Beefy Grants: Batch 1

Sustainable development and growth

Program Intro

We are launching the first batch of grants in the Beefy Grants program. We are allocating $50k to be distributed amongst the top rated grant requests. This is a trial program that will expand if it can deliver value to Beefy.

The purpose of the initiative is threefold. Firstly it is to reward community members that are helping grow Beefy. Secondly it is to give more directionality to our development efforts. Finally we also want to create a virtuous cycle of fund allocation with a focus on ROI.

Timeline

The process will be fairly straightforward. Anyone can submit a grant request in the Beefy forum under the Grant Requests B1 category. You can follow the topic template when creating a request.

1. Contributors have until the 7th of October to submit a request. The forum will be used to help potential grantees improve their chances of success.
2. On the 8th of October we will put all of the grant requests from the forum up for a vote.
3. Voting will last for 4 days.
4. Funds will be distributed to the winners within 48h after the voting period is over.

Categories

The grant request should fit within one of these accepted categories:

• Core protocol development: It could be making strategies more gas efficient, developing advanced strategies for our vaults, or launching helper contracts that improve the overall Beefy protocol.
• Product dev: This is work focused on improving the core app experience at https://app.beefy.finance it includes development of the API and V1/V2 apps.
• Community tools: Bots, analytics and other automation tools used by the Beefy community.
• Marketing: Initiatives focused on getting more users into Beefy. This could include generation of content, growth hacks, targeted campaigns, etc.
• Partnerships: Work focused on growing our relationships with other projects in crypto.
• Supporting Initiatives: Activities that are not core but could enhance the Beefy ecosystem. Incursions into the NFT and Metaverse markets for example.
• Meta: Work to improve the Beefy sustainable development and grant process itself.

Selection process

All proposals will be put up for a vote at the same time. BIFI holders will be able to vote with their BIFI. Votes will have a simple Yes/No structure. The final score for each proposal will be calculated by taking all the BIFI on the ‘Yes’ side and subtracting the BIFI on the ‘No’ side.

All proposals that end up with less than 0 net BIFI will be discarded. After rejected proposals have been filtered, funds will be allocated from highest scoring to lowest scoring proposal until they run out.

Proposals need to be fully allocated. If the remaining funds are not enough to fund the last proposal, they will be saved for the next round.

Payment

Grants should ask for funds in USD. The actual grants might be paid out in either BIFI, POTS or another currency that the treasury holds. Market value will be calculated on the day of paying out.
Funds might be given all at once, or in portions after certain milestones are completed. Proposals are free to put forth their terms and the community can decide with their $BIFI. The Treasury Council multi-sig will initially be responsible for determining if milestones have been completed. If the grant program continues to grows, a specific committee can be created for this purpose.

Join the first batch

If you want to help but don’t know how, you can check out the Grant Ideas category in the forum. You can also join our Discord and take part in the program discussions. We have a specific thread called “BeefyGrants Batch-1” under the initiatives category. Hope to see you there!