# SECTION 1: APPLICANT INFORMATION
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: M.J.G. (Chiel) Ruiter
Project Name: Florence Finance
Project Description:
Florence is an RWA platform that allows users to seamlessly integrate real-world (SME) yield into their cryptocurrency portfolio in the most transparent and sustainable way. Florence Finance tokenizes real-world, Euro-denominated, private (i.e not securities & not subject to banking/deposit-taking regulations) SME loans through standardized ERC4626 vault contracts (currently $4.5m Loans Outstanding). Florence Finance sources its loans through existing lending partners with excellent/long track records in SME lending.
Team Members and Roles:
CHIEL RUITER - (Project lead) TradFi M&A veteran (MD @ Goldman Sachs, Credit Suisse & UBS) turned restructuring professional & entrepreneur.
LEO GREVE - (Lending Advisor) TradFi fixed income and financing market veteran (MD @ CitiBank & ING) turned corporate finance advisor and Sr. Advisor to Florence Finance.
ALEX - (Product & Development Lead) Senior Backend Developer 10+ years, Senior Solidity Developer 4+ years
PoorCapital - (Community & Marketing Lead) seasoned crypto investor and DeFi contributor that has pledged his allegiance to Florence since the start.
Project Links:
Website: https://florence.finance/
Twitter: https://twitter.com/FinanceFlorence?s=20
Docs: https://docs.florence.finance/
Contact Information
Point of Contact (note: this should be an individual’s name, not the name of the protocol): M.J.G. (Chiel) Ruiter (project lead)
Point of Contact’s TG handle: @DukeofFlorence
Twitter: @dukeflorence69
Email: Chiel@florence.finance
Do you acknowledge that your team will be subject to a KYC requirement?: Yes
# SECTION 2a: Team and Product Information
Provide details on your team’s past and current experience. Any details relating to past projects, recent achievements and any past experience utilizing incentives. Additionally, please provide further details on the state of your product, audience segments, and how you expect incentives to impact the product’s long-term growth and sustainability.
Team experience (Any relevant experience that may be useful in evaluating ability to ship, or execution with grant incentives. Please provide references knowledgeable about past work, where relevant. If you wish to do so privately, indicate that. [Optional, but recommended]):
CHIEL RUITER - (Project lead) TradFi M&A veteran (MD @ Goldman Sachs, Credit Suisse & UBS) turned restructuring professional & entrepreneur. Active on-chain since 2017 (https://www.linkedin.com/in/chielruiter/).
LEO GREVE - (Lending Advisor) TradFi fixed income and financing market veteran (MD @ CitiBank & ING) turned corporate finance advisor and Sr. Advisor to Florence Finance (https://www.linkedin.com/in/leo-hendrik-greve-3878065/)).
ALEX - (Product & Development Lead) Senior Backend Developer 10+ years, Senior Solidity Developer 4+ years seasoned DeFi contributor/developer and LobsterDAO OG.
PoorCapital - (Community & Marketing Lead) seasoned crypto investor and DeFi contributor that has pledged his allegiance to Florence since the start. Involvement in multiple DeFi projects of which Florence is the most prominent.
What novelty or innovation does your product bring to Arbitrum?
We have built a novel platform that is unique and ambitious and has the ability to bring real growth to the crypto space and onboard more users while doing real-world good.
Florence as an RWA platform not only brings more sustainable yield to the Arbitrum ecosystem it also helps address the shortage of funding for SMEs in Europe. Therefore, as Florence grows on Arbitrum it is also doing real-world good in Europe.
Is your project composable with other projects on Arbitrum? If so, please explain:
Florence is composable as our vault receipt tokens (which are yield bearing) can theoretically be used by other DeFi platforms and projects as collateral, we are in conversations with DYAD to add Florence vault tokens as collateral to mint DYAD. Another way that Florence is composable is through our partnership with Angle.Money (the leading Euro Stablecoin issuer on Arbitrum) by allowing our flrEUR to be minted against EURA and bought for stEUR. Also, stEUR holders have the ability to pair their stEUR with flrEUR as liquidity on Camelot and earn our native Florence FFM tokens as rewards at the same time as earning the native stEUR yield.
Do you have any comparable protocols within the Arbitrum ecosystem or other blockchains?
There are not any directly comparable projects on Arbitrum, the closest comparable is Goldfinch on Ethereum which caters to the emerging/microlending markets, whereas Florence caters to the European SME market.
How do you measure and think about retention internally? (metrics, target KPIs)
We are in the liquidity bootstrapping phase of our project where it is more about getting people in for the first time than retention. Once our existing loan portfolio is sufficiently owned/funded by 3rd party participants in our protocol the measurement of retention will be relatively easy through the length of stay/ownership of the respective Vault tokens and/or 3rd party participation in the Vaults. As of today, it is about getting new people in to experience the product and the yield in the hope they will stay once they have seen what Florence can do with their own eyes.
To monitor user retention we added to our Dune dashboard “users over time” which refers to how many people are currently earning interest in our vaults, to be able to easily see how many users we have in total and how that number changes over time. Due to our Duke Dash NFT points incentivization program that we launched a few months ago our user retention has been very high as users see additional value in participating in our RWA vaults, we hope to maintain this retention as we implement liquid token rewards on top of our points incentives model.
Relevant usage metrics - Please refer to the OBL relevant metrics chart 20. For your category (DEX, lending, gaming, etc) please provide a list of all respective metrics as well as all metrics in the general section:
TVL: A daily time series expressed in USD.
List of Depositors: A list of current and past participants who have deposited during the incentivized period to the protocol. The list should include depositor addresses, their current deposits in USD, time-weighted deposits in USD, and the duration of their deposit participation.
Daily Active Users: A time series metric representing the daily count of unique addresses interacting with the protocol’s contracts.
Daily User Growth: A time series metric representing the daily user growth (in addresses) interacting with the protocol’s contracts.
Daily Transaction Count: A time series metric representing the daily number of transactions interacting with the protocol’s contracts.
Daily Protocol Fee: A time series data representing the daily total protocol fee generated. For example, swap fees, borrowing fees, etc., comprising all economic value generated through the protocol, contracts, apps, etc., by users.
Daily Transaction Fee: A time series, daily total transaction fees generated daily by interactions with the protocol’s contracts.
Daily ARB Expenditure and User Claims: Data on individual ARB incentive claim transactions made by users, as incentivized by the protocol. It should include the timestamp, user address, and the claimed ARB amount. The spent ARB will allow for the normalization of growth metrics.
Incentivized User List & Gini: The list should include users incentivized by the protocol along with their performance metrics. For instance, if trading volume is incentivized, this would be a list of traders with their respective trading volumes. If liquidity providers are incentivized, it would include a list of LPs and their liquidities in USD. Protocols should also strive for more uniform engagement levels across a wide user base for long-term sustainability, which will be measured through a gini coefficient across reward recipients.
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, no team, founder or LP wallets will farm the incentives
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, we did not use a third party to help draft our application
# SECTION 2b: PROTOCOL DETAILS
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?: [Yes/No, and provide explanation]
Florence was initially launched on Ethereum and made a full transition to Arbitrum to lower gas fees / entry barriers at the end of 2023, while this may technically make us non-Arbitrum native, we call Arbitrum our home and like to think of ourselves as an Arbitrum project as all activity (Vaults / LPs / TVL) is now on Arbitrum. We deliberately chose Arbitrum given our assessment of the overall Arbitrum DeFi ecosystem, the plethora of innovative projects being built there as well as the warm welcome we received from members of the Arbitrum Community such as the Arbitrum BD team, Camelot & Angle.
On what other networks is the protocol deployed?: [Yes/No, and provide chains]
We remain deployed on ETH mainnet for legacy purposes and primary (ETH/EURS based) funders that have been with us from the outset, but the majority (99%+) of activity & TVL is now on Arbitrum.
What date did you deploy on Arbitrum mainnet?: [Date + transaction ID. If not yet live on mainnet, explain why.]
Launched on Aug-29-2023 @ txn hash: 0xb5efd15e24b6324800efe5661ada5e592a5545437162e2126347699dd3fc795f
Do you have a native token?:
Yes, we have a native token ($FFM) liquidity on Camelot and Uniswap totaling $991k, link to tokenomics below:
https://docs.florence.finance/docs/tokenomics/tokenomics
Past Incentivization: What liquidity mining/incentive programs, if any, have you previously run? Please share results and dashboards, as applicable?
We only launched/listed our governance token in January (6th) of this year and are gearing up for its use as a liquidity bootstrapping incentives. To date we have incentivized the community through a Duke NFT related points program which we built prior to the current points craze and which has garnered us over 55k in active participants (points farmers) even before liquid token rewards program has been implemented
Current Incentivization: How are you currently incentivizing your protocol?
We are on the verge (next weeks) of launching our liquid token rewards (liquidity bootstrapping) program, that will give people liquid FFM tokens rewards for helping us build the liquidity of our on/off ramp (stEUR/flrEUR LP pool) on Camelot and longer term (next months) incentivize direct participation in the underlying lending vaults.
Have you received a grant from the DAO, Foundation, or any Arbitrum ecosystem related program? [yes/no, please provide any details around how the funds were allocated and any relevant results/learnings(Note: this does NOT disqualify an applicant)]
No
Protocol Performance: [Detail the past performance of the protocol and relevance, including any key metrics or achievements, dashboards, etc.]
Key Florence achievements and dashboard as follows:
- $1m token sale sold out in under 10 seconds (Jan 2024)
- Over 55k NFTs minted in our Duke Dash points incentive scheme
- 10k Vault depositors
- $5.5m loans originated (zero credit issues over 2.5 years)
https://dune.com/florencefinance/arbitrum
Protocol Roadmap: [Describe relevant roadmap details for your protocol or relevant products to your grant application. Include tangible milestones over the next 12 months.]
Since our successful token launch on January 6th, we have been working on the next iteration of our protocol to enable liquid token incentives to drive adoption and usage of our protocol. These liquid token rewards will be rolled out in the coming weeks/months and we are extremely excited about the prospects thereof for our protocol.
The liquid token incentives and targeted marketing campaign will help us build TVL and usage. This in turn will allow us to sign up new lending partners to further grow and diversify the lending activity thus providing more choice to users of the protocol.
We are currently in advanced discussions with various centralized exchanges as we see a listing on one or more CEXs to augment the current DEX liquidity as a crucial next step to enhance the value and accessibility of our protocol allowing us to further build the community.
We have purposely chosen to keep governance/controls centralized in the build-up phase of our project due to the nature of the lending activities and the importance of getting the loan book built correctly from the outset. It is, however our distinct ambition to decentralize the protocol governance in particular with respect to credit selection, yield distribution mechanics and tokenomics.
As we become more established and grow to become cash-flow positive from a small fraction of the net interest margin we will implement these governance aspects of our token & protocol with a goal to use excess net interest margin to buy-back & burn tokens to establish deflationary tokenomics.
Audit History & Security Vendors: [Provide historic audits and audit results. Do you have a bug bounty program? Please provide details around your security implementation including any advisors and vendors.]
Florence has a good relationship with Pashov Krum from Pashov Audit Group
https://twitter.com/PashovAuditGrp
Both Ethereum and Arbitrum deployments were audited by Pashov:
Arbitrum Audit: https://github.com/pashov/audits/blob/master/solo/pdf/FlorenceFinance-second-security-review.pdf
Security Incidents: [Has your protocol ever been exploited? If so, please describe what, when and how for ALL incidents as well as the remedies to solve and mitigate for future incidents]
Our protocol and its contracts have never been exploited.
SECTION 3: GRANT INFORMATION
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: 166,153 ARB
Justification for the size of the grant 23: [Enter explanation. More details are better, including how you arrived at the required funding for individual categories of expenses covered by your grant plan]
Florence Finance aims to fuel the adoption of RWA on Arbitrum by being one of the first movers in RWAs to be native to the Arbitrum chain. RWAs have been gaining significant traction over the past few months and have the ability to onboard large amounts of liquidity to any given chain, as many key players are chasing real (world) yield. (Arbitrum has shown its desire to utilize RWA to grow the ecosystem and treasury, as seen by the recent Arbitrum Stable Treasury Endowment Program)
Key KPIs that Florence aims to achieve are an increase in Vault Depositors (users) and TVL for the platform (which includes an increase in our stEUR-flrEUR LP on Camelot as this is a key component of our platform).
Current Vault Depositors = 10,332 (https://dune.com/florencefinance/arbitrum)
Current TVL = $4.4m
The platform is currently at 100% borrow utilization, ie. all of the $4.5m of TVL on the platform are active working loans, our constraint as a platform is new funds/deposits that we can use to fund loans. This means that the extra ARB incentive would be very valuable to us as it can help attract new depositors.
We aim to double our TVL to ~$9m and increase vault depositors by 50% to 15,495 depositors. At the moment around $4.2m of the deposits are from founders and original LPs, meaning if we get to $9m TVL, only $4.8m of this will be 3rd party funds. More depositors and TVL means Florence has the ability to attract more sticky TVL as we believe once people see how easy it is to earn sustainable RWA yields on Arbitrum they will be more likely to stick around. More TVL also gives us the possibility of writing more real-world loans to slowly grow/diversify the loan book.
We estimate that to grow the TVL by 100% to $9m (increase of $4.8m) we will need to provide an APR of more than 30%, $4.8m x 0.3 = $1.44m annually, so for the 12 week period this would equal $332,307. Assuming a value of $2 per ARB token our grant request comprises 166,153 ARB tokens and any value appreciation in the ARB token will enhance the value of our proposition.
We have two methods to distribute the ARB to reach our desired APR:
- Use the ARB to boost the APR in our RWA vaults
- Use the ARB to boost the liquidity and APR in our stEUR - flrEUR Camelot LP
From looking at a comparable case of Angle.Money’s (a partner of Florence Finance) STIP incentives for their stEUR LPs on Camelot we saw that around 30% of the LPs left when the incentives ended, however their stEUR liquidity remains significantly higher than at the beginning of the STIP rewards, indicating to us that is was a successful program and we think we can achieve similar results.
Grant Matching: [Enter Amount of Matching Funds Provided - If Relevant]
The ARB Grant rewards will be similar in size (~30% APR target) to the liquid token rewards that we are giving out in the liquidity bootstrapping phase thus boosting the attractiveness to participate in growing the Florence Protocol to a point of sustainable existence.
We are in the first stage of our liquid token rewards that focus on rewarding the our on/off ramp LP on Camelot (stEUR - flrEUR), however we aim to have a second phase of liquid token rewards that will directly reward our RWA vault users with additional yield, in the same fashion we plan to do if we are granted these ARB token rewards. We believe that this will be a useful tool to maintain the stickiness of our new TVL and users as when we phase out the ARB rewards will will start up our second phase of FFM token rewards that will have a slightly higher APR. Our FFM token has strong liquidity and we believe this will be an attractive enough offering to encourage some of the new users and depositors to stay in the Florence ecosystem and therefore maximizing the stickiness of the ARB incentive rewards overall. Once a user is in the Florence ecosystem they are more to stay than if they had never entered before, getting them to come in the first place is the hard part (we hope).
Grant Breakdown: [Please provide a high-level overview of the budget breakdown and planned use of funds]
We plan to use the full ARB allocation to increase the APR of our RWA vaults and stEUR - flrEUR Camelot LP (which is important for not only our protocol but also to increase the overall liquidity of Euro stablecoins on Arbitrum).
We will split the ARB 50/50 and allocate 83,076 ARB to each of the distribution methods. This means that our RWA vaults (which are currently yielding 7.25-9.5% APR and have $4.5m deposited) will be incentivized with 83,076 ARB which will increase APR and hopefully attract new users and allow our RWA offering to be highlighted in the Arbitrum ecosystem.
It is important to note that in order to bootstrap TVL in our protocol we used whitelisted & KYC’d LPs that include our founders and investors to fund the loans when initially underwritten of $4.5m, over time regular users have entered the protocol reducing the amount of loan exposure held by our whitelisted LPs. As we aim to only fully incentivize the Arbirtrum community we will NOT allow our original founders & LPs to farm ARB rewards, meaning that their wallets not be eligible to farm the rewards. We aim to make this as transparent and fair as possible.
The second method of incentivization will be using the Nitro function on Camelot and/or the Merkle functionality in Angle to incentivize our on/off ramp pool of stEUR - flrEUR, we are in close collaboration with Angle and use their EURA stablecoin in our treasury. The idea to incentivize this LP is that Arbitrum users can benefit by earning stEUR native yield of ~3.4% as well as our governance token rewards as we aim to increase liquidity of Euro stablecoins for the whole Arbitrum ecosystem. The LP contains some protocol owned liquidity of around $100,000, we aim to increase this to around $2.5m and believe that with 83,076 ARB this will be possible, as this will give an additional APR of around 30% with very low risk to LPs as it is a stable pair.
Funding Address: [Enter the specific address where funds will be sent for grant recipients]
arb1:0x8EfF111277625213d49fe2e98021f20def58905C
Funding Address Characteristics: [Enter details on the status of the address; the eligible address must be a 2/3, 3/5 or similar setup multisig with unique signers and private keys securely stored (or an equivalent custody setup that is clearly stated). The multisig must be able to accept and interact with ERC-721s in order to accept the funding stream.
Treasury Address: [Please list out ALL DAO wallets that hold ANY DAO funds]
arb1:0x0a11dD4f88D3587024556a2aD0945e1c9D9CB5E6
eth:0x04aE598a0B3E470C3201F75774b3815c50EDB845
Contract Address: [Enter any specific address that will be used to disburse funds for grant recipients]
arb1:0x8EfF111277625213d49fe2e98021f20def58905C
# SECTION 4: GRANT OBJECTIVES, EXECUTION AND MILESTONES
Clearly outline the primary objectives of the program and the Key Performance Indicators (KPIs), execution strategy, and milestones used to measure success. This helps reviewers understand what the program aims to achieve and how progress will be assessed.
Objectives: [Clearly state the primary objectives of the grant and what you intend to achieve]
With this grant, Florence Finance aims to kickstart RWA adoption on the Arbitrum network by attracting more sticky liquidity to the ecosystem that is on the hunt for real-world yields on-chain. We aim to attract new participants to our Florence Finance vaults and give them a taste of real-world sustainable yields with an extra perk of ARB incentives with the intention to ARB-pill them to this thriving DeFi ecosystem that we now call home.
We aim to increase the number of individual depositors in our vaults and increase the overall TVL of our platform with the help of these ARB incentives, with the hope that new participants like the experience of earning real-world yield and are happy to stay in the vaults when the incentives end. We hope that this grant leads to the growth of our community as new users discover our platform through the increased yield making our platform more visible and attractive.
Execution Strategy: [Describe the plan for executing including token distribution method (e.g. farming, staking, bonds, referral program, etc), what you are incentivizing, resources, products, use of funds, and risk management. This includes allocations for specific pools, eligible assets, products, etc.]
We will incentivize participation in our RWA Vaults by allowing users who have staked in the Vault to then also stake their Vault receipt tokens (flrCaple BeaconProxy | Address 0xb982d9534a55a221d43be3bb120aa923bb7b917d | Arbiscan + flrJunior BeaconProxy | Address 0x2f6b213a1331ba981cb740794b2ad58c31f8400f | Arbiscan) into a new contract that will emit ARB tokens as rewards, increasing the overall APR of our underlying lending activity.
The contract will emit ARB in a linear manner on a per block basis, so the more that gets deposited, the lower the APR becomes, we will target a 30% ARB APR on top of the underlying RW-yield with the assumption of ~$2.4m entering the vaults.
This new contract has not been created/deployed yet but is essentially the same as our existing & fully audited liquid token rewards contract, designed to emit our governance token as liquid token rewards (not live yet). We will change the contract to emit ARB tokens instead and get the new contract audited by Pashov Audit Group, we will update the DAO with the new contract address and audit report once completed.
The second way we will distribute the ARB tokens is through the use of the Camelot Nitro functionality or Angle Merkle function for our stEUR - flrEUR LP (Deployed and released to our community AlgebraPool | Address 0x37779cf6a027959228da273fbc2ab708a01638d6 | Arbiscan, which which will slowly replace our existing FLR - USDC Camelot LP AlgebraPool | Address 0xC6E932f9107A9EB2570E39697C1bEcF2c9551770 | Arbiscan).
These 83,076 ARB tokens will be distributed instead of our own $FFM token rewards for this LP. We target an inflow of ~$2.4m into the LP with the help of our partnership with Angle, as we are giving a good yield opportunity for stEUR holders (on top of their existing native 3.4% apr).
It is important for us to incentivize this LP as it functions as the on/off ramp for our platform and having ample liquidity increases the confidence in the ability to enter & exit our platform. As a European protocol we also think it is important to grow the liquidity for Euro stablecoins on Arbitrum and in general.
What mechanisms within the incentive design will you implement to incentivize “stickiness” whether it be users, liquidity or some other targeted metric? [Provide relevant design and implementation details]
We believe that when users see how they can earn a safe yield that is uncorrelated to the crypto market they will be interested in utilising our protocol for what it was built, namely to “park” excess liquidity whilst generating attractive/safe EUR-denominated yields. Whether it be from profits they make on Arbitrum or when the inevitable bear market hits, we think the product we offer will eventually become a core component in users’ portfolios. We think that even if capital leaves after the incentives, the users are likely to return in the future when crypto returns dry up and Florence yields remain steady. The ARB rewards help us educate the Arbitrum community about our product offering and how sustainable RWA yields can add to users’ portfolio strategies.
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. [Please also justify why these specific KPIs will indicate that the grant has met its objective. Distribution of the grant itself should not be one of the KPIs.]
Given where we are as a protocol increasing the amount of liquidity in the on/off ramp to boost confidence in the ability to get in/out of our flrEUR denominated Vaults as well as onboarding new participants is the key as we bootstrap our protocol into existence.
Therefore the key metrics for us in the coming months are:
TVL: The sum of value that is participating in our platform both from a lending and a liquidity providing perspective. (RWA Vaults + stEUR - flrEUR LP)
Users: Actual 3rd party users experiencing the ease of use and composability of our yield generating vault tokens (i.e. non LP/founder). The number of vault depositors (which we already monitor through our Dune dashboard) will be a key metric that we track to measure the success of the incentives program.
As mentioned previously our goal is to onboard an additional ~$4.4m in TVL and an additional ~5,000 depositors into the vaults. This would mark a great success for the incentives program.
Grant Timeline and Milestones: [Describe the timeline for the grant, including ideal milestones with respective KPIs. Include at least one milestone that shows progress en route to a final outcome. Please justify the feasibility of these milestones.]
Once our application has been reviewed and accepted, it will be relatively easy for us to build/deploy the required functionality to distribute the rewards should they be awarded to us. We would go ahead with such preparations as soon as it becomes clear we are likely to secure the LTIPP grant so that we are ready to distribute from the get go of the program.
Our application and the granting of potential rewards are a really big deal for us from a community involvement and appreciation perspective with respect to what we are trying to do with our protocol. We will be marketing our participation and the eventual grants extensively during the grants process and in particular if/when they are granted. The program that we have outlined above will be the cherry on top of our liquidity bootstrapping program that we have planned for the next couple of months and will most certainly add to the probability of us being successful as a protocol and be accretive to the Arbitrum community.
In terms of milestones & KPIs our distribution mechanism is simple and easy to monitor/verify. As the incentives are inversely proportional to the achievement of our goals they are naturally aligned (i.e. the further we are from our goals the bigger the incentives to help get us there and visa versa).
We will monitor/report progress with respect to KPI’s (TVL & User metrics) on a continuous basis and return any unspent/unused grant funds. The key milestones will be doubling TVL to $9m and increasing vault depositors by 50% to ~15k, this would signify a huge success in our program.
How will receiving a grant enable you to foster growth or innovation within the Arbitrum ecosystem? [Clearly explain how the inputs of your program justify the expected benefits to the DAO. Be very clear and tangible, and you must back up your claims with data]
With the goal of offering a low-risk yet attractive yield through RWA, Florence acts as a safe haven for crypto users. As we focus on offering sustainable yields for the long term, we believe we have the ability to onboard very sticky liquidity. With the help of composability, our offering can form the building blocks for many different and exciting DeFi projects and products.
As RWA has a great appeal for institutional investors as well as retail participants we hope that by fostering growth in the Arbitrum RWA ecosystem we can help onboard institutional capital to the chain. As well as institutional investors we hope we can entice other RWA projects to follow our path and make Arbitrum their native chain.
We hope that making ourselves known as the go-to RWA platform on Arbitrum will mean that existing Arbitrum users who desire some RW yield in their portfolio no longer need to bridge to another chain to satisfy this desire, they can start earning RW yield natively in the Arbitrum ecosystem through Florence Finance. This should help with user and capital retention for the broader Arbitrum ecosystem.
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/No]
Yes that is acceptable to us.
# 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 19. 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?
We are willing to comply with this request
Does your team agree to provide bi-weekly program updates on the Arbitrum Forum thread that reference your OBL dashboard? [Please describe your strategy and capabilities for data/reporting]
Yes, we have no problem reporting this data. We have had an extensive Dune dashboard for the Florence ecosystem from the start of our project launch on Arbitrum and we feel very comfortable monitoring and reporting the data monitored during the LTIPP incentives.
*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 we are willing to do a final report
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/N]
Yes