Incentivizing experienced developer teams to build long-lasting fundamental technology for Algorand.
Bridges are an essential element of the technology stack for blockchains. Bridges allow value to enter a blockchain ecosystem coming from a blockchain system that wasn’t already interoperable. For instance, value such as data, tokens, smart contract instructions, or assets can be utilized by the ecosystems. Bridges also open up a whole new set of use cases for DeFi.
Additionally, by linking two blockchain networks, DApps can leverage the benefits of both chains instead of only their host chain.
What is Algorand’s SupaGrants Program?
The program targets experienced developer teams and organizations to build secure and high-quality solutions for the Algorand ecosystem. We are primarily interested in teams with previous experience building advanced solutions like AMMs, DEXes, or oracles and want to leverage their knowledge to design a bridge to connect Algorand with other high-potential blockchain platforms.
In particular, the teams must have the ability to commit to maintaining the bridge solution long-term and quickly respond to security and non-security issues that may arise.
Algorand seeks to support these projects financially on a long-term basis, aiding them in their marketing, and all other areas that require assistance such as technical support, audits and community events.
Algorand is looking for a maximum of 20 applicants to submit a proposal for bridge technology. From this group, we select five projects to build their proposed solution. We provide a total of $5,000,000 in ALGO tokens to be divided among the competing projects.
The funds will be distributed according to the following terms:
- Contract: $50,000 USD in ALGO tokens upon signing the contract
- Milestone 1: $200,000 USD in ALGO tokens when delivering the bridge to the testnet
- Milestone 2: Projects receive additional funding when launching their bridge on the Algorand mainnet
- Long-term support: Projects receive additional funding to maintain, support, and further develop the project on a long-term basis, with an initial agreement for two years to make sure the bridge solution operates securely and reliably.
Furthermore, the two or three strongest projects that have successfully completed their MVP on testnet will be included to accelerate in the Algorand ecosystem. Algorand Foundation doesn’t take any equity in the project.
Type of solution?
Algorand doesn’t set any rigid design limitations on how the bridge solution should look like.
The primary concern is the usability of the bridge solution. We want a solution that can handle a high volume of requests, whether this is a decentralized solution that “mints and burns” or “locks and unlocks” tokens on both chains or a centralized trusted custody service that issues wrapped tokens like a wrapped Bitcoin on Algorand. However, Algorand accepts any other type of solution as well.
The developed solution should be Open Source and meet the below requirements.
We are looking for teams to build a bridge with high-value networks such as Ethereum, Bitcoin, Polkadot, Avalanche, Binance Smart Chain, or Solana. The number one priority is an Ethereum to Algorand bridge.
The minimum requirement is a one-way bridge that brings value to the Algorand ecosystem. However, to unlock more advanced solutions, a bidirectional bridge is optimal.
Algorand values high security standards as it’s also one of its core values. Therefore, bear in mind security needs when submitting a bridge proposal.
Product usability is essential to boost user adoption. The user experience should be smooth and easy to understand.
Deadline: Friday 5th of November, 2021