If your grant request was approved by the DAO, congratulations! Following is an overview of what happens when your grant is approved, the actions you need to take to receive your funding, and how you are expected to report your work to the community.
One time payment #
One time payments are paid via a smart contract using the beneficiary address provided in the proposal form, which is available only for Lower Tier Grants (Up to $20,000 USD).
These contracts are initiated by the DAO Committee within 7 days of the grant’s approval by the DAO and have a cliff period of 30 days counting from the finalization of the voting process.
The funds are transferred in stablecoin or MANA equaling the USD amount, depending on what was specified in the proposal. The exchange will be done at the rate taken when the votation period finished.
The beneficiary address provided within the grant proposal must be an Ethereum address that can receive ERC-20 MANA and DAI. Failure to provide a valid address may result in the irretrievable loss of the grant funds.
Vesting Contracts #
Vesting Contracts are transfers that have specific conditions of time to transfer the funds automatically. Grantees funds are made available to the beneficiary address and during the time provided in the proposal (from one to twelve months). It is the responsibility of the beneficiary to withdraw any vested funds from the contract.
The total of the funds will be vested in equal amounts during the period of months stated in the grant proposal (from one to twelve months, depending on the tier). The contract vests the funds each 30 days.
After the first 30 days period has ended, the beneficiary may withdraw their vested funds as often as they wish, bearing in mind that they (the beneficiary) are responsible for paying the gas fee required for each withdrawal.
Reporting your progress #
Monthly Updates #
You are expected to provide public reports on your progress each month in your original grant proposal page. These progress reports should be clear and concise, while still giving the community an accurate sense of how your project is progressing. Sharing links about screenshots or demos of your work in those monthly updates goes a long way toward maintaining the trust of the community.
Fluent communication with the Core Units #
Be responsive to the DAO Committee and Core Units communications. The Grant Support Squad will schedule regular meetings with the objective of providing support to your blockers and requests, to make sure you have everything you need for your grant to be a successful project. They will also be the entity responsible for following up on your progress for accountability purposes.
Townhall Updates #
It is also expected that members of the team who requested the grant attend the monthly Town Halls. This will provide the possibility to engage with the community, and as a grantee you are expected to present your progress with a video format at least once during your grant period publicly.
Pause and revocation of grants #
Conditions or behaviors that might lead to a grant being paused or revoked include:
- Failure to provide progress reports according to the roadmap and milestones listed in your grant proposal
- Providing progress reports showing work that does not meet the expectations set by your original grant proposal
Pauses and revocations are processes initiated by a member of the community through this form to the Grant Support Squad, who starts a formal revocation case. Later the Revocations Committee decides if a grant should or should not be revoked, and the DAO Committee executes that decision.
What happens if your grant is revoked? #
If your grant is revoked before the end of the first 30 days of your vesting contract, then you will not receive any of your grant funds. If your grant is revoked after the end of those first 30 days, then you will still be able to withdraw any funds that have already been vested.