GROWTH GRANT APPLICATION – Cross-Chain Fundraising with AngelBlock’s EVM Messaging Bridge – FUNDING TIER 3
TERMS OF USE
I have read and understand the CONFLUX ECOSYSTEM GRANTS OVERVIEW, and determined that my proposal is best for the Growth Grants stream (YES/NO).
I understand that the Conflux Growth Grants are subject to a No Sale Rule, and I have read the terms of this rule (YES/NO).
I understand that I will be required to provide additional KYC information to the Conflux Foundation to receive this grant (YES/NO).
I understand that I will be required to follow public grant reporting requirements (YES/NO).
APPLICATION INTRODUCTION
• AngelBlock
• incorporated as ltd. company in BVI
• https://angelblock.io/
TEAM
13 full time plus 3 part time, working from Poland/Malta/Greece/UK.
We have been developing our product for over 2 years now and in that time we formed a strong talented team with experienced engineers.
Our core team:
Alex Strzesniewski Founder/CEO - https://www.linkedin.com/in/alexstrzesniewski/
Marcin Majchrzak (CTO) - https://www.linkedin.com/in/mc01/
Dawid Wasilewski (CLO) - https://www.linkedin.com/in/dawid-wasilewski-222417165/
Leith Shankland (CFO) - https://www.linkedin.com/in/leith-james-shankland-ca-sa-oly-588393b2/
More about our team you can find here: https://angelblock.io/about/
CEO – previously COO and CEO of a CEX which successfully underwent US expansion and the MFSA’s crypto licensing process. Advisor to multiple projects, most notably, Aleph Zero.
Angel investor, primarily focused on DeFi, Layer-1s, and infrastructure in web3
CTO - previously running the blockchain department in one of the larger software houses on the European market. Before joining AngelBlock his latest works were dedicated to improving the speed of pharmaceutical drug delivery (for which he was awarded a title as one of the #itheroes) and he contributed to one of the upcoming DeFi option trading AMMs.
CLO - attorney-at-law who passed Bar exam in 2014. Held the position of Head of Legal at an International Cryptocurrency exchange for a two year period prior to joining AngelBlock. Certified Anti-Money Laundering Specialist, since 2020 member of ACAMS. Extensive blockchain business advisory and litigation experience.
CFO - years of experience in corporate finance, audit, investment banking, and most recently the co-founding of a venture capital firm called Diamond Atlas. Registered CA(SA) under the professional body of South African Institute of Chartered Accountants (SAICA).
TOTAL BUDGET AND FUNDING TIER
funding Tier 3
Total grant amount being request; 80,500 USD
AngelBlock applies for the grant to undertake development efforts as well as to support an initial raise for a startup appointed by Conflux and verified by AngelBlock validators.
Implementation
• Adjust existing contracts for cross-chain raises.
• Prepare escrow with communication logic on Conflux network.
• AngelBlock platform integration with Conflux network for seamless user experience (backend and frontend) - connecting Conflux wallets, communication with smart contracts.
• AngelBlock bridge to transfer raise results message.
Delivery milestones
The scope defined above will be delivered in 3 parts:
Milestone 1:
Underlying logic readiness:
• Adjust existing contracts to allow for cross-chain raises.
• Prepare escrow with communication logic on Conflux network.
• AngelBlock bridge to transfer raise results message.
Milestone 2:
User interface design and implementation phase:
• AngelBlock platform integration with Conflux network for seamless user experience (backend and frontend) - connecting Conflux wallets, communication with smart contracts
Milestone 3:
Fist startup onboarding:
• Business & Marketing support for the startup.
• Design assets adjustments.
• Raise configuration on AngelBlock platform.
Costs
PROJECT INFORMATION
AngelBlock is a platform that secures token sales with smart contracts for fundraising, vesting, and (what’s most important) release of funds to startups only when promised development milestones are actually delivered (on-chain capital protection).
Here is a video showing the investment flow, functionalities and UX of the platform: https://www.youtube.com/watch?v=yPLpReqyJZA&t=1s
400 KYCed users, 2 successfully completed raises, 9300 followers on Twitter, 1470 Discord members, 1930 Telegram members.
With Your grant we want to bring fair crypto investments to Conflux. With the cross chain bridge, delivered by AngelBlock team, startups building their smart contracts and tokenomics on Conflux will be able to fundraise on the network with the largest liquidity available - Ethereum blockchain, bringing more capital and new users to the ecosystem.
In the current blockchain landscape, projects looking to raise funds on Ethereum and operate on EVM-compatible chains face significant hurdles. The lack of interoperability and seamless communication between chains often results in fragmented user experiences, increased complexity, and higher costs. This not only stifles innovation but also limits the potential for projects to maximize their reach and efficiency.
Competitors:
We have a list of all platforms that offer SOME functionalities or services that we plan to. There are about 20 of them. We analyzed what they are doing, their UX/UI, functionalities, community, projects they list and/or cater to, how they present them, their approach towards the raises etc. to identify if there is something for us to consider. In short, there is nothing that comes close in terms of functionality (assuming all features are developed and implemented in AngelBlock, which has always been the goal) - closest competitor would probably have approx. 45-55% of our total functionality, if that.
As an example we can name:
*Republic.com
We analyzed this one early on. Not possible to invest directly (only through intermediary entities), no liquidity for your investment after the raise (legally not allowed to sell your investment for 12 months), absolutely no support after the raise (!) – the raise ends their relation with startups and investors.
Also we think that it is unfair misinformation on their side to say that “Republic is an investor in each startup on our platform—we stand behind our companies and consider them partners” – what they meant in practice is that they take 6% of the total amount raised and 2% of the securities offered in a successful financing.
*launchpool.xyz
We are looking closely at them. We even discussed them during our last hackathon as they have some good solutions but also some significant shortcomings.
They lack information about the projects (they publish only standard info from whitepaper). Looks like they are not doing enough due diligence on startups or just not sharing it with the community. Also, like with many platforms similar to them, there is a total lack of transparency regarding the raises. We first encountered this problem with our good friends at Coinfirm (KYC / AML solution) that did a raise via bnktothefuture.com – Paweł Kuskowski, the CEO and founder told me that the amount raised and the amount communicated as raised via the bnktothefuture.com website were two totally different sums. For all we know it may be similar on Launchpool and every other launchpad in the sector. We think that it is important to provide a broader look on the projects’ chances to succeed on the market, details on the team, some of OUR insights delivered to investors from the perspective from experienced third parties, and not just to give space for startups to advertise.
One more thing that seemed interesting at first but breaks away from AngelBlock’s ethos is the token functionality. In Launchpool, you need their tokens in order to stake them > staking amount + time directly translates into how much you are able to invest in a given project that is currently raising. No token, no stake = no investment. This contributes further to the “rich get richer”, closed VC circle narrative that we are trying to break and democratize fundraising within this space. We’re much bigger fans of token features that promote inclusivity rather than exclusivity (i.e. Binance does this in a great way) - you should WANT to have the token because of all the benefits and perks it provides rather than being forced into using it because a platform or protocol essentially won’t allow you interact with it if you don’t have the token.
ECOSYSTEM FIT
AngelBlock is proposing a solution that will enable projects to fundraise on Ethereum and effortlessly create smart contracts on Conflux. By utilizing the Layer 0 protocol as the foundation, we aim to build a bridge that facilitates the transfer of messages between Ethereum and EVM-compatible chains like Conflux.
Key Benefits:
Interoperability: Our bridge will allow for seamless interaction between Ethereum and Conflux, enabling projects to tap into the vast Ethereum ecosystem for fundraising while enjoying the unique benefits Conflux offers for smart contract deployment and execution.
Simplified User Experience: By providing a unified interface for cross-chain interactions, we will streamline the fundraising and smart contract creation process, making it more accessible to a broader range of users and developers.
Cost Efficiency: Our solution will reduce the transaction costs associated with cross-chain operations, making it more economical for projects to raise and deploy capital across different blockchains.
Enhanced Liquidity: By connecting Conflux with Ethereum, we will open up new liquidity avenues, increasing the capital flow and investment opportunities for projects on your chain.
Security and Trust: Leveraging the robustness of the Layer 0 protocol, our bridge will ensure secure and reliable message passing, fostering trust among users and investors.
We want to submit this proposal within your grant program. By collaborating with AngelBlock, we can assist in opening a fundraising portal, offering your community a cutting-edge solution for fundraising and smart contract management.
