What are grants?
Grants are funds distributed by Echelon to a public body or another entity for a specific purpose linked to benefiting the Echelon ecosystem. Unlike loans, grants do not need to be paid back. These grants are intended to help accelerate and provide support for projects that already have a minimum viable product, prototype, or educational purpose. Echelon will not typically grant early-stage ideas without one of the above. However, one may be provided if a team or individual has good experience creating similar projects. The grant program encourages innovation, education, and growth of the Echelon Ecosystem.
Who can apply for an Echelon grant?
Community members can apply for a grant from Echelon to support the creation of products and/or tools related to or benefiting the ecosystem. Anyone from any background can apply.
How can you apply for an Echelon grant?
Quoting directly from the Echelon Prime Update, application submissions must include the following to be considered valid and complete:
Overview: This section highlights what the issue is.
Approach: This section outlines how and by whom the issue is solved.
Rationale: This section explains why the solution is appropriate and its benefit
to the $PRIME Ecosystem or the community.
Timeline: This section forecasts when the proposal could be completed.
Costs: This section provides an approximate cost for implementation.
Overview: This section highlights what the issue is.
Approach: This section outlines how and by whom the issue is solved.
Rationale: This section explains why the solution is appropriate and its benefit
to the $PRIME Ecosystem or the community.
Timeline: This section forecasts when the proposal could be completed.
Costs: This section provides an approximate cost for implementation.
How are Echelon grant applications processed?
All grants submitted must undergo a $PRIME voting process. This process has four steps:
Step 1
Step 1
Pay a fixed, non-refundable fee of 2 $PRIME to submit a grant application on echelon.io.
Step 2
Step 2
Reach the appropriate quorum [Prime Update section 2.4] over a two-week voting window to qualify. The top 3 grant applications that reach quorum per quarter will move to EP review. The remainder of applications that reach quorum, but are not in the top 3, will be wait-listed or reviewed at the EPs discretion.
Step 3
Step 3
Receive clearance from the Echelon Governance Board prior to implementation.
How are Grants Approved?
Grant applications that pass the $PRIME voting process and have moved on to EP review are evaluated based on: how clear their plan is in reaching their goal and how they will benefit the Echelon ecosystem. EPs may choose to work with applicants to refine their applications. Moreover, they always have the power to reject or provide partial funding as they see fit. If an application is approved, Echelon will agree with the applicant and document the awarded grant on Echelon.io.