Name of Project / DAO / Company
KannaCoin Finance
Application type
Product Launch
Proposal overview
KannaCoin Finance is an automated market maker and decentralized exchange, focusing on bringing financing opportunities to the worldwide legal cannabis industry (valued at $91.5bn by 2028) and community. KannaCoin will help to bridge this gap through decentralized finance and in the future, physical payment systems that will feature a fiat on/off ramp and the ability to link the payment system to web3, giving merchants access to dApps on the Harmony blockchain.
One new feature we will be implementing into V2 of the DEX, is an NFT marketplace. Cannabis has inspired art since the earliest recordings of its use. KannaCoin is going to give the community a way to create and mint their art on the Harmony blockchain, and allow them to sell it in the marketplace.
Both of these will help boost the Harmony blockchain, as users will need to swap ONE tokens for the KannaCoin token in order to use it on the platform. Every function on the platform will be driven by the utility of the KannaCoin token, including governance. We currently have a running iteration of the protocol on the Binance Smart Chain as Version 1. Before launching on the Harmony blockchain, we will be updating the platform to implement these new features as version 2.
We are requesting $50K in equity-free contribution: $10K after launching a feature-complete product on testnet, $10K after mainnet launch, $10K after forming a DAO for our community, and $20K for after 10K users.
Team
We are currently a team of two developers and utilize an existing Harmony validator for consultation on marketing and social media engagement. As well as funding, we are looking for Harmony’s help with product development, fundraising, and talent recruit (specifically in the Solidity development department).
Proposal ask
Justification
We plan to utilize the funds to have our smart contracts audited by a third party security firm such as Certik, as well as provide initial liquidity in starting liquidity pools, and to pay for marketing to expand our community reach and to ensure the success of the platform.
Metrics for success
Our milestones are:
Week 1-3: Develop and deploy the KannaCoin token contract on the Harmony main net.
Week 3-7: Launch KannaCoin platform on the Harmony test net in which we will reach out to the community to provide feedback by giving them beta access.
Week 7-8: Deploy KannaCoin on the Harmony main net and deploy marketing team and utilies
Week 8-12: Create KannaDAO
We aim for 10k new users and $500k in transaction volume within the first 90 days of main net launch.
External links
home.kannacoin.finance
to have the Harmony community participate to ask questions and provide feedback.