Background

The Fantom Foundation launched a grant program https://blog.fantom.foundation/sonic-labs-innovator-fund/ to support dApps that deploy on Sonic. We were offered such a grant as a DAO and will hereby seek approval from the DAO to receive this grant.

Unfortunately we are not allowed to disclose the amount of the grant but we can disclose the main points of the agreement:

Vesting Terms:

• Initial 25% will be paid upfront (within 14 days of the Effective Date);
• 25% will be paid within 14 days of the deployment of the application on the Sonic Network;
• The remaining 50% of the grant allocation will be paid monthly, with ⅙ of the amount paid until its completion from the dApps deployment on Sonic.

Launch on Sonic: The Beethoven X DAO agrees to integrate its Protocol on Sonic within 45 days’ written notice from the Sonic Labs team regarding the deployment of the mainnet Sonic Network. In the event of any delay in the network launch, the terms and conditions of this Agreement shall remain unchanged and fully enforceable.

Use of Funds: All grant funding provided by Sonic must be used exclusively for the development and maintenance of the application on the Sonic Network. If any portion of the funding is used to support alternative networks outside of the Sonic Network, the Beethoven X DAO is required to return the entire amount of the funding provided by Sonic under this agreement from the Effective Date. In essence, if accepting this grant, the Beethoven X DAO commits to deploy on Sonic chain once it launches and use the grant only to support development and maintenance of the dApp on Sonic.

The spending of the grant will be under the discretion of the Music Directors. The grant will be sent to a dedicated Multisig to ensure it’s used only for the intended purpose as described above and agreed to in the contract.

Impact/Risks

We commit ourselves to deploy on Sonic chain.

Specification

Upon acceptance of this grant, a Beethoven X Dao representative will sign the contract with the Fantom Foundation. The grant will be paid to Beethoven X Dao and held in the dedicated multisig. It will be used to support and operate the dApp on Sonic (i.e. paying for Composer salaries, infrastructure cost, etc).