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!
Bounty Cost: $10 500 per parachain
Bounty coverage:
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.
Bounty Curator Candidacy
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
What is the Bounty Program?
A program to help Kusama parachains add easy ways for users to buy their tokens using regular money (fiat on-ramp).
Who is Involved?
Interlay and Banxa are working together to make this happen.
Why is it Needed?
Buying parachain tokens is hard for new users, and this program makes it easier and cheaper for parachains to add this feature.
What Does it Cost?
$10,500 per parachain to add support for their token.
Total Budget:
$105,000 USD in KSM (Kusama's token).
Who Will Manage the Program?
A group of curators will oversee the program to make sure it runs smoothly.
Who Are the Curators?
Experts from Interlay, Talisman, SubWallet, OpenDive Technologies, and HydraDX & Basilisk.
Goal:
To help more users join the Kusama ecosystem by making it easier to buy parachain tokens.