Liquidity DAO Connectors Bounty Progress June Report & Emergency Grant Request
Report
Summary Accomplishments
- Initiated the bounty program to further the development of Hummingbot on the Harmony blockchain. The program goal is to build connectors to Defi Kingdoms and Defira DEXs
- Successfully recruited two developer teams from Hummingbot and Harmony community. One will handle the connector for Defira DEX and the other will handle the one for Defi Kingdoms DEX.
- The Defira team has finished the code before the given deadline, and the DFK team has finished 90% coding and is very close to releasing it.
The Bounty Goals
- Build connectors for Hummingbot client so that it can connect to DEXs on Harmony chain, Defi Kingdoms, and Defira in this case.
- Provide an initial framework where ONE Liquidity DAO could use to create more bounty programs that could help further the development of Hummingbot on the Harmony blockchain.
- Connect the DAO to community developers and build a community where both parties can benefit from each other. Developers get paid and DAO gets projects done.
Milestones and Current Progress
The bounty program has 4 milestones:
-
Publication of pull request to Hummingbot development branch. Payment: $700 in ONE token
-
Delivery of all change requests. Payment: $1400 in ONE token
-
Pull request gets approved and merged to Hummingbot development branch. Payment: $2100 in ONE token
-
Connectors go live and go through one round of bug hunting bounty, by the end of the bounty, connectors should be bug-free or all bugs fixed. Payment: $2800 ONE token
In total, a developer team gets $7000 in ONE token for finishing all milestones.
From the middle of April 2022, ONE Liquidity DAO launched the connector bounty program and has successfully recruited two developer teams from Hummingbot and Harmony community, they are:
- Defira connector: Naveeth @ NavneethJayendran (Navneeth Jayendran) · GitHub
- Defi Kingdoms: AGHunter and Mobiwan @ projectbabelfish · GitHub
Now, the Defira connector team has reached the first milestone and their Pull Request is in review. For Defi Kingdoms, they have finished 90% of the coding and will need a few weeks to finish the connector.
The deadline for the first milestone is by the end of June and the Defira connector team has reached this milestone before the deadline, the Defi Kingdoms connector team has been given more time because they need to fix some unexpected issues on Defi Kingdom SDK before the connector could work.
The next step would be to get all Pull Requests reviewed and deliver all change requests so that they could be merged into the Hummingbot development branch.
In general, the progress of both teams meets the expectation of ONE Liquidity DAO.
Emergency Grant Request
As we all know, the Harmony Bridge Hack has made pretty much all stablecoins bridged from Ethereum worthless by now. This has impacted heavily on our funding for the bounty program since all of the funding is in 1USDC tokens.
To be exact, the funding for each connector is $7000 in ONE token so that means we would need in total $14000 to fund both Defira and Defi Kingdoms connector teams. To pay for this amount, in April, we swapped our ONE token to 14000 1USDC to hedge against the price of ONE so that it could benefit our developer teams. However, thanks to the hack, 14000 1USDC is now worthless.
Unfortunately, we are in a situation where we can’t pay our developer teams because our funding for the bounty has been reduced to dust thanks to the hack. This is bad since both teams have done the majority of their parts and ONE Liquidity DAO’s utmost priority right now is to keep its promises and pay the developer teams on time and in full.
Therefore we at ONE Liquidity DAO would like to request an emergency grant of $14000 in ONE token from Harmony so that we could pay the developer teams and continue the development of Hummingbot on the Harmony blockchain.