Grant: 8IGHT Finance Protocol

Name of Project / DAO / Company

[8IGHT FINANCE]

Application type

[Product Launch and Investment]

Proposal overview

8IGHT Finance is a Decentralized Currency Reserved Protocols on Harmony. Our protocol is an OHM fork, we are truly inspired by the OlympusDao Protocol. The first step we bootstrap the liquidity pool and get our name to the community. Our plan focuses on building a small eco system inside Harmony Network.

Our next phase would called 8IGHT Pro. We will execute a few ideas below:

  1. 8IGHT Treasury Management: Implement a strategy to maximize the efficiency of DAI reserved in the treasury. We are planning for stable coin yield farming, the minimal risk with stable returns, which provide a higher returns for the treasury and the stakers.
  2. 8IGHT Venture: We diversify a small part of our treasury to invest in the early-stage projects (can either be on Harmony Network or cross-chain) and also find good return trading funds to invest in. All of the information will be transparent via our website.
  3. 8IGHT Launchpad (Accelr8): Launchpad of 8IGHT is built on Harmony Network - a rising bull reminding us of the early stage of Avalanche. Besides, it is a cost-effective and promising ecosystem for ambitious projects to ride new crypto waves.

The other projects that will fall after are Lending/Borrowing but we want to deliver these milestones first.

From these projects inside 8IGHT Pro above, we are different than other DAO. Within our network, we had multiple projects approach for private sale round, and we truly believe by bringing 8IGHT Venture and 8IGHT Launchpad, we can bring benefits to our stakers + expand the Harmony Network.

What stage of the product or idea are you (and your team) at? Is it live on Harmony and/or another chain? How many active users do you currently have, or aim to acquire? How much funding do you need? What are your milestones? What help do you need, or what gaps are there in your team?]

  1. 8IGHT Finance: We had successfully launched the 8IGHT Finance for a week. The IDO price is 28$. The price when launched is 80$. The highest price is 800, and the current price is around 150

  2. 8IGHT Treasury Management & 8IGHT Venture can be rolled out by early next month.

  3. 8IGHT Launchpad is likely to roll out by early Jan 2022.

We plan to apply for 2 funding:

  1. Product Launch: 50k equity-free grants.
    The amount we use to recruit more developers, marketing team to roll out the next phase of our project - the 8IGHT Venture and Launchpad. As well as the funding, we would like support from Harmony in idea contribution, product development, and marketing.

  2. Investment: 250k - 500k $EIGHT purchase / 250k - 500k $ONE
    We commit to the project in long term and want to grow together with Harmony Network. The 250k - 500k strategic investment from Harmony will support us in bringing the community trust, collaboration when we roll out the roadmap and contribute through the development process of the product.

Team

Our core team conduct of 3 developers (2 back-end, 1 front-end), 1 strategist, 1 community manager, 2 Designer (1 - website and 1- marketing material). Besides that, we had an additional 2 marketers recently join the team to support the boost on the project.

Proposal ask

  1. Product Launch: 50k equity-free grants.
  2. Investment: 250k - 500k $EIGHT purchase, or 250k - $500k of ONE.

Justification

  1. We bet big on the growth of the Harmony network in the future - especially the efficiency in transaction cost.
  2. There are not many projects in Harmony, so our aim will be a one-stop-shop in Harmony Network
  3. With a strong foundation team, we ace the first milestone (8IGHT Finance) with a short period of time - raising the treasury balance up to 3 mils and back per security to $60, which is only 2.5x to the current price. We are builders with vision. We want to contribute to the cryptocurrency world, create wealth for everyone.
  4. We have a great network with multiple development houses - currently they do most projects on BSC to ride the GameFi and Metaverse trend. The upcoming project might be in Harmony Network, we are the place they will come to launch the project.

Metrics for success

  1. Discord Group: 8k members
  2. 8IGHT Finance Twitter: 6k members
  3. Dev s7ven’s Twitter: 9k members

Other:

  1. Successfully raise 420k within 2 days to bootstrap the LP (320k for private IDO + 100k for public - sold in 1 min)
  2. Launch multiple bonds

Target

  • Bring additional 7k users to the platform after 3 months.
  • Our launchpad will launch with the first IDO project by mid-Jan.

External links

Project website: https://8ight.finance/
Roadmap: 8ight Finance — Road map. Hi, fellow Eight-ers, | by 8ight Finance | Nov, 2021 | Medium
Twitter: https://twitter.com/8ight_finance
s7ven’s Twitter: https://twitter.com/s7ven_8ight

1 Like

Hi guys,

that’s a cool proposal and I would already have a few questions about it :slight_smile:

  1. The Olympus DAO is a popular idea and there seems to be a fork explosion at the moment. There is already an Ohm Fork deployed on harmony called Euphoria. Why do we need another fork of the same idea?

  2. I have seen that you plan to add a Venture section, a Launchpad and then even a Lending product. Isn’t this a bit ambitious or too widespread and not focused enough?

Thanks and good luck!!!

Thanks for asking Manumix,

  1. There are like 200 DAO across the crypto now. We believe our product had good fundamentals and vision to not just become another fork. As you have seen, most of the DAOs are just raising funds, but not optimizing the treasury balance - which means the stable coin is inefficient.
    We are working to change that by optimizing the treasury balance to increase back per $EIGHT. If you do a small comparison between EIGHT and Euphoria - the price of Euphoria is 12x than their backing, while $EIGHT price is only 2.5x from our backing - which we believe is a strong indicator for future growth.

  2. Indeed we don’t want to over-promise and not deliver. We are focusing on the Venture first, then rolling out the launchpad next phase. The lending product is not the highest priority at the moment.

Cheers,