Loop Finance - Juno Terra Developer Grant Final Tranche Payment

Important Note: Text from this proposal is heavily shortened to accomodate the max character limit for a proposal on-chain. Please review and refer to the full text which is available in the commonwealth discussion page linked here:

https://commonwealth.im/juno/discussion/7655-loop-finance-juno-tdf-final-tranche-payment

TL;DR

Now that we are 5/6 of the way through our Terra Development Fund grant, The TDF have asked Loop to poll the community to make sure you still want to grant us the final 1/6th of the funding previously approved through the Juno Terra Developer Fund.

Below you can find a comprehensive list of what we promised to deliver versus what we have delivered and what will be finished by the end of our funding period (6 months).

NOTE: A vote YES, means our grant is to be delivered as originally promised to gain community's approval of final Terra Developer Fund grant tranche payment to allow Loop to continue development on the Juno blockchain and play an active role in Juno's future.

A vote, NO means the final tranche of funding comitted will no longer be delivered.

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Purpose of this Proposal

This proposal provides the opportunity for Loop to clearly showcase what we have achieved for the Juno community in the past 5 months, provide details on our forward plan, confirm the final tranche of grant payment and advise the community that we now transferred 1 percent of LOOP tokens to the Juno community fund as per our original agreement.

Background

When the Terra Developer Fund grant was confirmed by the Juno team, Loop created a comprehensive strategy to get back up to speed in a short period of time despite a bear market.

1. Build: Jun 22 + Jul 22 (2 months)

• Build fast and integrate with Juno
• Introduce and assist other Terra developers
• Engage with Juno & IBC communities and developers

2. Launch - Aug 22 + Sep 22 (2 months)

• Launch Dex, Aggregator and DeFi NFT Marketplace on Juno
• Start generating revenue for all products
• Gather community feedback through customer interviews and surveys

3. Grow - Oct 22 + Nov 22 (2 months)

• Increase user base and revenue with events, marketing, PR and BD, and conduct experiments on the highest ROI activities
• Iron out bugs and prioritise features development with highest demand based on feedback collected from the community and users
• Launch Loop Learn on Juno to educate and attract new Juno stakers

4. Scale - Dec 22 + Jan 2023 and onwards

• Launch Eclipse Launchpad to launch new projects on Juno and IDO on Loop Dex
• Reduce contracted developer headcount once all grant items delivered
• Scale up marketing and revenue generating activities with highest ROI

Original Terra Developer Fund Grant - Status

Original Grant Proposal: https://bafybeie5squ5hndbx5pqpmqm3kzg46bsegqlsawukzfxexby5c37loi5xy.ipfs.nftstorage.link/

The below is a high level summary of progress based on grant deliverables. Detailed update is provided in sections below.

• Loop DEX (250k USD) - Deployed
• COSMOS DEX Aggregator (150k USD) - Deployed and under deployment
• Loop Community (100k USD) - Deployed and under development
• NFT marketplace (300k USD) - Deployed and under development
• Loop Learn (150k USD) - Planned Deployment in Nov 2022
• Public Launchpad (250k USD) - Planned Deployment in Dec 2022
• Ecosystem Growth(200k USD) - Delivered and ongoing
• Airdrop to Juno stakers - Completed
• LOOP to Juno Community Fund - 12M LOOP sent (~336k USD)

Total 1.4M over 6 months

Final tranche payment remaining: 233K

Detailed Product Updates

At Loop we launch MVP products into beta after internal testing. Anyone who has launched software products is aware that this model is widely accepted as the best approach to building the best applications. It allows iterative improvement based on community feedback so that we end up building the best product for the community, rather than the best one we think the community wants.

Text from this section is incomplete to reduce max character limit for an on-chain vote. Please review the full text which is available in the commonwealth discussion page linked here:

https://commonwealth.im/juno/discussion/7655-loop-finance-juno-tdf-final-tranche-payment

Loop Chain Long Term Goals & Mesh Security

Loop's long term plan is to eventually launch our own chain. We can foresee a long and happy relationship with Juno, including an airdrop of Loop Chain tokens to Juno stakers, the application of mesh security between Juno and Loop, and many other collaborations, if this proposal goes ahead.

Launching our own chain would not mean that we would abandon Juno. We would continue to deploy the same products across both chains, connect to protocols on both chains, offer both chains in our mobile wallet, etc. Our long term goal is to be connected to many chains, providing a bridge between multiple ecosystems and protocols.

The more we can expand the adoption and growth of Loop, the more the Juno community will benefit, as both the Juno Community wallet and Juno members are all LOOP token holders thanks to our airdrop.

Loop to Open-Source Code

Please note: It is Loop's intention to open-source all of our smart contract code in a 3-6 month timeframe, after it has passed rigorous internal testing & 3rd party validation by a well established auditing firm, the results of which will be shared with the community.

Voting

• Vote YES if you'd like Loop to receive their final grant tranche as per above.
• Vote NO if you don't want Loop to receive their final grant tranche as per above.
• Vote ABSTAIN to express no opinion on the matter.
• Vote NOWITHVETO to cause this proposal to fail if 1/3 of voters also choose veto. In the event of a veto, depositors' deposits will be burned.