Had a good lunch at one of Singapore’s market, here’s some after meal thought.
As we move closer to EVM compatibility, and 100% direct support solidity, we will be expecting various DApps going live. Broadly I’d categorize these DApps into “building block DApps” and “other great DApps”. Building blocks are critical for initial infrastructures (eg: stablecoin, swap) and other great dapps are important for traction (eg: marketplace, orderbook DEX). There’s grey areas too where DApps fall into both category, but you get the gist why we are categorizing.
Building Block DApps
- Swap and liquidity (eg: UniSwap, PancakeSwap)
- Stablecoin (whether it’s directly supporting DAI, USDC or having our fxUSD)
- cross-chain bridges (various chains in and out of ours)
Other Great DApps
- NFT marketplace
- DeFi Games
- Stablecoin collateral platform (eg: Mirror.finance, Liquity)
- Lending and borrowing platform (eg: Aave)
- Perpetual DEX (our competitive advantage, built by us)
- Liquidity compounding platform (eg: Beefy)
Whos gonna build it?
We want to manage DApp growth as decentralized as possible. In other words, if the community wants to build it, we want you to build it. If the DApps you build is strong and good, yours should be the primary DApps of your category. Hence instead of the foundation owning the swap and liquidity platform, it can and should be own by a third party developer team. For some DApps it might make sense to jointly develop between foundation and third party team, so long that the foundation’s contribution can be reflected upon token holders. One instance is pangolin.exchange which was built by Avalanche and transferred to a custodial team.
For those that want to build, there’s the Ecosystem Genesis Fund to support you. Have to remember though that your proposal has to be approved by the community, the foundation token will abstain from voting so you got to convince the holders.
I think my concern is that there’s no guarantee that we have enough capable community members that have the skills and the know-how to build and maintain a Dapp. Also, what if no 3rd party decides to build, where do we go from there? I think, in the beginning, we should be pro-active and the foundation should build some of the more prominent Dapps like Uniswap to build a solid userbase and showcase what our blockchain can handle. I get that we want to be decentralized and hopefully we’ll get there in time, but now, with no users to speak of, we have to be flexible, to build our brand as I worry that after the EVM is activated, no one wants to go through the EGF and build on our platform. It’s been 3 months since we’ve had a non-company proposal and that one failed spectacularly.
I like the idea of categorizing them.
I know of one DApp that fall into both category - DeFi Kingdom, Harmony’s Top #1 TVL
They are a DEX first, GAME second.
They build a game around their DEX which made it into the #1 DApp on Harmony. They are also looking for other chains to cross-chain into.
Hopefully, one of the community can build with the same idea. Not just a DEX, but a game around the DEX so it will have double usage. I wonder though, if the team is able to copy the game and use it for Function X? Or rather than copy, maybe can partner with them instead.
They are a legit game, Avalanche and Harmony both direct teams are sponsoring DeFi Kingdom’s expansion. Maybe can use the EGF to fund the actual DFK team to build on our chain too?
They are cross chaining their game into Avalanche this month from Harmony. I hope we can use the EGF to partner up with them. They seem to be really experienced. They are looking to cross-chain + they got the backing of big chain names.
Just so you know, the total transaction volume DAILY for DFK overpassed Axie Infinity already. It will benefit us greatly if we can partner with them.
I think a good idea would be to create a development Bounty towards specific categories and needed Dapps.
For example the EGF funds could be written into a proposal that would be pre-allocated towards a “hackathon” so to speak where a specific target dapp is requested and the winner of which, or in collaboration would receive the developer bounty. These need to be lucrative and powerful as there are many other hackathon bounties out in the space that we will need to signal boost above and beyond projects like Solana which have already done.
@JL23 's concern is the team’s concern too - how to motivate the community to build for the ecosystem especially in the very beginning. It will likely be a mix of DApps launched directly by the foundation, DApps launched by community and DApps that are built with cross collaboration. The first and second is self explanatory, the third will be exciting.
The third option is where the community and the foundation jointly builds projects. Say Alice and Bob are passionate community members that have experience in product-design and marketing, and they want to build a DApps but lacks developers, the foundation can be the developer resources, or allow developers to be be seconded to the team. In law industry “secondment” allows the law firm’s lawyer to work in a client’s company for, say, six months. Hence we can also second our developers to a project. Even adopting @Telchar 's idea of specifying which app we want to build and find the Entrepreneur in Residence for a particular app. Best of both world.
In entrepreneurship world, there’s a term call “Entrepreneur in Residence”, in this regard Alice and Bob will be entrepreneur in residence with Function X Foundation. Obviously the foundation will have an interest in the project and will likely compel the project’s token (if they launch tokens) to be shared with $FX holders. Just to be clear, the foundation is always in need of more engineers ourselves, therefore we will likely take on 1 - 2 projects only in the beginning to test the water, so to speak. And these projects are those our developers know how to build, so if Alice and Bob needs a 3D rendering engineer we won’t be able to.
To @SCENE, while I have not played DeFi Kingdom myself, I’ve heard rave reviews about then. I doubt that the foundation will be building games ourselves, but I’ll be very happy if you/we can convince games like DeFi Kingdom to port to our ecosystem. Code-wise it will be compatible and the challenge for us is to have a great community to attract the likes of DeFi Kingdom to port to our ecosystem. As a former founder of a game studio, a game is all about community so I think we have a good start with a great community
I would be in favor of us having a Chat-Dapp and being independent of Telegram and Whatsapp.
because this Telegram could be shut down in Germany, government warns | The Independent
In my opinion the messages should be encrypted and have a small Fx gas charge to prevent spam. it should work as decentrally as possible.
i would be happy if some developers come together with me to create some kind of planning for it.
Sylvia, that’s an interesting suggestion and something you brought up before in team chat
I look forward to defikindom on fx. My post from half an hour ago: FX Metaverse Village
Funny that, I had just re-suggested late last night to Richard.
You can see that it’s a good idea. I’ve been thinking about this for a long time. A video platform like Tiktok Youtube and Instagram would also be great to integrate on a FunctionX blockchain basis