Grant: Amara Finance a multi-chain long-tail asset lending protocol

Funding Proposals
1

Name of Project / DAO / Company

[Amara Finance]

Application type

[Grant]

Proposal overview

Amara Finance is a multi-chain lending protocol within the Polkadot ecosystem, focusing on the multi-chain lending market. AmaraLend is Amara’s core product is multi-chain deployment lending protocol.

Amara has diversive and dynamic communities, with community users over 100,000 and ambassadors over 200 around the world. Amara enjoys a good reputation in the Polkadot ecosystem. At present, Amara’s multi-chain protocol AmaraLend is highly developed with great stability and we plan to deploy it on Harmony. We will use some MARA as ecosystem incentives to activate more users to participate in the Harmony ecosystem.

Amara launched its multi-chain lending protocol AmaraLend Beta version within the Polkadot ecosystem and invited global users to test it in September, 2021. Amara’s testing activities have attracted widespread attention in the global crypto world. The number of global testers exceeded 30K, the number of new addresses hit 40K, and the total number of interactions was over one million.

Team

Amara has a professional tech team and a well-developed business operation team of 10 core members. We plan to invest at least half of the core team, that’s about two technicians, one business developer and one project operations manager in the construction of the Harmony ecosystem.

Proposal ask

50K

Justification

Grant will be mainly used in the following aspects：

  • 1 The marketing expenses of Harmony ecosystem;

  • 2 The R&D of the products which will contribute to the Harmony ecosystem.

  • 3 Reward distribution for users.

Milestone:

- In the first 1-3 weeks: we will deploy our multi-chain lending protocol AmaraLend on Harmony testnet

- In the second three weeks, we will invite and encourage users to test AmaraLend on Harmony testnet and achieve a user growth of 1,000 - 5,000.

- In the last three weeks, we will officially deploy our AmaraLend v1 version to the Harmony mainnet.

Milestone 1 ：

The AmaraLend Beta version is stably deployed on the Harmony testnet.

  • Estimated duration: 3 weeks
  • Cost: 10,000 USD

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Milestone 2 ：

To launch a test campaign and draw .

  • Estimated duration: 3 weeks
  • Cost: 25,000 USD

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Milestone 3 ：

AmaraLend v1 is deployed on the Harmony ecosystem and used by users within Harmony.

  • Estimated duration: 4 weeks
  • Cost: 15,000 USD

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Metrics for success

Stage Ⅰ

The AmaraLend Beta version is stably deployed on the Harmony testnet.

Stage Ⅱ
The launch of a test product campaign with over 1,000 new addresses participating in the interaction.

Stage Ⅲ
AmaraLend v1 is deployed on the Harmony ecosystem and used by users within Harmony.

External links

Official website： https://www.amara.link/

Docs. ： Overview - Amara Finance

Telegram （44K members）： Telegram: Contact @AmaraFinance

Twitter （43K followers）： https://twitter.com/AmaraFinance

Discord （ 30K+ followers）： Amara Finance

2

Hi @Gree thank you for submitting a well-thought out proposal with clear milestones carved out. We understand what’s required from a project management and project funding perspective. However, our current guidelines in Harmony Grants and Investments (Paused) look for results as milestones and the funds will be released according to the milestones completed (and not prior).

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 forming a DAO with 5-out-of-9 multisig with our DAOs $10K after launching on our mainnet with audit $10K after 1K daily active users (with launch video, full PR promotion) $10K after 10k daily active users (with a detailed roadmap, governance process)

We recommend a 5-out-9 multisig account on Gnosis Safe with 3 governors from the project team, 3 governors from the project community, and 3 governors from Harmony DAOs – namely, ONEcommunityDAO, ONEdeveloperDAO, ONEincubatorDAO.

In all cases, we ask for 3-month exclusive campaigns with Harmony before more porting with other chains. We also offer follow-on investments – see 50 Investments ($20M) above; but, at the moment, you must have an outside, lead investor for us to match the funding terms. All codes, development materials and production assets must be fully open, preferrably with MIT or BSD licences; weekly updates must on sent on forum; and, all server deploys or mobile apps must be easily clonable.

Will you be able to work with us based on these guidelines?

3

Thank you for your detailed reply, it’s been really clear and helpful. After careful consideration, we are happy to work with you based on these guidelines which will make Harmony even greater, and we can’t wait to be a part of the Harmony ecosystem:)

Here are some confusions on which we stuck,

1/ About forming a DAO. Will the DAO be formed on Harmony chain by you or be formed by us in our community? Could you elaborate a little bit about this?

2/ About the 3-month exclusive campaign. Currently Amara has deployed AmaraLend on Moonriver, BSC, and Polygon, from which point will the 3-month period start? Do you mean we are not allowed to deploy on other chains other than the chains we mentioned above during this period?

Here is the PR tweet from Polygon officials about the integration of Amara: https://twitter.com/PolygonDaily/status/1455890003444207618?s=20

We’d really appreciate it if you could kindly help us better understand the requirements, and I believe we’ll move faster on the way to our mutual goals:)

4

1/ DAO members will be recruited by you. If you have a lot of folks interested, it can be sent to voting at a couple of voting mechanisms like Aragon and Snapshot

2/ 3-month from Mainnet launch. Deploying on other chains are possible, unfortunately that usually comes with announcements, so they’re closely tied to one another.

5

Thank you for your kind answer, now I am aware of the DAO forming process. But for exclusive duration, according to your explanation, we have the justified rights to deploy our product on other chains during that 3-month period as long as there is an official announcement, is this interpretation right?

6

Correct. Hope this works

7

Okay, we’re happy to accept your offer, so let’s have fun and start the process of what’s going to happen next.

8

Approved for $50K Launch grant. Congratulations to the team and welcome to the Harmony Ecosystem! :tada:

Looking forward to the first milestone for a Testnet Launch built on Harmony.

“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.

Meanwhile, to prepare receiving funds, email your identification documents to kyc@harmony.one and create a Gnosis Safe MultiSig wallet at https://multisig.harmony.one and using instructions below
:arrow_right: Setup Gnosis Safe with MetaMask & 1Wallet

Checkout the Funding FAQ for further info at Harmony Funding FAQ

We’d love :blue_heart: to see weekly updates on this channel to keep the community posted on this proposal’s progress!

1 Like
9

We are very happy to join Harmony, let’s work together!

1 Like
10

Congratulations on the grant approval! Just a side note, please update the discord invite link as it already expired :grin:

1 Like
11

Thank you for the reminder！

Official website： https://www.amara.link/

Docs. ： Overview - Amara Finance

Telegram （44K members）： Telegram: Contact @AmaraFinance

Twitter （43K followers）： https://twitter.com/AmaraFinance

Discord （ 30K+ followers）： Amara Finance

1 Like
12

Hi @Jacksteroo @0xPotato, I hope you are doing great.

We have accomplished the milestone 1 in Harmony’s grant to Amara, which means that the AmaraLend Beta version is stably deployed on the Harmony testnet.

We have finished the required goals, including:

  • Customize the contract according to Harmony ecosystem, and complete the modification of contract and deployment of product on Harmony testnet.

  • Complete the integration of the front-end and the contract. Refer to the following link please. AmaraLend

  • Intensive testing of products conducted by the team.

  • The documents about the product and FAQ will help users to use the product.(AmaraLend Beta on Harmony Testnet FAQ - Amara Finance)

If you need any further proof, please let me know.

14

Assigning @jbeltran to assist here

A couple of comments

  • has this been tested on mobile?
  • is there a domain setup?
  • can the team solicit the community to test?
    (Encourage them via airdrops on Mainnet?)
15

Hi @Jacksteroo , thanks for your comment.
Here is the answer.

  • Mobile version is under development
  • Not sure what you mean by “domain setup”
  • Will invite the community to test.

Always happy to hear from you.

16

Hi there;

We would like to test it.
Can we already all the way?
Working in testnet with Metamask?

Thank you!
:blue_heart:

17

Hi @jbeltran, nice to meet you.

Of course you are welcome to do the test.

Please send us the wallets so that we can distribute the test coins.

We would appreciate it if you could share with us the problems or parts that need to be improved in the form https://forms.gle/HXcQWoDt7aMUuhUM8.

Thank you in advance.

18

Hi, @jbeltran

Regarding @Jacksteroo 's comment, we have accomplished the moblie version and it was intensively tested by the team.
Attached is the link: AmaraLend

May I ask when you start the test?
Thank you.

19

Hi @jbeltran @Jacksteroo ,

Our testnet campaign is going smoothly, you can check our twitter https://twitter.com/AmaraFinance/status/1523799983589236738
More than 100 users did the test.

For the first day of this beta campaign,

  • 500+ users got the test coins from Amara’s faucet on Discord

  • 100+ related posts on twitter

Our milstone 2 is actually about the test campaign.

Let us know if you have further questions about the milestone 1 and 2, thanks in advance.

20

Hi @jbeltran @Jacksteroo

Hope everything goes well with you.

Besides milestone 1, we also accomplished milestone 2.

We launched the testnet campaign on May 10th and ended it 3 days earlier because all test coins were claimed. To date, we have received 1000+ feedback and involved thousands of interactions on the testnet.

We hit the requirement:

  • Product Tutorials

Video - We invited our ambassadors to create the video, please check Amara INCENTIVIZED TESTNET | 100% AIRDROP | 05/10/22 - 05/17/22 - YouTube

Article - We published a user guide User Guide:AmaraLend on Harmony Testnet - Amara Finance - Medium

  • Community cooperation / global promotion

Our partners assisted to promote Telegram: Contact @CryptoFury_Ann

  • Promotion preparation

We launched the beta campaign after the discussion with the team and the voting in the community. Attached are the detailed rules for the campaign, including the rewards and shcedule. To make it more interesting, we created several ways to play. Announcement: AmaraLend Beta on Harmony Testnet Campaign | by Amara Finance | May, 2022 | Medium

And we also wrote an article on harmony forum AmaraLend Beta on Harmony Testnet Campaign

Please let us know if you need more infomation.
Looking forward to your reply soon.

21

Hello.
I am taking a look right now. I am getting back to you after doing it.

I hope you are well.
Best