[HELIX] LTIPP Application - FINAL


Applicant Name: Helicap Labs

Project Name: HELIX

Project Description:

HELIX is an institutional RWA DeFi protocol leveraging proprietary credit analytics to connect on-chain investors with uncorrelated and sustainable yields from real-world private credit opportunities.

Winner of the Tokenized Debt & Bond Award at the 2023 TADS Awards, HELIX was born out of Helicap, a leading ASEAN private debt and credit analytics platform known for its impressive track record of more than US$270 million in deal volume with zero defaults. HELIX distinguishes itself through its strong Web2 institutional backing, proprietary Big Data credit analytics, a robust deal origination pipeline, a planned decentralized credit scoring, a planned secondary loan marketplace, and solid investor support.

HELIX offers an end-to-end lending suite for institutional and accredited on-chain investors (DAOs, Treasuries, Crypto High Net Worth Individuals (HNWIs), Digital asset yield funds etc) enabling them to deploy stablecoin liquidity to loans backed by real-world assets, predominantly in non-bank lending segments across consumer and SME financing in emerging economies. More information about typical workflow and involved structure in HELIX deals can be found here. Happy to clarify any further details to the Council, if needed.

Project is backed by prominent Web3 investors like Superscrypt, Saison Capital, Outlier Ventures, Emurgo Ventures, NewTribe Capital, Wave Digital Assets, Comma3 Ventures, YTWO Finance, Emoote Capital, CA Capital, Xtream Capital, along with angel investors such as CEO & COO of Wormhole Labs, Jason Lee (ex-COO of Algorand Foundation), Jackson Chan (Synthetix DAO Council & Co founder of Layer Labs) and Steve Lee (ex-Blocktower executive), among others.

Team Members and Roles:

Project Links:

Contact Information

Do you acknowledge that your team will be subject to a KYC requirement?:


SECTION 2a: Team and Product Information

Team experience:

This is not our first startup. Our team has successfully built one of the leading private debt and credit analytics businesses in ASEAN, Helicap, which has originated over $270m in deal volume. Notably, Helicap stands out as one of the few private credit platforms globally to maintain a perfect record of zero defaults over the past 6 years since its inception. Helicap has won multiple fintech awards in Asia and is backed by prominent institutional investors such as Tikehau Capital with US$47bn in AUM, Phillip Capital with US$35bn in AUM and Saison Capital which is backed by Credit Saison, a Japanese financial services conglomerate with US$30bn in AUM.

A brief profile of some of the core team members:

  • Jitendra S Jaitawat - Co-founder & CEO
    Jitendra is the Co-Founder and CEO of HELIX. He is a seasoned industry leader with over 17 years of experience, primarily building financial products and services. Most recently, he served as the Founding CTO of Helicap, where he led the development of an award-winning proprietary credit analytics and investments platform that funneled the growth of Helicap to a leading Fintech platform in ASEAN with more than US$270 million in deal volume with zero defaults. Prior to that, he spent more than a decade at Goldman Sachs across Tokyo and Singapore, where he built and oversaw platforms managing hundreds of billions of dollars in AUM.

  • David Z Wang - Co-founder & President
    David is the Co-Founder & President of HELIX. He has close to 2 decades of investment banking experience, including in prominent firms like Morgan Stanley, Credit Suisse, and Nomura and currently serves as Group CEO of Helicap. He left banking in 2016 to establish 33 Capital, a tech-focused investment firm investing in FinTech and e-commerce startups in Southeast Asia. He was awarded Top FinTech Leader by the Singapore FinTech Association in 2019 and was a Singapore Founder Finalist for the MAS FinTech Awards in 2020.

  • Caleb Lim - VP of Growth
    Caleb’s expertise spans across TradFi and DeFi. Previously, Caleb was the pioneer at Huobi Ventures in Singapore, where he engaged in legal negotiations, equity and token investments, as well as post-investment management. Prior to that, he was an Investment Banker at Deutsche Bank focusing on M&A and leveraged finance. He holds a Bachelor’s degree with a double major in Chemical Engineering and Business from the National University of Singapore. Recently, Caleb shared his insights on the future of Real-World Assets on the main stage at EthDenver.

  • Wilbert Johan - Strategy & Partnerships Lead
    Wilbert is responsible for Web3.0 go-to-market strategy at Helicap Labs. Prior to joining HELIX, Wilbert was an investment analyst at VenturaxVentures where he worked to analyze startups in the blockchain and sustainability tech space. He is passionate about all things Web3.0 (DeFi & NFTs), and is actively involved in the Web3.0 space with a portfolio of over 100 unique NFT projects. Wilbert was an advisor for a Solana Blockchain gaming project on sustainable tokenomic design and GameFi integration and also advised another DeFi Option Vault (DOV) project on GameFi and NFT vault strategy, establishing key partnerships with other project founders.

What novelty or innovation does your product bring to Arbitrum?

First, our product introduces a significant innovation to the Arbitrum ecosystem by addressing the pressing need for stable and sustainable yield opportunities in the institutional DeFi space. We provide diversified yields sourced from real-world private credit assets, akin to MakerDAO’s approach with RWA. This strategy is poised to attract larger risk-averse DAO treasuries, offering yields derived from real-world assets, which presents a less volatile alternative to yields based on token emissions.

Second, a cornerstone of our innovation is HELIX’s proprietary Credit Analytics platform, a Big Data solution that processes millions of loans to provide near real-time credit and fraud insights. This platform’s defensibility lies in its comprehensive analysis capabilities, proactive fraud detection, and continuous post-investment monitoring, backed by six years of proprietary data across various lending categories.

Third, we have a planned secondary loan marketplace that would eventually allow primary lenders with secondary liquidity opportunities, thereby enabling a continuous flow of liquidity in the protocol’s ecosystem.

Fourth, as we scale beyond Southeast Asia (where we are sourcing our immediate set of highly curated deals, leveraging Helicap’s deal origination capabilities), we have a planned decentralized credit approver mechanism that will continue to ensure the quality of deals brought onto the platform. These credit approvers would not be any random token holders but instead would be a thoroughly vetted panel of global credit institutions as well as individual credit professionals like CPAs/CFAs with proven track record in private credit space and would be incentivised to perform credit due-diligence. They will leverage HELIX’s proprietary credit analytics as well as other aspects of the deal to provide detailed credit memos and a deal would be made available to lenders on the platform only if a majority of the Credit Approvers have approved it.

In essence, HELIX is set to provide stable and uncorrelated yield opportunities within the Arbitrum ecosystem, targeting institutional and accredited investors. This brings in sticky and long-term TVL on the network and seeks to position Arbitrum as a Layer 2 that is not only suitable for institutional use but also a platform to generate meaningful real-world changes and enable financial inclusion at scale.

Is your project composable with other projects on Arbitrum? If so, please explain:

HELIX is composable with any stablecoin projects which are natively available on the Arbitrum. HELIX abstracts out all off-chain complexities to bring real-world assets on-chain in the native ecosystem of stablecoin investors such that it is as seamless as connect wallet, complete kyc and participate in the available lending opportunities on the platform. LPs receive an ERC-721 LP token that represents their investment position in a particular deal.

Do you have any comparable protocols within the Arbitrum ecosystem or other blockchains?

Comparable protocols within the Arbitrum ecosystem include other RWA projects, such as Florence Finance (RWA Loans), Tangible (RWA Real Estate), and BackedFi (RWA Treasuries/Bonds). On alternative blockchains, similar RWA protocols encompass Ondo Finance, Centrifuge, Maple Finance etc.

How do you measure and think about retention internally? (metrics, target KPIs)

While the deals on HELIX are all longer-tenured (typically 12 months) with relatively big ticket LP deployments and an incentivisation program like this helps attract initial liquidity and investor base, our internal measure of retention is in terms of

  • Number of LPs who re-deploy liquidity upon maturity of a particular deal
  • Number of LPs who deployed liquidity in multiple deals after an initial investment in one of the deals

We believe this would be a true reflection of the quality of deal opportunities HELIX brings to LPs, which is critical for the long-term success of the protocol.

Relevant usage metrics - Please refer to the OBL relevant metrics chart 26. For your category (DEX, lending, gaming, etc) please provide a list of all respective metrics as well as all metrics in the general section:

Given the nature of our protocol (sticky and long-term liquidity, focusing on fewer but larger ticket-size institutional and accredited LPs, as compared to high-frequency, continuous activity), the relevant usage metrics in our case would be

  1. TVL: Liquidity provided by institutional LPs into the RWA deals on HELIX
  2. Unique LPs : List of unique depositors (wallet addresses) who have provided liquidity into the protocol

Do you agree to remove team-controlled wallets from all milestone metrics AND exclude team-controlled wallets from any incentives included in your plan:


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):



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?:

HELIX is currently also deployed on Ethereum mainnet.

Deployment Transaction Hash : 0xc71788ebf6ae5e7443e564e093fe61aa4ead2aed722504a221188449d004d16b

Please check out the dApp from the link provided in the links section.

What date did you deploy on Arbitrum mainnet?:

HELIX was deployed on Arbitrum mainnet on 12th Mar 2024.

Deployment Transaction Hash: 0xfe2d225966a93a7dcf71467986834612b416e665689700bac1d721c35d9156a0

Do you have a native token?:

HELIX’s native token is not live yet, but we plan to launch our native token in the 2nd half of 2024.

Past Incentivization: What liquidity mining/incentive programs, if any, have you previously run? Please share results and dashboards, as applicable?

N.A. - We just went live on Ethereum a few weeks back and are running our pilot LP program as we speak.

Current Incentivization: How are you currently incentivizing your protocol?

We are currently offering early LPs up to an additional 10% of their principal amount invested in the form of HELIX native tokens (to be distributed to LPs upon TGE) in addition to the base yields of 10-15% APR that is coming from the loans backed by real world private credit investments.

Number of HELIX native tokens reward (to be distributed upon TGE) = (10%* LP Amount)

Have you received a grant from the DAO, Foundation, or any Arbitrum ecosystem related program?


Protocol Performance:

HELIX has recently went live on Ethereum mainnet and is currently running a pilot program with a select group of LPs.

  • TVL secured for Ethereum Mainnet : US$3.5M (to be deployed in the 2nd half of March month); TVL stats to be made available on platforms like Defillama in the coming weeks and will be made available to DAO as well once it is ready.

On Arbitrum, we just deployed the protocol a few days back (Mar 12th) and in the process of kickstarting the pilot program there, hence no TVL yet on Arbitrum.

On the deal origination front, we have secured a borrower pipeline that has undergone thorough due-diligence, representing over US$150 million in demand for stablecoin liquidity with 10-15% base yields.

Protocol Roadmap:

After the initial MVP launch, the goal is to reach the eventual overall vision of HELIX over the course of next 1 year, as detailed below:


Q1 2024:


  • Complete MVP development and launch HELIX protocol V1
  • Complete smart contract audit
  • Launch on the mainnet
  • Kick off early LP pilot program - this program would provide additional incentives to lender on top of real world yield and enable them to access tokenized, senior secured loans from underserved borrowers in Southeast Asia
  • TVL: US$3-5m


  • Launch the first RWA Conference in Asia, Onchain2024 (https://www.onchain2024.com), featuring notable financial institutions from TradFi and RWA DeFi protocols

Q2 2024:


  • Kickoff DeFi composability initiatives with other Dapps
  • Build protocol governance workflows
  • TVL Target: US$10m

H2 2024:


  • HELIX native token listing
  • Kickoff global deal origination (LatAm, Africa etc) outside of Southeast Asia
  • Kickoff secondary loan marketplace for trading of loans
  • Kickoff other asset listings beyond tokenised loans
  • TVL: US$100m

Audit History & Security Vendors:

Our smart contract code has been audited by OtterSec

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]



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: 250,000 ARB

Justification for the size of the grant:

Most of the RWA backed loans on HELIX will feature base yields of between 10-15% APR. Based on our analysis of the current stablecoin yield opportunities in the market, we believe that a gross yield of 10-15% base yields (stable RWA yields that are uncorrelated to the broader crypto market) as well as an additional incentive of ~10% APR from additional ARB incentives would be attractive for institutional crypto investors to commit their capital for an average period of 12 months (average maturity of the RWA loan deal opportunities on HELIX’s platform is typically 12 months).

We target to attract US$5M of additional TVL on Arbitrum during this particular program’s duration (3 months) by incentivizing LPs with an additional 10% of their invested capital (weighted by the LP’s annualized investment value) in the form of ARB token incentives.

Working backwards, the number of ARB tokens required is:

$5,000,000 * 0.10 / [~$2.00 / ARB] = 250,000 ARB

Grant Matching:

We will match the grant amount with Helix native tokens (to be distributed to LPs upon TGE) equivalent to 10% of the principal amount invested by LPs.

Number of HELIX native tokens reward (to be distributed upon TGE) = 10%* LP Amount

Grant Breakdown: [Please provide a high-level overview of the budget breakdown and planned use of funds]

100% of the requested ARB grant will be allocated as additional yield incentives for LPs that are providing liquidity into deals on HELIX platform.

If the TVL of the protocol does not achieve the KPI outlined in Section 4 ($5M TVL), the unused portion of the grant will be returned back to the Arbitrum DAO.

Funding Address:


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.

3/5 multisig

Treasury Address: [Please list out ALL DAO wallets that hold ANY DAO funds]


Contract Address: [Enter any specific address that will be used to disburse funds for grant recipients]

The grant distribution contract is to be created. More details on the setup and the contract address to be furnished closer to the grant deployment date.


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.


Through this grant program, our goal is to kickstart and grow TVL on HELIX’s Arbitrum deployment to >US$5M and establish HELIX as a leading institutional RWA Credit protocol on Arbitrum providing crypto investors access to sustainable and uncorrelated yields from real-world private credit investments.

We aim to attract new institutional and accredited LPs on Arbitrum to HELIX’s RWA protocol by providing additional yield incentives on top of the base yields of 10-15% from the underlying RWA deals on the platform.

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.]

HELIX is requesting a grant amount of 250,000 ARB to drive a $5M growth in Total Value Locked (TVL).

The entirety of the ARB grant will be used to incentivize liquidity providers to participate in HELIX’s on-chain lending platform. We will enhance the yield proposition with ARB tokens in addition to the real, uncorrelated yield of 10-15% generated from underlying RWA private credit deals on the platform.

Over the 12-week incentive period, HELIX will provide on-chain institutional and accredited investors with a heightened annual percentage yield (APR) of approximately 10% (based on an assumed value of 1 ARB equating to $2) in the form of ARB tokens. LPs will receive up to 5% of their invested USDC amount in the form of an additional number of ARB tokens. If the TVL at the 12-week campaign is <= $5M, LPs will receive exactly 5% of their invested USDC amount in the form of additional ARB tokens. However, if the TVL at the 12-week campaign exceeds $5M, LPs will receive ARB token rewards based on the percentage of the weighted LP contribution to TVL (refer to scenarios below).

Scenario 1 (TVL at the end of the campaign <=$5M):

Liquidity Provider 1 (LP 1) deposits 150,000 USDC into HELIX within the 12-week incentive period. Total TVL on HELIX is 3M USDC at the end of the period when the snapshot is taken.

No. of ARB Token Rewards = (5% * LP Amount) = 7,500 ARB claimable at the end of the 12-week incentive period.

Scenario 2 (TVL at the end of the campaign >$5M):
Liquidity Provider 1 (LP 1) deposits 150,000 USDC into HELIX within the 12-week incentive period. Total TVL on HELIX is 6M USDC at the end of the period when the snapshot is taken.

No. of ARB Token Rewards = (150,000 / 6,000,000) * 250,000 ARB = 6250 ARB claimable at the end of the 12-week incentive period.

A snapshot will be taken at the end of the 12-week campaign, and all wallets that have deployed liquidity within the incentive period will be eligible to claim the ARB token incentive reward at the end of the 12-week duration.

We have opted against implementing a biweekly or weekly epoch distribution model as the onboarding process for HELIX’s LPs (who will have to undergo KYC and Accredited Investor checks) as well as the due-diligence done by these institutional LPs could potentially take longer, which warrants a longer timeframe to capture participation. Moreover, this also ensures that all LPs participating in liquidity deployment during the entirety of the 12 weeks grant program period are treated fairly and equitably, instead of skewing rewards to the ones who participate in the earlier part of the program period.

The distribution strategy outlined here was also designed to be anti-sybil as HELIX’s LPs have to first undergo KYC/KYB checks before participating in the deal, and the additional ARB token rewards that each LP is eligible to receive is solely based on the protocol’s cumulative TVL and the LP amount they have contributed, irrespective of the number of LPs that participate at the end of the 12 weeks period.

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]

Stickiness of TVL is the exact thing that we bring to the Abritrum ecosystem through HELIX. The very nature of deals on HELIX includes longer tenured products (typically 12 months), sustainable yields (10-15%) and larger liquidity deposits per LP (typically 100,000 USDC to a few millions), all of which makes HELIX as a truly sustainable and sticky TVL generator for any network it is going to be deployed on. We are expecting this particular incentive program with additional reward from ARB tokens would help incentivising LPs to bring this long-term liquidity to the Arbitrum ecosystem.

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.]

The key measure of success in our case would be TVL itself. We will provide transparency to TVL growth metrics on platforms like Defillama as well as commit to provide explicit reporting to Arbitrum Dao, providing on-chain proof-of-liquidity deployment (transaction hashes) and involved LP wallets to verify accuracy of the TVL metrics.

HELIX is built on the key tenets of sticky and long-term liquidity, focusing on fewer but larger ticket-size institutional and accredited LPs, as compared to high-frequency, continuous activity. And the main objective for us from this grant program is to kickstart and grow HELIX TVL on the Arbitrum ecosystem, hence we believe that growth in TVL would be the best way to measure that the grant has met its objectives.

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.]

We are looking to take a monthly milestone snapshot of the protocol’s TVL to ensure that we are on track to achieve our TVL target of US$5M at the end of the 12 weeks period.

Projected Milestones

Month 1:
$500k in cumulative TVL by the end of the first 4 weeks (allocated ARB tokens: 25,000, to be rewarded as additional yield incentives at the end of the 12 weeks campaign)

Month 2:
$2.5M in cumulative TVL by the end of the 8 weeks (allocated ARB tokens: 100,000, to be rewarded as additional yield incentives at the end of the 12 weeks campaign)

Month 3:
$5M in cumulative TVL by the end of the 12 weeks (allocated ARB tokens: 125,000 ARB, to be rewarded as additional yield incentives at the end of the 12 weeks campaign)

The above milestones mainly serve as key indicators for our team and Arbitrum’s DAO to understand if we are on track to achieve our TVL target of US$5M at the end of the 12 weeks period. However, the actual rewards distribution will happen at the end of 12 weeks per the details shared in the Grant Strategy session

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]

The current nature of the DeFi ecosystem is largely dominated by mercenary TVL that moves really quickly from one protocol to the next, entering the protocol/ecosystem when there are yield incentive programs and leaving the ecosystem once the yield incentives end. HELIX’s goal is to attract long term, sticky institutional capital to Arbitrum’s ecosystem through the RWA deals that we offer on the platform. These deals have a longer average tenure compared to other DeFi protocols (typically 12 months)

This grant enables us to offer enhanced returns in terms of ARB tokens to LPs, on top of the base yield provided by HELIX RWA deals and early LP rewards from HELIX native tokens

  • Base Yield : 10-15%
  • HELIX Native Token Rewards (to be distributed upon TGE) : 10% * LP Amount
  • Arb Token Rewards : Upto 5% * LP Amount

We are convinced that this offers a compelling value proposition for LPs, encouraging them to contribute liquidity, which is critical as we launch HELIX on the Arbitrum network. At the same time, this attracts sticky, long-term TVL to the Arbitrum ecosystem, aiding in its positioning in the RWA space. This initiative not only kickstarts our presence on Arbitrum but also strengthens its appeal to a broader range of investors and users by ensuring a robust and sustainable liquidity foundation.

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?


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 26. 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?

Yes, we agree to comply with this.

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 are happy to provide ongoing updates to the Arbitrum Forum through Dune analytics/other transparency reports.

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.)

We agree to provide a final closeout report with the requested information here.

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]



Hello @Jitendra_HELIX ,

Thank you for your application! Your advisor will be SeedLatam Gov @SEEDGov

Please join the LTIPP discord and ping your advisor in the general chat so they can create a new channel and start communicating with you.

1 Like

@Jitendra_HELIX join Arbitrum LTIPP

Hi SeedLatam team, thank you very much for your feedback and review of our LTIPP application draft. We have completed the amendments for the application and it is now ready for the council’s review.

We would appreciate your help in changing the status of this application from “Draft” to “Final” @cliffton.eth @raam. Thank you!

Hey there I’ve amended the title to reflect that the proposal is now FINAL. All the best!

Thanks much @cliffton.eth!

Dear Arbitrum DAO,

As promised in the application above, we have secured $3.5M in TVL for our Ethereum Pilot Program deployment.

Kindly refer to our Defillama integration below here for the statistics:


Thank you!

@SEEDGov @Matt_StableLab @cliffton.eth