# TCT-21: The Soonaverse - Open Sourcing Initiative

## Approved with Conditions

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The Tangle Community Treasury has agreed to approve the Soonaverse grant proposal and support this with the condition of exchanging $USDT for $SOON tokens.
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## 📈 Summary

The committee spent two weeks disucssing this grant proposal. This was a unique grant submittal in the way that Soonlabs has already completed a token launch. After several discussions the committee decided to accept the grant as described below.

This proposal was presented to the treasury in which Soonaverse would build open-source code and tools in which to seperate the front-end with the back-end. With the BUILDAVERSE platform the building blocks for numerous new projects will evolve on top of the Shimmer and IOTA Networks. Further, not just individual developers, but BUILDAVERSE will allow for enterprise adoption.

The committee knows the amazing job that the Soonlabs team has done in building up and expanding our ecosystem. Not only did they build an impressive NFT, Token, and DAO ecosystem; but they were the only team in our entire ecoverse to be able to build such a project on top of the layer one Shimmer network. More importantly, the Soonlabs team did this during an extremem bear market.

## 🤔 Committee Considerations

### 1. Why does the team need funding if they have a treasury?

The committee asked one key question to the Soonlabs team, "Why does the team need funding if they have a treasury in place". The team explained to the committee how due to the bear market there is practically no liquidity in the market. Currently, $SOON tokens are only sold OTC or on the Bitforex exchange. Yes, the Soonaverse has a treasury to support development; however, if the team was to liquidate the needed funds this would completely crash the market and very negatively affect holders.

## :100: Conclusions

As the EVM recentlly went through a major battletest and is getting ready launch on the mainnet, there is a lot of positive momentum in our space. The committee discussed thoroughly and concluded that if we can, the treasury should support such positive momentum and avoid any potential negative news. Particularly negative news from potential slow progress of the most used platform in our space.

With further discussion the committee felt that because Soonlabs is offering their tokens at market rate in exchange for the grant this is a positive solution. Not only does Soonlabs get to keep their development progress moving forward but the treasury receives an appreciating asset. The committee considered simply granting Soonlabs funds gratis, but given the Soonaverse had a treasury we vetoed the idea.

As a final note, there is some information that the committee has reviewed and is currently under NDA. As per the framework before the final disbursement can be given all code and information must be made public. We feel once this information is revealed people will further understand the committee's decision.