SECTION 1: APPLICANT INFORMATION
Applicant Name: Matthieu Gavaudan
Project Name: InfinityPools
Project Description: InfinityPools is a DEX that offers unlimited leverage on any asset, with no liquidations, no counterparty risk and no oracles.
Team Members and Roles:
- Matthieu Gavaudan - CEO
- Pierre de Fouquieres - CTO
- Yash Shah - Smart contracts
- Michael Chen - Backend
- Tony Kwok - Backend + smart contracts
- John Johnson - Frontend
- Patryk Adas - Design
- Anon #1 - Smart contracts
- Anon #2 - Quant research
Project Links: [Enter Any Relevant Project Links (website, demo, github, twitter, etc.)]
- www.infinitypools.finance
- www.sandbox.infinitypools.finance
- www.x.com/infpools
Contact Information
Point of Contact (note: this should be an individual’s name, not the name of the protocol):
- matthieug
Point of Contact’s TG handle:
- mgavaudan
Twitter:
- mlgavaudan
Email:
- matthieu@infinitypools.finance
Do you acknowledge that your team will be subject to a KYC requirement?:
- Yes
SECTION 2a: Team and Product Information
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]):
- Matthieu Gavaudan
- CS degree from Columbia University
- Started at Goldman then helped run a crypto market making and arbitrage shop back in 2017-2018.
- Was a researcher at a startup a former professor of his started and filed two patents.
- Finally was a product manager at the fastest growing fintech in the US in 2020 before starting InfinityPools.
- Pierre de Fouquieres
- PhD in math from Cambridge University
- Worked at Goldman Sachs, Tudor etc
- Built tokenized US treasuries on Bitcoin back in 2014
- Michael Chen
- PhD in physics from Princeton University
- Worked at Bridgewater, Google, Meta…
- Created a cutting edge cryptocurrency exchange before joining InfinityPools
- Tony Kwok
- Started in traditional finance before becoming backend engineer at Bitmex
- Was CTO at a defi startup before joining InfinityPools
- John Johnson + Patryk Adas:
- Shipped the first version of matcha.xyz
- Both former 0x employees
- Yash Shah
- Developed Catnip - the first prediction market AMM that generated millions in daily volume
- Anon #1
- PhD in machine learning
- Worked at Uber
- Ran MEV shop before joining InfinityPools
- Anon #2
- Professor in Math department at Cambridge University (works with us part time - 2 days a week)
What novelty or innovation does your product bring to Arbitrum?
- It is the first exchange of its kind anywhere (including tradfi, cefi and defi).
- It offers 4 different 10x improvements over other exchanges.
Is your project composable with other projects on Arbitrum? If so, please explain:
- Absolutely and on multiple fronts:
- Anytime a trader enters or exits a trading position, InfinityPools will use a DEX aggregator (eg. 0x or 1inch) to fill the order.
- The InfinityPools AMM can also be aggregated by DEX aggregators (flows go both ways).
- We currently have multiple projects building on top of InfinityPools (eg. Orange finance)
Do you have any comparable protocols within the Arbitrum ecosystem or other blockchains?
- No
How do you measure and think about retention internally? (metrics, target KPIs)
- Our north star metric will be open interest on the platform.
- Volume and TVL will be our secondary KPIs.
Relevant usage metrics - Please refer to the OBL relevant metrics chart 46. For your category (DEX, lending, gaming, etc) please provide a list of all respective metrics as well as all metrics in the general section:
- All of the OBL metrics in the General and Perps section will be applicable except for liquidations.
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
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
SECTION 2b: PROTOCOL DETAILS
Is the protocol native to Arbitrum?: [Yes/No, and provide explanation]
- Will be launching on Arbitrum and then expand to other chains
On what other networks is the protocol deployed?:
- We haven’t launched anywhere yet
What date did you deploy on Arbitrum mainnet?: [Date + transaction ID. If not yet live on mainnet, explain why.]
- Currently auditing!
Do you have a native token?:
- Not yet
Past Incentivization: What liquidity mining/incentive programs, if any, have you previously run? Please share results and dashboards, as applicable?
- Not applicable
Current Incentivization: How are you currently incentivizing your protocol?
- Not applicable
Have you received a grant from the DAO, Foundation, or any Arbitrum ecosystem related program?
- No
Protocol Performance:
- Not applicable
Protocol Roadmap:
- The only current public milestone we have on our roadmap is mainnet launch. That said, we are planning to launch many other things that are currently in stealth.
Audit History & Security Vendors:
- We are currently undergoing an audit by ABDK. We will also have a individual audit by a selected auditor, a contest and a bug bounty.
Security Incidents:
- Not applicable
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: 1,000,000 ARB
Justification for the size of the grant 47:
- We are expecting to reach ~50-100m USD in TVL after launch.
- 1 million ARB at current market prices corresponds to ~2,000,000 USD.
- Assuming we distribute the ARB equally between LPs and traders, over a period of 12 weeks, this would correspond to a ~4.5-9% boost in APR for LPs.
Grant Matching:
- We do not have a token yet.
Grant Breakdown:
- Entirely meant to boost LP APRs and as rewards for trades.
Funding Address:
- Will provide one soon.
Funding Address Characteristics:
- Will provide one soon.
Treasury Address:
- Will provide one soon.
Contract Address:
- Will provide one soon.
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:
- We intend to use the grant to further incentivize LPing and trading on InfinityPools. This grant will be very useful in helping us hit escape velocity with regards to networks effects on our protocol.
Execution Strategy:
- ARB rewards distributed to liquidity providers = (position size in USD * duration in hours * (utilization rate + 1)) / total in protocol
- ARB rewards distributed to traders = (open interest size in USD * duration in hours) / total in protocol
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 are currently looking at a few different options, including having an exponentially increasing amount of ARB rewards as liquidity providers keep their liquidity in the protocol.
- We don’t want to overcomplicate the rewards system too much either as onboarding users to a new and innovative protocol is tough enough already.
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.
- Main KPIs: open interest and TVL.
Grant Timeline and Milestones:
- Mainnet launch in late April.
- 50-100m USD in TVL by August 2024
- 50m in daily open interest by August 2024
How will receiving a grant enable you to foster growth or innovation within the Arbitrum ecosystem?
- The protocol itself is a completely new financial instrument with multiple 10x improvements over exchanges in tradfi, cefi and defi. Arbitrum will become the only chain whereby one can use this new financial innovation.
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 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 42. 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 are happy to provide data on InfinityPools activity.
- The only problem may be that some of the metrics reported might not make sense for InfinityPools which is a completely new financial instrument (eg. InfinityPools doesn’t have liquidations).
- As we are launching mainnet in mid-late april it may also take some time to start reporting.
Does your team agree to provide bi-weekly program updates on the Arbitrum Forum thread that reference your OBL dashboard?
- Yes
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
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