[Proposal , approved by HoM] The Meteor Wallet Fiat-to-Crypto Initiative

NEAR Digital Collective HoM direct requests
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[OVERVIEW]

Proposal to fund the Meteor Wallet Fiat-to-Crypto Initiative to develop and leverage a robust in-wallet fiat onramp solution to reduce the barrier of entry for new users and liquidity into the NEAR ecosystem.

[AMOUNT REQUESTED]

$75,000.00 USD in $NEAR tokens.

[TARGET WALLET]

meteor-cash.near

[OBJECTIVES]

To drive the adoption of fiat-to-crypto conversion within the NEAR ecosystem by offering a straightforward, fee-free method for newcomers to convert $10 into USDC using Meteor Wallet. This initiative is designed to encourage continuous engagement and deepen user involvement. A key component of the Meteor strategy is to incentivize users who complete KYC with greater fee-free onramp limits, easing them into the Meteor platform’s features. Additionally, the Meteor team aims to boost the reliability and performance of their services by integrating Lava RPC.

[FIAT ONRAMP STRATEGY]

• Optimize Onramp Experience: The Meteor Wallet team is committed to enhancing their current fiat onramp flow to provide a smooth and efficient conversion experience directly within Meteor Wallet.

• Campaign for Simplified Crypto Entry: Eliminate entry fees to establish Meteor Wallet as the preferred entry point for the NEAR ecosystem newcomers.

• Incentivize KYC Completion: Users who convert $10 and successfully complete KYC verification will benefit from increased fee-free limits on their subsequent transaction, promoting platform engagement and regulatory compliance.

• Gradual Fee Introduction: After enjoying two fee-free onramps, users will encounter standard fees from their third transaction onward, gradually acclimatizing them to our fee structure while fostering trust and familiarity with our platform.

• Engage Users with ‘Harvest Moon’ Missions: These missions are designed not only to boost adoption of our fiat onramp service but also to gently Introduce users to the DeFi space progressively.

[MILESTONES & KPIs]

• User Onboarding: Onboard at least 10,000 users with a subsidized, fee-free onramp, positioning Meteor Wallet as an attractive go-to fiat onramp.

• Engagement and Retention: Implement a rewards system that incentivizes continuous interaction and deeper integration with our services.

• Infrastructure Reliability: Successfully integrate Lava RPC to enhance the performance and reliability of Meteor Wallet, ensuring a seamless user experience.

16 Likes
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https://near.org/astraplusplus.ndctools.near/widget/home?page=dao&tab=proposals&daoId=congress-hom-v1.ndc-gwg.near&proposalId=176

3 Likes
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Can we see a breakdown of expenses by item?

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  1. Fiat Onramp Subsidies: $38,500
  • This covers the fee subsidies for two transactions per user:
    • A $10 transaction for 10,000 users.
    • An additional transaction up to $100 after KYC completion.
  1. Team Fund (Engineering, Design, and Marketing): $36,500
  • The remainder of the budget supports the team in improving the platform, including technical development, user experience design, and marketing strategies to promote adoption.

The anticipated average fee for fiat on-ramping will be approximately 3.5% of the transacted amount. However, this rate may vary based on the user’s location and the specific on-ramp method chosen. Due to differing laws and the availability of service providers across various jurisdictions, the on-ramp methods offered will vary.

The allocated $38,500 is set to cover the fees charged by service providers, facilitating Meteor’s initiative to significantly reduce the entry barrier for new users. This subsidy is projected to introduce at least $100,000 in new liquidity through the initial $10 transactions for 10,000 users, followed by an additional $1 million from the subsequent $100 transactions after KYC verification.

Ultimately, this campaign aims to onboard at least 10,000 users, bringing over $1.1 million into the ecosystem with complete KYC. These users will gain the necessary familiarity with the platform to continue engaging in fiat on-ramping activities.

It’s crucial to highlight that the subsidies provided are specifically for covering the service provider fees for fiat conversions, not for covering $NEAR blockchain network gas fees.

4 Likes
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You want to cover 2 transactions for 10 000 users and spend 38.5K for it? what is the cost of 1 transaction then?

2 Likes
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  1. Cost for the First Transaction ($10 for each of the 10,000 users): $3,500
  • This covers the fee subsidies for the initial $10 transactions for all users.
  1. Cost for the Second Transaction (Up to $100 for each of the 10,000 users after KYC completion): $35,000
  • This covers the fee subsidies for transactions up to $100 after users complete KYC verification.

Together, these subsidies aim to ease new users into using the wallet by offering fee-free transactions, initially for a $10 transaction, followed by an additional transaction of up to $100 after KYC completion, with a total subsidy cost of $38,500

The anticipated average fee for fiat on-ramping will be approximately 3.5% of the transacted amount. However, this rate may vary based on the user’s location and the specific on-ramp method chosen. Due to differing laws and the availability of service providers across various jurisdictions, the on-ramp methods offered will vary.

The allocated $38,500 is set to cover the fees charged by service providers, facilitating Meteor’s initiative to significantly reduce the entry barrier for new users. This subsidy is projected to introduce at least $100,000 in new liquidity through the initial $10 transactions for 10,000 users, followed by an additional $1 million from the subsequent $100 transactions after KYC verification.

Ultimately, this campaign aims to onboard at least 10,000 users, bringing over $1.1 million into the ecosystem with complete KYC. These users will gain the necessary familiarity with the platform to continue engaging in fiat on-ramping activities.

It’s crucial to highlight that the subsidies provided are specifically for covering the service provider fees for fiat conversions, not for covering $NEAR blockchain network gas fees.

6 Likes
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Is there a retrospective available for previous funding received by this organization from the NDC?

3 Likes
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Please see here:

5 Likes
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Are you referring to the $25k Meteor received retroactively for for integrating ledger support and missions/challenges as outlined in the following proposal?

https://near.org/astraplusplus.ndctools.near/widget/home?page=dao&tab=proposals&daoId=congress-hom-v1.ndc-gwg.near&proposalId=72

I am of the opinion that they’re self explanatory, and since the grant was awarded retroactively upon meeting the proposal requirements, that no additional reporting is needed. However, if additional reporting is requested by HoM to approve or CoA to not veto, then i am happy to work with the Meteor team to generate additional documentation.

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Screenshot_20240408_120153_Calculator
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2 Likes
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Have you already selected a service provider for this and will it be a full third party integration like ramp.network? I know they offer a fiat → crypto integration for NEAR but the fees seem fairly expensive, especially for smaller purchases (like $10).

Or do you plan to deal with payment providers directly and build your own on-ramp?

3 Likes
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Great proposal

We need to have new users coming in…this is a way to entice them in.

Now we also need to have a look at how to easily find a list of Near projects that are building in the ecosystem

Near catalog is the closest thing we have to replace awesomeNear which really got me to stay on Near the first time I discovered it. A centralised tourist info point for newcomers

4 Likes
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Perfect. This was exactly what I was looking for :pray:t5::smiling_face_with_three_hearts:. Just making sure it is here/somewhere :sweat_smile:

No need for an additional report @odin :revolving_hearts:

4 Likes
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I’d love to see this passed for approval

4 Likes
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Thanks for this proposal,

Can you please clarify if Meteor is developing the on-ramp solutions, including KYC, in-house? Or are they integrating an established on-ramp provider such as Banxa? (there are lot’s of options)

How may we design the campaign so that:

  1. Users can be targeted. The value of each user acquisition is not the same. We know the fixed cost of acquiring them but how can we estimate what the lifetime value if the user will be for the network?
  2. Beyond activation, retain the user. My concern is that a lot of ‘low value users’ will go through a series of simple steps to ‘receive free money’ and thens disengage. Expanding on the above, how can we ensure that the incentives are offered to the most valuable users. Some ideas:
  • Aim to become the main on/off-ramp of users with a minimum of X trading volume on REF/Orderly, etc. Logic here is to become the go to solution for already heavy users, get a recurring active base to support the system (this creates a separate series of questions around fees and sustainability of the project beyond this grant)
  • Offer the financial incentives retroactively: KYCing and on-off/ramping make you eligible. But money only accrues over time ( and based on volume?) i.e.: on/off-ramp X$ over X period and you’ll receive a bonus (real world example: AMEX offers you $450 travel bonus on the first year anniversary of your card, only after your’ve paid the yearly subscription)
4 Likes
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Really like your proposal, let’s see how it goes :slightly_smiling_face:

3 Likes
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Love the project. Team is one of the most active on NEAR. Quality project, would love to see more support!