Introducing Sui Developer Grant, an excellent opportunity for dApps developers
A layer-one blockchain alternative to Aptos is Sui. Sui’s co-founders are former Facebook employees. Sui employs the parallel processing capability of the Move programming language. Sui recently raised $300 million with a $2 billion valuation. On October 26, 2022, Sui launched its formal developer grant program.
This blog will highlight the process, guide, preparation, opportunity, and concerns in applying for a Sui developer grant. If you plan to submit a grant, you should read this blog carefully.
How to apply for the grant program?
Anyone can apply by filing a form at http://suifoundation.com/#grants. You’ll be asked multiple questions by it. Mostly concerning your team and project.
To be eligible for the grant, you must finish the KYC process. Additionally, you need to confirm your actual street address. Some nations cannot apply for grants, nevertheless, due to sanctions.
Coinlist serves as the official KYC provider for the Sui foundation. The sanction must adhere to Coinlist’s legal KYC requirements.
How to prepare for Sui Developer Grant?
Launching on testnet
Sui is asking for your website, and Twitter handle, so you should first build a demo testnet and gain some followers there. Your sample should consist of a functioning smart contract and user interface. At this point, perfection is not required.
You can contact your local community leaders for help, post your dApps in social media forums like Reddit, or work with a nearby incubator to garner some initial traction. Going global would be expensive at this point; therefore, you don’t need to.
Be open source
Sui also wishes that your project be open source to help the community. Therefore, the grant application process may be challenging if your project is not open source.
Upload detailed milestones and plan
You should include milestones for your one-year plan. This section should outline how much money you’ll need and what you’ll do with it at each stage. Please specify your marketing strategy, including the community or media you will advertise at each stage. Additionally, you should specify how each milestone will be measured.
How much can I ask for?
You can ask $10k to $100k. You should include the plan on how much to raise for each phase and how you will use it. However, it depends on your dApps. If it has potential, you get $100k.
Which kind of projects is Sui looking for?
Sui is on the lookout for various decentralized applications. They are listed on their official website. Here, we’ll provide you with a summary.
Censorship and Governance
- Censorship and State Resistant Content
- Decentralized Documents
- Decentralized Lists
- Decentralized Signing + Verification
- Voting + Governance
Commerce & Digital Goods
- Auctions
- Consumption-Based NFTs
- Coupons
- Goods Marketplace
- Massive Airdrops
- Ratings and Reviews
- Rebates
- Referrals
- Loyalty Programs
- Streaming Rewards
- Tickets
- Time-Released Gift Cards
- Tokenized “Influence”
Data & Legal
- Decentralized Data Repository
- Digital Identity
- Encrypted Personal Data (e.g. Activity, Health, Traffic)
- Internet of Things
- Massive Airdrops
- Job Listings
- Legal Contracts
- Proof of Existence (e.g. Certificates, Degrees, Legal Ownership)
Developer Tools
- SDK
- Simulators
- Test Framework
- Internet of Things
Finance
- Aggregated Liquidity
- Bridges
- Decentralized Exchanges
- Derivatives
- Fiat On/Off-Ramps
- Lending, Collateralized
- Lending, Under/Un-Collateralized
- Liquid Staking
- Oracles
- Order books
- Price Quotes
- Risk Management
Gaming
- Betting
- Decentralized Lottery
- Leaderboard
- Quest System
- Random Number Generator
- Tournament
Payments
- Confidential P2P Transactions
- Cross-Border Payments
- Digital Remittances
- Humanitarian Aid
- Merchant Tooling + Adoption
- P2P Transactions
Productivity
- Personal Password Manager
Social
- Chat Rooms
- Forums
- Governance Records
- Public Bulletin Boards
- Social Media
Tokenization
- Creator Tools
- Location NFTs/Data
- Minting Tools
- Off-Chain Tokenization
- User-Generated NFTs
Sui grant approval process
- Submit the grant application form.
- After you submit your application, your proposal will be pre-screened to ensure it is clear and complete.
- The Grant Review Committee will then review your application, which will initially be made up of Mysten Labs and Sui Foundation representatives from various backgrounds and disciplines. The committee will grade your project against the following criteria: Originality, Technical Design, Usability, Business Model, Practicality, and Community
- Selected applications will then be sent to the Sui Foundation for final review and approval.
- Upon Foundation approval, we will conduct AML and sanctions checks, and a grant agreement will be drafted and sent to the recipients, who must sign and return it to receive the initial grant disbursement.
- Once the KYC process is complete, the foundation will credit the grant to your account according to the negotiation within a few days.
Don’t list SUI as a partner!
It’s important to know that Sui restricted grant-approved projects from announcing a partnership with the Sui as stated in their discord
Opportunity for grant-approved projects
Getting approved for a Sui developer grant comes with a lot of opportunities. Here we will list them for you.
Accessing a network of VC
Sui network has raised $300 million from multiple VCs.
Sui can introduce your project to their VC network so that you will have a connection to their VC network once your project gets approved.
Easy fundraising process
The fundraising process is more straightforward since you have access to a board VC network. Your project will reach multiple top-tier VCs at once.
Raise project valuation
Reaching out to numerous top-tier VCs and getting their interest in your product will significantly raise the valuation of your project.
Partnership with dApps in the Sui ecosystems
You will be invited to a group with approved grant participants. You can use that group to network with other projects in the grant.
Development support from core Sui developer teams
Sui may provide you with some mentorship to guide your development. Moreover, Sui may give beta access to the new features so you can develop them in advance.
Marketing support
If Sui thinks your product is worthwhile, they might help through its promotion. Sui should have excellent marketing since they have an extensive online network.
Summary
Sui has launched a developer grant program that accepts a diverse range of decentralized applications. You can apply by filling out this form. Your project can receive funding ranging from $10,000 to $100,000. Your dApps should be developed and gaining traction on the testnet. It would be ideal if your app were open source, as Sui strongly prefers. Accepting the Sui grant opens up future opportunities and connections to board VC networks. Ensure your next round of fundraising.
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