Applicant Information
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Name of Applicant & Applicant’s Representative (If applicable): PYOR (Power Your Own Research)
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Telegram Handle (if applicable): Telegram: Contact @sriramHQ / Telegram: Contact @nihar_t (please use both)
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LinkedIn Profile (if applicable): PYOR | LinkedIn
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The role being applied for (choose one): Research Working Member
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Hourly Rate (in USDC):
We have categorised our hourly rates to reflect the expertise and experience required for specific roles:
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Tier 1: $100 USDC per hour : Resources with 2–5 years of hands-on experience in executing and contributing to crypto-native projects, including tasks such as protocol analysis and data-driven research.
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Tier 2: $150 USDC per hour: Resources with over 5+ years of experience, including working with Big 4 consulting firms, institutional finance, and leading crypto projects.
The per-hour rate (for both Tier 1 & Tier 2) is a team cost. It is a blended cost for a working project team of a maximum 4-6 members working in parallel.
Before the commencement of any project, we will clearly quote the number of Tier 1 hours and Tier 2 hours and share it with the Supervisory Council.
Resource allocation will be dynamically adjusted based on project requirements, ensuring optimal expertise deployment while maintaining cost-effectiveness. Each project, regardless of tier, will have a dedicated project manager to ensure smooth execution, clear communication, and timely delivery.
Our team consists of over 30 experienced professionals, including researchers, analysts, developers, and project managers. Along with research and analysis, we have experience in developing data tools/dashboards. We are committed to dedicate our team’s resources wherever needed. We have adequate capacity to handle new requirements, and this proposal reflects the full support of our entire team.
Background & Skills
Please provide a brief overview of your experience in the digital asset industry, particularly within the Ethereum & Arbitrum Ecosystems. Include your involvement in any relevant projects or contributions to the ArbitrumDAO, or other Ecosystems. (400 words max)
Overview:
At PYOR, we empower blockchain protocols, DAOs, and dApps with targeted research and analytics & tools. Founded in 2022 by veteran executives from Barclays / EY / Coinswitch—India’s premier cryptocurrency exchange—PYOR bridges the critical gap between complex blockchain data and actionable insights.
We’re backed by industry leaders including Castle Island Ventures and Coinbase Ventures, Balaji Srinivasan, etc.
The PYOR team consists of experienced builders from the TradFi, Consulting, and Web3 industries.
Our Co-Founders:
Our collaboration with diverse clients has strengthened our expertise and continuously shapes our evolving understanding of the blockchain ecosystem. We have partnered with clients across various ecosystems and of varying scales:
Arbitrum Projects:
We are honoured to be selected as a trusted partner for conducting key research and analysis within the Arbitrum ecosystem.
Our approach is multi-dimensional, combining both top-down and bottom-up strategies to deliver comprehensive insights. This enabled us to serve not only as trusted advisors to the DAO, but also as hands-on contributors.
Our deep understanding of the concerns and challenges faced by end-users, combined with our awareness of the DAO’s strategic vision, gives us a unique perspective.
Through our extensive experience in leading community and developer initiatives, we have witnessed firsthand what works—and what doesn’t—when such initiatives are implemented.
This invaluable insight allows us to tailor our recommendations to the DAO in a way that is both strategic and grounded in practical, real-world outcomes.
As Arbitrum DAO looks towards unifying its mission and vision statement, we are committed to supporting this process with strategic guidance and actionable recommendations.
Arbitrum Project links:
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Research: Impact analysis of STIP, Backfund and LTIPP programs [Ongoing]
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Analytics: RWA Dashboard | Forum Post [Completed]
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Community Growth: Namaste Arbitrum (60 Video Series + 10 IRL Educational Workshops) [Completed]
Following the success of Namaste Arbitrum, two of our team members, Sriram and Aakash, have been selected as Arbitrum Ambassadors.
Protocol Partnerships
We’ve delivered strategic insights for leading blockchain protocols including:
- Layer 1 & 2 Solutions: Arbitrum, Internet Computer Protocol (ICP), Cosmos, Tezos
- DeFi Protocols: Compound, Venus, Osmosis
- Web3 Infrastructure: Livepeer, Swell
Institutional Collaborations
- Ribbit Capital
- M31 Capital
Home of EigenLayer: We developed a complete analytics dashboard dedicated to understanding the EigenLayer Restaking ecosystem. This platform offers a single hub to analyze and manage restaking data, ensuring users have the insights necessary to make informed decisions about their staking and delegations.
You can access our Dune dashboards , research content and other proof of work in the given links.
Explain how your skills align with the role you are applying for and describe your methodology for fulfilling your duties. How will these skills help you effectively contribute to the ArbitrumDAO? (500 words max)
Core Competencies
Blending our experience from building PYOR’s data infrastructure and our backgrounds at EY, Barclays & CoinSwitch, we bring unique insights to crypto projects:
- Incentive Mechanism Design & Analysis
Combining research models with real crypto market dynamics learned from heading research at Barclays & EY - Market Research & Protocol Intelligence
Merging TradFi research frameworks with hands-on crypto analytics users - Governance Framework Design
Applying corporate governance principles refined through building regulatory-compliant crypto infrastructure - Strategic Community Initiatives
Direct experience growing CoinSwitch’s user base from zero to millions through data-driven community strategies
Research Philosophy
- Data Integrity: Rigorous on-chain analysis ensuring accuracy and reliability
- Actionable Insights: Converting complex data into clear, implementable insights
- Strategic Impact: Focusing on insights that drive measurable protocol improvements
Technical Capabilities
- Advanced On-Chain Analytics
Expertise in complex data modeling across multiple chains, having built custom analytics frameworks for institutional-grade reporting and real-time monitoring - Protocol Architecture
Deep understanding of DeFi mechanics from both technical and financial perspectives, shaped by years of implementing trading systems across TradFi and crypto - Data Infrastructure
Proven track record of building and optimizing large-scale analytics platforms using tools like Dune Analytics, enabling sophisticated protocol insights and market intelligence - Market Analysis
Comprehensive research capabilities combining traditional market fundamentals with real-time on-chain metrics, delivering actionable protocol strategies
This combination of having built a crypto analytics company and major crypto exchange from the ground up, while bringing experience from EY and Barclays, gives us a comprehensive view of what drives successful crypto projects. We’ve lived through the challenges of scaling crypto platforms and know how to apply institutional best practices in a Web3 context.
Motivation
What motivates you to join ARDC, and what do you aim to achieve as a Working Member? (400 words max)
Arbitrum has historically maintained a dominant position as Ethereum’s leading Layer 2 rollup, particularly excelling in the DeFi ecosystem. However, the Layer 2 landscape has evolved significantly over the past year, with rising competition from emerging rollups and application-specific chains.
Technologically, Arbitrum continues to innovate with key implementations such as:
- Stylus: Enabling developers to write smart contracts in languages like Rust, expanding the development ecosystem.
- BoLD (Better on L2 than L1 Directly): A framework that improves the native Layer 2 experience beyond simple L1 replication.
Arbitrum is also working on several critical upgrades:
- Decentralized Sequencer: Enhancing network resilience and reducing centralization risks.
- Timeboost Ordering: Implementing fair transaction ordering mechanisms to combat MEV.
- Adaptive Price Mechanism: Introducing more efficient and responsive fee structures.
- The growing adoption of the Orbit chain cluster highlights Arbitrum’s commitment to scalability and customization, enabling projects to deploy application-specific chains while maintaining security.
However, Arbitrum faces challenges from new Layer 2 solutions offering competitive advantages in transaction costs, processing speed, novel architectures, incentive programs, developer tooling, and ecosystem funding.
Our Objective:
Our motivation to join ARDC is driven by a distinctive perspective formed through a blend of institutional and deep crypto expertise.
Building on this experience, our goal is to conduct comprehensive research, collaborate with stakeholders, and implement strategies that will reestablish Arbitrum as the leading roll-up platform. This involves analyzing current market dynamics, addressing competitive pressures, and identifying growth opportunities across technical, economic, and community dimensions.
Through strategic planning and execution, we aim to strengthen Arbitrum’s position in the Layer 2 ecosystem while fostering sustainable growth and innovation.
Research Initiatives
Describe your experience conducting research-oriented initiatives within the digital asset industry, more specifically (and if applicable), research related to the Arbitrum tech-stack. Explain how your previous experience can translate to an added value contribution to the ARDC & the ArbitrumDAO. (500 words max)
Our team blends on-chain analysts, data scientists, and researchers with extensive experience in data-driven research, specializing in the Arbitrum ecosystem. Our portfolio showcases a comprehensive analysis of key aspects of the ecosystem:
- Conducted in-depth analysis of 116 protocols across STIP, Backfund STIP, and LTIPP programs
- Evaluated the efficacy of ~95M ARB tokens in incentives through 7 different metrics and 15 distinct segments
- Developed interactive dashboards to visualize and track program outcomes
- This research provides valuable insights for optimizing future incentive structures within the Arbitrum ecosystem
- Created comprehensive analytics infrastructure for tracking 14 RWA protocols on Arbitrum
- Developed specialized tools including yield calculators for investors and cost calculators for builders
- This expertise positions us to contribute meaningfully to Arbitrum’s growing RWA sector
- Protocol Analytics Infrastructure
- Built extensive Compound v3 dashboard tracking all markets across Arbitrum, Ethereum, Base, and Optimism
- Developed SNS DAO dashboard monitoring rewards from 14 SNS DAOs for ICP holders
- Published multiple technical protocol deep dives on Paragraph.xyz
- Created 25+ public good dashboards on Dune Analytics, garnering over 200 community endorsements
- Home of EigenLayer: We developed a complete analytics dashboard dedicated to understanding the EigenLayer Restaking ecosystem. This platform offers a single hub to analyze and manage restaking data, ensuring users have the insights necessary to make informed decisions about their staking and delegations.
Our research experience uniquely positions us to contribute to the ARDC & ArbitrumDAO through:
- Data-driven analysis of ecosystem initiatives
- Creation of accessible tools and dashboards for community benefit
- Deep understanding of cross-chain dynamics and protocol implementations
- High-quality technical research output
- Commitment to public goods and ecosystem transparency
We aim to leverage this expertise to help shape and analyze future initiatives within the Arbitrum ecosystem, providing data-driven insights to guide DAO decisions and measure their impact.
Project Management & Collaboration
Describe your project management experience (This could include project management in other ecosystems you have operated in, management of initiatives, etc.) (300 words max)
With leadership experience at EY and Barclays, we bring proven project management expertise honed through years of delivering complex financial transformations, including managing cross-functional teams, effective stakeholder communication, and risk mitigation to ensure successful project outcomes. We have consistently met deadlines, been transparent about progress, and set clear expectations for all stakeholders.
In the Arbitrum ecosystem, we’ve demonstrated this approach in initiatives like research on incentive programs, developing the RWA Dashboard, and scaling community education through Namaste Arbitrum.
Several DAO members have expressed concerns about transparency and accountability in the initial draft proposals for ARDC V2, primarily due to a lack of information and clarity.
To address this, we are committed to proactive communication and building in public. By making our research transparent and accessible through live dashboards (wherever applicable), we will provide continuous, monthly reports, eliminating any gaps and ensuring clarity for all DAO members.
We will bring these same principles to ARDC initiatives, ensuring clear milestones, regular communication, and measurable progress.
Scope of Work
Outline the tasks and key deliverables you propose, covering one-third of the 6-month term. Demonstrate your understanding of the most pressing needs within the ArbitrumDAO and how your work will support its strategic goals. (500 words max)
As Research Members, our primary goal is to strengthen Arbitrum’s position as the leading Layer 2 solution.
For any network, the core requirements are a strong developer mindshare and capture, projects that address both emerging and institutional use cases, and deep liquidity across the ecosystem. To address these challenges, we propose the following research initiatives for the first two months.
1. Expanding Arbitrum’s Ecosystem: A Strategic Analysis of Emerging Untapped Sectors and Institutional Opportunities
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Arbitrum has long been a hub for DeFi protocols, and this will continue. However, with the emergence of new market cycles and innovative primitives, it’s crucial to understand and expand into these new areas, both crypto-native and institutional.
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For example, Polymarket, a prediction market app, accounted for nearly half of Polygon’s transaction volume in October 2024. As new primitives emerge, Arbitrum must capture protocols from these sectors.
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This research aims to assess where Arbitrum lags behind competing Layer 2 and Layer 1 networks. The study will explore:
- Crypto-native sectors: prediction markets, memecoins, decentralized science (DeSci), gaming, decentralized physical infrastructure networks (DePIN), etc.
- Institutional sectors: Treasuries, payments, funds, and bonds
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We will conduct a data-driven analysis to identify key sectors with little to no presence on Arbitrum, evaluate their growth potential, and develop strategies to attract these protocols to the network.
Final Outcome: A comprehensive report identifying high-potential crypto-native and institutional sectors currently underrepresented on Arbitrum to develop targeted strategies for attracting protocols and expanding network dominance beyond DeFi.
2. Catalyzing Capital Migration from Ethereum Mainnet to Arbitrum: A Strategic Framework for Liquidity Attraction
Ethereum Mainnet currently has more than $60B of Capital sitting on it. Currently, Arbitrum is leading in terms of attracting these outflows from the Ethereum main net, but with more L1s and L2s coming in it’s necessary to constantly research and strategise on how Arbitrum can be the home for this liquidity.
Our main aim with this research is to analyse the patterns of large capital holders and their migration patterns from the mainnet and interview them to find out any gaps in terms of security, infrastructure, and opportunities.
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Recent advancements — such as live fraud proofs, enhanced cross-chain infrastructure, and an increasing number of protocols building on Arbitrum—make it the ideal platform for this migration.
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This research will:
- Analyse the risk profiles of large capital holders
- Assess the current infrastructure for migration and identify gaps
- Engage with capital holders through interviews to develop a strategy for attracting liquidity
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Key areas of focus will include:
- Identifying infrastructural gaps that hinder capital migration
- Conducting user interviews to understand views on Layer 2 migration
- Analysing capital ownership on the mainnet and categorising entities by likelihood of migration
- Exploring short-term strategies and incentives to encourage both migration and long-term retention of liquidity on Arbitrum
Final Outcome: Develop a comprehensive strategy to facilitate and incentivize the migration of $50 billion in capital from Ethereum mainnet to Arbitrum by addressing security concerns, infrastructure gaps, and stakeholder needs.
3. Diversifying Arbitrum’s Network Revenue Streams: Beyond Sequencer Fees
This research initiative aims to address the critical challenge of developing sustainable revenue streams for the Arbitrum network, acknowledging that the current reliance on sequencer fees is not sufficient for long-term sustainability. The study will conduct a comprehensive analysis of potential revenue models, examining both traditional blockchain monetization strategies and innovative approaches unique to Arbitrum’s architecture.
Research Methodology (Overview):
• Analyze successful revenue models from other blockchain networks.
• Evaluate emerging trends in network monetization.
• Assess the feasibility of implementing various revenue streams within Arbitrum’s existing framework.
Final Outcome: A report with supporting data/dashboards to identify and evaluate innovative, sustainable revenue models beyond sequencer fees to ensure Arbitrum’s long-term financial stability and present actionable implementation strategies to the DAO
4. Developer Experience in the Arbitrum Ecosystem: A Comprehensive Analysis of Tooling, Support, and Cross-Chain Infrastructure
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The Arbitrum Orbit cluster is rapidly expanding, with over 50 Layer 2 and Layer 3 projects currently being built, making it one of the largest chain clusters today. Arbitrum has also launched its multi-VM smart contract framework, Arbitrum Stylus.
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As the Orbit cluster grows and Stylus is in place, it’s important to identify infrastructure bottlenecks and challenges developers face.
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This research will involve interviews with both existing and new builders to:
- Assess the current state of developer tooling on Arbitrum
- Identify support needed from Orbit chain teams for continued growth
- Explore challenges around intra-chain and cross-chain messaging within the Orbit ecosystem
Final Outcome: An actionable framework to enhance Arbitrum’s developer ecosystem by evaluating current tooling infrastructure, support systems, and competitive positioning through extensive developer interviews and comparative analysis with peer networks.
Please also elaborate as to your capacity to execute, including how you intend to allocate resources for the remaining term, with regard to ad hoc or flexible tasks that the Supervisory Council may put forward. Please also describe how you would plan to satisfy this should the ARDC be extended for an additional 6-month term. (300 words max)
Our 30+ member team, with expertise in institutional finance and crypto development, is ready to handle both planned initiatives and ad hoc requests from the Supervisory Council.
For each request, we’ll provide a clear scope, timeline, and cost estimate for Council approval before proceeding. Having successfully delivered multiple Arbitrum projects, we’ve streamlined workflows to quickly address urgent needs without compromising on quality.
With a potential 6-month extension in mind, our scalable team structure and proven project management practices will ensure consistent delivery while adapting to the DAO’s evolving needs.
Additional Details
Any additional information deemed relevant (500 words max)
Our capabilities extend beyond standard research through key technological and operational advantages:
- Proprietary on-chain analytics platform providing real-time protocol insights
- Advanced data visualization and pattern recognition
- Automated monitoring and alert systems for key metrics
- Custom analytics modules for governance, liquidity, and user behavior analysis
- Custom Analytics Infrastructure
- Dedicated data engineering team for building specialized monitoring systems
- Proprietary data pipelines enabling deeper protocol insights
- Track record of creating public analytics tools used by major protocols
With our proven track record of delivering complex analytics infrastructure and research for major protocols, we are confident in our ability to exceed expectations and drive meaningful impact for the Arbitrum ecosystem.
Our experienced team of professionals possesses in-house capabilities tailored to handle a wide range of requests, leveraging our proprietary X-ray platform to ensure efficient and effective solutions.
This unique combination of expertise and technology empowers us to deliver actionable insights and enhance decision-making within the Arbitrum community.
Conflict of Interest
Please disclose any potential conflicts of interest and how you plan to handle situations where they might arise. (250 words max)
We ensure transparency and impartiality in all our work. Our policy is to fully disclose any relationships with other protocols or DAOs and document them clearly.
In case of conflicts, we we inform the Supervisory Council at the earliest for transparent decision-making.
Summary
In summary, please highlight your key qualifications and explain why you are a strong fit for the role. (500 words max)
At PYOR, we believe our unique blend of experience in both traditional finance and the blockchain space makes us an ideal fit to contribute meaningfully to the ArbitrumDAO. Our team is built on a foundation of expertise from institutions like Barclays, EY, and CoinSwitch, which means we approach blockchain research with the same rigor and strategic thinking expected at the highest levels of finance. This allows us to offer practical, data-driven insights that are both actionable and aligned with long-term ecosystem growth.
We’ve been fortunate to work closely with the Arbitrum ecosystem, conducting research and developing analytics tools that have already provided valuable insights for the DAO. From our deep dive into Arbitrum’s incentive programs to our work building real-time dashboards tracking Real-World Assets (RWA) on the network, we’ve consistently delivered outputs that help stakeholders make informed decisions. Our experience also extends to scaling community efforts, such as our “Namaste Arbitrum” initiative, which aimed to increase engagement and education across the ecosystem.
We are excited to drive impactful initiatives, including researching how Arbitrum can capture emerging sectors like decentralized science, gaming, and prediction markets, as well as assessing the migration of Ethereum-held capital to Arbitrum, etc.
What sets us apart is our ability to combine high-level strategic thinking with technical execution. We’ve built custom data infrastructure, like our proprietary X-ray platform, which provides live, on-chain insights into protocol performance, and developed tools for large-scale monitoring and analytics. These assets help stakeholders at all levels—from developers to investors—navigate the complexity of the blockchain landscape.
Having led complex projects in the corporate world, we understand the importance of clear communication, transparency, and meeting deadlines. We’re committed to working collaboratively with the ArbitrumDAO, offering insights and strategies that support both immediate needs and long-term goals. With our track record, technical expertise, and hands-on approach, we’re confident in our ability to help Arbitrum continue its leadership in the Layer 2 space.