[BiDeFi] LTIPP Application - FINAL

SECTION 1: APPLICANT INFORMATION

Applicant Name: Sabastine T.N

Project Name: Bidefi

Project Description:

BiDeFi is a multi-chain Bid2Earn protocol, granting users the opportunity to engage in auctions and place bids on diverse digital assets, encompassing both cryptocurrency assets and non-fungible tokens, offering them a chance at winning.

Team Members and Roles:

  • Owen, Co-founder
  • Benjamin, CTO, Smart Contract Developer
  • Sabastine, Frontend Engineer
  • Kiki, Partnership and Business Development Lead
  • Michael, Partnership and Business Development Lead
  • Kay, Product Designer
  • Jonas, Community and Operations Lead

Project Links:

Bidefi Website
Bidefi dApp
Twitter
Discord
Telegram

Contact Information:

  • Forum Handle: Bidefi
  • Point of Contact’s TG handle: zurume
  • Twitter: @BiDefi_Official
  • Email: support@bidefi.io

Do you acknowledge that your team will be subject to a KYC requirement?: Yes

# SECTION 2a: Team and Product Information

The BiDeFi team comprises a diverse and talented group of professionals with extensive experience in blockchain technology, finance, and software development. Each team member brings a unique set of skills and a shared passion for creating a cutting-edge Bid2Earn protocol. Here is an overview of the key members and their respective areas of expertise:

  • Owen, Co-founder

With over a decade of experience in blockchain technology and finance, Owen leads the BiDeFi team as the CEO. His visionary leadership and strategic insights guide the overall direction of the project.
Twitter

  • Benjamin, CTO, Smart Contract Developer

As the Chief Technology Officer, Benjamin brings a wealth of technical expertise to BiDeFi. With a background in software development and blockchain architecture, Benjamin is responsible for overseeing the technical aspects of the Bidefi protocol. His previous roles include leading blockchain development teams and contributing to the implementation of innovative solutions in the fintech sector.
Twitter

  • Sabastine, Frontend Engineer

Sabastine, an industry veteran in blockchain architecture, serves as the Chief Blockchain Architect for BiDeFi. His deep understanding of various blockchain ecosystems, including Ethereum, Arbitrum, Binance Smart Chain, and Layer 2 solutions, contributes to the platform’s multichain compatibility. Sabastine has a track record of designing and implementing scalable and secure blockchain solutions.
Twitter

  • Kiki, Partnership and Business Development Lead
    Heading the marketing efforts at BiDeFi is Kiki, an experienced professional with a background in digital marketing and community engagement. Kiki has successfully executed marketing strategies for blockchain projects, driving user adoption and creating vibrant communities. She is passionate about communicating the value of BiDeFi to a global audience.
    Twitter

  • Michael, Partnership and Business Development Lead
    Michael brings a wealth of experience to the Bidefi team as the Partnership and Business Development Lead. With over a decade in the blockchain and fintech industry, Michael has a proven track record of establishing strategic partnerships and driving business growth.

  • Kay, Product Designer
    Kay is the creative force behind Bidefi’s user-centric design, ensuring a seamless and visually appealing experience for the platform’s users. With a background in UX/UI design and a passion for creating intuitive interfaces, Kay brings a fresh and innovative perspective to the team.
    Twitter

  • Jonas, Community and Operations Lead
    Jonas takes the role of community manager, fostering engagement and communication within the BiDeFi community. With experience in community building for blockchain projects, Jonas ensures that users are well-informed and actively involved in the platform’s growth. Her commitment to building a supportive community aligns with BiDeFi’s inclusive vision.

What novelty or innovation does your product bring to Arbitrum

  1. As for innovation, most of the auction portals we have seen are basically centralised, like DealDash, bc.games, and so on, and even metawin which is crypto-based, only offer 1 winner per item.

However, BiDeFi combats these two by making auctions fully decentralized, multi-chain auctions and also providing the opportunity for more than 1 winner per item.

That is to say, in our bidding, you can have multiple winners per item. Metawin doesn’t have this and DealDash too only has 1 winner per item. But with Bidefi multiple winners, this massively encourages more auction bidders and creates more winners as users are confident of winning any time.

  1. Bidefi has a mechanism that prevents the same item from multiple wins by a single user. This simply means that a user or per wallet address can only win say 100 ARB auction ones, and not more than one. And each wallet requires social presence verification i.e. Twitter and Discord.

  2. Also, Bidefi items come in the form of crypto assets, NFTs, and physical items like gadgets, vehicles, etc (in most cases monetised).

Regarding composability, Bidefi provides digital assets bidding of protocols on the Arbitrum network. For instance, we have bid on XAI, MAGIC, and many assets items on the Arbitrum chain. So if users want to bid on this item, they will have to switch to the Arbitrum network and the value of these assets will be shown in USD and ARB.

Do you have any comparable protocols within the Arbitrum ecosystem or other blockchains?

Yes. MetaWin, bc.games, (DealDash is there but is centralized)

How do you measure and think about retention internally? (metrics, target KPIs)

Measuring retention on Bidefi involves assessing the platform’s ability to retain users over time. Retention metrics are crucial for understanding user satisfaction, engagement, and the overall stickiness of the platform. Here are some key metrics and considerations for measuring retention on Bidefi:

User Engagement Metrics:

  • Evaluate the depth of user engagement by examining actions such as bidding frequency, referrals, and participation in special events or auctions.
  • Measure the time spent on the platform and specific features.

User Activity Over Time:

  • Track the frequency of user interactions with the platform over specific periods (daily, weekly, monthly).
  • Analyze the trend of user activity to identify patterns and fluctuations.

Relevant usage metrics - Please refer to the OBL relevant metrics chart.

Category List of Metrics

General Metrics Daily Active Users, Daily User Growth, Daily Transaction Count, Daily Protocol Fee,
Daily Transaction Fee, Daily ARB Expenditure and User Claims, Incentivized User
List & Gini

Gaming List of Users & Transactions, Economic Volume (In-Game, Secondary
Marketplace, DEX)

Gambling TVL, In-Game Betting Volume

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

Is the protocol native to Arbitrum?:
Yes, Bidefi is native to Arbitrum and also supports Arbitrum’s tokens. Bidefi connects and synchronizes all other assets on Arbitrum dApps through token bidding and auctions.

On what other networks is the protocol deployed?:
Bidefi is a multichain protocol operating natively on Ethereum, Optimism, zkSync, Scroll, Binance chain, Linea.

What date did you deploy on Arbitrum mainnet?:
Bidefi was deployed on the Arbitrum mainnet on Sep-28-2023 at 12:06:45 PM +UTC
Arbitrum transaction hash Details

Do you have a native token?: No. but planned by Q4 2024.

Past Incentivization: None

Current Incentivization:
Currently, Bidefi does not have any current incentivization. However, the recently integrated point program is designed to incentivize active platform users and bidders.

Have you received a grant from the DAO, Foundation, or any Arbitrum ecosystem-related program? : No

An audit on BiDeFi has not taken place. We plan on auditing the BiDeFi smart contract soon.

Protocol Performance:

Protocol Roadmap:

In general,
Bidefi is still in its infancy, hence activities haven’t peaked yet. However, this transaction hash, shows participants of a $10 USDC item auction we conducted some months on the Arbitrum chain (BiDeFi Arbitrum Explorer)
Over 31 users used the free BIDS received, with 3600 ARB Daily auctions, we expect over 22,000 Active participants and Bidders.

We will have a token, our aim goal is to mint tokens when we reach a milestone of 50,000 to 100,000 active bidders on Bidefi. We expect to reach this milestone within the next quarter and winning will even help us achieve that in no distant time.

We will have a token in Q4 2024 and yes, all users who receive the ARB incentive will automatically be qualified. That is why we have the B-Point system.

The B-Points are used to drive people to bid more on items, the points signify the tokens users will receive in future and the privilege to mint Bidefi NFTs that will also be on the Arbitrum network.

# SECTION 3: GRANT INFORMATION

Requested Grant Size: 300,000 ARB

The primary objectives of the grant are to:

  1. Propel Bidefi and Arbitrum towards a bidding goal of $10 million in auctions, bolstering ARB’s position as a leading multichain bidding asset for auction applications and dApps within the Arbitrum ecosystem.

As for propelling BiDefi and Arbitrum to $10 million, a paid bid makes this easily achievable within 12 weeks.

In the Bidefi, an asset that is auction off at $600, Bidefi will make 600 / 0.039 = 15,384 Bids times $0.20 per Bid = $3,076

Than $3076 X 12 items per day = $36,912
Multiply by 12 weeks, = $3,100,608
Using these same metrics for paid BIDS will generate around $13,435,968 in revenue/year.

Here is a bit more explanation of what we calculated.
What we plan to achieve with 300,000 ARB incentive in 12 weeks.
300,000 ARB / 12 = 25,000 ARB 25,000 ARB / 7 = 3,571 ARB

This means each day, 3,571 ARBS will be distributed via auction, through Bidding.

Furthermore; we split 3,571 ARB / 12 = 297.6 ARB

This means every 2 hours, 297 ARBS will be won by users via auction.

Since our auction mechanism has a multi-winners method, We will set the 297 (aprx 300 ARB in a way it will have btw 6 to 10 winners.

This means every 2 hours, 6 or 10 winners will emerge from the auction of 297 ARBS. (It doesn’t matter how many entries are received per the auction section)

In total, 6,048 to 10,000 winners will emerge from the 300,000 ARB auction in 12 weeks.

For instance, a 50 ARB auction that is currently going already has 25 entries/bids placed, and the auction hasn’t started yet. As shown here Contract Address 0x88842fa0Af9266cfAe10B7470A9A80384195746c | Arbiscan only 10 winners are to emerge by sharing 5 ARB each.

  1. Advance Bid2Earn functionality on the native Arbitrum platform with a $10 million USDC bidding asset pool, reinforcing ARB’s exclusive position as the primary bidding asset for users.

Boosted ARB asset Bidding (300,000 ARB)
Incentivize ARB auction to bidders within the Bidefi ecosystem who participate in all digital assets bidding items of various dApps listed on the Arbitrum ecosystem over 12 weeks. This includes both paid bids and free bids. To generate over $7.5 million in bidding fees.

Boosted ARB NFT/Gaming pass Bidding (300,000 ARB)
Incentivize battle pass raffle using ARB to purchase these gaming passes, and digital arts from top-performing and high-quality dApps listed on the Arbitrum ecosystem,

Grant Matching: Not applicable

Grant Breakdown:

300,000 ARB for assets/token Bids
3572 ARB is allocated to be won by multiple winners in each day’s auction.
Aprx 300 ARB multiple winner auctions every 2 hours.
i.e 300 ARB - 6 Winners

A total of 300 ARBs are auctioned every 2 hours.
A total of 3600 ARB every 24 hours
A total of 25,200 ARB every week
A total of +/- 302,400 ARB in 12 Weeks
With a total no. of 6,048 winners, at least from all auctions

Funding Address: 0x5098ac672D8108C0190680E335D7e1CCD56B40f8

Funding Address Characteristics: The multisig must be able to accept and interact with ERC-721s to accept the funding stream.

Wallet Address Description
0x5098ac672D8108C0190680E335D7e1CCD56B40f8 Team’s 3/5 Multisig on Arbitrum

Treasury Address:

Wallet Address Description
0x3a434d8C35a39540D2964BDF8B93CB51385a7546 Treasury on Ethereum
0x065823944a94ddcCC14494f370381E3d8c45d759 Treasury on Optimsim

Contract Address Description
0x88842fa0Af9266cfAe10B7470A9A80384195746c Arbitrum BiDeFi Contract Address
0x5098ac672D8108C0190680E335D7e1CCD56B40f8 ARB Incentive distributor address

# SECTION 4: GRANT OBJECTIVES, EXECUTION AND MILESTONES

  1. Enhance Multichain Integration::
    Establish Bidefi as a leader in the decentralized finance (DeFi) space by expanding multichain compatibility. Integrate with additional blockchain networks, fostering interoperability and allowing users to participate in Bid2Earn auctions seamlessly across diverse blockchain ecosystems. This objective aims to increase accessibility and diversify the user base, positioning Bidefi as a versatile and inclusive platform for digital asset bidding.

  2. Optimize User Engagement and Retention::
    Elevate the overall user experience on the Bidefi platform by implementing strategies to optimize user engagement and retention. Focus on refining the user interface (UI/UX), introducing gamification elements, and launching incentive programs to encourage active participation. The goal is to create a vibrant and loyal community of users who regularly engage in Bid2Earn auctions, fostering sustained growth and increasing the platform’s prominence in the decentralized bidding landscape.

Execution
300,000 ARB for assets/token Bids
133 ARB is allocated to be won on each auction by multiple winners
A total of 4500 auctions are to be executed in 12 weeks = 300,000 ARB.
targeting a total of 22,500 winners from all Bidders.

What mechanisms within the incentive design will you implement to incentivize “stickiness” whether it be users, liquidity or some other targeted metric?

  1. Free Bid Campaign Incentivisation: With 300,000 ARB. Bidefi bidding and its auction mechanism will create a huge impact within the Arbitrum ecosystem, as thousands of auction winners will emerge.

  2. Decentralized bidding awareness and sensitization: As aggressive bidding takes place, we will embark on a massive campaign and awareness to sensitize users on the benefit of blockchain auction systems within the Arbitrum network.

  3. System Point Mechanism: With the introduction of the system point mechanism, all users will be glued to achieving more and claiming all points, which will increase Arbitrum on-chain interaction and more bidding fees generated.

More clarifications on this section of BiDeFi

Bidefi auction provides biding of items in various categories such as crypto assets, NFTs, physical items (most cases monetised due to shipping

Bidefi users BID on crypt assets and not price, for instance, let’s say BiDeFi has 1 ETH and wants to auction this ETH, a 1 ETH auction is created for users to bid to win, whoever is the highest bidder when the timer hits 0 wins the item. Of course, this 1 ETH could be free or paid. Paid means people who want to bid on this item must purchase bid credit.

Why users prefer BiDeFI over others again, is simple because of its flexibility, and allows multiple winners per item, still using 1 ETH action as an example, 1 ETH auction can be set to be won by 10 people, this means when the timer ends and there is no new bidders, the last 10 bidders will share 1 ETH, that is 0.1 ETH, and can simply click on claim to have these 0.1 ETH sent to their wallet address automatically.

Here is a video link explaining more about Bidefi

Also, this is fully decentralized, once an auction is uploaded, it cannot be edited, and everyone can track etherscan and on BiDeFi portal the progress of the auction

As for the innovation, most of the auction portals we have seen are centralised, like DealDash, bc.games, and so on, and metawin which is crypto-based, only offers 1 winner per item.

However, BiDeFi combats these two by making auctions fully decentralized, multi-chain auctions and also providing the opportunity for more than 1 winner per item.

Also, Bidefi items come in the form of crypto assets, NFTs, and physical items like gadgets, vehicles, etc (in most cases monetised).

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.

More information on BiDeFi
Do you airdrop free BIDS or how does it work?

Not airdrop per se, but there has to be activity and interaction by users through Bidding. These ARB will be auctioned and bedded for on BiDeFi, creating a massive chase by the community to win them. Since we already have a multiple-winner mechanism per item, that is the method we will be using throughout these periods to allow more users who bid and win ARB.

  • 3600 ARB Daily auctions you mean that users bid on the price of 3600 ARB?

Not basically Bidding on the price, but bidding on the ARB assets themselves. Assuming each auction is 10 ARB, this means that 10 ARB tokens will be on the contract, as users bid on the ARB, they are bidding in quest or pursuit of who will win this 10 ARB. So whoever wins or those who win simply need to click on the claim, and this 10 ARB will be transferred from the contract to their wallet.

Also, on BiDeFi, we have the option that displays the current value of these crypto assets. So that users get to know the current value of what they are bidding for.

  • I am having a hard time understanding your math. Could you please explain what you are showing?

Here is a bit more explanation of what we calculated.

What we plan to achieve with 300,000 ARB incentive in 12 weeks.

300,000 ARB / 12 = 25,000 ARB
25,000 ARB / 7 = 3,571 ARB

This means each day, 3,571 ARBS will be distributed via auction, through Bidding.

Furthermore; we split 3,571 ARB / 12 = 297.6 ARB

This means every 2 hours, 297 ARBS will be won by users via auction.

Since our auction mechanism has a multi-winners method, We will set the 297 (aprx 300 ARB in a way it will have btw 6 to 10 winners.

This means every 2 hours, 6 or 10 winners will emerge from the auction of 297 ARBS. (It doesn’t matter how many entries are received per the auction section)

In total, 6,048 to 10,000 winners will emerge from the 300,000 ARB auction in 12 weeks.

For instance, a 50 ARB auction that is currently going already has 25 entries/bids placed, and the auction hasn’t started yet. As shown here Contract Address 0x88842fa0Af9266cfAe10B7470A9A80384195746c | Arbiscan only 10 winners are to emerge by sharing 5 ARB each.

  • Do you mean that each bid has a fee of 0.039 and you want to offer free bids? So please refer to the fee rebate.

On BiDeFi, there is an option of setting a transaction fee when placing a bid, either on free BIDS or paid BIDS. This is not the same thing as paid BIDs. In paid bids, users must purchase BID credits before they can participate, while in free BIDS, users get free BIDS credits to participate in the auction.

  • Why do you estimate you will have 15,384 Bids? Please explain your current metrics (average daily bids or average weekly bids).

Based on the little bid activities we have had from the auctions we have credited with even very little funds, we are more than certain that this will give us a boost, bigger than we have expected.

For instance; a 50 ARB, free BID, 10-winner auction we created 2 days ago has over 25 users already opted in for bidding when the auction starts. As can be seen here. Contract Address 0x88842fa0Af9266cfAe10B7470A9A80384195746c | Arbiscan

Advance Bid2Earn functionality on the native Arbitrum platform with a $10 million USDC bidding asset pool, reinforcing ARB’s exclusive position as the primary bidding asset for users” Please explain.

What we meant by this is that as we progress with this marathon, all-inclusive BIDS on the Arbitrum chain, all pricing, bidding claims and other project auctions on the arbitrum network will be based on ARB. For instance, GMX on the arbitrum network with ETH will be done instead of with ARB, including the fees charged.

Grant Timeline and Milestones:
Initial Phase: Launch and Early Growth (Weeks 1-4)
Midway Evaluation and Refinement Phase (Weeks 5-8)
Closing Phase: Concluding Evaluation and Reporting (Weeks 9-12)

# 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. 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?

Yes. We will assign a project manager and setup a tailored dashbored that will allow us to fetch data reporting.

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

2 Likes

Hello @Bidefi

Thank you for your application! We can confirm your application has been submitted and you will be assigned an advisor shortly.

1 Like

Hello @Bidefi ,

Thank you for your application! Your advisor will be SeedLatam Gov @SEEDGov

Please join the LTIPP discord and ping your advisor in the general chat so they can create a new channel and start communicating with you.

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@Bidefi Arbitrum LTIPP

Hi SeedLatam,

I have joined Discord. I’m finding it difficult to ping you.

@cliffton.eth and @raam trying to convert from draft to finiahed.

Hey there I’ve amended the title post to reflect that this proposal is FINAL. All the best!

1 Like