Landslide is requesting a retroactive grant of $700,000 for our project that has successfully connected Avalanche Teleporter with the Inter-Blockchain Communication (IBC) protocol. It's important to note that this entire amount has already been invested in the project's development, demonstrating our commitment to advancing the Avalanche ecosystem.

The requested $700,000 was entirely allocated to software development and research and development (R&D) activities. Here's a detailed breakdown of how the funds were utilized:

1. Core Development (approximately 60% of budget: $420,000):
   - Creation of LandslideVM: $140,000
   - Implementation of full IBC protocol stack: $140,000
   - Development of open-source AVAX light client for Cosmos: $140,000

2. Security Enhancements and Audits (approximately 20% of budget: $140,000):
   - Implementation of robust security measures: $70,000
   - Comprehensive audits by Halborn and Oak Security: $70,000

3. Research and Innovation (approximately 15% of budget: $105,000):
   - Exploration of novel approaches to blockchain interoperability: $52,500
   - Integration of Avalanche's consensus with Cosmos' Tendermint Core: $52,500

4. Testing and Optimization (approximately 5% of budget: $35,000):
   - Comprehensive testing procedures: $17,500
   - Performance optimizations, including gas usage improvements and efficient mempool management: $17,500

This allocation of resources has enabled us to deliver a groundbreaking solution that significantly enhances the Avalanche Teleporter ecosystem. The retroactive nature of this grant request underscores our team's belief in the project and our willingness to invest our own resources to bring this innovation to fruition.

Our efficient use of funds has resulted in a product that not only meets but exceeds the objectives of the Teleporter Grants program, creating value for the Avalanche community, enhancing user experience, and driving the adoption of Avalanche Teleporter.