Hey Julia from the Get Clean side. Could you just request to be a co-host as well from your own?
Hi everyone! Yeah, Nate is joining now. He's on Twitter, desktop and not on mobile, so on desktop it doesn't have the same like speaker set.
Oh yeah, that's always the gacha.
Yeah, I see you just joined.
Great, Nick, your request to speak.
Can you guys all hear me? Hey, Nick, right? Yeah, awesome. All right, looks like we got everyone, right?
Awesome. Great. So yeah, it's very exciting. This is our first joint Twitter space for this new initiative we're rolling out. So it's great to have you on the fan page.
you've got me, Juan Angel, head of marketing, you've got Sam Hartport, director of business development, and then on the get-cord inside Nate and Julia did you want to do a quick intro on yourselves?
Yes, I'm Julia. I'm a product marketing contributor to getcoin down. Yeah, hi, and I'm Nate. I'm the product lead for getcoins new funding vertical.
Thanks for the interest guys and Julia of course. So for today's space the real goal is to go over the FANTASM incentive program on the Gateway Grants Protocol and of course anybody who has questions feel free to raise your hand towards them to the calls so that we can answer them or
or alternatively you can post a comment under the space link so that we can read that there as well. But I think to start, a good place would be for Sam if you want to go over how we revamped the management incentive program, some of the changes we've made, why we've made them and where
this is all heading, that would be a good place to kick it off. Sure, yeah, thanks, thanks Juan. Look, the GICL and Grants program, it's a great way of having community backed grants where the Phantom Network and its community can choose who we want to support and who we want to see grow on
network and it's not just a foundation decision, right? It's very much coming from the network and that's what it's so exciting to be working with Gekoyne. You guys had a lot of traction on Ethereum and that was super cool to see and it's awesome to see the multi-chain strategy you want to take and that you would chose Phantom to be one of the first chains to do
So it's a launch on. So in line with what we want to do as a foundation is helps different sorts of dabs and applications, you know, start, whether it's through, you know, the vault. That's another, I guess, incentive program that we're also winding up. You know, it's a very early stage project.
who needs the capital to get that, I guess, wheel going. This is a sort of program for you. Essentially, it's a pretty easy process. Right now, we've had about in total over 50, 60 applications so far. 37 have been approved and only a very few have been approved.
Projected, I think it's like seven and it's just they'll either spam or the person who submitted it wanted to be taken down So we're getting a lot of traction which is super cool to see and this just goes in line in what we want to do with the network and that support those who build on phantom so think of the support it ranges from this isn't more more early stage supports
So if you're just getting started and you want to find some capital to deploy your idea, get coins at great place to find that capital and to find people who want to support your idea and project. And then you know, a little bit of a, I guess, sidetrack is the governance proposal we put out today, which is more for apps on the latest stage of the business cycle.
where you're getting those transactions and we're able to monetize the gas that you bring to the network. So that's the latest spectrum of the business cycle for a DAP, but this is more focused towards the earlier stage. So that's a thinking process behind this. It's really pushing those early stage DAPs who want to build on a phantom and give them that pathway for funding.
Sorry, thank you. You hear me?
Yeah, yeah, sorry. Yeah, just cut out for one second. No thanks for providing that background. Yeah, this is aligned with with a larger push towards essentially creating long term and sustainable revenue models, monetary incentives for builders to build on FEMS and also
And as Sam mentioned, essentially in this pilot or beta phase of it, we have more discretion over essentially removing spam and that sort of application. But once it gets past that initial sort of selection process, then it really is up to the end user and the community to decide who gets
it's funded and that's what's so cool about quadratic funding and what getcoins do in which leads me to the next point which is maybe Nate if you want to jump in and explain a little bit about how this works at a high level and how the deployment takes place so that people can wrap their heads around how exactly it is that this is a point of motion.
Yeah, totally have to. So I think it's useful to sort of take a step back and look at the broader context for what we're doing this and get going. We've been running grants programs for several rounds at this point, several years at this point. And I think one of the biggest learnings for us is that when it comes to community
funding like every organization is going to want to do that in a slightly different way. Whether that is different eligibility criteria or a different way of wanting to allocate funds or a different way of even paying out funds. And really the thinking behind the protocol was we wanted to enable that in a really open and
decentralized way. So starting from first principles, we knew we wanted to have a multi-chain option, which is why we built something that's starting with EVM compatible chains, but we're really excited to work with the Phantom team in the first implementation of that outside of the Ethereum ecosystem.
But in terms of how it works, we basically put together a constellation of contracts that we deploy to chains that are running the protocol. So we really look at the kind of the atomic unit of these things as a single
So this could be something like an individual sort of period of time we were running either a quadratic bending round or a quadratic voting round or a direct donation round or something like that. But every time you create a round or a unique matching pool, you're deploying a series of contracts.
So you have a like round core contract which holds a lot of your metadata and information. You hold what's called a voting contract, which is something that in this case it's quadratic funding, but allows you to submit donations and interact with the overall distribution of the funds.
And then we also have a payout and a gatekeeper contract. But these are kind of evolving concepts for us. We're really excited just to have the sort of open source protocol just to allow communities to decide how they want to fund their needs. Definitely happy to go deeper on that if anyone has questions, but that's the quick elevator version.
That's really helpful. I think just to take one quick step back for those who are listening and coming across this time for the first time, if you could just unravel what exactly quadratic funding is and how it works, that'll set a good baseline for the conversation with the code. Totally, totally. Yeah. So quadratic funding is actually something that came out of some early papers that
Vitalik and some of his colleagues wrote. The basic idea here is that with traditional matching funding, the funds tend to go where the greatest donations are. What this does is allow whales or large holders to really dictate where the
public goods funding should go, which feels sort of at odds with this idea of communities figuring out how to fund the things that are most valuable to the community as a whole, as opposed to like an individual user. So what quadratic funding does is, I won't get too deep into the math, but it effectively sort of normalizes the distribution.
So that the projects that get more matching funds are the ones who receive more donations from individual users. So rather, so a project that receives $10 from 10 different contributors. So a dollar each would receive more matching funding than someone who received $10 from the
from one contributor. And the way we do that is basically by taking the square of the user's contributions and considering that, like, they're total sort of matching way. So it's a really exciting way just to give a little bit more voice to the community and let them kind of take the fun to go.
Yeah, that's extremely helpful to lay out the framework for how this is actually going to work. So this can be a combo of Sam and Nate and Julia answering this. But so once, I suppose the question that
that people want to have answered is, how will this grants program actually work in practice? So, you know, what are the steps that people have to go through and how will the voting process work once the application is actually closed and users are making contributions to different projects they want to donate to.
Yeah, yeah, I'm happy to jump in there. So as far as how it actually works, the basic implication of quadratic funding is that the way you vote for projects is by giving a donation of your own funds to that project. So the way that a project kind of earns money in this type of a grants round.
So the way that they get all of their direct donations is they get some amount from the matching pool, but then they get all of their direct donations. So say you donated a dollar to a project. They would get that dollar plus whatever amount of the matching pool that that dollar earned them using the kind of the equation that I mentioned before.
I think people will interact with this program is that there's a live grant explorer, which you can go to now, but right now we'll just show the round details. But once the application period ends and we switch over to the voting period, you'll be able to see a list of all of the projects that have been accepted to that.
round and then what you'll be able to do is browse those projects, see some information about what they're working on, some of their sort of application information, and you'll be able to decide which of those projects you want to actually donate to. So you can only donate to one project, you can donate to
All projects, it's really up to you to kind of build the donation that you want to go with. And then once you donate to those projects, which you do on chain, that will count toward the ultimate matching pool calculation. The matching pool calculation won't finish until the end of the round, but you'll be able to at least know that you've given your
your funds or your contribution to the projects that you care about and you think are most worthy of the matching pool funds and then they'll also get that bonus at the end. And from the foundation perspective, the way we set up this round, I guess actually more as a round manager perspective, since this is more a trial
around. We're trying to keep it to projects on the small scale. So it's specifically for projects who have not received VC funding. So it's either self-funded or it's just a group of individuals who have got together to build an idea out and they're requesting some sort of funds. That's who we're really targeting for this. So unfortunately,
If you have had some sort of funding round, whether it's anywhere from pre-seed to series A or above, you can't apply for this round. Possibly in future rounds we may tinker with this to make a more open, but for this one, as it is more, I guess, quote unquote, a trial round to see how it works, they can't apply. So that's just something to note.
than that, it's fairly open. It doesn't really matter what the project is for. It can be for whether it's game, fire, D-fire, NFTs. It's up to the user to apply. And yet it's pretty open project. >> Yeah, for this one, I just add that the foundation has set aside 100
25,000 FTM tokens to distribute for this bait around and you know we're hoping to have this be a huge success and it can contribute to continue to increase the amount of allocations that are made with subsequent rounds but for all intensive purposes as Sam said this is geared towards projects that have necessarily taken
on funding that are maybe in earlier stages of development and that can really take advantage from a tool like this. So I think moving a little bit further into the future, Sam, and thinking about how this can grow and how this can contribute to Phantom's overall ecosystem, where do you see this being applied down the road as a
that it continues to gain adoption. Where do you see this essentially pushing growth and driving results for the ecosystem? Sure, that's a great question. Look, it's a sustainable project and that's what we love it. This is something that can last a lifetime in reality. It can go
want to know and on and on and that's why we wanted it to be a part of our network. And in turn it's just one thing that the network offers builders who want to come to Phantom. So the idea behind it is if we put ourselves in a builder shoes, what network do we choose? We go to the network that's going to offer us pathways to A.
some sort of capital if we require it be a good technology stack which currently we offer we have one of the fastest time to fanalities out there and be and see sorry and that's a cool community to get behind and kind of work with and be a part of so on the latitude we have but on the first one that's something that I guess is always
is something we can improve on. Different pathways for different apps to get funded so they can build really cool ideas because this is such a new sector that it is hard to convince, I guess, more traditional VCs or traditional finance methods to invest in an NFT project or some sort of DAO. So this is really
part of just connecting those who can help those newer projects. And like I mentioned before, it is like part of this, I guess pipeline we're building out where this is more this starting stage, you know, you come to Phantom, you have an idea, you can apply the Gikrohan, you can get funded, and you can grow.
And then as you scale and you get bigger, maybe you apply it to the vaults for a larger one off grand proposal. And then as you get bigger, you may be doing so many transactions that you could be a part of the affiliate program, which we're just pushing out now, which would create a whole new revenue stream for your DAPS so that you don't have to rely on some sort of, you know, whether it's a token.
or I guess some sort of con-zonomics around another aspect of your app. This is like a true revenue stream. So it's in part of that pipeline where we just want to offer different sorts of capital pathways for apps and get coin MIIs is a great sustainable way to do that, especially at that early stage.
Well said I do want to get back to Julian Nade in a sec, but before we go there just in terms of more applicable advice and immediate stuff people can improve on how can grantees since you've been you know manual reviewing dozens of submissions how can they stand out and and really make their application
So, I mean, we're being fairly open for this, so don't think of it so much as we're going to critique, and if there's a spelling error here or there, we're going to deny it.
just put your idea down to paper. And then if you haven't received funding from any sort of VC before and you're a new project, then it's very likely you're going to get approved. The only other ones that we can't really accept, I guess, are a gambling based or kind of XXX content, but other than that, it's very open.
So do it in a, going to a higher level, bigger picture. This is your first deployment of this outside of Ethereum. So just want to gather your thoughts on how you see get quite expanding to this multi-chain world and the reasons why you do it.
So, yeah, for more context, so the Phantom Round kind of exists at this point, like in the get coin protocol development where we're kind of running these like test rounds with a lot of our initial design partner communities and we are starting with like EVM
compatible chains, but ultimately grants, like at a kind of like high level grants protocol aims to be a tool that any community can use to kind of like help their members like coordinate funding for their shared needs and like it's a bit we're like big advocates of like pluralism and how we're approaching
Developing this product and obviously like being compatible with multiple chains is a big part of that But yeah in terms of like where that fits on the road map, maybe I'll toss that to Nate to talk about that Yeah, I mean I just want to plus one more Julius that I think we're really we're excited to
about the opportunity that we've had from running these quadratic funding rounds, but I think we're just super excited about the opportunity for communities to fund what they need. And that's really what's behind this so-bro protocol itself. And that's really it. So that first principle has been driving our
approach to multi chains. In this case, like Julia mentioned, we've been prioritizing EVM just because that's what we know and we have. There's enough demand in those communities that we see that it makes sense for us to do that in terms of like where we go from there. I think for
The foreseeable future we're going to be focusing on kind of scaling up on those EVM compatible chains, you know, as of today we're deployed on phantom we're deployed on here in main net and optimism. We definitely want to expand that constellation so no matter where a community is gathering, they're able to run
like a community-based funding program. >> And so it's been really great working with you guys as well, really easy. And I would say it's been quite a success so far. Just today we've had, you know, 15, 16 applications, which is really cool to see, especially in the kind of macro times.
Yeah, it's exciting to see the engagement this is driven and and that people have been really open minded to experimenting with with something that's new for a lot of developers who have not tried this on a year before. So Nate, earlier you we started talking about the deployment on FANTOM when it looked
like we didn't get into the technical details so much, but maybe it would be useful to highlight, I guess a little more tangibly, what this looks like, exactly how users can interact with it, and just give people a starting point for navigating this. Both on the development
Yeah, yeah totally so I mentioned at the top that we really want this to exist as a protocol. We think that communities are are always going to be thinking of new ways to distribute funding in ways that works for their needs. So our goal is to make this
We want people to be building on top of it, working with it. Really where we are right now is in that initial sort of foundational phase. So we've been building the initial sets of smart contracts. We've also been building the first kind of interfaces for working with those contracts.
We really want the protocol to be friendly to communities that don't necessarily have development resources. So what we've launched with the initially is like an admin-faced UI where you can go to create a round and operate that route.
We've also created what we've been calling the grant explorer, which is an interface for donors to come and be able to interact with specific grounds. So as we think about sort of like how do you interact? How do you get involved? We're working towards more of a public theta launch kind of getting exactly
figure out exactly what that date is going to be. But once that date passes, if someone wants to be able to run their own round, they'll be able to go to the round manager UI, set that up, and just run a community driven UI on Earths and via a community driven round on any chain, whether it's a protocol
So, we have a lot of different types of data that we have. So, we have a lot of different types of data that we have. So, we have a lot of different types of data that we have. So, we have a lot of different types of data that we have. So, we have a lot of different types of data that we have. So, we have a lot of different types of data that we have. So, we have a lot#
create those either create a grant or participate in around. So those are the ways to really get involved and interact with it now. Once we hit that kind of public launch moment, we'll definitely be including more developer resources if folks want to build on top of it and continue to just build up the capabilities.
Lots, lots of looks forward to them. So I mean, we've covered quite a bit here. At least you know that the initial stuff people would want to know unless there's anything else that either Sam
you want to cover, it could be a good opportunity to open up some questions from the audience and see if we have any developers here or anybody who wants to make a donation who wants to know how this works.
So it looks like we do. Let me bring up the seek alpha onto the stage.
or what, sorry, see you got the yoga next, it's a web through beach.
GM GM from Honduras. I'm really excited about Phantom doing this on get coin. I'm a big fan of both Phantom and get coin. We are a Project in Honduras that aims to accelerate what three education and
adoption. And we do this through social environmental impact. So a quick example of that is our community members are on board. It's web through tools by participating in educational programs like reading. We have kids crypto books that we read to families.
We have beach cleanups, dives against the brie, floral farming and restoration. And this gives people a reason to play with Web 3 tools and learn about them. So I wanted to just kind of ask if this is something that sounds like is kind of fits with the theme
that Phantom is trying to target for this round on Goodcoin, we did really well on the last round for GR15 which was the first time we participated in anything for grant funding previous to that we were bootstrapping it ourselves. So thanks for the time.
Yeah, yeah, I can say, look, please do apply. Like I said before, it's really open. I mean, my question to you would be, have you taken any sort of BC funding before?
No, never. We're really broke. We've been doing these beach cleanups weekly for 10 years just because we're a scuba diving destination and we depend on the healthy equa marine system.
And this GR15 was the first time the last get coined grant round was the first time we were able to raise funds because we wanted to show the work for like a year before even asking anyone for money or for help through grants.
and soon did opening around like three or four days. I'm uploading it right now. Thanks for coming up. Thanks for your question. Yeah, I hope you apply it. So let's bring up a think alpha here.
All right, maybe we lost them. Let's bring someone else up.
All right, I think you're going to be probably last questions for today. So let's hear it.
Maybe I'm against shy. Let's see. Let's see maybe maybe Cyrus and if not we can look. Oh hey what's going on? Hey I just wanted to ask should I keep holding?
What's your question? Should I keep holding? Yeah, no, we're not talking about price or tokens or anything right now. We're talking about gaitquing rent. But if you have any questions about that, we're happy to answer it. Okay, thank you.
All right, well, I think that that will be it for today. That was the last question, unfortunately. But if anybody does have questions, you can always reach out to us on whatever channel, telegram, email, how we want.
We can help you navigate this whole setup. We also have a telegram group specifically for get points support. So feel free to ping us to join that if you're interested. And otherwise, that's all I think we got for today. Anything from the get points
I'm glad Nate. Thank you. I mean, you guys have been a real dream to work with and I'm just I'm super excited to see you know the Phantom community engaging with community funding. So excited to see everything. Yeah, plus everything Nate said. Thanks so much for having us.
Likewise, pleasure speaking with you both and we're really looking forward to seeing this get rolled out and having a be a huge success. So I appreciate everyone's effort and thanks everyone for tuning in and learning about this.
Thanks, one. Thanks everybody. Bye. Bye.