[Jones DAO] [FINAL] [STIP - Round 1]

[Matt_StableLab]

Hello @mfer thanks for the question! The tiers are just recommendations but are not requirements as per the following

@tnorm

Protocols can submit grant applications for amounts they feel appropriate. While there’s no ARB limit, delegates and voters will assess each grant individually.

[mfer]

Ok, fair enough. Sorry for the misconception. I honestly didn’t notice that detail at first read.

Thanks mate for clarifying.

[Stifler55]

Very solid proposal. The requested amount might seem a bit high, but Jones are true veterans in the ecosystem and probably deserve an even bigger boost. It’s a yes from me

[0xWenMoon]

Gotta love the Jones team. Jones are one of the OG arbitrum-native protocols with a team of OG builders and have demonstrated a commitment to Arbitrum since the beginning. They have also demonstrated continued growth even through these tougher market conditions.

I am in support of this proposal.

[sahijeevan]

great I like it

[0xkmack]

Jones Team is full of brains and they are amongst the most collaborative protocols in the ecosystem. On top of that, they’ve developed extremely innovative products that speak for themselves. Very keen to see MetaVaults, and the GLP vaults continue to expand and to see Jones really take the next step competing with the likes of Yearn. Support.

[_Waffle]

The JonesDAO team has always been at the forefront of Defi innovation while being an Arbitrum first oriented team. Their implementation of the jGLP and jUSDC mechanics remain a very unique and innovative approach to the so-called “GLP Wars” and I am very much looking forward to see what’s next on their release map.

Big support for this proposal

[Tenzent]

The JonesDAO team is amongst the earliest communities on Arbitrum and have managed to grow with clever and innovative strategies adapting over time showing that they have what it takes. The grant should be effective as it will grow the core liquidity base on Arbitrum GLP and I believe the size to be justified given it’s TVL.

[apoorv9]

Jones DAO has been on Arbitrum since the early days - contributing and growing out the ecosystem.

Given the value they have added to the ecosystem, and their solid track record as builders, we at Stella believe they the grant request by them is pretty reasonable.

Hoping to see Jones DAO get the grants and continue to ship on Arbitrum!

[AlexLumley]

I fully support this proposal.

Building Savvy on top of jUSDC has provided healthy yields, and our collaboration with Jones DAO has been amazing. Their dedication to delivering outstanding yields shows in how JUSDC has performed compared to the market.

Jones has been instrumental in bootstrapping Savvy’s TVL. And, beyond their DeFi mastery, they’re genuinely one of the most down to earth team I’ve had the pleasure of working with. Their achievements, particularly with JUSDC, stand as a testament to their capabilities (not to mention their ability to put a hat on every version of Pepe ever).

Savvy offers users the advantage of leveraging their JUSDC without the looming threat of liquidation. As a result, we’re among the lending protocols poised to be eligible for ARB from this grant

Special nod to the stellar individuals at Jones: @Shreddy , @nach211 @0x_ultra , @JoJo , and @beachball . Appreciate your support of Savvy and look forward to continuing to build together.

[Matt_StableLab]

Hello @Shreddy,

Now that your application has been marked eligible, please be advised of the remaining steps in the application process to be completed prior to the Review Period Deadline:

@Matt_StableLab

• Review Period Deadline: October 4, 2023 11:59 PM EST

Please complete the following steps required for your application to proceed to Snapshot:

@Matt_StableLab

2. Once feedback is collected, applicants will need to change their application title from [DRAFT] to [FINAL] by the Review Period deadline: October 4, 2023 11:59 PM EST. At that time, all eligible proposals with the following formatted titles will be migrated to Arbitrum Snapshot to vote. The correct format for a proposal ready to move to vote looks like this: [Project Name] [FINAL] [STIP - Round 1].

To change your proposal to final, please tag an Arbitrum Foundation Forum Moderator (@ stonecoldpat @ cliffton.eth @ eli_defi) by the Review Period deadline to notify them of your proposal’s readiness to proceed from [Draft] to [Final] status.

Once notified, the Arbitrum Foundation Forum Moderator will adjust your title from [Draft] to [Final] status. Once marked as [FInal], your application post will be locked by moderators and you will no longer be able to edit your proposal.

[CastleCapital]

Firstly, thank you for your proposal and your active involvement in the Arbitrum ecosystem.

Introduction and Rationale

Jones DAO aims to increase participation in its vaults by requesting a 3,000,000 ARB grant, which is 6% of the total program availability. As an Arbitrum-native project focusing on yield, strategy, and liquidity, Jones DAO already shows significant promise with an $18M TVL and various vault integrations. The project’s positive network effects could offer great value to Arbitrum. However, the requested grant size appears to be larger than what we think could be justifiable at this stage.

Major Concerns

Concern Regarding Grant Size and Allocation

• The requested 3,000,000 ARB tokens are on the high side
• There’s some doubt about the effectiveness of focusing mainly on GLP vaults, which GMX is planning to transition away from.
• Our recommendation for change: A reduced grant request in the range of 1.5-2 million ARB, and a more diversified allocation focusing on existing and future vaults, would make the proposal more compelling.

Minor Concerns

• The KPIs might not fully capture the effectiveness of the grant in achieving broader Arbitrum ecosystem goals.
• The justification provided in the proposal for the high grant size isn’t convincing.
• Our recommendation for change: More precise KPIs that align with Arbitrum’s ecosystem goals and a more detailed justification for the requested grant size would be beneficial.

Summary

Castle Capital appreciates the valuable contributions that Jones DAO brings to the Arbitrum DeFi ecosystem. In its current form, however, we can’t support the proposal due to the high grant request and questionable allocation. We’d be more open to backing a revised proposal that addresses these concerns.

Our recommendations can be summarized as follows:

• Consider reducing the grant size to between 1.5-2 million ARB.

We hope our feedback will help refine your proposal for the mutual benefit of the Arbitrum community. Your enthusiasm and commitment to improving the ecosystem are commendable, and we look forward to further collaboration.

[maxlomu]

Fully agree with the above.

Big fan of the Jones DAO approach and innovation with yield strategies, but I would recommend reducing the grant size to 1.5 ARB, and diversifying its use across current and future vaults.

[Shreddy]

Thank you Castle Cap for the in-depth look at our proposal. We are grateful for the kind words and the fact that you’ve taken the time to properly asses our request.

We’ve made a few changes to address some of your Major & Minor concerns that align with feedback we’ve gotten from other delegates.

Namely:

• Reducing the grant size from 3M ARB → 2M ARB
• More detailed KPIs for tracking performance during the incentive program
• Allocating a larger % of the new grant size of 2M ARB towards wjAURA & MV2 / Smart LP Strategy

With the lower grant amount, we believe that the justification portion is now more convincing, while still highlighting our performance.

In terms of your concerns over GLP & GMX V1, we don’t believe that V1 will be going away any time soon.

What we’ve gathered from talking to the team at GMX is that they will for sure place a greater emphasis on incentivizing their new V2 product, but they don’t currently have any plans to shut down V1. The way we see V1 is as a complementary product to V2: fees and overall mechanism design tends to favor a different type of trader with a larger average position size. Therefore, it can still attract volume and interest from these users, but also continue to contribute to the overall growth of Arbitrum.

As such, we will still be looking to incentivize jGLP & jUSDC over other strategies.

[Shreddy]

gm @stonecoldpat / @eli_defi / @cliffton.eth !

Jones DAO requests that this proposal be moved to it’s finalized state.

Thanks so much for your work.

[BlockworksResearch]

Blockworks Research supports this proposal but would prefer to see the requested amount come down from 2,000,000 ARB to 1,500,000 ARB based on, among other things, the anticipated sustainable impact on, and goodwill to, the ecosystem, metrics such as TVL / volume / fees on Arbitrum and overall, a comparative analysis of all submitted STIP proposals, the distribution of incentives across verticals, as well as, to a certain extent, the recommendations made by the Arbitrum Working Group through the four grant categories.

[cliffton.eth]

Post has been marked FINAL and locked.

[litocoen]

Jones is an integral part of Arbitrum’s DeFi ecosystem and the new amount amount requested is reasonable. You have my support!

[Shreddy]

Thanks Lito,

Socket has been extremely valuable in creating a Jones dApp that is easier to use. The sentiment is right back at you.

[Shreddy]

gm Blockworks team,

We really appreciate your consideration, it means a lot that you took the time to properly asses our request.

I believe the proposal was already finalized & locked before this suggestion. We hope that our previous reduction from 3M → 2M is still sufficient enough for your team to feel satisfied about the proposal.

Let us know if you have any more thoughts!