Grant: Metacrypt - Fully Decentralized Multi-Chain Services

Name of Project / DAO / Company

Metacrypt

Application type

Grant

Proposal overview

Metacrypt is a set of decentralized services built entirely on-chain and available for everyone, both as a Dapp and via on-chain interfaces. We have already launched a small set of these services for Ethereum, Binance Smart Chain and Polygon with incredible support from the community. We would like to include Harmony One in the set of blockchains for our November release.

Metacrypt includes services which are critical to any blockchain, and especially things that Ethereum has enjoyed for a very long time. This includes token creators, NFT creators. tools for tokens and liquidity as well as helpers like IPFS tools and APIs for each of these services. We will also have a Launchpad for new projects and tokens as well as a multi-chain bridge for transfer of assets. Additional details around each of the services will be available closer to the release date.

We will be partnering with other DEXs, bridges and service providers in the ETH & BSC to integrate with the Metacrypt platform to bring their services to all of our supported chains.

This funding will be used to develop and maintain all of Metacrypt suite of services for the Harmony blockchain, and continue developing new tools for the same.

Timelines we are currently targeting

Metacrypt Platform: Nov 2021
Metacrypt Launchpad: Jan 2022
Zero-Trust Multi-Chain Bridge: Feb 2022

(Full developer access to each platform will be opened 2 weeks post release)

Current state of the project

Some of the products from the set were originally launched individually in June 2021, which garnered massive interest to a point that we had to take one of the products down due to insufficient resources to scale it. We later decided to make it into a separate product for an exclusive set of customers which prove to be an exceptionally good strategy to continue improving on it while keeping it available for an external customer set.

Now with more focus on building a cohesive ecosystem, we are building the platform from the ground up with a lot more features and ability to scale indefinitely. Currently on-track to release the platform in Nov 2021.

All public products combined currently have 5.4K users, and including all private offerings bumps the users to 10.9K. We have another 3K users that have shown interest in the platform but have currently not been granted access.

Gaps

Our team is heavily focused on the tech aspects of crypto with limited marketing and outreach capability. So far we’ve only been able to close tech focused partnerships but we’d ideally like to expand the team and focus more on direct consumers in the near future.

Proposal ask

$100K

Metrics for success

20K+ users
$1M+ generated value
20+ dev projects
10K+ interactions

(all items specific to the launched platform, excluding any existing users)

External links

Website

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Metacrypt: Community Poll

  • Yes
  • No
  • More info needed

0 voters

For “More info needed”, please Reply to ask your question

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@akshatmittal Question: what is the timeline to achieve those metrics mentioned above? (pasting Grants guideline below for reference)

  • 100 Grants ($20M). Recipients of each grant must have achieved product-market fit. Harmony helps scale these thriving projects via porting to our mainnet. We recommend $50-250K each over 4-8 weeks, on projects already with active 10K users, and engaging their teams in public forums. Prime areas of market growths are Play-to-Earn games, musician fan clubs, investment DAOs, portfolio dashboards, and event and collectible curators.

@Jacksteroo I’m currently looking at hitting these milestones at the end of Jan 2022 with the launch of the Metacrypt Launchpad.

Do you think it would make sense splitting these up into hard groups of 8 weeks each?

does this also include the custom launchpad site that LDC used?

@kellybhawley LDC used the v1 of our Launchpad but asked us to build them a custom interface which is probably what you saw. This entire set will be available for everyone to use in the new Launchpad (with interface bindings and React template available to customize) so anyone can build their own! (AFAIK, LDC never went public with it though, they only used it for their private sale)

2 Likes

Hey @Jacksteroo, I’m still looking for some input to bring this proposal in alignment to what you expect. Do you think my previous suggestion makes sense?

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@akshatmittal sent you a dm!

@akshatmittal can you share the stats here, either on your original post or as a new reply? Screenshots will be great

Bridges are necessary, the main issue for me is the security and trust required

1 Like

Hey @Jacksteroo! Happy to drop the stats in! I tried to connect with you on Discord but looks like I can’t send you a message! Since in our case we don’t lock any user funds and don’t have a token of our own, the stats are spread out across multiple services and would like to see exactly what stats you’re looking for here! Some of them are also from private offerings so would like to limit exposure on those. Can we connect on Discord?

Stats for Metacrypt

  • Token Creator (Public + Private, includes custom contracts)
    • Tokens: 550+ on mainnet, 4K+ on testnet
    • Holders: 335k (mainnet only)
    • Value: $2.6M
  • Crowdsales (Private - mainnet only - ETH & BSC only)
    • Sales: 7
    • Participants: 3.2K
    • Total Raised: $2.8M
  • NFT Projects (Private - mainnet only - ETH & Polygon only)
    • Projects: 12
    • NFTs Minted: 1800+
  • Widgets (free - does not count in “users”)
    • Unique Widgets: 14.5K

No stats available for: Locks, Multisender, IPFS Manager (all custom offerings only)

Not available yet: Auctions, Escrow, IDO (no releases on mainnet or testnet)

All stats consolidated from all offerings. All of these tools will become public at launch, and more.

Thanks for taking the effort to pull out the stats. Must have not been easy! Also, thank you for choosing Harmony. Don’t mind if I ask these clarifying questions:

  • How did you come up with this idea? Meaning you probably saw a gap, and wish to fill it.
  • How are you seeing (or hearing) Metacrypt users interact with the service?
  • Have you received grants from Polygon, Binance and/or Ethereum Foundation? (I’m just curious, doesn’t qualify/disqualify this proposal)
  • How do you plan to grow to 20K users and are they all on Harmony MainNet? (that means likely 20K different tokens)
  • How is the $100K going to be deployed, and at what stages?
  • Who’s part of the team? Providing a little more details about their experience and role will help (any or all of these - LinkedIn, Twitter, GitHub)
  • How would you define product-market fit in your opinion?
    • My initial impression is that the launchpad is an easy-to-use interface to launch tokens, and then the developers will circle back to use the token in their smart contract but continue to use Metacrypt to manage certain aspects of their token (liquidity, vault, airdrops, vesting, etc.)

Your proposal fits the “Ports” category – it’s a Developer Tool as such is not a prime area, which is still fine. Product-market fit is key here.

Recipients of each grant for porting must have achieved product-market fit. Harmony helps scale these thriving projects via porting to our mainnet. We recommend $50-250K each over 4-8 weeks, on projects already with active 10K users, and engaging their teams in public forums. Prime areas of market growths are Play-to-Earn games, musician fan clubs, investment DAOs, portfolio dashboards, and event and collectible curators.

We love builders and not just marketers. We can help mention Metacrypt for AMAs and batched funding announcements. Looking forward to hear back from you

Hey @Jacksteroo, thanks for the questions, here are some answers!

I created the first version of this platform as a way to learn more about crypto and how to interact with the blockchain and related services, and it just so happened to be that the first thing I ever built was unique in a way that people really liked it. I got way too many requests to build people more stuff, and so I did. Talking to that many people lead to a lot of conversation where I learned what people want and why they want it, so I decided to keep building services and here we are today! There’s a huge gap between people who want to do these things and people who can do these things. This lead to me creating Metacrypt.

I’ve seen a lot of different use cases, and the most common one is definitely to create a “community token” where the community can own and control everything, and some others such as raising money for a utility token or a service they already run. There are also definitely some tokens for “fun and profit” but those are largely themed use-cases. Most customers for the custom offerings are people who are already at least somewhat into crypto but don’t have the right talent or resources to build things. Once all the services also open on-chain I expect a lot of people to also directly integrate using smart contracts instead of the GUI interfaces that exist currently.

I honestly didn’t look into grants before Harmony (didn’t know about them really), but after looking at them, it looks like BSC Accelerator Program and Uniswap Grant would be possible options down the line (for Metacrypt Platform and Metacrypt Bridge respectively). I am not considering the EF Grants at all since I would much rather see that go towards the improvement of the EVM and Ethereum itself.

I don’t expect all 20K users on Harmony immediately, but ideally 25%+ of all users would be on Harmony. This starts by enabling the cross-chain deployments that are coming soon, which will allow anyone to quickly deploy a token that works on all chains (with the same address with bridging capabilities between them). Followed by partnering with other projects to enable integrations with the platform. I don’t expect it to be all 20K tokens deployed, but rather a combination of tokens deployed as well as other services such as token lockers, vesting, airdrops, launchpad, etc. (20K tokens deployed is a LOT of tokens, to be fair) The goal would be for Metacrypt to be the go-place to manage any org-wide token operations for Harmony and beyond!

The funds will be deployed in stages, the first stage would be to port and test all services on the Harmony testnet and the mainnet, followed by deployments of nodes and services using the official deployers. The second stage would be hiring blockchain developers to expand the services and accelerate development (right now, only I write solidity code). The third and the most important step would be investing in marketing and promotion of the platform as well to promote integrations with the platform. This will also includes creating content, guides, tutorials for people to be able to interact with web3 and beyond. I don’t have the numbers or splits for any of this yet, but that would become more concrete as we understand what’s important and when.

The “core” team is essentially just me, that has worked wonderfully for me in the past with experience in all verticals of running a business (I primarily identify as a builder). I’m currently looking for an ideal co-founder (ideally also a builder with marketing exp) to accelerate this further. I’ve currently hired 2 other FE developers, but they are currently in their probationary period so I’m unable to share details there just yet. Socials: LinkedIn, GitHub, Twitter, Website

I have previously defined “product-market fit” when people come back for more, and they choose the product even if the price is higher than any competitors. I’ve already seen that happen for Metacrypt products on all 3 chains, and I’m expecting that will follow with Harmony. Beyond that, the insane growth that I’ve seen is possibly the best way to validate product-market fit, even though I don’t have the exact numbers or reasons to go with them. This clearly looks like an underserved market, and now more and more people want to enter the world of crypto and my aim is for Metacrypt to be the easiest way for them to be able to do so. (I’ve already seen companies reach out to me to tokenize the ownership rather than going the typical “shares” route)

I do understand that Developer Tools isn’t the prime area for Harmony Grants but clearly a needed one. Besides, Metacrypt is currently a developer focused tool, but the aim is to make it so simple to do all of this that you don’t need to understand any of crypto to be able to do it bringing in more and more people into the ecosystem.

I also expect the Metacrypt Ecosystem to grow as more and more conversations happen in the coming months and continue to build more tools. I see a lot of potential in a fully integrated suite of fully decentralized services with Metacrypt, and I strongly see Harmony benefiting from it as well. It would also be great to closely work with the Harmony teams for the benefit of the ecosystem in it’s entirety.

Looking forward to our collaboration!

On request from @Jacksteroo, here’s a rough split I created on how I expect to be using the funds on the platform. The first 3 items will effectively happen immediately with the rest following right after.

  • $10K - Testing, Deployments, Contracts, Nodes & Service Replicas for porting all services to Harmony
  • $30K - 2 x Web3 FS Developers for 4mo
  • $30K - 1 x Solidity Developer for 4mo
  • $15K - Marketing, Promotion & Partnerships for service integrations
  • $5K - Content & Outreach programs
  • $10K - Any additional expenses there might be (buffer)

I’m not quite convinced that this is the case, seems like the verdict is still out there. Can you help mine your data to see what are the active user count here are for the 335K holders you mentioned on MainNet? Do you have Google Analytics to back the monthly active user (MAU) stats for people returning to the platform for token creations? And what is the downstream effect, is it the token sales?

@Jacksteroo The verdict is still definitely out there, but given that the first website has only been live for 5 months, and Metacrypt website for just 1 month, there are clear indications for both.

I’m happy to provide you with a list of tokens that were created from the first website, but unable to provide the list of tokens we created on-request for other customers (since those specifically ask us not to put this information out there). I can not make either of these lists public though. Since we do not track created tokens on-chain, the stats for holders are obtained using a combination of estimations and token addresses we know of. To be fair, a significant chunk of these holders come from the custom tokens we’ve created (since those teams are usually far more aligned on what they want to do).

I can also indeed provide GA stats for the MAU, but we do not track any PII and have audience insights disabled.

We do not have a token of our own yet, so currently it’s all that people come to one of the websites and use the services or contact us for custom solutions.

Also, to add to that, this isn’t all about just the token creations. That’s just one part of it, there are several other tools and services which are included here. Besides, I expect it to be much larger when everything goes live publicly. That especially includes the Launchpad and NFTs.

I’m also looking forward to the Bridge since that’s going to be a major reason for anyone to deploy cross-chain instantly.

Happy to discuss more on Discord!

Thanks for the quick response. Yes, GA stats for the MAU will be helpful (please post it here).

Also, since there’s continuous work with a long roadmap, it’s not a Port category. You’re Launching something new, and on multiple chains including one for Harmony. According to Apply for Grants or DAO

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.

Are you fine with these parameters above for a $50K total?

After discussing with @Jacksteroo, we’ve decide to limit the scope for this Port to only include things which are already released and thriving, and proceed to launch them on Harmony. These things include Token Creator, Manager, Security Tools, Widgets & Pools. With the decreased scope, the proposal ask is going down to $50K as well.

The remaining items will be created as a separate Launch proposal in the coming weeks.

@akshatmittal Based on the guidelines at Apply for Grants or DAO below, I’d motion to revisit this proposal in a few months, when traction is stronger and the path to product-market fit is clearer.

As mentioned above, projects of “100 Ports” will receive $50K-250K each, totaling $20M in grant amount. We target the top 25% projects across chains with most tractions and highest potential: DeFi apps should have at least $20M total locked value or 20% sustained yields; NFT mints or games 10K daily active users; DAO $100K payouts. Highly vibrant and engaged communities usually have social metrics of 50K Twitter followers, 10K Discord members, 5000 active wallets, and 1000 Telegram daily online.

Thank you for choosing Harmony. I definitely want to see you back here again in the near future.