Launches: Grant for Powerbomb

Funding Proposals Grants
1

Name of Project / DAO / Company

Powerbomb Finance

Application type

Launch (DeFi)

Proposal overview

Powerbomb is a DeFi yield customizer. We help users earn liquidity mining rewards from popular DEXes, and let them choose the rewards they want to receive.

For example, if you’re farming on Sushi, you’d receive your yields in SUSHI and ONE. But what if you desired to earn your yields in WBTC? Powerbomb automates harvesting and swapping on chain to solve a huge problem that users currently face - that yield farming is very manual and time consuming.

This project began as a submission built on Harmony blockchain for the hackathon in Sep 2021. We’ve since placed 3rd in the DeFi/NFT/DAO category. With our idea validated, we wish to take this further. We’ve gone on to build the same MVP on Avalanche now, so our product exists on 2 chains.

Team

Dennis, Co-Founder: DeFi portfolio manager
Guru, Co-Founder: Product machine and operations lead
CS, Smart Contract Dev: Portfolio optimization algorithm designer
Victa, Front End Dev: Harmony engineer
@defisushi, Marketing: Early Sushi farmer and community member
Mudit Gupta, Security Advisor: Sushi core team member and security expert

Proposal ask

$60,000 total for a period of 3 months

Justification

We’ve bootstrapped our development up to this point and have been keeping costs lean. Our monthly burn rate is $20,000 among a team of 5. This would give us a 3 month runway, which should be ample time for us to deliver on the roadmap milestones for our next quarter, before TGE.

Metrics for success

$10m TVL, 10000 users - by the end of 3 months.

We are almost done with our Lite version, which we would then be able to sell to institutional clients as a cash management solution (farm stablecoins to earn bitcoins). The grant would buy us time to fully build out the advanced version for DeFi power users. over the next quarter.

Currently we have already launched on Harmony main net since we built the MVP for the hackathon, so we hope we can qualify for at least certain portions of the grant!

External links

Investment Deck

2

Congrats @powerbombfinance on being placed amongst the winners in the recent Harmony Hackathon!

According to the guidelines at Harmony Grants and Investments (Paused) …

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 the milestones and above guidelines work?

3

Per our conversation, if a Launch grant is approved here, it will disqualify your team from the Hackathon follow-on grants

4

Looking forward to hear the progress under the hood from the Powerbomb.finance team!

5

Hi Jack and fellow Harmanauts,

This is an update regarding Powerbomb

We have been working really hard to get Powerbomb to a releasable product and we are proud to say that the Powerbomb Lite version has been released on the Harmony Main-net and actively receiving deposits from various users. (https://powerbomb.finance)

Below is a recap of the things we have achieved since our last updates

  1. Powerbomb Lite is now live on Harmony Mainnet
  2. We set up a Discord Channel (Powerbomb Finance) where we provide updates and gather feedback from various users
  3. We set up a Twitter to blast updates
  4. We have setup a multi-sig with members of our team at the moment
  5. We have outside investments above 50k USD to help fund development of Powerbomb roadmap items
  6. Our smart contracts are in the process of being audited, some findings from the audit process are being addressed
  7. Powerbomb Lite currently has 3.4m USD of TVL and growing, with pools for BTC, ETH, GOHM and WMEMO earning passive income for all our users. You can see this on defillama (Powerbomb-finance Protocol: TVL and stats - DefiLlama)
  8. We have created a launch video for Powerbomb and have been actively promoting it on social media. We have Defisushi as our community manager (How to use Powerbomb Finance: Build a DeFi Money Robot in 3 Steps - YouTube)
  9. Powerbomb Pro is in active development and will be released in the coming weeks. Pro is a version of Powerbomb that accepts crypto and farms fiat. This completes our first version of the Powerbomb Robot and closes the loop between FIAT and Crypto farming

Based on the milestones mentioned above, here are our current status:

  • Launched on Testnet (complete)
  • Formed a DAO (partial, looking for 3 governors from the various DAOs, if you have some recommendations that would be great!)
  • Launch on Mainnet with audit (partial)
  • 1k daily users with launch video and full PR promotion (partial)
  • 10k active users with detailed roadmap and governance process (partial)

With regard to the exclusive 3-month campaign, we cannot commit to this as Powerbomb needs certain key technologies and solutions to function properly (we are running our pools on Curve and Sushi, but would also need Aave and other technology to best optimise the yield farming and APR for our customers).

We have plans to open-source this solution once we complete the audit and have a stable product. Our plan was to release as either an MIT or BSD license; whichever one has the least restrictions and releases us from any liabilities that are caused if the code is mis-used.

Thanks for following up on this Jack. Please advise if this is acceptable and we can move forward with our continued development on the Harmony ecosystem.

1 Like
6

Approved for the $50K Launch grant with the above milestones. Exclusivity was an ask and we understand your cross chain needs. Good luck with the launch!

7

Hi @powerbombfinance,

Looking forward to hearing more on your project. Can you post current progress of your project for the community.

Thank You

8

Hi @cheualx @Jacksteroo,

We were focused heavily on getting our smart contracts audited and we’re happy to announce that after a few back-and-forth with Hacken, the audit were passed successfully.

We have been spending a lot of our time revamping the website, forming different strategic partnerships, and closing out our initial rounds of funding.

You can check out the latest website here:

Our doxxed team here:

And if you scroll down a bit, you can see the investors and the audit reports (audit reports supplied here for convenience):

With these updates we have completed the following:

We’d like to claim the 3 tranches for funding and continue to build out powerbomb on the Harmony.

Best,
Victa