[CIAN] [FINAL] [STIP - Round 1]



Applicant Name:

Chris Dahmen, Head of Growth

Project Name:

CIAN Protocol

Project Description:

CIAN builds open-source DeFi strategy vaults and advanced decentralized automation tooling enabling users to effortlessly generate multi-protocol onchain strategies. CIAN also builds tailored strategies for large institutional partners such as MatrixPort, Amber and OKX.

Team Members and Qualifications:

  • Luffy He: Founder, CEO
  • Nami: Project Manager
  • Sabo: Finance
  • Harudjin: CTO
  • Chris Dahmen: Head of Growth/BD
  • Clover: Lead Dev
  • Mihawk: Senior Dev
  • Rayleigh: Senior Dev
  • Crocodile: Dev
  • Katakuri: Dev
  • Chopper: Dev
  • Enel: UI Designer
  • Sanji: Front End
  • Paoch: Front End
  • Vivi: Marketing Manager
  • Severine: Community Manager
  • Barto: DeFi Research & Community
  • Frank: DeFi Research
  • Robin: Finance
  • Hancock: Human Ressources

Project Links:

Contact Information:

  • TG: @ChrisDahmen
  • Email: chris@cian.app

Do You Acknowledge That Your Team Will Be Subject to a KYC Requirement?:



Requested Grant Size:

380,000 ARB, progressively unlocked based on milestones completion.

Grant Matching:


Grant Breakdown:

  • Vault(s) incentivization
    • 100% / 380,000 ARB
    • Incentives are to be distributed dynamically over a period of 3 months.

Funding Address:


Funding Address Characteristics:

2/3 multisig



  • Stimulate Arbitrum’s LST (LSD) ecosystem
  • Onboard new on-chain users
  • Attract new institutional capital on Arbitrum
  • Jumpstart CIAN’s Dex on Arbitrum
  • Generate substantial fees for LST holders on external protocols

Key Performance Indicators (KPIs):

As CIAN’s vaults require users to only interact once with the protocol in order to execute their static “mid/long-term” position, the two predominant metrics relevant to performance are:

  • TVL
  • Active users

How will receiving a grant enable you to foster growth or innovation within the Arbitrum ecosystem?:

CIAN was launched, alongside its first vault (wstETH), on the Arbitrum network in June 2023. Since then, despite unfavorable market conditions, having no token nor added incentives, having faced multiple wstETH supply cap bottlenecks and limited wETH liquidity on AAVE V3, CIAN was able to capture and generate north of $9M TVL with its wstETH leveraged staking strategy vault.

This amount can be justified by the good reputation that CIAN has built over the years, specifically in the eyes of institutional partners and whales. Although our vaults aren’t generating extravagant APYs, the delta-neutral approach combined with our liquidation protection mechanism makes for a safe and sustainable investment choice.

This grant would allow CIAN to fully unveil the vault capacity due to its leveraged capital efficiency while indirectly stimulating Arbitrum’s LST ecosystem, most precisely by generating swap fees for wstETH/ETH LPs across various markets due to the multiple swaps necessitated in order to leverage & unwind deposited funds. Based on previous experiences, we are confident that a carefully-planned incentive program would yield considerable value for users while offering us an abundant source of quality marketing opportunities as this amount of ARB could easily be spread out over a 3-month period.

Justification for the size of the grant:

As per the actual state of ETH and wstETH on AAVE V3, given the incentive grant approval, CIAN’s team estimates that 380k ARB would enable the wstETH vault alone to increase its supply to a total of $30M wstETH in the first 2 months, eventually scaling and sustaining up to $35M by the end of January 2024.

During this timeline, CIAN plans to dynamically adjust the incentives following the TVL growth curve in order to output a stable APY ranging from 20% to 12%. With a sustainable APY exceeding 12%, CIAN’s ARB wstETH vault would broadly outperform any other recursive looping strategies available on Ethereum Mainnet and L2s, hence making Arbitrum the most attractive network for our current/future users and institutional partners.

Execution Strategy:

All ARB tokens (380k) allocated to CIAN for incentivization would be distributed as is (ARB) to wstETH vault’s LP holders.

The ARB rewards would be dynamically adjusted over a period of 3 months to maintain a stable yield percentage, progressively decreasing as the vault’s TVL increases. The vault would originally offer a peak APY of 20-30% for a period of 2 weeks, during which we would conjointly launch a large marketing campaign with LIDO. Following the initial event, a multitude of smaller events would take place, promoting a sustainable APY averaging 15%.

To further guarantee a large-scale adoption, the current ecosystem would require minor changes to improve its scalability. For this, we already started to convey an action plan with LIDO that would help cement wstETH/ETH’s liquidity onchain.

As for the distribution mechanism, a Merkel tree contract would be deployed to record users’ reward data and receive their reward tokens (ARB). Users’ reward data will be regularly updated onchain upon deposit events, thus allowing them to claim their rewards at the desired frequency.

The ARB tokens would be stored and distributed from the following mutlisig address:


Grant Timeline:

As this is CIAN’s first public request to the Arbitrum DAO, proper milestone-based targets shall apply to set expectations.

Milestone #1: Total vault TVL: $15M by the end of October, 2023
Milestone #2: Total vault TVL: $22M by the end of November, 2023
Milestone #3: Total vault TVL: $29M by the end of December, 2024
Milestone #4: Total vault TVL: $35M by the end of January, 2024

The ARB grant will start being distributed within 7 days of the receipt of the first payment. This grant will be streamed bi-weekly to the above-mentioned Multisig throughout the duration of the STIP. The grant will expire when either all 380,000 ARB have been distributed to users, or the 01/31/24 deadline is hit, upon which the remainder shall be returned to the Arbitrum DAO Treasury.

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. The funding may be halted at any time by the DAO based on milestone progress and/or general satisfaction.


Is the Protocol Native to Arbitrum?:

No, CIAN first deployed on Avalanche in April 2022.

On what other networks is the protocol deployed?:

  • Ethereum
  • Polygon
  • Avalanche
  • Optimism

What date did you deploy on Arbitrum?:

May 31, 2023

Protocol Performance:

  • Stable TVL growth; currently sitting at $68,000,000
  • CIAN’s entire growth was achieved without Token incentives
  • Over 20,000 users since inception
  • No smart contract breach since inception
  • No liquidation since inception

More data can be found on DeFiLlama:

Protocol Roadmap:

Q4 2023

  • 2 upcoming audits (by Paladin Blockchain Security & Omniscia)
  • Deploy CIAN’s DEX (no public documentation available)
  • Deploy 1 institutional delta-neutral strategy vault (wBTC)

Q1 2024

  • Deploy 2 institutional delta-neutral strategy vaults (ETH, Stablecoin)
  • Deploy new leveraged staking vault(s) utilizing other Arbitrum lending platform(s)

Audit History:

CIAN currently has 5 audits under its belt.

SECTION 5: Data and Reporting

Is your team prepared to create Dune Spells and/or Dashboards for your incentive program?:

Absolutely, we can provide a dashboard specifically tracking all metrics relevant to the progress and performance of the Arbitrum incentive program.

Does your team agree to provide bi-weekly program updates on the Arbitrum Forum thread?:


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, acknowledged.


Hello @CDahmen thank you for submitting! Please make the following changes to your proposal to comply with the program rules.

  1. Please note grant funds may only be used to incentivize Arbitrum contracts and can not be used to “Cover Audit expenses” as per the following rule.
  1. Additionally, please note that the Funding Tranches piece of the incentives framework has been replaced by funds being streamed biweekly.

Thank you Matt! I will make the change right away. Please let me know if any other modifications are needed.

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Thank you for making these changes! Your submission now meets all requirements to be considered for a snapshot vote.

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Were the changes updated on the official list? Cian removed the audit funding from the original proposal, but it seems like it wasn’t updated on the list.

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@stonecoldpat @cliffton.eth @eli_defi

Hi gentlemen. As @Barto kindly pointed out, I modified the [DRAFT] 1h before the application deadline to fully comply with program rules. Despite @Matt_StableLab 's confirmation, the changes made don’t seem to be reflected in the various status Sheets that I’ve seen so far.

The two major changes made were:

  1. We removed 20k ARB to cover auditing costs (Total grant ask decreased from 400k to 380K ARB)
  2. We changed the distribution timeline from 6 months to 3 months.

Would it be possible to acknowledge these changes and update CIAN’s proposal readiness from [DRAFT] to [FINAL]?

Thank you in advance!

Hello @CDahmen,

Now that your application has been marked eligible, please be advised of the remaining steps in the application process to be completed prior to the Review Period Deadline:

Please complete the following steps required for your application to proceed to Snapshot:

To change your proposal to final, please tag an Arbitrum Foundation Forum Moderator (@ stonecoldpat @ cliffton.eth @ eli_defi) by the Review Period deadline to notify them of your proposal’s readiness to proceed from [Draft] to [Final] status.

Once notified, the Arbitrum Foundation Forum Moderator will adjust your title from [Draft] to [Final] status. Once marked as [FInal], your application post will be locked by moderators and you will no longer be able to edit your proposal.

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Post has been changed to FINAL and locked.

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Greetings @CDahmen, will you halt the program and send the remaining grant back to the Arbitrum DAO Treasury if the aforementioned milestones do not occur on the dates you specified? What is the purpose of the milestones here?

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Hi @ismailemin great to meet, and thank you for your interest.

The milestones were indeed provided as fail-safe targets for the DAO to halt the distribution completely given our inability to deliver on time.

We thought that the grant Cian has requested in their proposal is a very good deal compared to the KPIs they’ve set for Arbitrum’s growth. However, due to our belief that the proposal lacks detailed explanations for the process and is not technically complete, we are casting our vote as abstain.

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