Community Approves Results of First Batch of Ecosystem Grants for Poca’s Smart Contract Platform – Moonbeam

On March 26, Moonbeam, the Poca Ecological Smart Contract Platform, said on Twitter that the Community Appropriation Committee had announced the results of the first batch of ecosystem grant applications for the revised GLMR and explained the revised part. Now that the snapshot vote has been completed, the community has the opportunity to indicate how they want to allocate the first batch of ecosystem grants, and the on-chain vote is ready. The Appropriation Committee has made the following adjustments: Any proposal that receives a GLMR value of less than $250000 (based on the 7 day TWAP from the date of adoption of the Revised Appropriation Plan) will not be included in the on-chain vote.

Moonbeam Community Grants Committee Announces Snapshot Voting Results of the First Batch of Ecosystem Grants

On March 26, Moonbeam, the Poca Ecological Smart Contract Platform, announced on Twitter that the Community Appropriation Committee had released the first batch of ecosystem grant applications for the revised GLMR and explained the revised part. The snapshot vote was completed, and the community could now indicate how they wanted to allocate the first batch of ecosystem grants, and the on-chain vote was ready. The Appropriation Committee made the following adjustments: Any proposal that received a GLMR value of less than $250000 (based on the 7-day TWAP from the date of adoption of the Revised Appropriation Plan) would not be included in the on-chain vote.

Introduction

Moonbeam is a smart contract platform that runs on Polkadot and serves as an Ethereum-compatible parachain. It relies on the GLMR, its native token, to ensure the network’s security and provide governance rights to its holders. Recently, the Community Appropriation Committee of Moonbeam announced the results of the first batch of ecosystem grant applications for the revised GLMR.

The Revised GLMR

The revised GLMR aims to increase the token’s utility by providing incentives to long-term holders and cutting short-term speculation. It introduces a vesting mechanism that locks the tokens for a certain period before release, reducing the circulating supply and increasing the scarcity. The vesting schedule varies according to the number of tokens held and ranges from six months to two years.

The First Batch of Ecosystem Grants

Moonbeam’s ecosystem grants aim to support projects that enhance the platform’s infrastructure or promote its adoption. The grants are allocated by the Community Appropriation Committee, which is composed of GLMR holders that have passed a KYC process. The committee evaluates the proposals based on their potential impact, feasibility, and alignment with Moonbeam’s vision.
The first batch of ecosystem grants included a diverse range of projects, such as:
– Integrating Moonbeam with other blockchain networks to enable cross-chain interoperability.
– Building decentralized applications (dApps) on top of Moonbeam that offer novel use cases and attract new users.
– Enhancing Moonbeam’s tooling and developer experience to streamline the building process and reduce friction.
– Researching and implementing innovative solutions to optimize the platform’s performance and scalability.

The On-Chain Vote

The community’s input is essential to determine how the ecosystem grants are allocated. After the snapshot vote, which serves to gauge the sentiment of the community, the on-chain vote enables GLMR holders to cast their ballots directly on the blockchain. The Appropriation Committee reviews the on-chain votes and determines the final allocation based on them.

The GLMR Value Threshold

The GLMR value threshold is a crucial factor in the evaluation of the grant proposals. It sets a minimum value for a proposal to be eligible for the on-chain vote, ensuring that only the most promising and valuable projects receive funding. The threshold is calculated based on the 7-day TWAP of the GLMR price from the date of adoption of the Revised Appropriation Plan. Any proposal that does not meet the threshold is automatically excluded from the on-chain vote.

Conclusion

Moonbeam’s ecosystem grants serve as a potent tool to incentivize and reward innovative projects that contribute to the platform’s growth and development. The Community Appropriation Committee has taken an impartial and rigorous approach to evaluate and select the proposals, and the on-chain vote enables the community to participate actively in the decision-making process. The revised GLMR and the vesting mechanism aim to increase the token’s long-term value while promoting its utility and governance.

FAQs

1) How can I participate in the ecosystem grant application process?
To apply for an ecosystem grant, you need to submit a detailed proposal that outlines your project’s goals, implementation plan, and expected impact. You can find the application form and guidelines on Moonbeam’s official website.
2) How are the ecosystem grants funded?
The ecosystem grants come from the community-owned treasury, which is composed of a portion of the transaction fees and inflation rewards.
3) How does Moonbeam compare to other smart contract platforms?
Moonbeam differentiates itself by offering Ethereum compatibility, enabling the easy migration of existing dApps and users. It also benefits from Polkadot’s interoperability and scalability features, making it a promising choice for developers and builders looking to leverage multiple blockchain networks.