Magic Internet Money

Summary/Scope: This AIP proposes the creation of a grant budget within the Abracadabra protocol. This budget would be used to fund projects proposed by community members that bring value to the protocol, such as analytics pages, design ideas, or other useful contributions that improve the user experience.

Reference: community members created useful analytics dashboards https://dune.com/brab/beam 5 https://dune.com/melenxyz/abracadabra-mim-beaming

High-Level Overview: The grant budget would provide a source of funding for community members who wish to contribute to the development and growth of the protocol. By providing financial support, we can incentivize community participation and innovation, fostering a more active and engaged community.

Low Level Details: The grant budget would be sourced from a portion of protocol revenues. Community members could apply for a grant to fund.

The initiation of the Grant program will be funded with an initial contribution of 20,000 MIM, sourced directly from the protocol’s beaming fees.

Step-by-Step Framework for Grant Application:

Initial Idea: The user comes up with an idea for a project that will benefit the Abracadabra protocol. This could be anything from a data analytics page to UI designs, so long as it adds value to the protocol.

Pre-application Discussion: The user engages in discussion with the community, either informally on Discord or through the Idea Discussion category in our forum, to refine their idea and gauge interest.

Grant Application: Proposals that resonate with the community and the proposer are formalized through a comprehensive grant application. This application, to be submitted in a dedicated ‘Grant Applications’ forum section, must detail the project’s scope, its potential benefits to Abracadabra, a projected budget, and a timeline.

Application Review: The Abracadabra community or a designated review committee will then evaluate the application based on its merits and potential value to the protocol. Other community members may also have the opportunity to voice their opinions during this stage.

DAO Voting: Before final approval, a 24-hour voting period is initiated on Snapshot, during which DAO members are encouraged to cast their votes for or against the proposal. To maintain a coherent and transparent record, proposals must adhere to a specific naming template and provide a direct link back to the original discussion or idea inception. This ensures that the context and history of the proposal are easily accessible for informed decision-making.

Snapshot Proposal Naming Template: “[GRANT]*[ProposalName]”

[GRANT]: This prefix is critical as it immediately identifies the proposal as a grant application within the Abracadabra community.

[Proposal Name]: This segment should be a brief, clear title that encapsulates the primary goal or unique feature of the proposal. It’s advisable to avoid overly technical language or complex terminology that might not be immediately clear to all community members.

Grant Approval: If the application is approved, the user will receive the grant funds and can begin their project. Grant funds may be dispersed in installments, depending on the project timeline and milestone delivery.

Progress Updates: The user will provide regular updates to the community on the project’s progress, ensuring transparency and allowing for community feedback.

Project Completion: Upon completion of the project, the user will present the finished product to the community. If the project is not completed within the estimated timeline, the user may need to provide an explanation and revised timeline, subject to community or core team approval.

This framework will foster a more engaged and active community, incentivize innovative projects that benefit the protocol, and ensure a fair and transparent process for distributing grant funds. By providing financial support for community-led projects, Abracadabra can continue to grow and improve with the help of its dedicated community.