SECTION 1: APPLICANT INFORMATION
Applicant Name:
Blazar
Project Name:
Furucombo
Project Description:
Furucombo is a DeFi aggregator that allows a user to perform trading actions from our easy to use drag-and-drop interface. This includes multi-swap, multi-send, or managing their positions using our flashloan functionality. Our most recent product, our Lending Dashboard, allows anyone to manage their position from our intuitive interface which allows for one click position management. This includes debt swaps, collateral swaps, leverage, and deleverage without any upfront funds using our Flashloan functionality.
Team Members and Qualifications:
- Hsuan-Ting - CEO
- Blake Ho - COO
- Josh Blazar - BD & Community
Project Links:
- Website: https://furucombo.app/
- Docs: https://docs.furucombo.app/
- Youtube: https://www.youtube.com/@Furucombo
- Twitter: https://twitter.com/furucombo
- Discord: https://discord.furucombo.app/
Contact Information:
- TG: Telegram: Contact @Terrablazar
- Twitter: @furucombo or @blazartrading
- Email: josh@dinngo.co
Do You Acknowledge That Your Team Will Be Subject to a KYC Requirement?:
Yes
SECTION 2: GRANT INFORMATION
Requested Grant Size:
59,500 $ARB
Grant Matching:
The Furucombo team will support the marketing campaigns (such as creation of the Galxe campaign), and/or development of FE/BE integrations required to support this campaign (such as showing user volume on the Furucombo interface, and tracking progress for the campaign details in real-time). All the rewards from the Arbitrum foundation will be used to incentivize users to use Furucombo on Arbitrum.
Grant Breakdown:
100% of the grant funds will go back to users who perform trading actions as part of our campaign. The main KPI for the campaign will be around volume. The more volume a user does on Furucombo, the more $ARB they can earn. We will also focus on how we can reduce sybils, or reduce the amount of people gaming the system for rewards. We want to ensure that the premise of the campaign is that people are learning the tools that Furucombo provides, and performing real trading actions on our platform to make their experience on-chain seamless and composable. Additionally, Furucombo supports the top-tier Arbitrum DeFi protocols. This means that increased volume on Furucombo adds to the growth of both our product, and the Arbitrum ecosystem as a whole.
Funding Address:
0x290BFbC2a7476156F318B331D6004868978A0854
Funding Address Characteristics:
The funding address is a 2/2 gnosis safe on Arbitrum.
Contract Address:
josh@dinngo.co
SECTION 3: GRANT OBJECTIVES AND EXECUTION
Objectives:
The key objective of our campaign and application for the Arbitrum Incentive program is to incentivize users to use the features and functions of Furucombo. We want this campaign to show users how Furucombo can help make their experience on-chain more seamless and composable through using the tools that Furucombo can provide. This includes position management, either from create mode or our lending dashboard, which includes the Flashloan functionality to manage positions without any upfront funds including: debt swaps, collateral swaps, leverage, and deleverage. Additionally we can provide multi-swaps, multi-send, fiat to crypto, bridging to and from chain, and more. Through the services we provide on Arbitrum we want our users to feel more comfortable using DeFi from our easy to use interface.
Key Performance Indicators (KPIs):
We will look to use volume metrics to track the progress of our campaign. Users who perform transactions on Furucombo can earn back some rewards in $ARB tokens based on their volume. This incentivizes users to try out the features and functions of Furucombo and perform transactions on chain. This includes any action on furucombo, including position management (Aave, Radiant, or Compound), swap or multi-swap, multi-send, token bridging to and from chain, & more. The rewards that can be earned based on user volume is as follows:
- Milestone 1: >$15,000 in traded position→ 30 $ARB
- Milestone 2: >$50,000 in traded position → 110 $ARB
- Milestone 3: > $100,000 traded position → 230 $ARB
- Milestone 4: > $250,000 traded position → 590 $ARB
- Milestone 5: >$500,000 traded position → 1180 $ARB
- Milestone 6: >$1,000,000 traded position → rewards to be calculated on a user-to-user basis. We will reach out with the user directly to discuss their needs, and see how Furucombo can continue to develop a product that they will continue to use in the future.
In our previous Arbitrum Degens Party campaign (which is detailed below under execution strategy), we were able to date acquire around $3.5M in volume on Arbitrum with a cost of $5,000 in available rewards. This means, we expect that we will be able to provide about $50M in volume on the Arbitrum network with the available 59,500 $ARB tokens as requested. We believe the aforementioned milestones follow the same math as our previous campaign, and therefore justifies the requested amount to achieve our goals.
How will receiving a grant enable you to foster growth or innovation within the Arbitrum ecosystem?:
This grant will allow us to provide an incentive to users to perform trading actions on Arbitrum. This includes any of our integrated partners, including Radiant, Stargate, Compound, Paraswap, Uniswap, and Aave. This means that any trading actions on Furucombo, also benefit our partners, and others on the Arbitrum ecosystem though increased volume, and potentially higher TVL on chain as users bridge funds to complete these trading actions. When users perform actions on-chain with Furucombo, they will experience easy and seamless trading which will result in them wanting to participate more on-chain.
Justification for the size of the grant:
We believe that this grant size is a fair amount to ask for as it can help us to garner interest in our platform, and also provide adequate rewards to our loyal users. This grant will help us to generate positive sum volume on-chain which will improve the metrics of the Arbitrum chain, and result in more trading actions and therefore more TVL in other protocols around the ecosystem.
Execution Strategy:
Once the grant has been approved, we will provide a detailed breakdown of how we will apply these resources towards our campaign. As mentioned, the main focus will be around the Volume KPI. We want to ensure that the experience is beneficial for both users and protocols, and that the campaign is also fun and fosters a positive experience. We will assign marketing resources to develop a well thought out campaign (similar to our previous Arbitrum Degens Party campaign), and assign any dev resources required for creating tracking dashboards, FE/BE integration for volume or transaction tracking, etc. Our preference is to make the campaign seamless so that users don’t have to engage with a 3rd party to find the details of their rewards, but we also want to ensure we can attract both users on Arbitrum, and users from other chains that would benefit from using Furucombo on Arbitrum.
Grant Timeline:
Once the grant is confirmed, we can spring into action and setup the campaign details. This might include a campaign on Galxe, and/or details directly on the Furucombo front end on: how to participate, details of rewards accrued, details of volume processed through the proxy, etc. We expect that we will be able to run this campaign within 1-2 weeks of being approved, and we will run it till the end of the campaign period of Jan 31st.
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
SECTION 4: PROTOCOL DETAILS
Is the Protocol Native to Arbitrum?:
No
On what other networks is the protocol deployed?:
Ethereum, Polygon, Optimism, Avalanche, Fantom, & Metis
What date did you deploy on Arbitrum?:
October 21st, 2022
Protocol Performance:
So far Furucombo has gained success on the Arbitrum chain. In terms of activity, Arbitrum is our 3rd highest user and volume base, slightly behind the Ethereum and Polygon chains. Currently, with the addition of the Radiant Capital protocol, we have been increasing our user and volume base. Many users appreciate the easy to use 1-click position management on our new lending dashboard page. Currently, our 30D volume on the Arbitrum chain is just over $3,000,000, many of which are position management transactions completed ethier on Radiant, Aave, or Compound. Details of this volume can be found on the Arbitrum Dune Dashboard here: https://dune.com/blake/furucombo-x-arbitrum. There is also additional information of our performance located on our public Dune dashboard here: https://dune.com/Marcov/furucombo.
Additionally, we are currently running an active Arbitrum Degens Party campaign (Arbitrum Degens Party by Furucombo | Galxe), that users can still participate in. In partnering with Radiant Capital, Fox Wallet, DODO, and OpenOcean, users can complete tasks for up to $5,000 in rewards from us and our partners. This campaign has been supported by the Arbitrum foundation, as well as Galxe. This campaign shows our dedication towards the Arbitrum ecosystem, and fosters positive growth. To date, over 565 users have participated in the Furucombo quests, 440 for Fox Wallet, 145 for DODO, 378 for OpenOcean, and 395 for Radiant. To help users complete this campaign, we have also added an extensive tutorial, and videos describing how to bridge to chain, how to swap and lend, and how to lock dLP on Radiant as an example. We are committed to bringing the best and most intuitive campaigns and protocol integrations to Arbitrum to create the best user experience. We are also committed to maintaining positive relationships with our partners, and seeing how we can continue to grow together to bolster the whole Arbitrum ecosystem.
Protocol Roadmap:
Furucombo continues to add protocols and functionality that bolsters the composability of our platform, and better supports users of DeFi on the Arbitrum network. This includes the recently added Radiant Capital to our Create mode and Lending Dashboard. We are constantly evaluating how we can work with existing protocols, and looking at ways at increasing our on-chain use cases.
Additionally, we are soon launching our open API/SDK, called Protocolink, where protocols and users on the Arbitrum network can build and integrate easily with Furucombo, even without knowing how to code using our toolkit. This toolkit will work to allow anyone to be a builder and Arbitrum will be a forefront of this innovative integration. This includes use-cases such as employing flash loans to manage lending positions and execute liquidations, facilitating zap-in and zap-out, developing multi-send actions for airdrops or asset transfers, building a DEX aggregator utilizing a custom algorithm, creating an arbitrage bot, and much more!
Audit History:
Security is of utmost importance to the Furucombo Team. Our extensive list of audits can be found at Audit Report - Furucombo.
SECTION 5: Data and Reporting
Is your team prepared to create Dune Dashboards for your incentive program?:
Yes, we can track any necessary metrics to measure progress of KPI’s and/or rewards.
Does your team agree to provide bi-weekly program updates on the Arbitrum Forum thread?:
Yes, we will create bi-weekly reporting to update the community and foundation on the status of our campaign and grant.
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
We thank you for taking the time to read our proposal and consider us for this amazing chance to show our product to the Arbitrum ecosystem, and give back to our users that have trusted us and our product. We hope that you see the value in what we propose, and that we can continue to foster growth for this amazing ecosystem.
01/07/24 update: Changed funding address
