Extra Life

Name of Project

ExtraLife

Application type

Grant / Partnership

Proposal overview

ExtraLife ($LIFE) is a charity token designed to raise funds to purchase gaming equipment for children fighting cancer. There is a 5% fee attached to trading $LIFE, 3% of which is allocated to the multisig charity wallet (+1% reflection, 1% burn). The community will have the ability to vote on which hospital they feel should receive the upcoming donation.

Funds from the charity wallet will then be used to purchase a console, games, and other equipment (extra controllers, etc), which will then be donated to the hospital that achieved the most community votes. We recognize the significance of trust; therefore, gaming equipment is purchased prior to being donated. This ensures the community knows how and where their money is being spent. Donation recipients will be contacted in advance and a condition of delivery is public acknowledgement that they have received a donation from us.

We are also exploring the possibility of incorporating ExtraLife into some up-and-coming blockchain games, which would include the creation of uniquely designed, limited edition NFTs. Example: $LIFE could symbolize a character’s hit points (requiring tokens to replenish) and may be used in the buying and selling of craftable in-game health potions. Furthermore, NFTs would be assigned distinctive attributes and be a rare, valuable commodity, further boosting your characters power and abilities.

These examples would dramatically enhance token use-case, boosting the number of transactions; thus, greatly increasing token value and the number of possible donations.

ExtraLife has been live for approximately 7 weeks and is fortunate enough to have forged a few notable partnerships. The project was met with positive community sentiment, and we hope to continue building and contributing to a flourishing ecosystem, as well as brightening the lives of unwell children.

As transactions rise and value increases, future plans include making donations to cancer research foundations and causes that benefit medical science.

Proposal ask

$50k for long-term sustainability.

This would include the hiring of project developers and multiple artists to create the following: promotional graphics, logos, stickers, limited quantity NFT collections (multiple).

Salary for developers to work on game integration of $LIFE and NFTs.

Project longevity: Advertising, website redesign, webmaster.

Metrics for success

Token contract verified on explorer (achieved, link below)

Increase Twitter followers and Telegram users

Increase token holder count and daily transaction volume

Release of NFT collection

Make our first donation!

Integration of LIFE into other blockchain games

More partnerships and donations

External links

Website: https://www.extralife.one/

Whitepaper: https://medium.com/@extralifetoken/extra-life-white-paper-4fbf0984ddf3

Twitter: https://twitter.com/extralifetoken

Telegram: Telegram: Contact @extralifeone

Verified contract: Harmony Blockchain Explorer

7 Likes

Great project here! Definitely deserving of the grant!

1 Like

as noble as it sounds , ‘charity’ tokens makes me shiver. reminds me of SaveTheKids Token.
The project wont survive by itself unless it keeps getting pumped by influencers that were given incentive (tokens) and dump afterwards

2 Likes

There is no inherent rationale for why this concept is unfeasible, especially if there are additional use cases, as stated above.

It is the same as any other token and selling 500 at $1 to donate a console and some games, for example, would have negligible price impact, but it would help unwell children as well as gaining exposure.

This project is well thought out and has been making steady progress; assuming it’s the same as other pump and dump scams is unfair, please don’t FUD.

will the marketing involve influencers with high following urging their followers to buy the coin as a charity and said influencer will be compensated and paid with $LIFE token?

Absolutely not. I was made aware of this situation soon after launching and will not make the same mistakes.

This sounds like a noble project! I do think charity tokens can be successful BUT it’s extremely difficult. They will need to come up with some rather creative ways to ensure there isn’t too much downward pressure on the value of the token.

What will ExtraLife do to ensure it can both raise money for donating to childrens hospitals and keep the value of the token stable or trending upward? Have you researched what other successful and genuine charity tokens have done to ensure this?

Best of luck :+1:

You tell people not to fud but then RUG the token 8 days later lol.

metrics for success are too low and i also think there’s a lot of ‘‘charity tokens’’ around, if we started funding them all this would never end.
Also i haven’t seen good opinion on this token and it’s launch from a lot of community members

@ExtraLife Thank you for submitting your proposal. We have been reviewing it and we have decided to decline your request for a grant at this time.

As a reminder - according to /300

  1. 500 Launches ($20M). Applications of each launch must have prototyped a feature-full product. Harmony helps incubate these founding teams with product development, fundraising, and talent recruit. We recommend a $50K equity-free contribution each: $10K after launching a feature-complete product on our testnet, $10K after mainnet launch, $10K after forming a DAO with its community, and $20K for after 10K users.

I do not see a prototyped full feature product listed.
Additionally - the website you have listed doesn’t seem to exist, the telegram user name doesn’t seem to exist, the discord listed on your whitepaper has only 19 members and the reddit posts under the username seem to get deleted.

For these reasons, we are denying your grant.
Thanks,
Sam Harrison
Ecosystem Growth | Harmony