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OceanDAO offers community grants curated by the broader community of OCEAN holders. It's key to growth and sustainability of the Ocean Protocol ecosystem. (Details.)
OceanDAO is a great way to get involved, by doing a project or by voting in OCEAN to help steer the future of the ecosystem.
Funding is for projects of these types:
- Build / improve applications or integrations to Ocean
- Outreach / community (grants don't need to be technical in nature)
- Unleash data
- Build / improve core Ocean software
Here are proposal ideas.
Project criteria: (1) ROI towards growth (2) aligned with Ocean mission. Details on criteria are in the page for a given funding round.
| Funding Round | Proposals Due By | Voting Ends | Amount |
|---|---|---|---|
| Round 2 | Feb 1, 2021 at 23:59 GMT | Feb 4, 2021 at 23:59 GMT | 10000 OCEAN |
| Round 3 (tentative) | Mar 1, 2021 at 23:59 GMT | Mar 4, 2021 at 23:59 GMT | "" |
| .. | .. | .. | .. |
Funds are dispersed within 24h of voting ending.
| Funding Round | Proposals Due By | Voting Ends | Amount |
|---|---|---|---|
| Round 1 | Dec 14, 2020 at 23:59 GMT | Dec 21, 2020 at 23:59 GMT | 10000 OCEAN x 5 recipients |
Funds are dispersed within 24h of voting ending.
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OceanDAO Funding Round 1 has these actions and dates:
- Project proposals - post a proposal following this template, to OceanDAO Discourse
- Proposals open on November 30th at 12:00 GMT
- Proposals deadline on December 14th at 23:59 GMT
- Discussion - at OceanDAO Discord and Town Halls
- Voting - vote on Ocean Snapshot. 1 OCEAN = 1 vote.
- Voting opens December 15th at 12:00 GMT
- Voting ends December 21st at 23:59 GMT
- Grants - Each winning project will receive 10000 OCEAN from OceanDAO. There will be 5 winners: the top 5 highest voted proposals.
- Funds will be disbursed to grantees within 24 hours after voting ends.
When proposing a project, these are the two criteria to keep in consideration: (1) ROI towards growth (2) aligned with Ocean mission. Projects that fail (2) will not be considered for voting. Once voting opens, only criterion (1) remains. Let’s elaborate!
Criterion (1). On average, value added to the Ocean ecosystem must exceed the grant value spent.
- That is, the average “return on investment” (ROI) must be > 1.0. Value added by a project is hard to know in advance. Some will fail; others will succeed and bring 10x value. But this must hold true on average across projects.
- Motivation: We want a “snowball effect” for ecosystem growth, where more funds granted leads to more funds available for grants in the future. This will happen with more network revenue or a rise in OCEAN.
- Details on how to estimate expected ROI are here.
Criterion (2). The project must help to promote the Ocean’s mission & values (or at least not work against them).
- Mission & values. Ocean’s mission is to equalize the opportunity for people to access data. Ocean’s values, and further details, are here.
Anyone can propose a project to OceanDAO. However, to be considered, you must have at least 5,000 OCEAN in the same Ethereum wallet as listed in your proposal by the time the proposal process ends (December 14th, 23:59 pm GMT). If selected for a grant, this will be the same wallet where you will receive your grant funding. This helps to filter towards people with a vested interest or “skin in the game” in OCEAN - that is, Ocean community members. Ocean Protocol team members will verify.
Voting will take place on: vote.oceanprotocol.com
Implementation:
- At proposal deadline (December 14th at 23:59 pm GMT), Proposals that meet the “Minimum Proposal Requirements” and “Project Criteria” will be migrated to the OceanDAO Voting Page.
- Vote with your OCEAN Tokens. 1 OCEAN = 1 vote.
- In order for your vote to count, you must have the OCEAN already in the non-custodial wallet you plan on voting with before the vote opens (December 15th at 12:00 pm GMT). This is so your existing OCEAN balance can be counted.
- Voting from exchanges is not supported.
- Only one wallet address can vote on one proposal. 1 Address = 1 Proposal.
- If you would like to vote on more than one proposal, you will need to fund your multiple wallet addresses with the respective amount of OCEAN before the voting opens.
- You can only vote with the OCEAN tokens in your wallet. You will be unable to vote with OCEAN that is deposited as liquidity in Ocean Market, Bancor, or otherwise. It is your choice if you would like to remove liquidity, vote, and re-add the liquidity back later.
- Risks come with removing liquidity (impermanent loss etc), which you must manage. In the future, we aim to support voting without needing to remove liquidity (e.g. vote with BPTs).
In Funding Round 1, each winning project will receive 10,000 OCEAN from OceanDAO. There will be 5 winners: the top 5 highest voted proposals (additionally, to receive a grant you must also receive greater than 1% of the vote).
Funds will be disbursed to the grantees within 24 hours after voting ends.
Funds for OceanDAO currently come from Ocean Protocol Foundation (OPF).
If you were not selected for a grant in this Funding Round, we highly encourage you to continue to stay involved in the Ocean community. You are appreciated! There are future OceanDAO funding rounds on the first of every month starting in February 2021, and other opportunities to receive funding.
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Here are steps for a given funding round.
- For Projects: Submit your project proposal. Answer community questions. The community votes whether to fund your project.
- For Community Curators: Learn about project proposals. Then, vote. Any OCEAN holder can vote. Vote for the projects that you think will add the most value. The weight of your vote is based on your OCEAN holdings.
- Post a proposal following this template, to Ocean Discourse.
- Answer questions in OceanDAO Discord and OceanDAO Town Halls.
- Receive grant, if voted a winner.
- Do the project. Doing well here helps future funding requests.
- Review projects at Ocean Discourse.
- Ask questions in OceanDAO Discord and OceanDAO Town Halls.
- Vote on projects to choose winners in Ocean Shapshot.
Follow this step-by-step guide on the voting process!
OceanDAO Town Hall is a regular videochat gatherings among community members, open to all. It’s a great place to get to know the community. Here you can ask questions, share proposal feedback, and more.
The Town Hall page has more info, including dates.
The best practices and technology around DAOs are still evolving. OceanDAO’s strategy is to “bake slowly” — to ratchet up value-at-risk over time, to give space to learn and for technology to improve. Accordingly, the amount of funds per Funding Round may vary, and OPF reserves the right to make changes in general. The aim is: if OceanDAO creates positive value, then the funds allocated to OceanDAO will go up.
- FAQ - Frequently Asked Questions
- Proposal Ideas - Holds many proposal ideas, including ones by the Ocean core team
- On ROI - Return on Investment (ROI) is a key criterion. Here's some ways to think about it.
- "Introducing OceanDAO", Ocean blog, Nov 30, 2020 [link]
- "The Web3 Sustainability Loop (OceanDAO context)", Ocean blog, Sep 1, 2020, [link]
It has the links and up-to-date information you need, to participate as a project team member or as a community curator. Being a wiki enables rapid update cycles, changeable by everyone to improve it.