Secret Network x MoneroKon proposal

Secret Governance
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As part of the upcoming MoneroKon Hackathon, I would like to ask the community treasury for $5000 to be used for the Secret Network x Monero track at the hackathon.

MoneroKon information:
Where: Prague, Parallel Polis / La fabrika
When: 7-9 June 2024
Twitter: https://twitter.com/MoneroKon
Website: https://monerokon.org/
Devfolio: https://monerokon.devfolio.co/
Signal: Signal Group

Background:
Monero has been experiencing delisting from several centralized exchanges in recent months, this allows decentralized solutions to take the opportunity to gain volume they would otherwise have no chance of gaining, Secret Network along with SilentSwap and Shade Protocol ( + something else coming soon wink wink ) have the opportunity to gain a significant portion of this volume while rebuilding trust within the Monero community.

The goal of the track is to build a $XMR bridge to Secret Network.
One of the main criteria should be sufficient decentralization of the bridge, no one wants a repeat of the old bridge experience.

Amount distribution:
2,000$ Hackaton track
3 000$ Post hackathon grant ( will be paid only if the team will continue to complete the bridge assuming they don’t make it to the hackathon )
If funding is not enough the team will be forced to reapply to onchain governance for additional funding or apply for the SLabs grant.

If the bridge is not completed the team will not get the “grant” amount and the grant will be transferred back to the community treasury.

What Secret Network receives:
Social media post
Space on banners
Space for a speaker on the secondary stage ( the main stage is probably already full )
Own workshop

Terms:
All funds will go towards the SCRT hackathon bounty
Own judges ( Secret Network can choose the people who will decide if and which team gets the bounty )
Some mentors/judges can be remote

What’s included in the proposal:
Request for $5,000 from the community treasury
Request for cooperation and support from Secret Labs and Secret Foundation

At the same time, the organizers say they would be happy for any volunteers to help with the conference on site :slight_smile:

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RY XMR
RY XMR1386Ă—728 224 KB

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Bridge requirements:

  • Trustless ( no “trust me bro” )
  • Immutable ( in case contract upgradability is needed all rights to control the contract will be under $SCRT governance, or under a subDAO controlled by $SCRT governance )
  • Self-sufficient
  • Fully opensource
  • Auditable
  • If the terms are not met, all funds will be returned to the community coffers and the team will have to create a new forum post and start their own onchain voting.

Funding:

  • 2000$ per hackathon
  • 3000$ as a grant if the bridge is completed ( if the team applies for a larger amount the 3000$ will be returned to the community treasury and the team will have to create their own proposal or apply for a SCRT Labs grant )

5 000$ / 0.4738$ + 10% = 11 608 SCRT