Stellar Network is an open source blockchain platform designed to facilitate global financial transactions. Its native token XLM (Lumens) plays a vital role in this ecosystem. With the launch of Soroban, Stellar’s capabilities have been further expanded, allowing developers to build more complex decentralized applications (DApps). To support these projects, the Stellar Community Fund (SCF) provides financial support for projects based on Stellar and Soroban. This article will discuss how to successfully submit an SCF application and improve the feasibility and impact of the project in the process.
1. Understand the technical background
Before submitting an SCF application, the team must fully understand the technology to be built. Examiners often find that many teams lack necessary research, which is evident in their applications. Therefore, it is crucial to demonstrate the technical capabilities of the team. You will need to explain in detail the technical components of the project and how they interact with Soroban and Stellar.
Provide technical details: In your application, use flowcharts and technical specifications to demonstrate the project's architecture and functionality. If you have published relevant code or demo videos on GitHub, please be sure to include a link in your application. Not only does this demonstrate your technical skills, it also showcases your team’s unique qualifications.
Value of prior experience: If you or your team have successful experience building on other blockchains, please detail this in your application. This will add points to your application and give the examiner confidence in your abilities.
Join the community interaction: Participating in Soroban and Stellar community activities, such as asking questions and providing feedback, can help you understand these technologies more deeply. At the same time, you can also gain valuable advice and experience from other developers.
2. Ecological impact of the project
In addition to technical details, reviewers will evaluate your project’s potential impact on the Soroban and Stellar ecosystems. You need to identify how your project addresses an unmet need in the ecosystem.
Identify market need: When creating your submission, think about whether your project offers a new tool or solution that fills an unmet need in the current ecosystem. If so, please indicate this clearly in your application.
Competition and collaboration: Research competitors and potential partners in the Soroban and Stellar ecosystems to learn how to stand out in the market. You can increase the impact of your project by collaborating with other projects.
User influence: The impact of your project on the target audience is also very important. Consider whether your users are beyond the scope of the Soroban and Stellar ecosystems, and how your project competes with other offerings in the Web3 space. Clarifying the reasons why users choose your project will help improve the success rate of the application.
3. Clear roadmap and deliverables
The application structure of SCF is different from the past. You need to fund a project that lasts about three months, and the deliverables need to be directly related to the integrated development of Soroban and Stellar.
Set a reasonable budget: If your project doesn't require a maximum budget, don't request a maximum amount. Develop a detailed roadmap of what the team can accomplish over the next three months and estimate the number of engineering hours required for each deliverable and the average hourly rate. Including this information in your application will help the examiner understand your budget needs.
Emphasize the first deliverable: Ensure that the first deliverable clearly reflects the goals of the project and contains technical components that interact directly with Soroban and Stellar. Reviewers will pay special attention to this deliverable because it is proof of intent for your entire submission.
in conclusion
By following the above best practices, you will be able to increase the success rate of your SCF application and lay a solid foundation for the development of your project in the Soroban and Stellar ecosystems. Understanding the technical details, assessing project impact, and developing a clear roadmap are keys to success. If you are interested in participating in SCF, it is recommended to join the relevant communities to obtain more information and support.
In this rapidly evolving blockchain space, seizing every opportunity will help you and your team stand out from the competition in the future. Let us work together to build a more open and connected financial world!