Curve founder Michael Egorov has proposed a 21 million CRV grant to fund Swiss Stake AG's ongoing development and research efforts and is seeking community support for the initiative.
Funding Proposal For Swiss Stake AG
On August 20, Curve founder Michael Egorov initiated a proposal seeking community funding for the development company Swiss Stake AG. Submitted via the Curve governance platform, this proposal aims to secure financial support for software research and development, focusing on enhancing and expanding the Curve ecosystem.
Egorov's proposal highlights the necessity of retaining and attracting critical talent to sustain Curve's momentum in the decentralized finance (DeFi) space. Given that Swiss Stake AG lacks other substantial revenue sources, the company is turning to the Curve community for support to ensure its continued contributions to Curve.
Details of Grant Request
The proposal requests a grant of 21 million CRV tokens, to be vested over one year, from Curve's Community Fund, which currently holds over 47 million CRV tokens. These funds would be allocated to various projects aimed at advancing Curve's technology and ecosystem. Specifically, the grant would support software development, code audits, security research, and the creation of software development kits (SDKs) and other tools to facilitate interaction with Curve’s smart contracts.
Additionally, the funding would be used to build educational resources, organize events, and create other materials to promote the adoption of Curve's technology. Unused funds from the grant would be rolled over to the following year, ensuring long-term support for the platform.
Governance and Compliance
Swiss Stake AG has committed to using the grant funds per the project description outlined in the proposal. The company has also agreed to produce bi-annual reports detailing the use of the funds, which will be made available to the Curve community. Furthermore, any intellectual property developed using the grant will be released under an open source license compatible with Curve's existing repositories.
In terms of governance, the proposal stipulates that the grant and any associated activities will be governed by Swiss law, with any disputes to be resolved in the courts of Zug, Switzerland. Swiss Stake AG has also ensured compliance with tax obligations, including Swiss Value Added Tax (VAT) and other applicable taxes.
Swiss Stake Needs More Resources
Since its establishment, Swiss Stake AG has played a pivotal role in developing and maintaining Curve's smart contracts and associated technology. The company relied on an initial allocation of Curve's native token, CRV, which was received in August 2020 as its primary funding source. However, as Curve continues to grow, the need for additional resources has become apparent.
The proposal will undergo a seven-day voting process on Curve's governance platform, allowing the Curve community to decide the future of this funding initiative. If it receives a quorum of 30% and a majority "yes" vote, the requested 21 million CRV tokens will be vested in Swiss Stake AG for a year.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
