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#131 Parachain Assets Fiat Onramp Support Bounty Program

Proposer:
Zhixi Interlay
 
in Democracy
16th Mar '23

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. Please visit discussion post regarding this bounty via this link.

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.

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Proposal Passed

of 3

Summary
Passed
98.9%Aye
AyeNay
1.1%Nay
Ayes(263)
98.57K KSM
Nays(9)
1.06K KSM
Support
42.76K KSM
Issuance
15.84M KSM
Voting Details
Approval0.00%Threshold0.00%
Support0.00%Threshold0.00%
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Users are saying...
Based on all comments and replies

Overall 76 % of users are feeling optimistic. The Kusama ecosystem is set to benefit from a new referendum aimed at improving asset acquisition through on-ramp services, making it more accessible and inclusive for parachains. The proposal has received widespread support, with many expressing excitement about its potential impact on the network's flexibility and user onboarding experience.

Overall 23 % of users are feeling neutral. The Bounty Curator Candidacy Announcement presents candidates for a curator position overseeing the Parachain Assets Onramp Support Bounty Program, with a multisig account and suggested rewards for committee members. The selection process ensures representation of all parties involved in this bounty program.

AI-generated from comments

13Comments
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Polkadotters
 
 
16th Mar '23

Dear Zhixi,

we are excited to share the support for this referendum. The proposal aims to improve the Kusama ecosystem by making asset acquisition more accessible for parachains through robust on-ramp services. This is a crucial step towards a more inclusive and robust network, and I believe this initiative deserves an AYE from the crowd. It will definitely benefit parachains and thus the Kusama network itself!

Sik | crifferent.de
 
 
16th Mar '23

Voted Aye

Thank you so much for this initiative 🙏

This is a big win for the entire ecosystem and we need it to make life easier when onboarding new people to the ecosystem.

Especially for some Parachain tokens it's been extremely hard to get hands-on.

Paradox
 
 
16th Mar '23

Voted Aye

Looking forward to good things.

dashboard profile icon
ryandinh8
 
 
17th Mar '23

Hi Zhizi, thank you for leading the initiative!

This is Ryan from SubWallet. I fully support this initiative and am committed to contributing to it. I find it admirable that we are working together to onboard more users to the ecosystem.

nicholas
 
 
17th Mar '23

Cant thank you enough for taking the initiative here and pushing this forward. From Ajuna Networks perspective, fiat onramps are ciritical to support onboarding for the application layer. Especially in more casual experiences, like gaming, being able to provide familiar payment options can reduce the initial friction for non web3 natives.

You have our support and vote

dashboard profile icon
CYBORG
 
 
18th Mar '23

That's what I am talking about!! Finally something useful for our ecosystem. Strong Aye.

Abdulbee
 
 
18th Mar '23

Hey, Zhixi,

Thank you for the proposal.

Here's the first referendum audit for this bounty proposal.

Notes

  • This audit was not influenced by previous audits.
  • This audit reflects only the quality of information presented in the proposal and not the Quality of the project/idea itself.

Parachain Asset FIAT Onramp Bounty

The following proposal Audit is created as a part of the extension for Proposal#67. More information about the Treasury proposal template and the Audit process can be found on the link above. All templates are free for everyone to use. For any questions or feedback regarding the Audit templates use the discussion link from above.

KRYPTOSCHAIN
 
 
18th Mar '23

Voted Aye

Great job! I also voted Aye for this as I'm in support of a fiat on-ramp for the ecosystem as it will help big time for flexibility!

LuisG
 
 
20th Mar '23

Voted Aye

I voted Aye. I think we need make easly for users the way them get Kusama and parachains assets with Fiat.

Zhixi Interlay
 
 
22nd Mar '23

Voted Aye

Bounty Curator Candidacy Announcement

The selection of administrative curators is crucial for the success of the bounty program. This announcement presents the candidates for the curator position who, upon approval, will oversee the "Parachain Assets Onramp Support" Bounty Program. The bounty will be curated by a Multisig. It is suggested that the curator committee receives a reward to compensate for their time and effort in this initiative.

The selection of curators is carefully designed to represent all parties involved in this bounty. For more context, please visit the Bounty Curator Candidacy Proposal, which provides information on the curators' backgrounds, responsibilities, and the reward scheme.

Multi-sig account: Fc2PupM7xp2yefw97D3yDhEWMXcWPWkYUdpTSf8Gj8St1B7

Curator Candidacy:

Alexei Zamyatin, Co-founder of Interlay

Address: 5Cu7pF9kxM3HiP69RNA5b1N2ogpgoRYEtvHrjkQDF3P7iofS

Jonathan Dunne, CTO of Talisman Address: 5FxvpoBxF73oAbQKouuhtbXootQceqq9hE8UvJPFf8Tjzcu7

Ryan Dinh - Head of Business Development of SubWallet

Address: 5DvpfEPfr8xBA34VusHM8h4q5XdBi2vbpdcA7s2rEmtuAze4

Irvin Cardenas: Co-founder and CEO at OpenDive Technologies

Address: Gpr3ou8w6PgQxCeeEz3Ap3iuamKQn1ktgZjbNNZB4ghzKUU

Jakub Greguš, Jakub Gregus, Co-founder of HydraDX & Basilisk

Address: 14TRztENRz87sn67Gh4aVaCpiWmtiuxg4JkNKVGkvRqwDbgD

EZz9...nLMv
 
 
28th Mar '23

I fully support this project and its mission.

dashboard profile icon
BANXA
 
 
7th Jun '23

Hi Kusama Community,

We have released the first batch of assets following tokens part of the proposal!

  • Bajun (BAJU)
  • Bifrost Native Coin (BNC)
  • KINT (Kintsugi)

Users will be able to purchase these coins on banxa.com and Talisman Wallet. More wallet integrations to come soon.

We will raise the next bounty for the curators to approve.

Thanks!

BANXA

OpenGovAssist
 
 
13th Aug '23

Hello,

We are in the process of validating a true need for a service to assist teams with crafting and completing successful treasury proposals, so they can focus on building. We would love to hear about your experience with this proposal. If you are willing to take a few minutes, please fill out this form about your experience with the OpenGov treasury proposal process: https://forms.gle/MwDij4adXEQd7Um79

Feel free to leave out any details that your team is not comfortable with sharing, but the more info you can provide, the better we will be able to assess the potential need for our services.

For more info, follow us on Twitter/X: https://twitter.com/OpenGovAssist


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