Harmony Funding FAQ

Harmony Funding FAQ

By Jack Chan

Read this first! ➡️  https://harmony.one/300

Welcome to Harmony Funding FAQ! We've compiled a list of frequently asked questions depending on your situation. Can't find what you're looking for? Send our team an email at grants@harmony.one.

📑 Application Process

Where do I apply?

All funding proposals are sent in via Harmony's public forum! Just like how blockchains are transparent, so are our proposals. Click on the embedded link below on "About Funding Proposal" to get started immediately.

➡️ About Funding Proposals

Which Application Type should I use?

There are numerous types of fundings, read up the Guidelines on https://harmony.one/apply on which type will be the most suitable for your proposal.

➡️ Apply for Grants or DAO

How are Metrics and Milestones determined?

We set out guidelines in harmony.one/300 on certain common milestones for funding. Funds will be sent once your team hit those milestones. For example, when Launches deploy to Testnet, $10K (USD equivalent in ONEs) is released. When bounties have a Pull Request submitted via Gitcoin/GitHub, we release the promised funds upon an approved code merge. When timesheets are approved for Income earners, funds are released.

How do I share my post far and wide and encourage the community to interact and ask questions?

The Harmony community (often called Harmonauts 🧑‍🚀) are on multiple channels, post your proposals there to link back to the forum. Here's a few more common venues:

  • Reddit board - moderated board, post your proposal link there and introduce yourself!
  • Telegram Grants channel - your proposal is auto-posted here, so introduce yourself!
  • Telegram Dev Community channel - seasoned Harmonaut devs are here
  • Discord - #💰Grants channel, your proposal is auto-posted here, so introduce yourself!
  • Twitter - Mention @harmonyprotocol, with #HarmonyONE #Blockchain #Ecosystem #Fund
  • LinkedIn - Mention Harmony, with #HarmonyONE #Blockchain #Ecosystem #Startup #Fund tags
  • Facebook - Mention @harmonyprotocol with #HarmonyONE #Blockchain #Ecosystem #Fund tags

Can I apply for more than one proposal?

Yes, you can. In fact, this is quite common. Creatives may have part-time commitments with other projects while contributing into a Creative DAO. That is if one is elected as a governor for another DAO. Or you can participate in multiple DAOs that you're qualified for.

What if my project is already live on Harmony Mainnet?

For projects already live on Harmony Mainnet, Harmony's Launch Grant can boost traction with a $50K retroactive funding: $10K for forming a DAO like above, then four additional $10K grants with each doubling of key user metrics.

🔎 Review Process

I've submitted my application, now what?

🙌 That's great! Our goal is to respond with first contact within 2 working days. We'll interact with you through the thread on the forum post where you've submitted your proposal. Keep an eye out on your email's mailbox, by default you should receive emails on threads that you're on (and don't turn that off!)

I've answered the questions, why haven't I seen a response?

Upon our first response, we may be further reviewing your proposal. This may take some time for us to evaluate your proposal further, compare notes, and gather more information, to help make the best decision for the Harmony ecosystem and its community.

When can I reapply if my proposal is declined?

We will be open to reviewing a newly revised proposal after 3 months with significant new findings and updated developments at that time.

🤝 Approved Proposals

🎉 Yay, our proposal's approved! Now what?

Celebrate this milestone with your peers and on social media! Now the real work begins.

When applicable, we will send out the appropriate set of documents for us to sign, such as statement of work, token swap agreements, investment contracts, etc.

For KYC/AML and accounting purposes, send to Harmony the following — 1) a photo of your driver's license, or equivalent identification such as state or national identification card, and include both sides; 2) a selfie of yourself with the front of the ID card clearly showing your face and legible readings of your ID card; 3) your phone number, including the international calling code prefixed (e.g. USA is +1); 4) your home address. Email these to kyc@harmony.one with subject line "Harmony Approved Proposal KYC: your proposal's name"

When will the funds be released?

The funds will be released once the agreed upon milestones are achieved, timesheets sent in, bug fixes merged in, hackathon campaign concluded, etc. The most common example are Launches, where 20% of funds are released upon Testnet launch; another 20% when Mainnet is launched; 20% when DAOs are formed and 40% when 10K Monthly Active User is achieved. Each stage must go through Harmony Foundation's review to be approved prior to fund release.

What are the guidelines for a Testnet Launch?

"Testnet Launch" means launching a feature-complete product on Harmony Testnet. We define feature complete to include a user interface, connection to a wallet (Metamask, Harmony ONE Chrome Extension, etc.) on Testnet, and can be tested end-to-end by at least 100 users.

How will the funds be released?

We require that all grantees go through a KYC (Know Your Customer) process. We're still developing a compliance framework. Meanwhile, to prepare receiving funds, email your identification documents to kyc@harmony.one and create a MultiSig wallet. You can use this site to do so https://multisig.harmony.one by using instructions below

➡️ Setup Gnosis Safe with MetaMask & 1Wallet

When will the funds be released?

Funds will be released according to the milestones using the $ONE tokens. For calculating the amount of ONE, Harmony uses the 24-hour volume-weighted average price using the Binance API (“weightedAvgPrice”) around the time of transfer.

Do I start telling the world about this?

Yes, definitely! You're highly encouraged to create your own Telegram, Twitter, Facebook, LinkedIn, Instagram, etc. accounts and loop in the Harmony core team as deemed necessary.

📋 Tracking Progress

What are the immediate next steps?

  • DAO proposals need to define 3 broad mandates, recruit 9 governors, define the deliverables and metrics for the first 3 months.
  • Launches need to begin digging in on what's the fastest path to launch a completed version on Testnet for the first $10K funding to be released.
  • Ports will focus on building a path to seamlessly migrate/integrate their DApps to Harmony with minimal user interruptions while maintaining growth and feature expansion.
  • Investments will need to execute delivering on their solution, plan for events and co-marketing, and look towards executing their quarterly milestones.
  • Partners
    • Industry Leading partners — submit governance proposals, coordinate deployment and launch campaigns.
    • Seed/Acquisition — team conducts due diligence.
  • Bounties usually work is near done at this point for the team to review.
  • Hackathons will need to begin campaigning and kicking off event operations.
  • Incomes will start work immediately and begin delivering within 2 weeks.

What forms of support does Harmony provide?

Harmony Foundation will act as a connector between your team and relevant parties such as developers, creatives, compliance, smart contract auditors, infrastructure providers, marketers, attorneys, treasury managers, launchpad providers, tokenomics experts, venture capitalists, etc. This is aimed to help your team succeed.

What mechanisms do I need to put in place to be successful?

There are a number of things you can do, some of which are:

  • Support from Harmony — create a group discussion on Discord (10 person limit) or Telegram, with Harmony and name it "Your Team <> Harmony" to enable Harmony Foundation to support your needs. We are here to help.
  • Create a Community — create and drive your own community channels by using a Discord server, build up your own Telegram group, use a Twitter account (leverage Harmony by using @harmonyprotocol mentions and #HarmonyONE #blockchain tags), schedule AMA sessions on Twitterspace, setup a website, etc. Drive traffic to your Discord or Telegram group.
  • Build a Roadmap — Your team have milestones to hit. Put them down on your calendar and drive hard towards hitting those milestones, whether it's launching on Testnet, smart contract audits, check-ins with Harmony Foundation, launch plannings into Mainnet; they all need to be project managed well.
  • Your Team Check-ins — Keep your momentum going. Your team is likely geographically dispersed, have a way for your team to check-in frequently. Use your Discord server frantically and maintain as much public visibility as possible. Meet 2-3 times a week on audio or video conference calls.

🔭 Next Phase

The proposal was delivered successfully, now what?

There are multiple possible outcomes

  • DAOs - continue refining the DAOs mission, expanding/modifying/reducing the scope of their responsibilities. We recommend 3-month election terms, 80% passing votes, and openly tracking timesheets and deliverables.
  • Launches, Ports & Investments - incubating and connecting teams to help on marketing, legal, audit, HR, venture funding, launchpad, etc. for Seed/Series funding with Angels/VCs.
  • Partners - will see substantial uptick in adoption, awareness, ecosystem and token utility.
  • Bounties - bounty hunters could turn into DAO candidates or seek out new bounties.
  • Hackathons - winners could consider proposing for a Launch fund, or be part of a DAO.
  • Income - one can gain experience to become a DAO candidate.

❓Other Questions

Why is Harmony doing this?

The ultimate goal is to grow the adoption of the Harmony protocol to be the platform of choice when building real world solutions that are secure, scalable and affordable to use. This naturally comes with increased utility and adoption of the protocol, achieving the mission of Harmony delivered to the 10 billion people.

How is Harmony funding this?

From the start, Harmony set out with an allocation of funds to grow the ecosystem. The time is right for us to unlock the funds and accelerate the growth of the Harmony ecosystem with a well-defined approach of targeting a portions of our treasury in a purposeful set of categories.