Automated vesting solution on NEAR

Development Proposals
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Bearverse team proposes to develop a Vesting Portal - an open-source automated vesting solution available under the MIT license to projects built on NEAR. It is a smart contract that was programmed to create and facilitate the disbursement of the periodic release of some amount of tokens to a loss of eligible wallet addresses.

The Problem
Token vesting can be executed in two ways: via automatic vesting or manual vesting.

Here are the five challenges that beset manual token lockup:

  1. Excessive Transaction Fees
    Since manual vesting is operated one after the other, the transaction fees pile up and eventually become excessive.
  2. Time-Consuming
    Many people participate in a project – the core team, partners, advisors, and pre-sale investors. Depending on the project, the team and advisors are always around 50, while the pre-sale investors may be up to 4,000.
    With this vast number, an attempt to manually distribute these tokens would consume much time.
  3. Hight mistakes probability
    Anyone who makes crypto transactions regularly will agree that mistakes are prone to occur. In other words, the consequences of those mistakes can be a steep price.
  4. Possibility of Foul-play
    Protects an investor in a trustless way. Nonautomatic vesting is a weak point since the founders themselves are part of those whose tokens have been vested.
  5. Vulnerability To Cyber Hackers
    The founders are often in charge of the wallet, which can be risky. Manually token vesting is more vulnerable and quite inadvisable.

Advantages of an automated vesting
Projects will benefit from the NEAR Vesting Portal because it is:

  1. Automated
    It will save time, energy, and resources. At the right time, each investor can go to the vesting portal to claim their tokens without congestion.
  2. Faster
    Locked-up tokens can be claimed faster with an automated vesting pool because the smart contract will release everyone’s tokens immediately it is requested.
    Investors always appreciate it when they get their claimed tokens on time. It makes them believe more in your project.
    When each investor requests to claim their token, the smart contract carries out internal checks to verify if such a person is vested. If this is confirmed, the tokens will go to the claimant’s wallet in minutes.
  3. Fee-friendly
    It would help if you cut unnecessary costs on fees. Pre-built portal allows paying fees once because the smart contract will disburse the tokens together. If the custodian of the vesting schedule pays 5000 investors, they will pay a $1 transaction fee every time.
  4. More Secure
    Tokens are more secured on a vesting system than in some wallets. Comparing statistics, the number of hacked wallets is way more than the number of hacked vesting portals.
  5. Transparent
    A regulated-by-code vesting procedure will make you 100% transparent to your community.

How does it look like:

  1. https://brokolinetwork.medium.com/how-to-claim-your-brkl-on-october-5th-489b58b18916
  2. https://arcadenetwork.medium.com/how-to-claim-your-arc-a-guide-to-arcadenetwork-vesting-portal-1ced4e1214f5

Our team will develop and test the portal based on our natural world case. Bearverse will be using this solution to secure the quality of the final product and grant the development and community support to the solution.

Estimated development time incl. testing: 2 months.

Total Ask: 10K NEAR

1 Like
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Hey!

This sounds awesome :tada:

Who are you making this funding request to?

This could only realistically be funded by a grant.

Doesn’t Roke.to already achieve this? And NEAR lockups are already powered by a SC

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Thank you for the fantastic references! We studied the Roke.io lite paper and GitHub, plus checked the SC documentation you provided. I’m glad we are a part of the community that cares about user experience.

Our solution focuses on vesting for many addresses, while Roke.io focuses on vesting for only one recipient, and suppose the project team (token emittent) should take operations & expenses.

As I described in the proposal, there is a need to automate vesting for thousands of investors and community members.

The interface should also be oriented to the mass market side and made for different user flows depending on the user category (seed, private, public, advisor, community member, etc.).

Projects can also implement the news feed of the project to offer token utility or staking to the mass investor in the future, upgrading their portal to the one-stop update point.

Bearverse address the proposal mainly to the Human Guild community since we already are a part of it. But all NEAR organizations can benefit from the solution.

We request the 10k NEAR grant from the human.sputnik-dao.near and are open to supporting from other NEAR DAOs.

1 Like
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Do you think we should request a grant through the page you mentioned?

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If Human Guild are supporting then you should be all good - best of luck :beers:

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Thank you for the endorsement, David! I wish to share the progress with you on this later.

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