Abstract - StellaSwap is seeking financial support for the next 6M to continue serving the ecosystem.
Motivation - StellaSwap has payed a critical role for the Moonbeam ecosystem since inception, and we’re keen to ensure we can continue serving the community as we restructure
Rationale - StellaSwap is on the verge of running out of funds by the end of this month. Here’s the reasons that contributed to the reduction of our treasury (as per the meeting);
-
General market conditions, with DOT price at an all-time low
-
Significant reduction in DeFi activity on Polkadot, resulting in reduced revenue from trading fees
-
Close to $1M in runway expanded throughout the 4 years we’re operational
In the middle of the year, we calculated that we’ve got two months of runway left. Therefore, we went into survival mode and did the following;
-
Transited to a new serverless infra (GCP) in order to slash infra costs by 66%-75%
-
Reduced salaries for the team, with 4 core members not paid until now
-
Executed multichain expansion via a DEX on Monad to boost treasury and diversify
However, the new DEX didn’t perform as well as we expected as general DeFi activity on Monad was underwhelming. As that did not work out, we’ve reached out to Moonbeam foundation for next steps.
Overall Cost - $10K monthly for the next 6 months
Use of Treasury Funds
