In March, we successfully completed the 1st round of Quadratic Funding on the Binance Smart Chain. The BSC community raised 2907.15 BNB (approx. $780,000 at the time), including community donations of 2696.48 BNB and the BSC prize pool of 210.68 BNB, which we distributed to a total of 108 global developer projects. The winning projects secured 20,226 votes from the community, of which 92 projects are deployed on the Binance Smart Chain.
This fund aims to grow the BSC development and ecosystem, attract new projects and developers to BSC, and connect and encourage more leading and innovative projects. The grunt helps the projects to get support from the BSC community and attract new audiences to move towards a broader blockchain and world stage.
Launched in September 2020, Binance Smart Chain currently hosts an ecosystem of 450+ projects built on top.
What is a Quadratic Funding Grant, and how does it work?
BSC Grants is a Quadratic Funding Grant sponsored by the BSC ecosystem and held on HackerLink.io, a blockchain developer platform under DoraHacks. Developers from all over the world can submit projects to Hackerlink.io. The scope of participation in Grant’s projects includes protocols deployed on BSC, DeFi dApps, DAO, NFT, wallets, and other infrastructure, data analysis and visualization tools, community, educational projects, and more.
The funding mechanism includes two grant pools:
1. Direct donations from community contributors
2. A matching donation from sponsors
Individual community members can vote for their preferred projects to push them ahead in the funding round. These votes in the form of BNB are directly donated to the respective projects after the round.
With a quadratic funding algorithm, each vote’s cost to a single project from a single contributor increases. This encourages community contributors to donate to more projects rather than donating to only one project. For more information about the voting process, check out our blog.
Highlights: 1st round of Quadratic Grant
- Community First: The community votes far exceed the matching prize pool amount, which is 12.7 times. So far, the projects have received 20,226 votes from the community and raised 2696.48 BNB.
- Global: A total of 108 projects worldwide applied for the fund and competed for a community vote. We have received applications from different parts of Europe, Asia, Africa, and the US.
We consider the first quadratic fund launched on BSC to be a success. The combination of expert and community funding proves to be a more effective way to engage the community than traditional funding programs composed of only institutional or selected investors.
The top five projects in this first BSC Grant event are Blind Boxes, Matataki, BCTO | Bonding Curve Factory, Nash Protocol Meta Universe, and xDeFi.
Blind Boxes is the first gamified curation platform plus launchpad for NFTs. For collectors, Blind Boxes removes friction from the asset discovery and purchase process. For creators, artists, and brands, the platform offers opportunities to boost initial and repeat sales, attract new fans, and connect with highly engaged collectors.
Meta Network (Matataki) is a project developed by a team from Japan. It is a new on-chain dynamic NFT spacecraft game based on the basic framework of the Nash protocol.
BCTO | Bonding Curve Factory can build a bonding curve factory to generate token issuance bonding curves, making token issuance programmable.
NASH Meta Universe is a blockchain-based Metaverse game, where any player can earn tokens by playing the game and contributing to the ecosystem. The first game we have launched is an MMO game named “Interstellar Pirates,” in which players can purchase and develop spaceships, race in space, and grab treasures from the ruins of forgotten planets.
And last, the xDeFi is the brightest project of the event. It’s a project founded by a 2020 DoraHacks Hackathon champions team and a fourth-place finisher in BSC GRANT ROUND-1.
It is a Decentralized Finance (DeFi) stack dedicated to many best practices, essential to the rank-and-file marketplace of any other DeFi rebuild block. Meanwhile, xDeFi ToKen was auctioned on March 19 at Penta Launch, and 225,000 XDEX (worth $83,998) sold out in two minutes.
A few more projects worth mentioning
NSURE network, from Europe, is an open finance (DeFi) open insurance platform. The project was inspired by Lloyd’s London, a market for trading insurance risks, and its premiums are determined by a dynamic pricing model. NSURE will implement capital mining to ensure the capital required to support risk at any point in time.
APYSwap, is from Ukraine. It is an agreement for the decentralized exchange of shares in tokenized vaults. It achieves this by creating a layer two blockchain where users can untruthfully exchange accounts and assets from multiple layer one blockchains. With APYSwap, crypto holders can benefit from passive income without the need for active portfolio management, while active DeFi portfolio managers can conduct untrusted transactions on behalf of users without friction or high transaction fees.
Appendix – BSC Grants Spotlight
We interviewed the top 5 projects in the BSC Grants Spotlight series to learn about their team background, their goals, roadmap, and to share some insights from behind the curtains.
- Blind Boxes
- Meta Network (Matataki)
- BCTO | PentaLaunch
- NASH Meta Universe
Here you can check the profile of all projects.
NFT and DeFi, the focus in BSC Grant 1
BSC experienced explosive growth in the past eight months and attracted many outstanding NFT and IP projects with its active ecosystem, fast transactions, and minimal transaction fees.
To mention just a few exceptional BSC projects:
- NFT Marketplaces such as Bakery, Bounce, Dego (Treasureland)
- GameFi blockchain games such as Animoca, Seascape, Cocos, My Neighbor Alice (Antler Interactive)
- IPs such as Animoca Brands and Chiliz collaborating with world-renowned athletes and sports clubs and hold publishing rights for online sports events.
- Online merchants such as Realy, which cooperates with global brands including Star Wars, Adidas, Nike, and several celebrities and personalities.
BSC Grants 2: The second funding round
The subsequent BSC Grants 2 funding round is in preparation and now accepts sponsorship partners. BSC ecosystem partners, individuals, and interested parties are welcome to join us and sponsor the next round.
If you’re interested in sponsoring the fund, please send an email to [email protected] with a short introduction explaining why you’re interested in becoming a sponsor. Please join the Telegram group.
About Binance Smart Chain
Binance Smart Chain is a sovereign smart contract blockchain with Ethereum Virtual Machine (EVM) compatible programmability. It is designed to run in parallel with Binance Chain (BC). Binance Smart Chain retains the BC’s fast execution times and low transaction fees while adding smart contracts functionality to support compatible dApps.
For more information on Binance Smart Chain, please visit https://www.binance.org/#smartChain.
DoraHacks is a decentralized global developer community, hackathon organizer, and venture builder. DoraHacks’ blockchain developer platform HackerLink.io provides tools to incentivize and foster open-source blockchain development, such as grants, bounties, BUIDLs, and hackathons.
For more information on Dorahacks, please visit their website.