Introducing the DePIN Incubator, a specialized tier within the IoTeX Project Grants designed to support and accelerate innovative projects that leverage real-world data in the IoTeX ecosystem. This tier is tailored for established teams with a proven track record in their fields, who are looking to develop DePIN (Decentralized Physical Infrastructure Networks) projects from scratch or integrate real-world data into their existing products. The DePIN Incubator offers not only financial support, but also valuable technical expertise from the IoTeX team to help bring your groundbreaking ideas to life and make a lasting impact in the world of decentralized technology. Join the DePIN Incubator and transform your vision into a reality!
What we expect
Teams applying for the DePIN Incubator must demonstrate their expertise in the relevant field, with a strong portfolio of past projects or products, GitHub repositories, or other relevant work that showcases their capabilities.
Existing product or clear project plan:
Applicants should either have an existing product they wish to integrate with real-world data or a well-defined project plan for building a DePIN solution from scratch. A clear roadmap, timeline, and goals should be included in the application.
Commitment to the IoTeX ecosystem:
Teams must express a genuine interest in contributing to the growth and development of the IoTeX ecosystem, with a focus on leveraging DePIN technology.
Regular progress updates:
Teams are expected to provide regular progress updates on their project, including any challenges, achievements, or adjustments to the initial plan.
Active collaboration with the IoTeX team:
Teams should actively engage with the IoTeX team and seek their technical expertise and support when needed. This collaboration will ensure the project's success and seamless integration within the IoTeX ecosystem.
Completion of project milestones:
Teams are expected to achieve the milestones outlined in their project plan, demonstrating their ability to deliver results and contribute to the growth of the DePIN ecosystem.
For each milestone, payouts will be issued on a monthly basis for 1 year, meaning that each milestone amount will be divided by 12 (months) and paid monthly if the relevant metric has been met for that month. Since the success of a milestone is assessed by the team monthly, it's important to keep the metrics consistent over time.
Number of Milestones:
We encourage projects to stick to 3 or 4 milestones, unless strictly necessary.
Completing a submission should not take much more than 6 months (if you're applying for a larger project, think about splitting it into multiple submissions)
Remember that these metrics are assessed monthly, and should be consistent over time. While these are the ONLY metrics we accept, it is up to you to attach an amount to them that is proportional to the funding you're requesting.
- TVL (Total Value Locked)
- Transaction Volume
- Community Engagement
Some example metrics might look like this:
1M USD of TVL (Total Transaction Locked) on IoTeX per month
More than 20,000 daily blockchain transactions consistently over 1 month
Twitter marketing mentioning IoTeX, e.g. minimum 1 Tweet/day over one month, with a minimum number of "n" impressions overall
Funds distribution across milestones:
5% - 15% - 30% - 50%
Provide a detailed description of your project, including its background, purpose, and the problem it aims to solve.
Nature of your project:
It would be good for you and your team to include some of the following info about the nature of your project. Is your project open source? Are you committing to staking a certain amount of IOTX tokens on the IoTeX chain? Are you thinking of donating a percentage of your tokens to the IoTeX Foundation?
NOTE that this info is not required, nor will it impact the outcome of your proposal, but it's definitely great to include if it applies to you in any way.
Introduce your team members, their roles, and their relevant experience or skills that will contribute to the success of the integration.
Specify the amount of funding requested, along with a clear breakdown of how the funds will be utilized throughout the process.
Define the key milestones for your project, including expected completion dates and measurable outcomes to gauge progress. Please refer to theMilestone Guidelines sectionabove.
Provide a detailed breakdown of the project budget, specifying how the requested funds will be allocated, and any additional resources required to complete the project.
It's never too much. Feel free to share all relevant links that you think would help reviewers and community members better understand your project.