Transparency Report: Month 2

Overview:

Month 2 was a busy month for Atom Accelerator, with several milestones achieved. The team collectively decided to liquid stake 10% of its ATOM treasury with Stride and launched the dashboard on its website. The first grants were administered, and a total of 9,235 ATOM was distributed out of 17,699 ATOM that was awarded.

Income Statement:

Below you will find the expense statements of the first three months of this DAO’s operation. As a reminder, The DAO operates on two wallets, the main multisignature wallet from which all grants are delivered, and the other a smaller multisignature wallet that handles operational expenditures. More details can be found on our first transparency report. Below you will find both wallets with a snapshot of current holdings at the time of writing this report.

Main wallet address:
cosmos1jggracsvp6fkw0ktf544lpda6dwrrxggx9a20n

Operational wallet:
cosmos14scyumpc9gw2p2py6ms06n4j9ejv650d0jx76v

Liquid Staking:

In order to support the decentralization of the network and not miss out on liquid staking rewards, the team decided to liquid stake 10% of its ATOM treasury with Stride. This consisted of a total of 52,875.25 ATOM (47,417.25 stATOM). The team plans to allocate another 10% with Quicksilver once withdrawals are enabled.

Grant Overview Dashboard:

The dashboard on the Atom Accelerator website went live, where users can see the grants that have been received, accepted, and rejected. Details of accepted grant applications are also available on the dashboard and will be updated accordingly. As of the time of writing we have received over 68 applications, 44 applications in progress, and have distributed a total of 9,235 ATOM into batch 1 applications, with 4 applicants awarded.

Grants:

Atom Accelerator aims to distribute grants that drive maximum value to the hub, focusing on quality over quantity. The team administered the first grants in batch 1, processing an initial 24 grants and awarding 4 grants for a total of 17,699 ATOM. Grants over $100k of ATOM equivalent will be distributed in a 40–30–30 method based on milestones to reduce the team’s risk. Each team awarded a grant will meet and report with Atom Accelerator’s oversight committee to track milestones and progress.

1. Liquid Staking by Stride — This grant is being funded to build two pieces of software that will enable the deployment of $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. The team will also deploy $ATOM from the community pool into $ATOM $stATOM LP pools on @astroport_fi built on @neutron. An initial distribution of 4669 ATOM was sent (40%) to kickstart the process.
2. Cosmos SDK Module Registry by Binary Builders — This grant aims to build Cosmod, a registry for Cosmos SDK, to make documentation more accessible to developers. The registry will help with the discoverability of Cosmos SDK modules for developers and keep track of compatibility between Cosmos SDK modules. An initial distribution of 2832 ATOM was sent (40%) to kick start the process.
3. CosmWasm by Example by @chouchani9 — This grant aims to create a full repository of example contracts called CosmWasm by Example, which new developers can use to get onboarded with documentation needed. An initial distribution of 885 ATOM was sent.
4. Interchain Meet-ups by @madeinblock_ — This grant is funding meet-ups that bring Cosmos to universities across Italy and bring the developers of tomorrow to Atom Accelerator. A total distribution of 850 ATOM was sent.

Tokenomics RFP:
The ATOM Accelerator is currently running a Tokenomics RFP, which aims to fund teams to lead the process of working up to three possible visions for the Cosmos Hub from ideation to development. The goal of the project is to create a vision framework that can be discussed within the community and later be acted upon through effective implementation. The initial prize was set at $30k per grant, but we recently increased it to $100k to better support the project’s goals. We have seen interest with several teams in tackling this proposition. We are excited to see what the teams will come up with.

Upcoming Updates:

We are pleased to report that we have processed over 68 grants thus far, with many exciting features rolling out in our batch 2 and 3 grants. We will be including both in our next transparency report, so stay tuned. As always, we provide up-to-date information on our distribution in our dashboard at atomaccelerator.com/dashboard.

We are very active with our treasury and have two implementations in the works. First, we plan to allocate an additional 20% of our $ATOM treasury into liquid staking protocols. 10% will go to stride, and the other 10% will go to quicksilver. This will allow us to earn staking rewards and issue more grants without missing out on potential benefits.

Additionally, we have set a price target of $15 for ATOM. When ATOM reaches this price point, we will swap a portion of our ATOM treasury for USDC, in order to diversify and be hedged against volatility. We believe this will help us manage our risk and protect the value of our treasury.

Regarding grants, we have many exciting projects in the works, two major ones involving security and wallet services. More details to be shared in our third transparency report. Stay tuned.

As always, we welcome feedback and suggestions from the community. If you have any questions or concerns, please do not hesitate to reach out to us. We look forward to working with you to build a more decentralized and interconnected future.

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