by 4.3% and 1.8% respectively.
Communication and Transparency
We continue to emphasize the OGP’s communication and transparency efforts through initiatives like Updates from the OGP, Discord Office Hours, and monthly transparency reports. Most recently, we had Celatone and Numia join us on Updates from the OGP to chat about their progress. You can listen to the recording here.
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 and transparency efforts, please reach out via Twitter DM or in the grants channel on Discord.
RFPs
Out of the seven RFPs we published over the past few months, two of them (Fee Abstraction and Frontend for Osmosis Outposts) have been completed, and one of them (Cosmos Bridge Aggregator Website) is actively being worked on.
We're actively looking for applicants to work on Interactive CosmWasm Tutorials and Osmosis Merch Stores, as well as the two new RFPs that were posted recently: Quasar Vaults for Osmosis and DefiLlama Adapters for Osmosis.
If you're interested in working on any of these projects, or know someone who may be a good fit, please reach out to us or apply for a grant!
Grantee Updates
Completed
A total of seven grantee projects have been completed over the past three months.
ProtoRev has been live on mainnet as the first fully on-chain and protocol owned MEV mechanism for almost two months now. It's already generating significant revenue for Osmosis, having captured more than $60k so far! You can read more about how it works in Osmosis' dedicated blog post.
Notional has completed the build of two different versions of the Fee Abstraction module. The first version allows Customer chains to pay fees in any IBC token on Osmosis using oracle TWAP data, and the second version leverages packet forward middleware to allow chains to take the accumulated fees and swap them for their native token using Osmosis. Notional will now assist the Osmosis team with the chain-specific technical implementations of the module.
The Nabla team has completed the design and backend work for the Osmosis Outposts, as well as all the relevant documentation that walks through the component library and how to deploy it. They're now working with the Osmosis team to migrate all of the materials to the Osmosis repo and start deploying the outposts on other chains. As soon as this is done their work will be made open source, and we'll share all the relevant links publicly.
AJ built a fully self-hosted frontend for Osmosis powered by Urbit, a personal OS designed from scratch to run peer-to-peer applications. Hosting the Osmosis front-end directly from your Urbit makes it uncensorable and sovereign. For access, 1) create an account on Holium, 2) search for “~larryx-woldyr”, and 3) download the Osmosis app.
Augmentation of Data + Historical Charts
Map of Zones released new charts with historical data for every zone listed on their site, including IBC volume and transfers, transaction activity, daily active addresses, daily returning addresses, and unique delegators.
Six months ago, we approved Map of Zones for a grant to support ongoing operational costs as they're one of the top public goods in the IBC ecosystem, having brought a ton of attention and transparency to the Cosmos since inception. The Map of Zones team has now received the full funding amount, which was split into six monthly equal payments.
Spoorthi released Cosmy Wasmy V2, a vscode extension for CosmWasm to help developers build smart contracts. V2 includes a bunch of new features, such as support for Beaker to sync accounts and chains, interactive documentation, a native vscode test explorer, and support for multiple languages.
In Progress
Below we share some updates from active grants projects.
As we highlighted last month, Oak Security has audited a number of different projects before their mainnet release. These include IBCX, Streamswap, Cron Cat, Phase, and CALC Finance, as well as the ongoing audits of Membrane and Zodiac Protocol. This leaves us with just over one week of audits from the 12 weeks we purchased in our initial bulk audit purchase, which is why we've decided to renew our bulk purchase agreement with Oak for an additional 12 weeks.
Maxime has completed the first milestone of his grant, having launched an initial version of the Cosmos Bridge Aggregator. This initial version allows users to bridge to/from any of the chains currently supported by the Terra bridge website, which is synced with the chain registry to add support for more assets like native chain assets, USDC, DAI, WBTC, WETH, as well as multi-hop IBC routing.
The Alles Labs team has been making great progress on Celatone, and is in fact close to completing the project. They've added support for Osmosis pools into the explorer, and are currently adding some additional logic to make sure it can handle the new concentrated liquidity and CosmWasm pool types that will be released with the upcoming V16 upgrade. Local chain support is almost complete too. The implementation for both the indexer and frontend is in review, and the team has started to draft the documentation for it.
Numia has completed the frontend for the upcoming Lenses dashboard for Osmosis, including the ability to export data in csv form. The team has shared a sneak peak of what the frontend will look like with the community for feedback, and is on track to launch the dashboard by the end of this month.
The Margined team is very close to completing the core contracts for their perpetual exchange. They expect to get these done in the next month or so as they're only left with implementing the fee distribution logic in CosmWasm. We will schedule them for an audit with Oak Security as soon as the team completes their core contracts, before deploying them onchain.
Mesh Security Phase 1: Back-end Development
Confio has released an initial version of the Mesh Security SDK for Consumer chains, which includes an example application and CLI that is using the Mesh Security module. They also completed an implementation of the Provider side, which will allow for the development and testing of the front-end.
Mesh Security Design: Landing Page, UI, Brand, and Marketing
The Design DAO team has put together a first UI design package and shared it with Josef, who's working on web application front-end development, so he can start working on the frontend and testing the UI flow. Based on this, Design DAO will polish the UI and design, as well as refine the Mesh brand.
Mesh Security Phase 1: Web Application Front-end Development
Josef is working on the first version of the front-end MVP for the Mesh Security based on the UI and designs that were put together by Design DAO. He aims to have this MVP ready with support for cosmos-kit in the next week or so.
Ping Pub Dashboard Improvements
Ping Pub has completed Milestone 3 of his grant, which included adding an Osmosis swap widget to each chains' dashboard in the Ping Pub explorer. You can now easily swap on Osmosis while navigating on Ping Pub without leaving the website! He also included the convert component in the Ping Pub widget library to make it easier for other projects to integrate the Osmosis widget directly into their web apps.
Over the past month, Serotonin worked with the Osmosis Grants Program, the Osmosis Foundation, and several ecosystem partners to announce the funding and development of Mesh Security. This included securing media coverage from The Block and Blockworks, among other media outlets. This month, Serotonin is working with the Osmosis team, as well as a number of ecosystem partners, to announce some exciting in-progress developments, such as the launch of Concentrated Liquidity and the OSMO tokenomics upgrades.
Having completed the Typescript testing framework and integrated it with Github actions, Anmol has completed Milestone 1 of his grant. He's also close to completing the integration of Starship with OsmoJS. Check out the demo he put together that goes through some examples which use the GO and JS client to interact with Starship.
The Zodiac team has completed their audit, but they're still working through some of the issues found with Oak Security. As part of this, they've been testing Zodiac against Osmosis' new edgenet to make sure their use of Tokenfactory will work as it should once deployed on Osmosis mainnet. The audit report will be released as soon as the issues found are fixed.
While we don't have any significant updates on grantees in the latest batch of grants, as it was only approved a couple of weeks ago, we'll share detailed updates in our next monthly update.
Discontinued
Only one project was discontinued over the past three months.
Testnet / Mainnet Price Parity
While the Defiant Labs team completed most of the work involved to achieve price parity between testnet and mainnet, after further review, the Osmosis team had concerns over the architecture of the faucet module they built and its compatibility with osmosis-testnet-5. After further discussions, we agreed to discontinue the grant for the time being until we agree on a better approach.
Current State of the OGP
We share a breakdown of our current assets, liabilities, and expenses below.
Multi-sig
- Total OSMO: 2,892,490
- Total USDC: 3,190,075
Funding
- Total funding approved: $3,715,250
- Total funding paid out: $2,103,609 or 57% of total funding approved
- Funding due on grant completion: $1,611,681, or 43% of total funding approved
Operational Expenses
The table below details our operating expenses over the past quarter:
