Dear Polkadot Community,
I am Zhixi from Interlay. This post propose a comprehensive bounty program aimed at funding the fiat on-ramp service for 20 parachains and the onramp integration for Asset Hub in the Polkadot ecosystem.
The on-ramp service has been a prominent concern within the Polkadot and Kusama ecosystems, creating barriers to entry for new users. These barriers arise from issues such as fragmented token liquidity, high costs associated with listing on exchanges, and the lack of tailored solutions for substrate chains. To address these challenges, we have diligently researched and engaged in insightful interviews with a diverse range of on-and-off-ramp service providers, and have had extensive conversations with various projects within the ecosystem.
In March 2023, we proposed an on-chain bounty on Kusama to secure funding for the on-ramp of 11 assets on 10 parachains. The proposal outlined a strategic collaboration with Banxa, a leading on-ramp service provider, in the form of a bulk deal between parachains and Banxa. The selection of Banxa was a result of meticulous evaluation, considering factors such as technical expertise, extensive geographic coverage, supported payment methods, and competitive pricing.
I am pleased to report that our previous bounty proposal received overwhelming support across the Kusama ecosystem, and the integration process commenced swiftly. Throughout the implementation, the bounty proposal was carefully supervised by a curator committee comprising experts representing various facets of the ecosystem.
Building on the success achieved within the Kusama ecosystem, we now aim to bring this bounty program to Polkadot. Our proposal includes 15 assets on 14 parachains, notably including DOT and USDT on Statemint. We also request funding for 6 slots to allow parachains that are not already involved to sign up and take advantage of this service. Another highlight is the integration of Banxa’s onramp service with the Polkadot Asset Hub. By adding these assets, we aim to bridge the gap between traditional payment systems and the Polkadot ecosystem.
It is worth mentioning that the integration of Banxa's fiat onramp service with the Polkadot Asset Hub holds significant implications. It would enable users to purchase assets supported by the Asset Hub directly with fiat currencies and then deposit these assets directly into a designated parachain address, without the extra steps of XCM bridging.
We believe that this bounty program represents a pivotal step towards resolving the fiat on-ramp challenge, encouraging widespread adoption, and fostering a dynamic and inclusive ecosystem. We eagerly await your support and cooperation in making this vision a reality for the Polkadot community.
Costs breakdown:
— 1st Batch Token 14 Parachains: 147 000 USD
— Reserve funding for 6 parachains: 63 000 USD
— Asset Hub Integration: 84 000 USD
— Management Overhead: 32 040 USD
Total: 326 040 USD
Please see Link to Full Proposal , and leave your feedback in the comment section below!
A bounty proposal for the same purpose has been live and running on Kusama, it has achieved both approval and notable success. Should you have an interest, we are pleased to present a report on its performance. Link to report