1Hive GRT Grant Funding

Overview

1Hive has been granted GRT to help fund our migration to The Graph. Funds will pay for the migration work and the ongoing query fees after migration.

It'll also be a good idea to curate our subgraphs so indexers are incentivized to index them, and use idle GRT to earn fees either by indexing or delegating to an existing indexer.

Let's collaborate through this doc to plan how to use these funds.

Amount Received

GRT is granted per product based on the subgraph volume for each, with a portion sent upfront and a portion vesting over 4 years, paid out quarterly:

Upfront GRT Received: 130k
Upfront GRT in USD: $9,750

Breakdown of upfront GRT by product:

• Honeyswap: 100k
• Gardens: 30k
• Quests: TBD

Vesting GRT Received: 170k
Vesting GRT in USD: $12,750

Breakdown of vesting GRT by product:

• Honeyswap: 150k
• Gardens: 20k
• Quests: TBD

USD value is based on current GRT price (13 January): $0.075

Use of Funds

For simplicity, we can consolidate all GRT in the Gardens Gnosis Safe on Gnosis Chain and fund all migration work, query fee payments, and indexing/delegating for all products from that safe.

The portion of funding to be used for work needed to migrate subgraphs can be converted to xDAI so it isn't exposed to market changes on GRT price.

Proposed Use of Upfront GRT:

• Convert to xDAI: 30k GRT / 23.0% / $2,250
• Subgraph curation: 50k GRT / 38.5% / $3,750
• Query Fee Account: 20k GRT / 15.4% / $1,500
• Delegate to Indexers: 30k GRT / 23.0% / $2,250

Stuff to know:

• We don't have a good idea of expected query costs yet because of Honeyswap subgraphs are being spammed. We can limit this on The Graph with IP Whitelisting.
• Delegating instead of indexing is less work, but comes with 28 day lock-up period for un-delegating. We should hold off delegating tokens until we have a good idea of monthly query fee costs.
• We can decide how to use quarterly vested GRT when they are distributed, based on how monthly query fees, price of GRT, and delegation APR % look.