[Equilibria] [FINAL] [STIP - Round 1]


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: Syou

Project Name: Equilibria Finance

Project Description: Equilibria Finance is designed exclusively for $PENDLE holders and liquidity providers, offering an easy-to-use platform to maximize your profits.

Team Members and Qualifications:

core contributors:

  • doukooo - Main product architect
  • twopenny - product development
  • Deepink- strategy lead

Project Links:


Contact Information

TG: @syouzh

Twitter: https://twitter.com/Equilibriafi
Email: syou@equilibria.fi

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


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:

750K ARB

Grant Matching: n.a

Grant Breakdown:

The grant will be fully used to incentiviese the community LP holders, there will be two types of LPs

  1. Incentives to EQB LP on DEXes:
    This aims to boost EQB liquidity on DEXes, enhancing EQB trading on Arbitrum, benefiting traders and investors while strengthening the Arbitrum ecosystem.

  2. Community incentives:
    To further encourage participation and investment in Arbitrum, we will introduce attractive community incentives. These incentives will include boosted rewards for Liquidity Providers (LP) and investors, effectively capturing their interest in Arbitrum. The funds will be allocated across various incentive plans, including direct incentives on deposits, market-based incentives, and special boosts on Arbitrum.

Funding Address:


Funding Address Characteristics:

The above address is a 2/3 multi-sig wallet with private keys securely stored in cold storage.
The signers consists of 3 core contributors from Equilibria:

Contract Address:

The incentive distributed to Liquidity providers will be through follow contract addresses:


Clearly outline the primary objectives of the project and the Key Performance Indicators (KPIs) used to measure success. This helps reviewers understand what the project aims to achieve and how progress will be assessed.


Equilibria plays a pivotal role in shaping the future of the Arbitrum LSD ecosystem. Our multifaceted mission is driven by the goal of attracting LSD assets, broadening user adoption, fostering innovation, and leveraging our multi-chain expertise.

At the core, we aim to enhance liquidity and strengthen Arbitrum’s DeFi prominence by attracting LSD assets. Simultaneously, we’re dedicated to introducing new users and innovative features to the ecosystem, creating a hub for exploration and growth. Equilibria’s incentives not only fuel our growth but also act as a catalyst for the broader Arbitrum ecosystem’s expansion.

With a presence across Ethereum, BNB Chain,Optimism, and more, Arbitrum benefits from Equilibria’s multi-chain proficiency, extending its reach and driving adoption. Our mission revolves around growth, innovation, and partnership, ushering in a new era for the blockchain landscape.

Key Performance Indicators (KPIs):

Equilibria recognizes the importance of considering multiple indicators simultaneously to assess the performance of incentivized activities. Equilibria has developed sophisticated, privacy-preserving analytics tools in-house, enabling us to actively monitor and report on various metrics:

Milestone Goal Milestone Metric Source of Truth
Expand asset pools on Equilibria to attract liquidity > $24M TVL on Arbitrum in 120 days period (~double current TVL) Defilama
Enhance ePendle liquidity on Arbitrum to attract more transactions Create ePENDLE/PENDLE liquidity pool with seed liquidity not less than $100k TBD
Promote bribe marketplace on Arbitrum and expand bribe incentives Achieve a weekly bribe amount weekly not less than $2000 TBD

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

Our strategy involves attracting a substantial influx of LSD assets to Arbitrum. This will enhance liquidity within the ecosystem, making it more robust and attractive to DeFi users and projects. By increasing the availability of assets for trading and investment, we aim to strengthen Arbitrum’s position as a leading DeFi platform.

We are dedicated to bringing in new users and driving innovation. Equilibria will introduce cutting-edge product features and functionalities to the Arbitrum ecosystem. This includes creating a user-friendly gateway to DeFi, simplifying interactions with various DeFi products and protocols. By making DeFi more accessible and inspiring user confidence in Web 3.0, we anticipate an influx of new users and innovative projects within Arbitrum.

Our incentive programs are not just about our own growth; they act as catalysts for the broader expansion of the Arbitrum ecosystem. By incentivizing user participation, liquidity provision, governance engagement, and protocol support, we aim to create a self-sustaining cycle of growth. This, in turn, benefits the entire Arbitrum community by fostering a vibrant ecosystem.

Finally, Arbitrum will benefit from Equilibria’s multi-chain expertise. Equilibria is already present on various chains, including Ethereum, Binance Smart Chain, Optimism, and more. This presence allows Arbitrum to tap into a wider audience and diverse user base, promoting innovation through cross-chain interactions and introducing new ideas and projects to the ecosystem.

Justification for the size of the grant:

The size of the grant is justified by our existing user base and the transformative impact we aim to bring to the Arbitrum LSDFi space. Equilibria’s growth and strategic collaborations with LSDFi protocols demonstrate the potential for significant expansion. The grant’s size aligns with the resources required to rapidly develop and scale our platform, ensuring that we can capitalize on emerging opportunities.

Moreover, the grant’s allocation is intricately designed to maximize its impact. It will be strategically employed to enhance our product’s capabilities, strengthen our partnerships, and nurture community involvement. This approach underscores our dedication to making a lasting impact and solidifying our position as a catalyst for innovation in the LSDFi realm.

Execution Strategy:

Our execution strategy is meticulously designed to maximize the impact of the grant within the Arbitrum ecosystem. It closely follows the grant breakdown, ensuring that funds are allocated effectively to achieve our objectives. Here is a detailed plan for executing the grant, outlining how we intend to allocate resources and funds:

The fund will be used for incentivize the LPs,The pools which are eligible for the ARB incentives on Equilibria:

  • HLP pool
  • wstETH pool(DEC/23)
  • wstETH pool(JUN/24)
  • rETH pool
  • wstETH pool(JUN/25)
  • USDT
  • gDAI
  • GLP

The incentives will be distributed in a 4 month period no late than end of Jan,2023. And the allocation will be decided by the EQB holder and votes will be executed every month. Below shows an assumption allocation for ARB incentives.

And we believe that this will make the LP APRs attractive and compatible in the market. Below is another assumption which simulates the new TVLs we can acquire after the incentives:

Through this comprehensive execution strategy, we aim to efficiently utilize the grant funds to achieve our goals of liquidity enhancement, community participation, and ecosystem growth within the Arbitrum Chain. The allocation of funds aligns with our commitment to driving innovation and fostering a dynamic environment on Arbitrum, ultimately benefiting traders, investors, and the broader community.

Grant Timeline:

We envision the distribution of the grant funding over a four-month period no late than end of Jan, 2023. We plan to allocate the funds consistently during this time, reflecting the streaming of incentives into the Equilibria treasury.

Throughout these four months, we intend to onboard at least 5 different Arbitrum partners from the broader ecosystem. Our protocol’s implementation remains flexible, allowing us to adapt to the evolving needs of the Arbitrum community and our users.

We anticipate running a near-continuous Arbitrum-centered incentive program during the four-month funding period. We will actively demonstrate our performance against the specified KPIs through live dashboards, regular reporting, and external sources of truth, such as changes in TVL for Equilibria and its Arbitrum partners resulting from our incentive campaigns.

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?



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?:


On what other networks is the protocol deployed?:


  1. Ethereum
  3. Optimism

What date did you deploy on Arbitrum?:

Deployed on 9th May, 2023

Protocol Performance:

  • We managed to lock approximately 7.5 million PENDLE tokens on our platform, which account for 27% of the total vePENDLE supply.

  • Our TVL as of 26th Sep, 2023 is $45M across 4 networks, and about $12M is on Arbitrum.

  • generated from Pendle. Up to 5% of the fees will be reserved by the Equilibria treasury.

  • Our public sale was another significant achievement where we self-hosted on Arbitrum and raised 1.5 million in funds. Over 1000 unique wallet addresses have participated in our public sale. This financial boost has been pivotal in driving our initiatives and delivering on our promises.

  • We’ve been expanding across multiple chains - from our initial deployment on Ethereum and Arbitrum, to our recent foray into the Binance Smart Chain (BNB Chain). This expansion now encompasses 26 pools across three different blockchains, offering diverse opportunities to our users.

  • We introduced our Launch partner program, the objective of this program is to onboard well-known protocols across DeFi, LSD, and cross-chain as esteemed Launch Partners: Pendle Finance, Frax Finance, and GMX, each bringing unique synergies and opportunities to the Equilibria ecosystem.

More analytics and data dashboards can be found here:

Defillama, DUNE dashboard.

Protocol Roadmap:

Q2 2023 (completed)

  1. Pre-launch Campaign to bootstrap the protocol;
  2. Completed public sale and token launched on Arbitrum;
  3. Completed the contract audits with Peckshield and WatchPug;
  4. Full launch on Ethereum Mainnet and Arbitrum, including launching all available pools of Pendle Finance, PENDLE convert, EQB lock and vlEQB voting features;
  5. Listed EQB on Camelot and provide liquidity and incentives for EQB;
  6. Enabled multi-chain votes with Snapshot.

Q3 2023 (WIP)

  1. Developed and expanded our platform to BNB Chain, Optimism;
  2. Co-marketing with potential LSD protocols, such as Rocket Pool and Frax;
  3. Completed auditing for new features by our audit partner;
  4. Developed a multi-chain voting market which enables vlEQB holders to vote from both Arbitrum and Ethereum;
  5. Listed ePENDLE on Maverick;
  6. Launched ePENDLE buyback program to maintain the ePENDLE/PENDLE peg;
  7. Delivered additional features to stabilize ePENDLE/PENDLE peg;
  8. Integrated insurance coverage;
  9. Completed our first EIP voting by community governance;
  10. Integrated the bug bounty protocol - Immunify.

Q4 2023

  1. Launch ePENDLE auto-compounder feature;
  2. Integrate with external multi-chain bribe marketplace for vlEQB;
  3. Develop the vote delegation feature to improve the user experience;
  4. Integrate with a cross-chain operating protocol to optimzie user experience;
  5. Enable ePENDLE on multi-chains to lower the user cost;
  6. Provide and incentivize liquidity for ePENDLE/PENDLE on Arbitrum;
  7. Launch LSD yield strategy vault
  8. List EQB on more DEXs.

Q1 2024

  1. Develop the YT/PT limit order feature;
  2. Launch the vlEQB yield market;
  3. Complete auditing for the newly developed features;
  4. List EQB on centralized exchange to improve the liquidity.

Audit History:

Security is a top priority for us. We’ve taken a multi-faceted approach to ensure the safety of our platform. Our smart contracts undergo rigorous audits by reputable firms like Peckshield and WatchPug. We’ve opted for a proxy-based approach for our contracts. This method is designed to prevent unexpected issues from affecting the functioning of our platform. The upgrade permissions of our contracts are safeguarded by a timelock, which is controlled by a 3/5 multi-signature held by Equilibria’s core contributors, as well as members of Incuba Alpha Capital, GBV Capital, and Pendle Finance. Every upgrade undergoes extensive testing, auditing, and verification by the multi-signature signers. Once the upgrade is deemed secure, a 24-hour timelock is initiated. We’ve adopted this approach based on lessons learned from the crypto space, where unfortunate mistakes have led to serious consequences for projects. Our strategy ensures that upgrades are carefully considered and implemented.

We have undergone rigorous auditing by Peckshield and WatchPug:

SECTION 5: Data and Reporting

Provide details on how your team is equipped to provide data and reporting on grant distribution.

Is your team prepared to create Dune Dashboards for your incentive program?:

Yes, we already have one DUNE Dashboard. Please check it here. We will continue to optimize these analytical dashboards to provide more information as required by Arbitrum or follow any suggestions from the community members.

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

Yes, we are currently publishing our platform performance data and updates every week to communities. Our team is ready to create reports and updates as required by Arbitrum.

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?: Y


Been mentioned several times that funds can’t be used for dev costs or opex, suggest taking that part out to be eligible for the vote.

hey sure thanks so much for the suggestions, revised


Hello @syou_eqb thank you for your application! Your submission meets all requirements to be considered for a snapshot vote.


The Equilibria team has shown its capability and resolve to bolster Pendle Finance’s growth and consequently the growth of the Arbitrum Ecosystem. Gains Network supports this grant with the correction mentioned by abeltherebel above.


Equilibria team has done a great work to build up the first pendle yield booster, and have successfully attract a decent TVL , it would be good to help them build more in Arbitrum.


Equilibria is a ve- booster for Pendle and the Pendle ecosystem is already playing a big part in Arbitrum, with Pendle already the top 10 TVL within 6 months in Arbitrum.

So it makes a lot of sense to support Equilibria continue to boost Pendle LPs on Arbitrum with a grant, and their requested size isn’t big at all compared to the TVL (which represent major assets on Arbitrum like GLP and LSD tokens).

Also think of Curve and Convex on Eth mainnet, and Equilibria has already shown to be successfully bringing the PendleWars to Arbitrum, allowing liquid lockers for vePENDLE on L2. A grant will for sure help re-create Curve/Convex’s success story for more active bribing use cases on Arbitrum too.


Convex has successfully demonstrated the feasibility of this economics and very firmly supports the operation of CRV.If you missed EQB in the last cycle, I believe that this time, please don’t let this GEM lose its shine.


Hello everyone, I’d like to share my experiences with Equilibria over the past few months.

  • Equilibria is fully focused on Pendle Finance, which is a detail that I believe should catch the attention of investors like me who are PENDLE token-oriented.
  • They are very responsive when it comes to development and adding pools.
  • While they may not be perfect at generating bribe yield, they are quite good at it.
  • They have a transparent approach when it comes to showing protocol revenues, which is very important to me.

I don’t want to shill to those who are unaware of the protocol, but I definitely think it’s worth exploring for those who remember the history of Curve & Convex and believe those days can be relived.

I want to point out some of Equilibria’s shortcomings; I don’t think they’ve done a good enough job in promoting themselves. They have great potential, but they struggle to get the word out. In fact, they even make some strategic mistakes, such as showing the current APY instead of the potential APY when stating APY rates, which could lead most users to think they will earn lower returns. They are being honest, but sometimes highlighting the positive first won’t hurt anyone.

In conclusion, I am quite satisfied with Equilibria, and I firmly believe it has the potential to achieve even greater things. Although it has slipped to second place in the Pendle Wars at the moment, it is clear that the TVL and vePENDLE feed remain natural. Therefore, Equilibria should definitely be supported, and contributions should be made to make it a protocol that makes a difference on Arbitrum. Thank you! :+1: :white_check_mark:


I have been following a few protocols since 2019 and after sometime you start getting a feel of who is behind them. I can safely say, that Equilibria is one of the best designed and executed protocols. I am sure whoever is behind it knows what they are doing.

With regards to this proposal, the only thing I would change is a higher allocation (15%) to the Pendle-ETH pool. In my view, all the entire ecosystem needs to put the Pendle token first and foremost with the aim to grow it to become a future defi blue-chip similar to Aave, Uni, CRV, MKR and the usual suspects.


Yes, actually what you’re saying makes a lot of sense, and I also think that the distribution plan should be carefully reviewed. Additionally, if there are additional pools that may come in the future, will it be possible to allocate resources to them?


Thank you very much for your feedback and suggestions. The Equilibria team is committed to delivering a better product for our users. In the future, we will focus on enhancing our marketing strategies. Alongside these improvements, we will introduce a range of programs, including direct deposit incentives, market-based incentives, and special boosts on Arbitrum. By offering a diverse array of incentives, our objective is to attract Liquidity Providers and investors, thereby boosting their engagement with the Arbitrum ecosystem.

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Proposal looks good to me after the first few initial corrections!

Getting more eyes on Equilibria will also indirectly benefit Pendle and thus Arbitrum as a whole, which is always welcome.

Agree with rocco that maybe the Pendle-ETH pool deserves a higher allocation, considering Equilibria is to Pendle what Convex is to Curve.


Comment on some of the feedbacks above, I also think the allocation to the Pendle/Eth and Eqb/Eth pool is somewhat too small and gDAI’s pool is too large. gDAI has been lackluster to produce yield and the Gains team has not been putting priority to support this asset. May worth moving some weights to other pools. Same may be true to GLP pool too.


@roccobarocco73 @dv_corleone Hey, guys, thanks for your suggestions on the grant allocation. Actually this is just a simulation and the allocation of the reward will be carefully reviewed by the ARB, PENDLE and EQB community every week.

We will host a voting for the grant allocation every week. And vePENDLE, vlEQB holders can decide how to allocate the ARB incentives.

Moreover, to avoid any malicious control:

  1. The weekly vote requires reaching a minimum number of votes to take effect.
  2. The ARB community reserves the ultimate veto power.

Thank you for the clarification @0xCoolPaper @syou_eqb

Yes, this is actually exactly what I was curious about, and I’m very pleased to hear this. Having the community actively involved in the decision-making process will be fantastic. I’m already participating in the vlEQB and xEQB votes, and it’s great to hear that more is on the way. Thanks!

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Equilibria team welldown. it would be good to help them build more in Arbitrum.


It goes without saying that Equilibria has contributed a lot to the growth of the Pendle ecosystem. Glad to see the support they’re getting and would love to see their proposal move forward.


Equilibria made significants development in the space and deserves the funding!


It’s great to see Pendle’s support for the proposal; I hope both protocols will receive the support they desire :+1:

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