1. Executive Summary
Project: Fist (by Fist Commerce)
Grant Amount: $40,000
Network: Arbitrum One
Website: https://app.fistcommerce.com
Questbook Application: View Grant Proposal
Project Overview
Fist is an onchain receivables-financing platform developed by Fist Commerce, a company with an established background in trade finance, including invoice discounting, letters of credit and supply-chain financing.
Many businesses deliver goods or services on credit and wait weeks or months to receive payment. This creates a working-capital gap, particularly for businesses that need funds to fulfil new orders while earlier invoices remain unpaid.
Fist brings these financing workflows into a digital platform where approved receivables can be funded through a permissioned investor pool, with financing payouts and repayments recorded on Arbitrum.
The goal is to make receivables financing more accessible to businesses while improving settlement, transparency and financial recordkeeping.
Grant Outcomes
The Arbitrum grant supported the development, deployment and live pilot of Fist’s financing infrastructure.
By the end of the reporting period, Fist had achieved 200,270 USDC in cumulative merchant financing payouts, demonstrated repeat merchant and investor participation, and recorded substantial repayment activity through its Funding Pool.
The platform is live on Arbitrum One, with native USDC used for merchant financing settlements.
Onchain Infrastructure:
2. Performance Against KPIs
Milestone Delivery
| Milestone | Outcome | Status |
|---|---|---|
| 1. Kickoff & Setup | Pilot requirements, implementation plan and operating structure established | Completed |
| 2. Integrations & Deployment | Core application, integrations and smart-contract infrastructure deployed | Completed |
| 3. Live Pilot | Live merchant and investor financing workflow demonstrated on Arbitrum One | Completed |
| 4. First Transaction Threshold | More than 100,000 USDC in cumulative financing payouts achieved, with repayment activity recorded | Completed |
| 5. Second Transaction Threshold | Cumulative financing payouts reached 200,270 USDC, with repeat participation demonstrated | Completed |
| 6. Final Reporting | Pilot results, operational learnings and next-stage plans documented | Completed |
Key Metrics
| Metric | Result |
|---|---|
| Cumulative merchant financing payouts | 200,270 USDC |
| Additional financing after Milestone 4 | 99,870 USDC |
| Additional financed receivables | 13 |
| Post-Milestone-4 repayment transfers | 104,675.83 USDC |
| Post-Milestone-4 repayment transactions | 38 |
| Onchain payout share after Milestone 4 | 100% |
| Repeat merchant financing | Demonstrated |
| Repeat investor participation | Demonstrated |
These results cover the pilot reporting period ending 12 October 2026.
3. Qualitative Impact & Community Feedback
The most important outcome of the pilot was moving Fist Commerce’s receivables-financing workflow into a functioning onchain platform.
For merchants, Fist provides access to financing against approved commercial receivables. For investors, it offers a way to participate in this financing through a permissioned liquidity pool.
For Fist Commerce, the platform provides a foundation for handling more financing transactions with clearer records and less manual coordination.
The pilot also demonstrated repeat participation from merchants and investors, an encouraging result for a business that depends on continued financing activity rather than one-time transactions.
Feedback during the grant review process highlighted the importance of presenting merchant verification, financing agreements, invoices and related transactions in a way that is easier to review. This has informed our next development priorities, particularly around investor transparency and financial reporting.
Arbitrum has been central to the pilot, providing the infrastructure for stablecoin settlement and verifiable financing and repayment records.
4. Financial Summary
The $40,000 Arbitrum grant was structured across six milestones, covering the development and implementation of Fist’s financing platform.
The work included application development, smart-contract infrastructure, integrations, deployment, pilot operations and milestone reporting.
These activities established the technical foundation needed to bring Fist’s receivables-financing operations onto Arbitrum and demonstrate the platform through live financing activity.
5. Future Plans & Continued Ecosystem Alignment
With the pilot completed, our focus is on strengthening Fist for larger financing volumes and broader participation.
Our next priorities include:
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Improving merchant verification records and investor access to financing information.
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Expanding financial reporting, repayment reconciliation and investor statements.
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Implementing controlled servicing-fee accounting and collection.
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Strengthening smart-contract upgradeability and operational controls.
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Growing our merchant pipeline and expanding investor participation.
Fist Commerce will continue building on its existing trade-finance relationships to introduce more businesses and financing activity to the platform.
Our longer-term goal is to make Arbitrum a key part of how Fist processes commercial receivables financing, connecting traditional business transactions with stablecoin liquidity and onchain settlement.
6. Additional Remarks
We appreciate the support of the Arbitrum DAO and the Domain Allocator team throughout the grant.
This pilot gave us the opportunity to take an existing trade-finance business model and demonstrate its application through a live onchain financing platform.
Reaching 200,270 USDC in cumulative financing payouts, alongside repeat participation and repayment activity, has provided a solid foundation for the next stage of Fist Commerce.
We look forward to building on this progress, growing the platform and bringing more real-world business financing activity to Arbitrum.