Snowbridge Funding Proposal
Treasury
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Proposed
  • Treasury Proposal: Snowbridge Funding Proposal
  • Beneficiary: Gbb7iGbd6Q7o1fGcT2Re4L6RXJ3U7A32itSLMjsUJzmq5LD
  • Amount: USD 612,000.00 based on EMA7 rate by Subscan
  • Scope: See the full funding proposal for more details

Overview

Snowbridge is a fully trustless, permissionless and general purpose bridge between Polkadot networks and Ethereum. The proposal covers a request for a 28 months worth of runway for all operations for the Snowbridge team, with the goal to launch as a common-good bridge on Kusama and Polkadot.

Our bridge will launch on the Bridge Hub, a common-good parachain that is being developed by Parity for Kusama and Polkadot.

The proposal includes a motivation for supporting and promoting Snowbridge, a long term roadmap, governance and economic plans as well as incentives for successful execution, launch and long term running of the project.

Changes

The original Polkassembly post was created 4 weeks ago with extensive community discussion around the project here: https://polkadot.polkassembly.io/post/1341

This final proposal is the same as in the above post, though a few small changes have been made:

  • Added more details about the bridge hub, with XCMv3 and Statemint XCM as an extra milestone of work on our roadmap
  • Add 1 month to the launch date to account for the extra work needed for XCMv3 changes for to bridge hub
  • We've extended the runway to 28 months instead of 24 month, but we're keeping the price the same and will cover the additional months with a small reduction in costs

History

Snowfork is one of the longest running teams contributing to the Polkadot ecosystem. For over 2 years we've been working on Snowbridge, a fully trustless and permissionless bridge to Ethereum. We successfully built and completed an initial version of this bridge in September 2021, based on an Ethereum Proof of Work light client and on Parity's original BEEFY proof system funded by an initial grant from the Web3 Foundation.

Purpose

Polkadot already has a few live Ethereum bridges across various parachains, but these all compromise on Polkadot's security and trust model. Some are secured by trusted multi-sigs, some are secured by alternative insurance collateral, but none are secured by Polkadot and none of the Ethereum or ERC20 assets that exist in the Polkadot ecosystem today are secured by Polkadot's security and trust model.

We believe that without a fully trustless bridge that is secured by Polkadot itself, the security of the wider Polkadot ecosystem is put at risk and that Snowbridge's trustless design is essential to a healthy ecosystem that can support Ethereum-based assets. Similarly, trustless support for Polkadot assets across the Ethereum ecosystem will be a valuable boon for us all.

Snowbridge is also general-purpose, supporting arbitrary message passing and cross-chain smart contract calls, so any kinds of applications can be developed on top of it beyond plain asset transfer.

Additionally, as a common good service, longer term Snowbridge will be able to provide new value for the DOT token itself and generate an additional source of income for the treasury, or an additional lockup/burn mechanism for reducing the DOT supply.

Funding Request

This proposal is a funding request for 28 months worth of long term runway for all operations for the Snowbridge team (16 months retroactive, 12 months in future), with the goal to launch as a common-good bridge on the Bridge hub on both Polkadot and Kusama.

The full proposal has been uploaded to IPFS separately, and includes extensive additional details related to further motivation for supporting and promoting Snowbridge, a long term roadmap, governance and economic plans as well as long term economic incentives for successful execution, launch and running of the project.

We request that anyone looking to meaningfully contribute to this discussion also reads through this full proposal.

This initial funding requests will be created alongside a secondary request on Kusama:

  • Requested USD on Polkadot: USD 2,448,000.00 based on EMA7 rate by Subscan.
  • Requested USD on Kusama: USD 612,000.00 based on EMA7 rate by Subscan.

There is an additional request for around USD 10,000,000.00 of long term economic incentives tied to key success milestones on the bridge, tied to measurable impact on the Polkadot ecosystem, although this payment will not be part of this first requested allocation.

We're planning to push out this proposal in the next month, and so are looking for early feedback and discussion from the community before going live with the proposal.

Roadmap

  1. Support XCMv3
  2. Mint wrapped assets on Statemint
  3. Governance and upgradability
  4. Dynamic circuit breaker on withdrawals
  5. Security Audits
  6. Deploy on Kusama (April 2023)
  7. Deploy on Polkadot (July 2023)

See the full funding proposal for more details.

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2022-11-22 11:29:30
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