Neutron Grants Program Batch #3 — Asteroid<>Neutron Bridge

Thesis

We have decided to award a $105,000 grant to Asteroid Protocol, the inscriptions protocol on Neutron, to build a bridge to Neutron for their native fungible tokens (CFT-20s). Inscriptions have seen strong traction on Bitcoin, and Asteroid's inscriptions are a new and strong use case for the Cosmos Hub. Allowing Asteroid to leverage Neutron's smart contracts and native DeFi ecosystem is a natural synergy and we believe this will only help grow both Asteroid Protocol as well as Neutron's DeFi ecosystem.

Summary

Asteroid Protocol allows anyone to permanently publish content directly (in the form of inscriptions) onto the Cosmos Hub blockchain, where it will live on in perpetuity. Developed in collaboration between Delphi Labs and the Astroport Foundation, the framework brings inscriptions and fungible tokens to Cosmos Hub and a chain that doesn’t natively support tokens or smart contracts by design. CFT-20 tokens and Asteroid NFTs can be deployed, minted, and transferred directly on Cosmos Hub. However, they cannot be transferred via IBC to other blockchains because the Hub does not support smart contracts.

Grant Deliverables

The deliverables are as follows:

• Development and launch of the exclusive and default CFT-20 Asteroid Bridge to Neutron mainnet and completion of applicable KPIs as mentioned in the milestones

For Milestone 1 completion, the criteria are as follows:

• Deployment of CFT-20 Bridge on Neutron on Mainnet (along with associated infrastructure and bridging application)

For Milestone 2 completion, the criteria are as follows:

• Completion of the following KPIs:
  • $2M in CFT20 liquidity (excluding whatever they're paired with, which essentially means a total of $4m in fresh liquidity)
  • Aggregate CFT20 trading vol of $10m

Grant Payment Terms

• Upfront Payment: $31,500 USDC
• Milestone 1 Payment: $42,000 USDC
• Milestone 2 Payment: $31,500 USDC

Further information

• Website: https://asteroidprotocol.io/
• Social Media: https://twitter.com/asteroidxyz
• Bridge Design: https://docs.google.com/document/d/1S2u2xnidRBy6Vbx5QF1fsnpSw6WP-ih84zN2XWooneI/edit?usp=sharing
• Documentation: https://delphilabs.notion.site/Asteroid-Protocol-Docs-c3fb7993254b4c2e814c42e76a1acec3