Launch
Snowbridge is live! We've been up for ~ 2 weeks, running smoothly since launch, with no issues and usage is starting to grow.
If you're not familiar with it, it's a bridge between Polkadot and Ethereum that is designed and implemented to be fully trustless, with no multi-sig or third party involved. It&rsquo;s a major innovation for interoperability in the Polkadot ecosystem.
Snowbridge is one of the longest running and most complex public goods project in the Polkadot ecosystem outside of Parity itself, and many teams have eagerly awaited the launch.
We've also already finished off 3 - 4 integrations with other teams, and are expecting to ramp up integrations across all parachains over the next month before a wider growth and adoption program.
If you missed the launch, see more details in our blog announcement <a href="https://snowfork.substack.com/p/snowbridge-is-live" target="_blank" rel="noopener">here</a> and try it out yourself using the app <a href="https://app.snowbridge.network/" target="_blank" rel="noopener">here.</a>
Upcoming Treasury Proposal
With the launch done, we&rsquo;ve completed all our milestones from our <a href="../referendum/88" target="_blank" rel="noopener">original proposal in 2022</a> and are set up for the long term success of the bridge. In that proposal, our team and the Polkadot community agreed upon our expected milestone payments and incentives which totalled to ~$10 mil worth of DOT.
We are planning to put through a proposal next week that finalizes the payments for our 2024 completed engineering milestones, operating costs and team incentives. It also adds additional controls on those team incentives to ensure strong alignment between the team and the Polkadot community, and gives medium-term insurance guarantees to bridge users.
The proposal is long as it documents a lot of the work we've been doing over the last 2 years as well as future plans, but we're looking for any early support, feedback and discussion here before going live with the proposal.
The executive summary of the propsal is copied below, and the full proposal is here:
<a href="https://spinamp.mypinata.cloud/ipfs/QmZT1Q9QF45286CxM8qkDuGCr1VCkHQ1VCjFEe89khprH5">https://spinamp.mypinata.cloud/ipfs/QmZT1Q9QF45286CxM8qkDuGCr1VCkHQ1VCjFEe89khprH5</a>
(Note: exact numbers will be updated based on the Subscan EMA7 rate on the day of submission)
Executive summary
Total amount: 999568 DOT (~5,797,500 USD, based on the current Subscan EMA7 rate of 5.8), broken down into:
<ul>
<li>Immediate direct payout of 191379 DOT (based on $1,180,000)</li>
<li>Immediate 2-year vesting payout of 323275 DOT (based on $1,875,000)</li>
<li>Scheduled payout in 3 months of 161637 DOT (based on $937,500)</li>
<li>6 x scheduled payouts of 53879 DOT each, from Sept 2024 - Feb 2025 (based on $312,500 * 6)</li>
</ul>
Beneficiary Address: (will be updated when submitting the proposal)
Work covered:
<ul>
<li>Payment for auditing costs (both retroactive and future 2024 costs)</li>
<li>Sponsorship for light client relayer costs for 2024 (both retroactive and future 2024/2025 costs)</li>
<li>Payment for completed engineering and launch milestones</li>
<li>The first 6 out of 21 months of incentive payments, based on the schedule agreed upon in our original proposal, for longer term success in maintenance and development work on the bridge.</li>
<li>Insurance for users of the bridge and the wider Polkadot community.</li>
</ul>
Snowbridge, the first fully trustless Polkadot &lt;&gt; Ethereum bridge is live. We&rsquo;ve completed all our milestones from our original proposal last year and are set up for the long term success of the bridge.
Demo (on Polkadot): <a style="background-color: #0d0d0d;" href="https://app.snowbridge.network/">https://app.snowbridge.network/</a>
See the Completed Work and Future sections in the full document for a summary of our completed milestones, last year of work and future plans.
Our last successful proposal was in 2022, where our team and the Polkadot community agreed upon our expected milestone payments and incentives. The agreed total milestone payments and incentives totalled ~$10mil worth of DOT.
This proposal finalizes the payments for our 2024 completed engineering milestones, operating costs and team incentives. It also adds additional incentive alignment controls and medium-term insurance guarantees for the bridge. Further details on the payment and incentive structure, see the full document.
A summary diagram of payment flows:
<img src="https://i.ibb.co/b2NCyJb/sankeymatic-20240625-143319-1800x1200.png" alt="" width="640" height="427" />

Snowbridge Launch and Upcoming Treasury Proposal

- **Problem Statement:** Snowbridge, a trustless bridge between Polkadot and Ethereum, has successfully launched, and the team is now seeking support for a Treasury proposal to finalize payments for completed milestones and team incentives.
- **Significance:** The proposal aims to ensure the long-term success of the bridge by covering engineering milestones, operating costs, and team incentives, totaling approximately $5.8 million USD.
- **Proposed Solution:** The proposal outlines immediate and scheduled payouts for auditing costs, light client relayer sponsorship, completed engineering milestones, and incentive payments for maintenance and development work on the bridge.
- **Expected Outcomes:** By securing the proposed funding, Snowbridge aims to enhance user insurance, strengthen team alignment with the Polkadot community, and ensure continued development and maintenance of the bridge for future growth and adoption.

#2369 Snowbridge Launch and Upcoming Treasury Proposal