Dear Kusama community,

This is Zhixi Zhang from Interlay. We propose a bounty program aimed at helping Kusama parachains integrate fiat on-ramp support for their native assets with Banxa, one of the leading providers in the space.

Currently, acquiring native parachain tokens has been identified as a significant obstacle for new users in the Polkadot and Kusama ecosystem, and many parachains are seeking solutions to incorporate an on-ramp service. However, integrating on-ramp services can be challenging for parachains due to high costs and extensive liquidity requirements. Meanwhile, in order to integrate parachain tokens, service providers face barriers such as limited token volume and restricted exposure to DeFi solutions.

After conducting extensive research and interviews with various on-and-off-ramp service providers, along with numerous conversations with different projects in the ecosystem, we decided to work with Banxa, a leading payment service provider, to bring to you a bounty program that aims to provide an affordable on-ramp service tailored for Polkadot and Kusama assets.

This bounty program is intended to help as many parachains as possible in establishing easy and secure solutions for native token on-ramp, thereby improving the user acquisition process for the ecosystem as a whole. Please take a look at the full bounty proposal, we would love to hear what you think!

Link to full proposal

Bounty Cost: $10 500 per parachain

Bounty coverage:

• Parachain + native asset support for 9 Kusama parachains: $10 500 for each parachain support with one parachain native asset onramp support
• Statemine support + Onramp support for Kusama native USD Stablecoins* +KSM: $10 500

Total requested budget: $105 000 USD of KSM

*Note: Native USDT onramp support is now available on Statemine and can be integrated. Onramp support for USDC and other stablecoins will be added once liquidity channels are in place.