# SPRINT-1 (May 15th to June 15th)
## Tangle Treasury Committee Working in Sprints!

:::success
Not only is the pace of grant submissions increasing, but more importantly, the grant size requests are increasing. We are receiving grant requests of up to 500,000 USDT. The committee has shifted its strategy to review and approve grants in monthly sprints.

Why is this new strategy being implemented?

The committee can only fund some of the good grants we receive. If we decided to approve and fund every good grant we receive, the Treasury would run out of funds in a few weeks. Instead, the committee will collect grants over a four-week time frame (Sprint), and at the end of those four weeks, the committee will decide which grants are the best to fund.

Grants that do not get funded will be marked as "archived." Archived grants are positive ones the committee like; however, the Treasury needs a more considerable value overall to fund them. Archived grants will be re-assessed each quarter to see if the Treasury is at a point to support them.

Additionally, we are pleased to announce the approval of grant TCT-34: Introducing Coordinape for the Incentivization of Content Creators. Moving forward, after June 15, 2023, all content creator proposals received will be referred to the Coordinape community-empowered content creator group. We look forward to public announcements from the grant submitter and group admins. Read below for a summary of why the committee chose not to fund community content creators directly anymore but instead support a decentralized group and offer monthly SMR airdrops!
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## 📈 SPRINT-1 SUMMARY
Since May 15, the committee received twenty-three grants. Thirteen grants were included in Sprint-1 (May 16 to June 15), while twelve grants were moved to Sprint-2 (June 16 to July 15). Seven of the thirteen grants received during Sprint-1 were approved, one archived, and five declined. The committee approved 210,367 USDT in funding while also approving grants that will increase the treasuries token assets by receiving $Audit (AuditOne), $SOON (Soonaverse), and will acquire airdropped $BUILD (Build.5) tokens. These assets with a long-term vesting period are transferred to the Shimmer Community Treasury when the network provides that technical ability.

# :rocket: Approved Grants Summary

### 1. TCT-4-AuditOne - Smart Contracts for Risk Coverage Pools and Token Economy
#### Segment - Utility Applications
#### Tier II - 50,000 USDT

This grant supports the ecosystem with a platform that supports smart contract security. Even today, we regularly hear projects' getting hacked. As Shimmer EVM and smart contracts go live on the Shimmer mainnet, the ecosystem must have a provider to offer smart contract security auditing and an insurance pool. AuditOne states that a complete security infrastructure consists of more than just audits. Instead, it includes insurance pools that likewise give liquidity providers meaningful use of their tokens and detailed tokenomics that consists of the entire security community from Auditors to risk providers.

We also appreciate AuditOne's commitment and appreciation to the Community Treasury by pledging 0.5% of their token supply to the Tangle Community Treasury.

Checkout their website at: https://www.auditone.io/

### 2. TCT-15: Unleashing the Power of 3D for Shimmer NFTs
#### Segment - Web3 Applications
#### Tier II - 8,000 USDT

The team proposes incorporating Shimmer NFTs into ID8R, allowing collections to import and personalize their favorite NFT. This grant will support the team in developing their self-sustainable project and work towards branching out to other ecosystems. The committee endorsed this grant for its unique ecosystem feature, and they are building a website that will integrate with different ecosystems. The Tangle Treasury allows the committee to take a few chances and see if something unique takes off.

We look forward to seeing NFTs in 3D!

Check their website out at: https://id8r.com/

### 3. TCT-19: Tangle Bay - Infrastructure & Services
#### Segment - Developer Tooling
#### Tier I - 5,000 USDT

The committee is happy to approve TCT-19: Tangle Bay - Infrastructure & Services! A decentralized ecosystem can not thrive without Nodes! Since 2018 Tangle Bay has provided public APIs, entry nodes, runs the SWARM project, and much more.

Even for a Tier One amount, Tangle Bay still took the time to submit a well-detailed proposal. We can't express enough how vital entry nodes and public APIs are to an ecosystem. Public entry points offer redundancy and builder tools!

This grant will help Tangle Bay support the ecosystem by providing public API for IOTA & Shimmer, provide public entry nodes, and public snapshots. These infrastructure tools are essential to a growing ecosystem.

Checkout Tangle Bay and their project at https://www.tanglebay.com

### 4. TCT-21: The Soonaverse - Open Sourcing Initiative
#### Segment - Web3 Applications
#### Tier III - 100,000 USDT

The committee knows the Soonlabs team's fantastic job in building up and expanding our ecosystem. They built an impressive NFT, Token, and DAO ecosystem, the only team in our entire ecoverse to create such a project on top of the layer one Shimmer network. More importantly, the Soonlabs team did this during an extreme bear market that perpetually continues.

At the time, the committee was under NDA. Before approving the grant, the committee was told of the collaboration between Spyce.5 and Soon Labs, which would evolve into Build.5. This grant would support open-sourcing the front end and help Soon Labs finalize establishing the Build.5 collaboration.

Additionally, given that Soon Labs had completed a funding round with their NFT sales, the committee accepted terms in which the Treasury would provide liquidity by buying $SOON tokens, which will also be used to collect the equivalent $BUILD tokens. Just as AuditOne pledged their support, so did Soon Labs, and the committee much appreciated that these assets could be used to fund more projects within our ecosystem.

Check out Soonaverse at www.Soonaverse.com and read about the Build.5 collaboration at https://build5.com/blog/build5-intro/, or check out the website at https://build5.com/.

We are excited to see what this collaboration can build and how they can bring Enterprise adoption to our space.

### 5. TCT-23: Shimmer - Qt/C++ Development Community
#### Segment - Developer Tooling
#### Tier III - 13,000 USDT

This proposal aims at creating a QT/C++ library for Shimmer L1, including documentation, example code, and a tutorial video aimed at developers.

Improving the developer experience in the IOTA/Shimmer space is very much in line with the goals of the Tangle Treasury, and adding a native C++ library to the currently existing Rust library helps decentralize developer resources and adds convenience for C++ developers.

Mesrine is well-known in the space from previous projects and is known to be capable of completing this project.

The committee understands that libraries are needed in our space, though the risk is whether these libraries are maintained and kept up-to-date. There is no assurance, nor does the Treasury want to fund the multi-year management of such a library. However, the Treasury believes it is a good idea to support the creation of a library and see if the community uses them. It's known that if a library is used enough, the economic incentive is there to maintain such a library to support the projects built using them. We want to help the potential ignition of a dev tool that will create a new ecosystem space or sector that may explode and thus expand the ecosystem. The risk is that no one will use the library, which would lead to a library that isn't maintained. Sometimes the only way to find this out is to create it or fund it and see its effect.

We look forward to seeing how this library can help builders in our space and hope to see applications built that incentives maintaining the libraries.

Check out the grant proposal at https://drive.google.com/file/d/1OreNx0aesdrQuHYCIU9wbD3c_ZbxNjnv/view.

### 6. TCT-24: Introducing Coordinape for the Incentivization of Content Creators
#### Segment - Marketing & Content

#### Tier II - 26,947 USDT

The Tangle Treasury committee quickly realized that we could better value content creators from inside our ecosystem. Regarding content, few data points equate to rapidly showing that such content has grown or can grow the ecosystem. Additionally, we found that several grants were content-focused and thus creating costs for the Treasury for the committee to vet and review these grants.

One foundational concern that had the group's majority consensus is that our ecosystem's content creators should be supported and incentivized somehow. Particularly a way that benefits both the creators themselves and the Treasury.

After issuing the RFP https://www.tangletreasury.org/rfp-detailed?recordId=recO1vih6JBCdzB8a IOTA Penguin, who is one of our ecosystem content creators, they have submitted the Coordinape incentive proposal. The committee finds this solution intriguing! By using Coordinape (https://coordinape.com/), a web3 decentralized platform to complete work activities, build reputation, and manage a global workforce. Using the Coordinape dashboard streamlines the proposal submission process and eliminates the need for content creators to individually submit proposals to the Tangle Treasury. Through this system, Coordinape enables quality assurance by use of a reputation system to assess the quality and credibility of content creators. This system ensures that only trusted and qualified creators are engaged, maintains a high-quality standard, and, most importantly, empowers the community!

Most importantly, the Tangle Treasury understands there will come a day when the committee is no longer needed, or the IOTA Foundation does not take on such ecosystem activities as community management, technical protocol management, governance oversight, etc. It will be up to the community to take on these activities, and we must ensure the longevity of Treasuries to empower the community to be that paid workforce. This grant can test a small group of community members to manage ecosystem activities, such as content creation. If this endeavor is successful, we can see this expanding and creating community guilds to incentive moderator groups, community developers, regional ambassadors, etc.

The committee is happy to use 10% of the Treasuries marketing & content budget (446,150 SMR) to offer as incentive Airdrops for six months. We look forward to seeing these funds empower community members. Not only does it enable members, but it also saves on treasury administrative costs and prevents the committee from overpaying for content grant proposals. This grant will save the Treasury costs and give the community some autonomy.

You can read the detailed proposal here https://www.tangletreasury.org/proposal-detailed?recordId=rec63EFEcvAWD6BNP.

### 7. TCT-37: Everything Tangle - Focused Marketing

#### Segment - Marketing & Content

#### Tier I - 2,420 USDT

Everything Tangle did a great job on the first two of three videos he created for the ecosystem. Everything Tangles high-quality work can be seen at the below links, and we look forward to the third video for TCT-1 grant proposal.

Everything you need to know about Shimmernet (https://twitter.com/allthingstangle/status/1653747090412142593?s=20)

Firefly for IOTA and SMR is a game changer in the world of digital wallets (https://twitter.com/allthingstangle/status/1663447536265478144?s=20)

We approve TCT-38 and secure Everything Tangles services when EVM launches. The committee at that time will decide on a specific content idea to create a video about and will try to release this when new users come to the ecosystem.

You can view all of Everything Tangle's work at https://www.youtube.com/@everythingtangle.

### 8. TCT-38: Spec Weekly - IOTA/Shimmer Edutainment

#### Segment - Marketing & Content

#### Tier I - 5,000 USDT

As the Coordinape / content creators grant fund was approved, all future content creation grants shall be directed to the Coordinape group. We are pleased to approve and fund the final content creator grant proposal directly by the Treasury, TCT-38, supported by Kutkraft.

Kutkraft has created some amazing content over the past years. He helps inform us of ongoing IOTA and Shimmer developments while keeping it entertaining. This excellent will further support Kutkraft by delivering 12 more Episodes of Spec Weekly.

We look forward to seeing more high-quality content while we wait for EVM to go live on the Shimmer Network.

If you still need to watch his videos or subscribe, go to https://www.youtube.com/@SpecWeekly!

# :100: Conclusions

The Tangle Treasury committee is pleased to see the increase in proposal submissions. More so, we are delighted to see more and more grant receivers pledging to give back to the community. As we enter Sprint-2, the committee's focus will be preserving the Treasury during difficult market downturns as we are experiencing. Additionally, as EVM and the DEFI explosion approaches, we will focus on supporting the coming DEFI Cambrian explosion.