⚖️Project Vetting and the Cosmic Council

Eclipse pad will set up a DAO council tasked to vote and vet projects wanting to IDO launch on Eclipse.

The council will consist of a mix of core team members as well as trusted and experienced community leaders which have a strong experience in investments and startups.

Teams will have to submit a proposal that will be thoroughly vetted first by the team in-house. We then have an external team of tokenomics and due-diligence experts who will create a public investment report, which will be published publicly.

After passing this vetting, projects will be passed to the Cosmic council for a final tick of approval and vote. In the future, full community governance will be set up to vote on projects launching on Eclipse Pad.

A checklist of factors in the project vetting process to be considered will include:

Leadership team, experience, structure, backers, and advisors

The first step of this is team verification, anon founders to the public are fine but they must be verified/doxxed by the Eclipse team, with KYC/KYB.

We will also look for team structure, the experience of the team, and if there are any notable advisors/accelerators/foundations backing and supporting the project.

Is the team just a few developers with limited leadership or business experience? Or a team with experience in their various sectors.

VC and angel backing/funding

This is pretty key as it covers a fair bit of the due diligence, public optics, and the ability for the team to sustain themselves and scale from funding and runway.

Quality VCs behind a project will give the stamp of approval that they have taken all the steps to get funding. We will take any DAO funds and strategic angels into considerations too.

Clear roadmap with clear milestones

How is the team thinking into the future? Have they got a rollout plan and are they goal driven with clear and defined milestones in place to hit. We do know that timelines change, but the more detail and specific the better.

This we will be able to communicate on the research page of the whitelist page from the project.

Business, revenue, and tokenomics model.

This one is huge to us. Going into the future, projects that capture revenue and network effects will be the ones to prosper. Not projects that survive off endless inflation and no value.

We will look at the token value capture model, business model and plans for generating and capturing real revenue or network effects.

Emissions schedules, vesting, cliffs, and allocations

We will look at this factors to make sure sufficient thought has been put in to protect the community, and help to mitigate against dump-pressure. Sufficient cliffs, token allocations and vesting periods are required.

Legal structure, legal focus.

We will take into consideration the effort the team has put into legal counsel, especially around securities laws and doing things properly + proper entity set up.

Market/competition research, clear USPs, market opportunity, narrative

What is the problem and market gap this project is solving? Have they done the proper research and is it backed up by data? How do they stack up against the competition and what differentiates them. Is the market saturated? What is the market opportunity and capturable slice of the pie in their market? What are the unfair advantages?

Do they have a strong narrative/positioning? Have they built a strong vision.

Narratives and a strong vision are key parts of building a strong platform and community. Have they thought about this? Do they tell a strong enough story to rally a community base of loyal users who also believe in the vision? Do users understand the product, problem it's solving and the vision clearly?

Go-to-market strategy, user acquisition plan, plans for scaling

Development is great, but have they allocated any thought or resources to marketing and acquiring users past simpling launching on the pad? What is the go-to-market plan/strategy?

Have they thought ahead about scaling their userbase and how they will grow?

MVP product built

What has been built so far? We do not want to be launching projects which just a token and nothing else. Not everything need to be built, but they need atleast a usable MVP ready to go.

Launch valuation

This piece is very important in launching to the public, as we want to ensure good launch terms for our community. Projects who have performed raises at very inflated valuations do pose a risk of dropping significantly post-launch. So this is a factor we will take into account when considering launches and negotiating terms.

Projects which are not yet ready to be approved for launch on Eclipse Pad, may be directed to either an alternative launchpad (when there are more in the Cosmos) or an alternative launch method. We will also direct projects to go through the Eclipse Accelerator program to fine-tune and enhance the pieces that need work to be approved for launch.

Many projects will come through the accelerator first, making sure they are ready to be able to pass voting and launch.