Arbitrum LTIP Grant Application
Application Template
SECTION 1: APPLICANT INFORMATION
Provide personal or organizational details, including applicant name, contact information, and any associated organization. This information ensures proper identification and communication throughout the grant process.
Applicant Name: Gandalf
Project Name: Bedrock
Project Description:
Bedrock is a non-custodial liquid restaking solution designed in partnership with RockX, a longstanding blockchain infrastructure company with strong roots in crypto staking. Designed to natively restake and harness additional EigenLayer rewards, Bedrock brings together institutional-grade security and additional yield to liquid staking ETH.
Bedrock offers a suite of products that include Liquid Restaking / Staking Tokens (LRT / LST) for Ethereum & IOTEX. Bedrock utilizes its universal (uni) standard to unlock liquidity and maximum value in PoS tokens, such as ETH & IOTX, with existing liquid staking tokens called uniETH & uniIOTX.
Bedrock’s universal token model represents:
- The staked PoS tokens in Bedrock
- All future staking rewards from staking on-chain
- EigenLayer & Bedrock Points
- uniToken is non-rebasing
Team Members and Roles:
- Gandalf, Project Manager - Twitter
- Calvin, Head of DevOps - LinkedIn
- Tim, Product Manager - LinkedIn
- Junie, Head of Marketing - LinkedIn
- Shyam, Full Stack Engineer - LinkedIn
- Alyssa, Business Development Manager LinkedIn
Project Links:
- Website
- Gitbook
- Github
- uniETH Contract addresss
- Price feed contract
- Audit report
- Telegram
- Discord
- Debank
Contact Information
Point of Contact (note: this should be an individual’s name, not the name of the protocol): Gandalf
Point of Contact’s TG handle: @Gandalf_Dust
Twitter: @Gandalf_NFT
Email: gandalf@rockx.com
Do you acknowledge that your team will be subject to a KYC requirement?:
Yes
SECTION 2a: Team and Product Information
Provide details on your team’s past and current experience. Any details relating to past projects, recent achievements and any past experience utilizing incentives. Additionally, please provide further details on the state of your product, audience segments, and how you expect incentives to impact the product’s long-term growth and sustainability.
Team experience (Any relevant experience that may be useful in evaluating ability to ship, or execution with grant incentives. Please provide references knowledgeable about past work, where relevant. If you wish to do so privately, indicate that. [Optional, but recommended]):
The Bedrock team brings a robust capability to serve institutions, with a combined extensive expertise in traditional finance (including Roland Berge, Infineon, Deutsche Bank, HSBC, BMO, Mastercards, Singtel) and blockchain (including Zilliqa and Aelf).
Bedrock is in a strong partnership with RockX. RockX is a global blockchain node network and gateway for users to seamlessly access Web3, offering institutional-grade solutions and a full suite of developer tools for users to stake and build on all major Proof-of-Stake blockchains.
With its foundations rooted in staking, protocol research and infrastructure design, RockX has built countless access nodes for users to interact with over 20 layer 1 and 2 protocols — driving greater accessibility and furthering adoption of blockchain technologies. It is recognized as a Top 8 Node Operator by market penetration according to rated.network.
With more than 20 major tokens supported and over $2 billion USD staked in cumulative token value since 2018, RockX is one of Asia’s leading staking platforms, offering institutional clients a safe way to do more with their crypto. With its institutional staking capabilities, Distributed Validator Technology, and Multi-party Computation RockX is trusted by the Amber Group, FBG Capital, Lido, Bitgo, Matrixport, Swell, SSV, Obol, and many more.
What novelty or innovation does your product bring to Arbitrum?
Bedrock is enabling the cross-chain capability to bring EigenLayer native restaking rewards to Aribitrum users.
With the support from cross-chain solution partners Axelar and Squid, we also can accept multiple tokens to restake including Arbitrum’s native ARB token. Not only does this approach ensure TVL remains on Arbitrum, instead of being swapped to mainnet, but it encourages Mainnet stakers and those from other chains to bring their assets to Arbitrum due to the ability to restake across a variety of assets with minimal fees.
Bedrock is also one of the only LRTs that support native withdrawals, allowing users to perform native withdrawals, instead of having to go to DEXs for swaps. This greatly reduces any depeg risk and ensures a much more stable price rate
As Bedrock continues to integrate with more Defi protocols on Arbitrum, we aim to bring more capital efficiency to Arbitrum users.
Bedrock also chose to become Oracle-less and rely more extensively on on-chain data to compute its estimated validator balances and staking rewards, instead of using an oracle service that utilizes off-chain data and calculations. This is a huge milestone for Bedrock as it has mitigated the risk of inaccurate off-chain calculations and the risk of potential compromises to the oracle service. Instead, Bedrock can get the native, on-chain reward and balance estimates for the validators that are deployed, thus ensuring peace of mind for all our staking customers.
The Bedrock protocol is initially powered by RockX. RockX has many years experience running institutional-grade staking infrastructure including:
24/7 Monitoring Suite to keep security health in check
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The monitor system is built on top of open-source Prometheus and Grafana
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In-house multi-channel alerts for speedy incidence response
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Advanced monitoring scripting for more accurate monitoring
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A recovery system and process with 24/7 monitoring to ensure better uptime
Slashing Protection
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Validator high availability is guaranteed with modern Cloud Native technology
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Validator key is stored in encrypted zonal and high available cloud storage
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Manual recovery to ensure no double key signing
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Every validator is monitored 24/7 by accurate monitoring to ensure the best performance
Key Management Service
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Equipped with multiple security measures with offline stored seed
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Advanced Key Management tool based on HD wallet technology
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Multiple regions to ensure no single point of failure
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Mnemonic seed is always stored in offline vault
Highest Security Standard
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Security principles and best practices applied
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Multiple mechanisms and tools prevent DDoS and cybersecurity hacks
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Applying latest security fixes and new features of blockchains
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Private key is never exposed
RockX is also 100% Carbon Neutral verified by Clima.
Is your project composable with other projects on Arbitrum? If so, please explain:
Bedrock’s uniETH token is composable with protocols on Arbitrum. We are already in partnership with Pendle, Camelot, Curve, Ramses, Poolside, Equilibria, Connext, Beefy and more protocols to bring innovative integration to the Arbitrum ecosystem. For example, our collaboration with Poolside will bring the first LRT-LRT pool to Arbitrum.
Do you have any comparable protocols within the Arbitrum ecosystem or other blockchains?
There isn’t any liquid restaking protocol natively on Arbitrum at the moment. However there is liquid restaking token on Arbitrum like eETH that is bridged to Arbitrum.
How do you measure and think about retention internally? (metrics, target KPIs)
Relevant usage metrics - Please refer to the OBL relevant metrics chart 31. For your category (DEX, lending, gaming, etc) please provide a list of all respective metrics as well as all metrics in the general section:
Daily Active Users: A time series metric representing the daily count of unique addresses interacting with the protocol’s contracts.
Daily User Growth: A time series metric representing the daily user growth (in addresses) interacting with the protocol’s contracts.
Daily Transaction Count: A time series metric representing the daily number of transactions interacting with the protocol’s contracts.
Specific for LRT
TVL: A daily time series, expressed in USD.
Trading Volume: A daily measurement of the trading volume of the LRT in USD.
Total Circulating LRT Tokens: A daily time series tracking of the circulating amount of the LRT token.
List of Depositors: A list of current and past participants who have deposited during the incentivized period to the protocol. The list should include depositor addresses, their current deposits in USD, time-weighted deposits in USD, and the duration of their deposit participation.
List of Traders: A comprehensive record of individuals or entities that have engaged in trading activities. This list should include trader addresses and the volume of trades executed.
List of Holders: A comprehensive record of entities that are holding the LRT tokens. This list should include holders addresses and the amount of tokens.
Staker Retention Rate: Measures the percentage of stakers who continue to stake tokens beyond the initial period, assessing long-term engagement.
Do you agree to remove team-controlled wallets from all milestone metrics AND exclude team-controlled wallets from any incentives included in your plan:
Yes
Did you utilize a grants consultant or other third party not named as a grantee to draft this proposal? If so, please disclose the details of that arrangement here, including conflicts of interest (Note: this does NOT disqualify an applicant):
No
SECTION 2b: PROTOCOL DETAILS
Provide details about the Arbitrum protocol requirements relevant to the grant. This information ensures that the applicant is aligned with the technical specifications and commitments of the grant.
Is the protocol native to Arbitrum?:
No, Bedrock was launched originally on Ethereum Mainnet and expanded to Arbitrum via strategic partnerships with cross-chain solutions. Bedrock’s roadmap includes integration with multiple key Arbitrum protocols and assets.
On what other networks is the protocol deployed?:
Yes, Bedrock is a multichain modular restaking protocol. uniETH, its Liquid Restaking Token (LRT) is already deployed on Ethereum mainnet, and on Arbitrum Optimism, Linea, Mantle, Binance Smart Chain, Base via the support of cross chain solution.
Bedrock has also launched a Liquid StakingToken (LST) uniIOTX on a leading DePin protocol IOTEX.
What date did you deploy on Arbitrum mainnet?: [Date + transaction ID. If not yet live on mainnet, explain why.]
Bedrock uniETH (Arbitrum) was deployed on 20th Dec, 2023.
Transaction ID: InterchainToken | Address 0x792ede502cb24c181a796b081ac9717701908cd8 | Arbiscan
Do you have a native token?:
No, governance and tokenomics are currently in design. However, Bedrock has launched an incentive program named Bedrock Diamond.
Bedrock Diamonds are distributed to recognize and reward users who actively contribute to the protocol’s success. Commencing with the Bedrock Beta mainnet upgrade on 28 January 2024, every participant within the Bedrock ecosystem will be granted Diamonds, with the quantity contingent on the duration and nature of their engagement. Bedrock Diamonds will be used to provide incentives once Bedrock’s governance token is launched.
Bedrock acknowledges and rewards each participant who mints and holds uniETH in their wallet, granting them 1 Bedrock Diamond per hour for each uniETH held (with added boosters for early adopters).
In addition, Bedrock also awards users who provided liquidity on liquidity pools with up to a 5x booster.
More information on Bedrock Diamonds can be found here.
Past Incentivization: What liquidity mining/incentive programs, if any, have you previously run? Please share results and dashboards, as applicable?
The uniETH minting campaign: Bedrock acknowledges and rewards each participant who mints and holds uniETH in their wallet, granting them 1 Bedrock Diamond per hour for each uniETH held (with added boosters for early adopters).
The uniETH liquidity campaign:
- Bedrock awarded users who provide liquidity to the uniETH/wETH pool on Curve Finance (DEX) with a 3x Diamond booster. It resulted in $6mil+ TVL.
- Bedrock partnered with SushiSwap (DEX) to run a liquidity campaign for LP to uniETH/ETH pool, resulting in $5mil+ TVL.
Current Incentivization: How are you currently incentivizing your protocol?
Bedrock is working the following protocols
- Pendle Finance, 5x boosted Diamond rewards to users who provide liquidity to the PT-uniETH/SY-uniETH pool, resulting in $14mil+ TVL.
- Curve Finance, 2x Diamond boosted rewards to uniETH/wETH LP on Curve
- Penpie, over 80% voter APR on uniETH Pendle pool to vlPNP holders.
- Equilibria, over 30% voter APR on uniETH Pendle pool to vlEQB holders.
Have you received a grant from the DAO, Foundation, or any Arbitrum ecosystem-related program? [yes/no, please provide any details around how the funds were allocated and any relevant results/learnings(Note: this does NOT disqualify an applicant)]
No
Protocol Performance: [Detail the past performance of the protocol and relevance, including any key metrics or achievements, dashboards, etc.]
The underlying infrastructure, run by RockX has been running for more than 5 years with 0 security or slashing incidents. It is trusted by large institutional players like Lido, Amber Group, etc.
Key Metrics include:
- 35,424 ETH ($141mil USD) Restaked
- 439.8m IOTX ($36mil USD) Staked
- 25mil EigenLayer Points Collected
- 83mil Diamond points distributed
Stake uniIOTX | Bedrock
Here is the link to the Dune Dashboard.
Note: We do not have metrics yet in Arbitrum yet as we have yet to promote the token and it’s use-cases and partner adoption.
Protocol Roadmap: [Describe relevant roadmap details for your protocol or relevant products to your grant application. Include tangible milestones over the next 12 months.]
With the successful launch of uniETH on Arbitrum, Bedrock will focus on work on composability and integrate with more protocols on Arbitrum.
Q1 & Q2 2024
Ecosystem Expansion: building a thriving ecosystem, increasing utility for uniETH, and other uniTokens in DeFi.
Modular Development: Expanding uniTokens to diverse ecosystems
Q3 & Q4 2024
Restaking Strategy: Empowering users to secure one or a combination of AVS based on risk profile and yield appetite
In addition to these, research on DVT technology in LRT and native restaking token on Layer-2s are currently in progress.
Audit History & Security Vendors: [Provide historic audits and audit results. Do you have a bug bounty program? Please provide details around your security implementation including any advisors and vendors.]
Bedrock is committed to enhancing its products and services to guarantee the utmost quality in functionality and security.
The system will undergo periodic re-audits to ensure its secure and continual evolution. Peck Shield Audit report
Bedrock, a battle-tested system, established atop various smart contracts and operational for over a year, denotes a resilient and proven platform in the liquid staking space. This signifies that the system has withstood the challenges of time, demonstrating stability, security, and reliability in its execution.
The extended period of operation, with more than 10k ETH staked and unstaking smoothly, surpassing one year, serves as a testament to the durability of the system. It implies that the smart contracts governing the platform have successfully processed transactions, executed functionalities, and maintained their integrity over an extended timeframe.
Such a system likely boasts a track record of handling diverse scenarios, including market fluctuations, high transaction volumes, and potential security threats. The fact that it has been operational for an extended duration suggests that it has adapted to evolving conditions, addressed vulnerabilities, and garnered user trust.
Furthermore, please find Bedrock on Ethereum Foundation official website - pooled staking
Security Incidents: [Has your protocol ever been exploited? If so, please describe what, when and how for ALL incidents as well as the remedies to solve and mitigate for future incidents]
No
SECTION 3: GRANT INFORMATION
Detail the requested grant size, provide an overview of the budget breakdown, specify the funding and contract addresses, and describe any matching funds if relevant.
Requested Grant Size: 510,000 ARB Tokens
Justification for the size of the grant 35: [Enter explanation. More details are better, including how you arrived at the required funding for individual categories of expenses covered by your grant plan]
Of the requested amount, 437k will be used to incentivize TVL growth to Arbitrum split between bridging from Ethereum and minting directly on Arbitrum, thus rewarding restakers.
Bedrock will be subsidizing gas fees for users to bridge their assets onto Arbitrum. Bedrock and our Cross-chain partner(s) will match the ARB subsidy partially. We have already developed integration with both Axelar and Celer bridges. According to historical evidence from other protocols like Renzo, we anticipate that our approach can bring in an additional 1,000 - 2,000 new users onto Arbitrum, growing in line with our Milestones outlined below.
Bedrock will also subsidize and incentivize minting on Arbitrum through a 2x Diamonds points boost just for minting and holding uniETH on Arbitrum. We will also provide an additional ~15% APY through the ARB received in this grant to further promote strong ecosystem growth. Users will then be eligible to receive additional incentives through utilizing our DeFi opportunities for uniETH. These opportunities will provide additional Diamonds boosts, ARB tokens and partner incentives.
The remaining 73k will be used to incentivize on-chain activity like LPing, trading, Lending/borrowing, and yield farming.
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Increase overall TVL to cater to multiple partner Defi Protocols, encouraging trading volume, and a healthier ecosystem
- Currently at $177m TVL ($141M ETH mainnet TVL and $36M IOTX TVL)
- Targeting $35M TVL on Arbitrum (20% increase on overall TVL)
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We will be using two types of incentivization:
- Restaking Bonus: Incentivize APR
- DeFi Bonus: Incentivize APR
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While we aim to achieve $35m TVL on Bedrock Arbitrum, Arbitrum’s total market cap according to DefiLlama is $3b. Other chains have staking ratios of 20-70% of total TVL.
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Therefore, giving space for other protocols to come in, we believe $35m is a very achievable initial target, equating to ~1% of Arbitrum’s total market cap.
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To put this perspective of Bedrock’s capabilities, IOTX has a market cap of $765m according to DefiLlama. At $36m IOTX staked on Bedrock, this equates to capturing 5% of the total market cap
- From our expertise and knowledge in the space, we predict that between 10-30% of Bedrock’s TVL will be locked into additional DeFi protocols. Equating to $3.5-10.5m ($7m average) in additional activity.
- Just accounting for the value locked on the Curve pool and Pendle Pool, 16% ($22m) of uniETH’s TVL is locked on these two platforms and we anticipate this to increase. uniETH is also integrated into other DeFi protocols like TimeSwap, Lyve, Balancer, etc.
- According to Camelot, Arbitrum’s largest DEX, a realistic base ratio of TVL to Trading volume is 1:1. Meaning we can comfortably aim for $7m in trading volume for $7m TVL in DEXs.
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For each incentivization mechanism:
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We target an average of 15% APR in ARB for all restakers. Combining this with the native staking yield, we feel confident the overall APR of 18-19% will strongly attract our target TVL in the 12-week timeframe. To achieve this level of rewards for restakers across 12 weeks, it would require the following:
- USD equivalent = $35M * 15% * 12/52 = $1,211,538
- ARB amount = $1,211,538 / $2 = 605,769 ARB at $2
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We target an average of 15% APR in ARB for uniETH activity on DeFi protocols. To achieve this level of rewards for DeFi users across 12 weeks, it would require the following:
- USD equivalent = $7M * 15% * 12/52 = $242,308
- ARB amount = $242,308 / $2 = 121,154 ARB at $2
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We will be looking to work in collaboration with multiple key protocols within the Arbitrum ecosystem and looking to co-incentivize with them. As such, we will reduce the ARB amount requested for DeFi users by 40%
- ARB requested for Defi users = 121,154 * 70% = 72,692 ARB
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Using a logarithmic model, scaling up to $35m TVL, we cut the total ARB required by 25% to allow for the gradual increase over time.
- Total ARB amount = (604,769 + 72,692) * 0.75 = 508,096
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Achieving this TVL and subsequent DeFi activity will ensure we generate enough base fees + additional yield opportunities to attract new users moving forward. At $35M TVL, and significant activity, we believe we can substitute the majority of incentives with trading fees, Bedrock Token incentives.
- The 15% APY for restaking will not be required long term and the 15% yield for DeFi protocols can be taken over by the protocol’s organic incentive systems.
- In addition, Bedrock will match and allocate Bedrock Diamonds to be distributed specifically to restakers who engage in DeFi activities.
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From our analysis of previous incentive programs, we are estimating a reduction of 10% in TVL ($10M TVL) post-incentives, however, we believe we can offset this and even encourage more TVL growth with our own future growth strategies.
Grant Matching: [Enter Amount of Matching Funds Provided - If Relevant]
Bedrock will provide Bedrock Diamonds to match ARB incentives.
In addition, bedrock partners have confirmed they will provide their own matching incentives to this grant.
Grant Breakdown: [Please provide a high-level overview of the budget breakdown and planned use of funds]
| Bedrock restakers on Arbitrum & uniETH Bridging from Ethereum | 437k ARB |
|---|---|
| uniETH holders on DeFi | 73k ARB |
Funding Address: [Enter the specific address where funds will be sent for grant recipients]
0x4CDa7F8F6AdDE30e5a7bB7b67ecF465de412ae08
Funding Address Characteristics: [Enter details on the status of the address; the eligible address must be a 2/3, 3/5 or similar setup multisig with unique signers and private keys securely stored (or an equivalent custody setup that is clearly stated). The multisig must be able to accept and interact with ERC-721s in order to accept the funding stream.
The address is a 3/4 multisig wallet via Genosis.
Treasury Address: [Please list out ALL DAO wallets that hold ANY DAO funds]
N/A
Contract Address: [Enter any specific address that will be used to disburse funds for grant recipients]
Manual process initially.
SECTION 4: GRANT OBJECTIVES, EXECUTION AND MILESTONES
Clearly outline the primary objectives of the program and the Key Performance Indicators (KPIs), execution strategy, and milestones used to measure success. This helps reviewers understand what the program aims to achieve and how progress will be assessed.
Objectives: [Clearly state the primary objectives of the grant and what you intend to achieve]
We use ARB incentives to encourage user to restake their ETH / Stablecoin / ARB on arbitrum and promote the liquidity and use case of uniETH on Arbitrum. This serves several purposes:
- Provide native restaking rewards to users on Arbitrum
- Increase liquidity and trading volume in DEX on Arbitrum
- Increase Yield Trading volume and liquidity on Arbitrum
- Increase TVL on Arbitrum
Execution Strategy: [Describe the plan for executing including token distribution method (e.g. farming, staking, bonds, referral program, etc), what you are incentivizing, resources, products, use of funds, and risk management. This includes allocations for specific pools, eligible assets, products, etc.]
The will be mainly using 2 types of incentivization:
Native Restaking
- Incentive users to restake on Arbitrum - accepting ETH on mainnet & Arbitrum, Stablecoins, & ARB tokens. All uniETH TVL must end up on Arbitrum to be eligible for rewards.
- Users will be able to hold eligible uniETH from two sources: 1) minting on Ethereum with ETH and bridge the uniETH tokens onto Arbitrum 2) minting on Arbitrum with wETH, ARB or stablecoins.
- To encourage retention and ensure a consistent 15% APR is applied to all restakers, each wallet will need to hold uniETH tokens for 2 weeks to unlock their ARB tokens.
For every 1 ETH staked on Bedrock, users will receive (0.15 * 12/52) = 0.0375 ETH worth of ARB tokens. In the final 1 week of the 12-week program, all unused ARB tokens will be distributed evenly to all uniETH Arbitrum holders.
To further encourage stickiness, Bedrock will continue to provide additional incentives to uniETH holders and DeFi users beyond the initial 12 week period. This will be accomplished in the form of Diamonds, uniETH, Stablecoins, and Bedrock’s Governance token (once launched).
DeFi Integration
- Incentive LP and Trader on uniETH/wETH on Camelot, Rameses, Trader Joe, Poolside, Curve, &/or Balancer (DEX)
For each DEX we will start with a uniETH/wETH pool, incentivizing up to $5m per pool @ 15% APY. This means the reward cap for each pool will be $187.5k in rewards over the 12 weeks. - Incentivize Lender to uniETH / wETH / ARB on xx (Borrow Lending)
For each Lender, we will start with a uniETH/wETH lending/borrowing pair, incentivizing up to $3m per pool @ 15% APY. This means the reward cap for each pool will be $112.5k in rewards over the 12 weeks. - Incentivize PT-uniETH / SY-uniETH pool on Pendle Arbitrum (Yield Trading)
We will start with a uniETH pool, incentivizing up to $10m per pool @ 15% APY. This means the reward cap for each pool on Pendle will be $375k in rewards over the 12 weeks. - Incentivize UniETH pool on Equilibra Arbitrum with the support of the Equilibria team
- Incentivize UniETH pool on Penpie Arbitrum with the support of the Equilibria team
The following Projects have confirmed their support and collaboration for Bedrock incentive programs:
- Axelar - Any user who bridges their uniETH or other tokens to mint uniETH on Arbitrum will receive a reward in-conjunction with Axelar rewards.
- Poolside - Any user who LPs their uniETH into the Poolside uniETH pool on Arbitrum will receive a reward in-conjunction with Poolside rewards.
- Ramses - Any user who LPs their uniETH into the Ramses uniETH pool on Arbitrum will receive a reward in-conjunction with Ramses rewards.
- Equilibria - Any user who votes or LPs into the uniETH Pendle pool via Equilibria on Arbitrum will receive a reward in-conjunction with Equilibria rewards.
- Thetanuts - will launch additional utility through PT-uniETH as a pipeline asset with a custom, collaborative promotion campaign.
*Pendle - We will launch an incentivized uniETH pool on Pendle Arbitrum
*Penpie - Any user who votes or LPs into the uniETH Pendle pool via Penpie on Arbitrum will receive a reward.
What mechanisms within the incentive design will you implement to incentivize “stickiness” whether it be users, liquidity or some other targeted metric? [Provide relevant design and implementation details]
Bedrock provides boosted Bedrock Diamond as time-based rewards, increasing the longer a user engages or “sticks” to the ecosystem for those that. Rewards are provided to:
- LP of uniETH/wETH, uniETH/ARB
- LP of PT-uniETH / SY-uniETH pool
- Voter on Equilibra
- Voter on Penpie
Specify the KPIs that will be used to measure success in achieving the grant objectives and designate a source of truth for governance to use to verify accuracy. [Please also justify why these specific KPIs will indicate that the grant has met its objective. Distribution of the grant itself should not be one of the KPIs.]
There is no liquidity of uniETH/wETH on arbitrum yet. We target to achieve $50mil TVL Arbitrum minimum, however our final goal is to hit $100mil TVL Arbitrum and have based our grant figure on this final target. Due to the nature of the incentive program, we will require portions of the grant in advance to hitting the final target and have broken up our milestones accordingly.
Grant Timeline and Milestones: [Describe the timeline for the grant, including ideal milestones with respective KPIs. Include at least one milestone that shows progress en route to a final outcome. Please justify the feasibility of these milestones.]
We anticipate that the following milestones should be hit every 2-3 weeks, with the exception of Milestone 5-7 which may take slightly longer. Periodically, we will check in with our progress towards the next metric.
Milestone 0: Launch Cross-chain Restaking on Arbitrum; (20% Grant)
Milestone 1: uniETH on Arbitrum reaches $1mil TVL; (5% Grant)
Milestone 2: uniETH on Arbitrum reaches $5mil; (10% Grant)
Milestone 3: uniETH on Arbitrum reaches $10mil TVL; (10% Grant)
Milestone 4: uniETH on Arbitrum reaches $15mil; (10% Grant)
Milestone 5: uniETH on Arbitrum reaches $20mil; (10% Grant)
Milestone 6: uniETH on Arbitrum reaches $25mil TVL; (10% Grant)
Milestone 7: uniETH on Arbitrum reaches $30mil; (10% Grant)
Milestone 8: uniETH on Arbitrum reaches $35mil;
We anticipate Milestone 0 will start at the beginning of the grant period with Milestone 1 to start approximately 1 week after. We aim to hit Milestone 7 in the final 2 weeks with Milestone 8 before the end of the 12 week period. We expect the majority of each grant release to be used before the next milestone is hit.
Approximately 18,000 ARB will be awarded each week for Bridge users with a similar amount distributed weekly for restakers on Arbitrum.
DeFi Milestones:
Milestone 1: DeFi TVL on Arbitrum reaches $1m; (5% Grant)
Milestone 2: DeFi TVL on Arbitrum reaches $4m; (5% Grant)
Milestone 3: DeFi TVL on Arbitrum reaches $7m; (5% Grant)
We anticipate to hit Milestone 1 approximately 3 weeks after Cross-chain restaking is launched with Milestone 3 hitting around week 8.
Approximately 2,000 ARB will be awarded each week to DeFi users.
How will receiving a grant enable you to foster growth or innovation within the Arbitrum ecosystem? [Clearly explain how the inputs of your program justify the expected benefits to the DAO. Be very clear and tangible, and you must back up your claims with data]
The rapid growth of TVL in Restaking sector has demonstrated great potential in Restaking sector. There is strong user demand for Restaking Reward. Pendle, Equilibria, Penpie have demonstrated potential within the Yield Trading platform. However, the recent surge of gas fees makes Restaking and Yield Trading NOT friendly to users. Arbitrum network, known for its efficiency, low fees, and active user base, presents an ideal for long tail ETH holders who look for restaking reward and yield trading opportunities.
Within the Arbitrum ecosystem, Bedrock can not only provide native restaking rewards to users but also become an important member in the Arbiturm ecosystem.
Do you accept the funding of your grant streamed linearly for the duration of your grant proposal, and that the multisig holds the power to halt your stream?
Yes
SECTION 5: Data and Reporting
OpenBlock Labs has developed a comprehensive data and reporting checklist for tracking essential metrics across participating protocols. Teams must adhere to the specifications outlined in the provided link here: Onboarding Checklist from OBL 30. Along with this list, please answer the following:
Is your team prepared to comply with OBL’s data requirements for the entire life of the program and three months following and then handoff to the Arbitrum DAO? Are there any special requests/considerations that should be considered?
Yes
Does your team agree to provide bi-weekly program updates on the Arbitrum Forum thread that reference your OBL dashboard? [Please describe your strategy and capabilities for data/reporting]
Yes
Bedrock can provide updates via dune and support with on chain data.
First Offense: *In the event that a project does not provide a bi-weekly update, they will be reminded by an involved party (council, advisor, or program manager). Upon this reminder, the project is given 72 hours to complete the requirement or their funding will be halted.
Second Offense: Discussion with an involved party (advisor, pm, council member) that will lead to understanding if funds should keep flowing or not.
Third Offense: Funding is halted permanently
Does your team agree to provide a final closeout report not later than two weeks from the ending date of your program? This report should include summaries of work completed, final cost structure, whether any funds were returned, and any lessons the grantee feels came out of this grant. Where applicable, be sure to include final estimates of acquisition costs of any users, developers, or assets onboarded to Arbitrum chains. (NOTE: No future grants from this program can be given until a closeout report is provided.)
Yes
Does your team acknowledge that failure to comply with any of the above requests can result in the halting of the program’s funding stream?
Yes