RelayChain Bridge

Proposal details

Project Name

RelayChain

Project Type

Integrate IoTeX

Proposal Description

RELAY is a multi cross-chain platform developed to bring BaaS (Bridging as a Service) to help the often fragmented DeFi liquidity space. What is really unique to our bridge is that when a new ecosystem is created, our bridge connects that asset and ecosystem to all the other ones we support. At launch we currently support bridging to Ethereum, BSC, Avalanche, Polygon (Matic), and Heco — with more coming soon. Relay’s bridges were first to introduce the bridge gas token faucet to Defi where the bridge itself airdrops the native gas token to new users to reduce friction for people starting out on new chains.

Our goal at Relay Chain is simple, ““Have the best and safest bridge””. We will provide value to our token holders by giving them native gas tokens for providing liquidity instead of our native project token (RELAY). By doing this we eliminate all sell pressure to Relay and we can give the highest APY’s to Relay Liquidity Providers. This allows us to have a token that provides value, and it’s deflationary (via buyback and burns) which is doing with a portion of the gas token profits from bridge transactional volume. The brings the positive feedback loops and true ecosystem synergy into the Relay Chain ecosystem where all partners provide utility to the end users of our platform.

We we build a bridge to IoTeX and work with native IoTeX DEXs and protocols to bridging liquidity from other ecosystems.

Milestones

[ Split your project into milestones: each one must have its own verifiable deliverables]

  • Milestone 1:
    • Duration (weeks): 1 week
    • Deliverables (make sure they can be easily verified): Build IoTeX Bridge
    • Funds request (USD): 20,000 USD
  • Milestone 2:
    • Work with marketing and partner dexs to bridge $3M in liquidity to IoTex
      -Funds request (USD): 10,000 USD
  • Milestone 3
  • Onboard 5 (five) projects into the IoTeX ecosystem (marketing support, graphics creation, all bridging needs)
    -Funds request (USD) 10,000 US

Total funds requested

40,000 USD

About your Team

anon team KYC’ed to MCN Ventures, previously Zero Dex ($130M TVL at peak), now running a bridge generating $6,000+ in fees daily and over $40M in TVL

Metrics

10M in TVL

Blockquote

Links

=== Do not change this section ===

By posting a proposal, you accept the rules below:

https://community.iotex.io/t/grant-issuance-rules/3839

Community voting

Community members can vote on grant proposals to facilitate grants assignments to their favorite projects. Please vote on this proposal:
  • I Like this proposal
  • I Don’t like this proposal

0 voters

=== Please add Milestone Reports below ===

@edmundhillary1919 This is an amazing one, thanks for applying! Do you mind attaching certain metrics to each of the milestones, e.g.,
milestone 1:

  • Duration: 4 weeks
  • Deliverables: xxx
  • Metrics: 1000 active monthly users

Bridge is built; so duration in this case is completed. Now it’s about securing the milestones.

Milestone 1 is complete.

Milestone 2 ongoing (bring $3M liquidity)

Milestone 3 ongoing (5 projects into ecosystem)