[Secondary Proposal] ChainAPI retroactive July grants & incorporation

Team: ChainAPI

Amount: 48,990.26 USDC

Purpose: To wrap up all planned ChainAPI technical development ahead of NFT Keys launch and incorporate the project in a crypto-friendly regulatory environment.

Destination: 0x7F203F531E773340b720F5FF19B9ECBE5F31Cd3F

The destination is the ChainAPI, Inc. 2-of-3 multi-sig wallet managed by Andre, Burak and Heikki.

This proposal was created to retroactively cover ChainAPI team grants for the month of July. The grants total approximately 41,100 USDC. The associated development was deemed necessary by the team in order to deliver key features which facilitate the adoption of the integration platform by API providers. These culminate in the ‘NFT Keys’ access-provisioning feature and the associated integration, deployment and minting tooling for the ChainAPI platform. The ChainAPI multisig currently has a balance of 20,763.4 USDC, which means that we are seeking a further 20,336.60 USDC to cover the grants.

In addition to the retroactive July grants, the proposal includes a 20k USDC budget for the off-shore incorporation of ChainAPI, required to domicile the project in a crypto-friendly environment due to the tokenized nature of NFT Keys as an access gateway to Airnode-powered oracle services. Current plans for the jurisdictions include BVI and Cayman Islands.

Additionally, we request 4,200 USDC for one year of critical service subscriptions (350 USDC / month) necessary to continue to provide API3 with uninterrupted service as an Airnode integration platform, plus a 10% headroom for the total grant, to provide flexibility in case of unforeseen expenses incurred in wrapping up ChainAPI development and/or the incorporation process.

ChainAPI’s future
This proposal serves as a notice to API3 DAO that, beyond the grant sought in this proposal, ChainAPI does not intend to propose further grant funding from the DAO, and will instead aim to fund its operations through independent fundraising efforts going forward. Despite not seeking further grants, the project will remain an active and integral part of the API3 ecosystem, and will continue to support its needs as these pertain to facilitating the adoption and use of API3’s Airnode oracle solution.

As a matter of strategy, further development grants have been deprioritized due to the current focus of ChainAPI lying not in the technical development of further product features, but in gaining traction for the existing ones – meaning capital allocation from API3 DAO to the level of previous ChainAPI proposals has been deemed unnecessary. The anticipated marketing undertaking will be spearheaded by the launch of the already-developed NFT Keys product, which will take place when the remaining team determines the general market tides to be conducive to it. In the meantime, ChainAPI will continue to provide an integration and deployment platform for Airnode, and work on the business development objectives associated with NFT Keys without further grant funding.

In the event a token distribution event occurs, ChainAPI project management commits to providing a prorated share of the distributed equity/tokens to API3 DAO in return for the key support provided by API3 DAO and its Airnode oracle solution.