# **Evmos Developer Incentive Program Proposal** **who is submitting the proposal** **The proposal is written and submitted by Web3Scholarhip program.** The Web3Scholarship program is a Web3 funding & incuabtion vehicle for early stage blockchain projects. Web3Scholarship was seeded by Huobi Incubator in Jan 2022, which affiliates with Huobi Global Exchange, and consists of members coming from a diverse background in the crypto space. Members of Web3Scholarship program (nonexhaustive list) include CoinMarketCap, Polkastarter, DAO Maker, Cambridge Blockchain Society, Republic Crypto, Imperial Blockchain, Enjinstarter, Dorahacks, Asia Blockchain Gaming Alliance. Web3Scholarhip program is dedicated in supporting the multi-chain landscape since day one, and has host ecosystem level collaboration with many Layer1 and Layer2 protocols including Avalanche, Dfinity, Octupus Network and Tron Network etc. Web3Scholarship is chain agnostic and initiate collaborations driven by research and thesis, Evmos Included. **We are backing Cosmos & Evmos before this.** Driven by research, Web3Scholarship founding member Huobi Incubator and others are backers and contributors of Cosmos interchain and IBC-EVM ecosystem. For instance, Huobi has invested in Terra, Nym, Pylons, provided listing support to Celestia, and bridged liquidity to early stage projects on Evmos including Diffusion. On top of investment and incubation on individual project level, Huobi Incubator works with ICF and Tendermint to deepen our insights in how Web3Scholarship can better participate and contribute into the Cosmos ecosystem. **What is the proposal, a reason for the proposal and potential impacts;** Evmos as the new ecosystem for us is a big deal. After Evmos mainnet is live and network is stable, it creates good window for ecosystem building whereas currently there is only Evmos grant that provides small amount of prizes that bootstrap the building. Therefore, the Web3Scholarship program is now proposing to the Evmos community the developer incentive program - **the Evmos Get Momentum-Ecosystem Deployment Pass (EDP) (herein and after, Evmos EDP program, working name)**, which essentially is a modified hackathon event that attracts projects to build, migrate or deploy on Evmos in 2 months that greatly improve the overall ecosystem development as well as the on-chain data e.g. wallet addresses, tvl, contract interactions etc. **Painpoint 1: Evmos at this moment lack of comprehensive incentives for ecosystem building** **Evmos EDP program solution: to provide diverse & strong incentives and bring resources** After talking Diffusion, Exwap, Earnmos, Kinesis Labs, Cronus Finance, developers actively seek for investment, liquidity support and listing at DEX and CEX. Small grant is simply not enough. Evmos EDP program are initiated by multiple industry players will accurately meet needs and enrich their resources. **Painpoint 2: traditional hackathons do not work well** **Evmos EDP program solution: clearly focus on deployment and growth, and add in quant metrics** Now that we have great incentives, but hackathons sometimes can't attract the best talents. That's why we invented EDP program, which is a slightly modified hackathon. Instead of a traditional hackathon where developers build, eligible partipants of Evmos EDP program are those who HAVE deployed on Evmos by the end of our event and will be measured by on-chain metrics. By design, we try to address the common failure of prevailing hackathons that unable to produce enough good projects due to unclear goals and lack of quantitative measurement. **Why us?** By its mission and composition, Web3Scholarship is uniquely well-positioned to bring out the solutions: 1. **Web3Scholarship can provide attractive incentives to Evmos.** Backed by Huobi Global exchange, Web3Scholarship can provide over 10m of liquidity support (the actual amount of liquidity will depend on needs) that can create strong bootstrap the ecosystem, and meanwhile provide investment, express listing opportunities besides grants. 2. **Web3Scholarship is diverse and strong to provide valuable incubation.** \*\* Other than checks, strategies matter. What is the way to build communities? As a new project sails out, what is a good product-market-fit? Is the tokeneconomics sound enough? Who I can talk to for my raise? Projects will have these questions and might well need incubation support. Web3Scholarship was funded by Huobi Incubator, and is consisting of IDO platforms, dev platforms/communities, centralized exchanges, VCs as resources for Evmos early projects. 3. **Web3Scholarship has rich experiences in hosting such dev event.** Web3Scholarship founding member Huobi Incubator has done one event similar to the concept of EDP a year ago on Heco, in total we were able to attract 213 DApp applicants with $6.4 billion total value locked, and new wallet number addresses exceeded 970,000. Besides, Huobi cohosts Celo hackathon and Dfinity Supernova hackathon, and participated in Avalanche, Octupus Network Hackathons as startegic sponsors. **deliverables and timeline** The whole Evmos EDP program event will firstly take 1 month planning starting from now and 1 and half months for the actual event. detailed timeline is as follows:  **May 10 -Jun25: ** **Initial Planning stage** Draft community proposal and discuss with stakeholders; Set parameters for the Evmos EDP program including prize amount, overarching goal and judging criteria for the event. Jun 7th milestone: Evmos EDP program community proposal submitted and voted; pre-event PR announcement on social by Web3Scholarship and Evmos; Jun25 milestone Evmos EDP program entry/application website launch with FAQ and dev tool available to devs to familiarize, showing the official start date of event in 20 days countdown. **Jun 26 - Jul 10 : ** **Dev outreach and galvanization.** To host series of pre-event warm-up campaigns on social media, including Evmos team have AMA & opening ceremony with community. Systemic developer, sponsor outreach including Devpost, Dorahacks, Gitcoin, and other communities to galvanize high quality participants to Evmos and generate Evmos community hype. July 1 Milestone : to have Evmos team AMA on the upcoming Evmos EDP program. **Jul 10 - Aug 22 : ** **Event period.** On Jul10 developers start submitting projects on the launching website. Educational sessions will be held during this time on topics of how to build, and new trends in the space. We could invite core contributors of Cosmos and Evmos ecosystem such as Tendermint, ICF, IRIS Net, Terra and other ecosystem projects and communicate with newly deployed devs. As the event carries on, on-chain data is collected for each project to assess performance and usage quantitatively. Jul 10 Milestone: Evmos EDP program officially starts Aug 20 Milestone: Evmos EDP program officially ends **Aug 20 - Aug22 : ** **Judging and awarding** To evaluate projects based on metrics and criteria. Please note that projects will be measured by on-chain metrics. By design, the event tries to address the common failure of prevailing hackathons that unable to produce enough good projects due to unclear goals and lack of quantitative measurement. Aug22 Milestone: winning teams and prizes announcement. The ensuing incubation support including investment, listing, liquidity will be discussed one on one between projects and sponsors/investors. **the amount of the proposal or parameter(s) being changed** **The entire incentive package** It is proposed to launch a 500k USD prize event (hard commitment. The grant pool will boost to $500k or over if Evmos token rises), at least 500k venture funding (commitment with conditions to be met) at least 10M liquidity support (commitment with conditions to be met) as the incentive package for Evmos EDP program. Projects need to fit individual investor/incubator thesis and criteria to obtain the investment, liquidity and incubation support. **What we ask for from Evmos community** it is proposed to ask for 125,000\* Evmos tokens ( assuming Evmos price of $2USD according to the last 14 day price performance) from Evmos community to constitutes half of the entire prize pool at this time, with Web3Scholarship and sponsors contributing the other 50% with stable coins. We do not ask for venture funding or liquidity from the Evmos community. \*It is very important to note that Evmos token price has been fluctuating greatly in the past few weeks. The number of Evmos tokens we asked for is based on recent price performance of the token plus contingency considerations. However 125,000 may NOT be the ultimate number of tokens being provided by Evmos and awarded to winning teams. The principle here is to provide $250k worth of Evmos tokens. Therefore, the actual number of tokens will be determined on the winning team announcement date (now proposed Aug 22nd, may change): (1) If the average 30 day Evmos token price goes up than $2 on winning team announcement date, no more tokens are needed and remaining undistributed tokens stay at Evmos community. (2) If the average 30 day Evmos token price goes lower than $2 on winning team announcement date, Evmos team will have to provide more tokens accrording to the price movement related to $2. The parameters can change based on Evmos core team full discussion with the Community and Web3Scholarship.\* **Use of funds/tracks and prizes** Evmos tokens we ask for from the community shall be awarded to winning teams of Evmos EDP program as grant prizes. Web3Scholarship has designed the following tracks and prizes for Evmos EDP program in USD value. Prizes below in X+Y format refers to the split between Evmos and Web3Scholarship & sponsors, with X amount of prize being prizes to be awarded by Evmos tokens. Grand Prize: 40k+40k Track Defi: Dex, stablecoin,lending,yield optimizer, insurance, IDO, derivatives - 1st 25k + 25k - 2nd 15k + 15k - 3rd 10k + 10k Track Infrastructure: indexer, oracles, validators,wallets, dev tools, Interoperability - 1st 25k + 25k - 2nd 15k + 15k - 3rd 10k + 10k Track Web3: SocialFi, DAO - 1st 25k + 25k - 2nd 15k + 15k - 3rd 10k + 10k Track NFT & Gaming & Metaverse - 1st 25k + 25k - 2nd 15k + 15k - 3rd 10k + 10k EVM Migration Award - 1st 10k+10k In total: • Evmos tokens value = 40k Grand prize + 50k Track prize \*4 + 10k = 250k USD • Web3Scholarship grant value = 40k Grand prize + 50k Track prize \*4 + 10k = 250k USD **Key reasoning behind the prize structure and numbers** - Evmos takes at least half of prizes mean a lot to devs.Prizes from Evmos community are essential for developers bootstrap, build confidence that they are "recognized" by Evmos, and obtain visibility around the ecosystem. So it's important that Evmos provides at least half of of the prize pool to make the event authentic and meaningful. - Prizes should cover all key tracks at this time. In terms of prize structure, as the first comprehensive developer incentive program on Evmos, we do think it's better to be generative to cover all essential tracks and categories to bring in as many numbers and types of developers to Evmos, and send the message that ALL ARE WELCOME here at Evmos. - Prize amount to be reasonably attractive. Secondly, a slightly higher than average amount for each prize will make the stimulation strong enough to attract the highest skilled devs from other ecosystem, but also not so large that causes waste of tokens and disincentivize devs in the long-term. We construct the numbers took reference to many hackathons with special attention to Atom, Solana, Dfinity and Celo. **Other major incentives will be solely provided by Web3Scholarship and sponsors** , including: • commitment of 500k USD venture funding (with "protection clause" in the later section) • commitment of at least 10 million USD liquidity support (with "protection clause" in the later section) • DEX/CEX express listing • customized incubation support including tech guide, product design, white paper, code review, 10+layer1 & layer2s integration, fundraising, digital marketing, community engagement, fund/dev/community intros and any other customized items. **Success factors** **Goals** The goal here is to incentivize growth of key pillars of DeFi, NFT and Infrastructure of Evmos ecosystem at early stage, and teams of high aptitude will see a tangible leap in terms of performance and adoption via incentives and incubation. It is expected to have over 1,000 developers signed in, over 60 submissions and produce 3-5 investable projects and 1-2 flagships as with Trader Joe, Solend on Solana with great on-chain data performance that acutally drive up the total liquidity and usage. **Success factor** - **Avoid rug:** By contracting Devpost & Dorahacks, the event will initiate a DD/KYC/even interview process to all the grant applicants to do sufficient background check. The event will Code review and security check will be implemented by contracted services, mentors and volunteers. Penalty and protection clause to be made so event host & sponsor are entitled to reject or make conditional fund provision. - **Ensure quality of projects:** We'll enoforce strict selective criteria, integrating existing Evmos grant criteria and invite Evmos team as core juding panel. Besides, forming a top-notch panel that holds a diversified and high bar for teams. Referrals: Web3scholarship has expansive developer resources for us to leverage and recommend the best fit to migrate and build on Evmos. - **Dev outreach and turnout:** Huobi Incubator has contracted Devpost with 4m dev users, and collaborated with Dorahacks with 100,000 developers to faciliate global region recruitment. 10+ global dev communities with EVM focus will join the event. - **Marketing:** On the marketing front, Web3Scholarship will become a powerful force of branding on social media. All members will be asked to spread out the announcement, news, content and launching page of Evmos EDP program. More than 200+ KOLs and community leaders will involve and make sure the event is seen on the community level. - **Smooth logictics:** Devpost will be the project manager and see to all mistones will be made. Huobi Incubator dedicated team of 20 people will get hands-on with Evmos ecosystem. And it is also important to have operational support from Evmos team. **Eligibility & Criteria** - To be eligible as registrant, project must have deployed on Evmos - More developed, investable projects beyond MVP stage generally have higher chance than very early projects because usage and tvl is key to our measurement - Awardee of current Evmos grants program can apply for the Evmos EDP program as well - We welcome projects in other ecosystem to migrate such as Aave, which will be eligible for migration prize - During our event, projects can seek liquidity support or investment from others - Project is or will be opensourced by the end of the event - We'll have anti-fraud mechanism in place, and not disclose every quant metric in public **Protection clause** Judging criteria will be detailed for each prize before the Evmos EDP program takes place. Penalty and protection clause to be made so event host & sponsor are entitled to reject or make conditional fund provision: 1. Only project meets the criteria is eligible for a prize. Which means, if top 1 project of a track is far from our standard and criteria for a winning team, Evmos & Web3Scholarship team has the right to reject to offer the grant. 2. Grants to be released according to project milestone. After becoming winners of the event, teams will receive a portion of the grant immediately, with the rest to be released on a specific milestone based on the agreement of Evmos team & Web3Scholarship and the winning team. 3. Venture funding and liquidity support will only be provided based on mutually agreed terms between teams and Web3Scholarship and its sponsors. 4. Distribution transparency. To ensure a proper and synchronized grant distribution from both Evmos and Web3Scholarship, gnosis safe will be established and used for offering grants. **Community engagement** The event will utilize hackathon platform such as Dorahacks to involve community vote in the selection of winning teams. The weight of community vote will be determined by community discussion with Evmos team and Web3Scholarship.