Alchemy Pay Launches $500,000 Payment Ecosystem Incentive Fund
The digital currency industry has witnessed significant development — from multiple countries proposing their own Central Bank Digital Currencies (CBDC) to an increasing number of start-ups building business ecosystems centered on digital currency payments — and increasing evidence that the industry’s growth will be fueled by innovative payment solutions. To encourage developers within the digital currency industry to use Alchemy Pay Ecosystem to conduct their business and improve ACH token liquidity, Alchemy has launched a $500,000 Payment Ecosystem Incentive Fund.
1. About the Incentive Fund
a. Goal
· The Alchemy Payment Ecosystem Incentive Fund will drive blockchain and other relevant industry developers to develop practical applications for the payment ecosystem based on Alchemy’s open-source platform. The main acceptance criterion is to attract more users and transactions on the Alchemy network.
b. Transparency
· The program and its incentives will be fully public. Alchemy will regularly publish details about individual incentive programs, such as applications to the fund, award amounts, community discussions, project owners, wallet addresses for awards and relevant news.
· The approval and governance of awards will be the responsibility of the Incentive Application Committee which comprises Alchemy Community Members, Community Ambassadors and Alchemy’s Development and Business Teams.
c. Cycles and Incentives
· Each applicant’s project period will be 8 weeks and the incentives will be made in 8 weekly payments, subject to the approval of your weekly milestone. Incentive payments will be made by 9 p.m. Pacific Standard Time on Sundays.
· Incentives for individual projects are based on project requirements and shall not exceed $100,000.
· If your project’s weekly milestone is delayed twice within two weeks, your incentives and participation in the program will be forfeited.
2. Project Proposal
Within your project proposal should include:
· Date your application was submitted
· The estimated start date after approval
· The required amount in US dollars for the project
· Number of active target users expected to be achieved: regular users (100M), fintech (10M), cryptocurrencies (1M), developers (100k), authenticators (10k).
3. Project Category
The projects we support in our ecosystem includes:
· Merchants Acquiring: Acquiring and integrating key merchants for online and offline payments
· DeFi: Stablecoins, Payment Mining Pools
· DApps: Blockchain Games, Non-Fungible Tokens (NFT)
· Portals: Payment wallets, pledged assets, exchange access
· CrossFi: Integrating fiat payment channels, Integrating KYC services
· Infrastructure: Payment network, Payment protocol
· Community: Videos, articles, community governance mechanisms, etc
4. Project Details
Include details of your project with regards to:
a. Basic information about the project.
· Project name:
· Your team’s resume, highlighting relevant experience and skills
· Business plan, market positioning, competitor analysis
· Your profile page on Medium or other forums for open community discussion
· Where you are located and the time difference with Pacific Standard Time (PDT)
· Github (open-source), LinkedIn, Twitter, Telegram, email and wallet addresses so we can publish and track incentive payments.
b. Current progress of the project.
· Product demo, or prototype, as preliminary proof of work
· Other projects your team has been involved in
· Team structure and responsibilities (E.g., Marketing, Engineer, Operations)
· Budgeting to demonstrate sustainability and efficiency
· Time commitment, calculated in hours per week
· Number of followers on Twitter or Telegram; Github reviews
c. Performance Indicators
To quickly measure progress, we consider the following metrics per cycle:
· The number of active users
· User retention: Percentage of retained users
· The dollar value of the project’s traded asset, if any
· The number of transactions
· Transaction size (USD)
d. Goals, Deliverables and Milestones
The project cycle is 8 weeks and has the following typical milestones:
· Week 1: Deploy on the test web
· Week 2: Product Demos and AMA in the Alchemy community
· Week 3: Detailed documents, blog posts
· Weeks 4–5: Deploy on the main network
· Weeks 6–7: Collect user feedback and improve products
· Week 8: Marketing to achieve continuous user and usage growth.
5. Release of funds.
After each milestone is completed, we will pay in installments and send a link to the transaction.
We look forward to working with you to build the Alchemy ecosystem. You can email any queries to alchemyfund@alchemytech.io and we’ll get back to you as soon as possible.
