Transparency Report 3

ATOM ACCELERATOR DAO TRANSPARENCY REPORT 3

Overview:
Month 3 of Atom Accelerator Dao was marked by significant developments and progress. Despite the departure of a valuable team member, internal adjustments were made to ensure operational continuity. The DAO implemented updated policies, including Validator Inclusion Criteria, to address conflicts of interest in AADAO validator selection, as well as previous work relations with grant applicants. Grant reviews for batch 2 and 3 were conducted, resulting in the distribution of $682,056 to ten grant recipients. Looking ahead, the DAO is finalizing selections for an RFP to seek out tokenomics and governance improvements, and has established an opportunity for venture building with Neutron and Long Hash. AADAO remains committed to fostering innovation within the Cosmos ecosystem.

Income Statement:
Here are the current income statements of the DAO’s operation. The DAO operates on two wallets: the main multisignature wallet for grant delivery and a smaller multisignature wallet for operational expenditures. Please refer to our first transparency report for further details. Below, you will find the current holdings of both wallets at the time of writing this report:

Main wallet address: cosmos1jggracsvp6fkw0ktf544lpda6dwrrxggx9a20n

Operational wallet: cosmos14scyumpc9gw2p2py6ms06n4j9ejv650d0jx76v

Funding:

Batch Updates

Notable Updates: Batch 1 & 2

Title: Cosmwasm by Example
Transaction ID: E176E48A51F29A70C3F9106E462FC0FA06F9A1C6B91BF741B2E2E2D60F6C551A
Progress status: 80%
Summary of the grant: A full repo of example contracts that new developers can use to get onboarded with documentation needed. CosmWasm by Example is inspired by the famous Solidity by Example on Ethereum.
Updates:
The project has made progress in completing the front-end using Next.js, with a landing page and a list of contracts. They have completed approximately 80% of the uploaded contracts, and the remaining 20% is still in progress. The project experienced an unexpected setback due to the departure of some team members, resulting in a four-week delay in completion. However the team was able to hire the workforce needed and are en route to completion. The team will be implementing a server and a deployer for backend and front end and it will be complete. We will continue monitoring their progress and offer support whenever possible. A preview can be found here. Please note this is still in development mode.

Title: Interchain Meetups
Transaction ID:
691EEFA7FC8B767B3672851865773A3EBA5B718D600C70132884B8114035A379
Progress status: 50% (in accordance with continuation till end of year)
Summary of the grant: Hosting interchain meet-ups bringing Cosmos to universities across Italy and bringing the developers of tomorrow to us. The meet ups will be conducted at various places of interest such as Universities throughout Italy in hopes of bring young talent into Cosmos.
Updates:
Made in block has now hosted 2 events so far since the start of the grant and their fifth interchain summit, the recent one being on June 20th. The theme was the evolution of social networks and how blockchain tech such as cosmos stack is revolutionizing the way people interact online. They hosted Lorenzo Menegon (DevRel Engineer from Forbole). They are continuing hosting events throughout Italy in places such as universities in hopes of raising awareness of Cosmos and networking to recruit more talent to the ecosystem. During their recent event there were more than 40 participants from all over Italy. MIB hosted academics, company managers, and individuals who were simply curious about Cosmos and decentralized social media.
Lorenzo from Desmos gave a really interesting presentation regarding the history of social networks, the challenges that centralized social networks are facing, and how decentralization tech stack like cosmos sdk is tackling these issues. Here are some photos of their recent events:

Title: Cosmod SDK Module Registry:
Transaction ID:
8D95AF873B352E7FE9C26C160B8ED36CA68424E6EE08CE9B522E71B583338719
Progress status: 50%
Summary of the grant: Cosmod is a registry for Cosmos SDK which will provide the proper documentation necessary for material to be easily discoverable. It aims to help with discoverability of Cosmos SDK modules for chains developers & keeping track of compatibility between Cosmos SDK modules.
Updates: Several updates have been made such as working with a team for front end mock ups back end work is around 50% complete on github. Initial implementations of core sdk modules,osmo modules, and epoch modules will be added.

Title: Liquid Staking by Stride:
Category: Atom Zone Build out
Transaction ID: 43185152B97BC7CF287E7120DA8F11835FADCE26CB5A071D5C2E45D90830AB70
Progress status: 70%
Summary of the grant: this grant seeks to establish an automated process of deploying through IBC the ATOM from the community pool into Stride, liquid stake it into $stATOM and send it back to the community pool, all in a trustless way no multisig in between following a governance proposal.
Updates:
Autopilot v1.5 is merged and live. V2 with forwarding is coming shortly after it’s audited.
Stride has a confirmed audit date for the LPing contracts on July 17th with Informal, specs are finished and are being coded. More about this can be found on our recent twitter live spaces.

Title: Cosmos Millions
Category: Applied R&D
Transaction ID: 8D95AF873B352E7FE9C26C160B8ED36CA68424E6EE08CE9B522E71B583338719
Progress status: 100%
Summary of the grant: Cosmos Millions is an open source prize protocol which utilizes ATOM yield to distribute to winners.
Updates:
An initial distribution of $100,000 (9497 ATOM) was awarded to Cosmos Millions. As of the time of writing the pool already has increased by over 50% to $150,084 (15,252 ATOM). The product is live and running. To reiterate none of our validators will be involved with this project, we include an updated internal policy to reflect this very soon. More about cosmos millions can be found here: https://cosmosmillions.com/

Title: Data Lenses Analytics Dashboard
Category: Atom Zone Build Out
Transaction ID: D121A2D11498A49CECEC6C3F9CFCD166BA1BD5AAFFE49370B72628C41CF8C335
Progress status: 50%
Summary of the grant:
The grant proposal aims to develop a custom dashboard called LENSES within Data Lenses, Numia’s upcoming public Dashboard, to provide the Atom Economic Zone with valuable insights for informed decision-making.
Updates:
The team is close to completing the testing phase for the entire front-end application and current set of features across all browsers as launch of the App is scheduled for this week. The first Hub endpoints are scheduled for the second week of July. Front end components have been deployed already, a preview can be found here.

Title: DreddSecure Escrow Module
Category: Applied R&D
Transaction ID: 8D95AF873B352E7FE9C26C160B8ED36CA68424E6EE08CE9B522E71B583338719
Progress status: 50%
Summary of the grant:
Cosmos SDK Escrow module designed to provide a secure and reliable way for parties in the Cosmos ecosystem to transact with each other and reduce the risk of fraud and disputes.
Updates:
Recently, the team completed the front end design, implemented the initial custom escrow module using Ignite CLI, and queries needed for all escrows. In progress are website copywriting, modification to escrow types to include NFT handling, more front end design finalizations, escrow module upgrades, and audits. The team is 50% complete with an estimated time of completion in 1 month at the time of writing. A preview can be found here, please note this is still in early stages of development.

Title: Metamask to Cosmos
Category: Interchain Public Goods
Transaction ID:
CFECA036825053672A076F1CAA2562A08C4642F59D6F4A334F4033DEAE84508F
Progress status: 50%
Summary of the grant:
This is a project co-funded with Osmosis Grants Program (OGP) to introduce metamask snaps to Cosmos. Metamask is the world’s leading non custodial crypto wallet which currently has over 21 million active users in the EVM ecosystem.
Updates:
Backend work is complete, finalizing audit structure and front end implementations. Due to a massive user base, external costs such as RPC maintenance were not factored in, therefore Mystic Labs is now optimizing their strategy for additional budgeting to compensate for RPC costs. More details can be found here.

Batch 3:
Several grants were awarded in different categories, showcasing the DAO’s commitment to various aspects of the Cosmos ecosystem. Initial meetings have taken place and notable updates will be provided on the next report. More details of batch 3 grants can be found in our twitter post.

Team Changes:
During Month 3, we sadly bid farewell to a valued member of our team, Luke from Delphi Digital. Luke, who served as our technical lead and a member of the review committee, decided to step down due to personal reasons. To ensure a smooth continuation of our operations, we had already brought Julien into the team as a new technical lead, and we redistributed Luke’s application review responsibilities among the existing review committee members for a temporary period. Two weeks ago, we had a unanimous team vote to promote Bendy as Luke’s replacement on the reviewer committee. Bendy enthusiastically embraced the additional responsibilities, contributing to seamless functioning of the DAO. Meanwhile Dilan and Xavier will replace wallet management duties. We believe this is a fair distribution of Luke’s duties and we are grateful for our team members for stepping up to this occassion.

Cosmos Millions Clarification:
Regarding the Cosmos Millions grant, we would like to clarify that the initial validators were unaware of their selection to participate in this proposal. As the oversight committee had not yet initiated an initial call with Cosmos Millions, we were not aware of their validator selection until after it was publicly announced, which occurred after the grant distribution. To address any perceived conflict of interest, we promptly removed the initial validators and updated our policy to incorporate validator inclusion criteria. Our new criteria will aim to minimize conflicts and ensure future grants adhere to our rules. Internal policy is being finalized and scheduled to be released by the end of this week. In the meantime, please refer to Cosmos Millions twitter post for further details on their project.

AEZ Accelerator & Builders’ Fellowship:
Prop N3 has passed, resulting in AADAO, Neutron and Long Hash recently partnering to launch the AEZ Accelerator & Builders’ Fellowship. This will be a 12-week program offering two separate tracks to provide a total of 30 projects with the knowledge, network, and funding to launch their projects blog post.

Upcoming Updates:
Tokenomics RFP is progressing well, with 3 finalists selected. More details on Tokenomics RFP results and course of action will be announced very soon. In regards to liquid staking, the DAO remains committed to liquid staking an additional 15% of the treasury very soon, bringing the total liquid staked amount to 25% of the treasury, in collaboration with Stride. We will provide further updates on our Twitter when we complete the liquid staking operation.

In relation to policy updates, AADAO is finalizing our internal policy to include updated validator inclusion changes as well as revised conflict of interest rules to ensure a fair, and transparent method of grant selection. We appreciate community feedback and are always looking to strengthen our operations if needed. Look out for a medium article on our internal policy very soon. We will also publish it on our twitter page.

We have decided to diversify our portfolio by committing to swap $800k worth of ATOM from our treasury for axlUSDC. This will allow us to secure funds for our operational expenses and fulfill our existing commitments. The total amount of $1.3M, including our current balance of $500k, will be used to honor our remaining operational expenses and fulfill the grant commitment from batches 1 to 3. This approach ensures the financial stability of our organization while fulfilling our obligations.

We are excited about the progress made during Month 3 and remain dedicated to supporting innovative projects within the Cosmos ecosystem.

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