[Modular Wallet] [FINAL] [STIP - Round 1]

[sm0le]

SECTION 1: APPLICANT INFORMATION

Applicant Name: sm0le

Project Name: Modular Wallet

Project Description: Modular is a decentralized L2 wallet with modular framework, powered by the MOD token.

Team Members and Qualifications:

• sm0le - BizDev Lead
• m0nkey patcher - Smart Contract Dev
• 0xQuokka - Sr. Mobile Dev
• TheSwissAlpaca - UX/UI Lead
• z3nd4 - Social Media Manager

Project Links:

• Website: https://modular.pk
• Twitter: https://twitter.com/modular_wallet
• Telegram: http://t.me/ModularW

CONTACT INFORMATION

• TG: @sm0l3
• Twitter: https://twitter.com/sm0leee
• Email: sm@modular.pk
• Do you Acknowledge That Your Team Will Be Subjected to a KYC Requirement?: Yes

SECTION 2: GRANT INFORMATION

Requested Grant Size: 200K ARB

Grant Matching: Current native MOD/ARB LP in Camelot is offering both MOD and ARB rewards.

Grant Breakdown: Once grant period is over and ARB allocation is granted, we plan to deploy funds in the following way:

• 70% (140K ARB) for boosting liquidity and liquidity mining on MOD/ARB v2 LP on Camelot. Current LP TVL is 60K, we plan to increase TVL to at least 200K worth of USD.
• 20% (60K ARB) for the Modular Router distributor, which is currently giving 1% cashback on in-app swaps. Users will be able to swap any Arbitrum native token and receive both ARB and MOD rewards for it.

Funding Address: arb1:0xc6b1dA86ef0d7AF23584f29b949FaE8cA8B336B5

Funding Address Characteristics: ⅔ Multisig.

Contract Address:

• MOD/ARB Liquidity Pool: CamelotPair | Address 0xe4dff99e7db2b70fba70d6f843c66fd503e00158 | Arbiscan
• ModularRouter: ModularRouter | Address 0xb1c1d392e36ed339d1cc67f9fefb390098b08e72 | Arbiscan

SECTION 3: GRANT OBJECTIVES AND EXECUTION

Objectives: This grant will be used to incentivize both current liquidity pools on Camelot and the Modular Router smart contract.

Key Performance Indicators (KPIs):

1. LP TVL: We aim to create a more liquid native ARB pair for the Modular token on Arbitrum.
2. Amount of Volume Transacted over features: modules like the Modular Swap Router and the Initial Wallet Offering (IWO) will re-distribute ARB tokens alongside users.
3. MOD/ARB Traded Volume
4. Amount of Users using Modular Wallet

How will receiving a grant enable you to foster growth or innovation within the Arbitrum ecosystem?:

As an Arbitrum native mobile app, Modular allows newer and more experienced users to start using dApps in a native way, using a simple UI. One of the most noticeable examples is the GMX margin trading which is currently live on both Android and App Stores (TestFlight).

If Modular gets grant funding allocation, 100% of the ARB tokens are going directly to users that are interacting with the Arbitrum Network on a daily basis. In that sense, users are being incentivized to use Arbitrum, which enables organic growth.

Justification for the size of the grant:

We believe our grant request is relatively small according to other projects. And, as per stated above, 100% of the allocation is directly going to our users. We believe incentivizing users with ARB tokens will foster new ways of network adoption.

Execution Strategy: If ARB funds are allocated to Modular Wallet, we will immediately start:

• Boosting Liquidity on the MOD/ARB pair: Camelot DEX | Arbitrum native Decentralized Exchange
• Distributing rewards using Camelot’s NitroPool on MOD/ARB LP.
• Boosting rewards over the Modular Router in-app Swap.

Grant Timeline:

• October: STIP App Review Deadline
• November: Modular Incentive Program Starts on MOD/ARB LP and ModularRouter
• December: Modular Incentive Program Continues on MOD/ARB LP and ModularRouter
• January: Modular Incentive Program Continues on MOD/ARB LP and ModularRouter
• February: STIP ends and reporting starts to Arbitrum 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?: Yes

SECTION 4: PROTOCOL DETAILS

Is the Protocol Native to Arbitrum?: Yes

On what other networks is the protocol deployed?: Yes. Currently working on Ethereum Mainnet and Base.

What date did you deploy on Arbitrum?:

• MOD Token IWO: December 2022
• Modular First Apple and Android Store Version: December 2022
• GMX Mobile Native Integration: January 2023
• ModularRouter and Swapper: February 2023
• NFT Module: April 2023
• Artichoke’s IWO: May 2023
• Cross-Chain Integration: July/August 2023

Protocol Performance: Since the MOD token went live on Arbitrum we’ve reached the following milestones:

• Over 5K unique wallets created on Modular App

• More than 2M traded volume within the app (both Modular Router and GMX Volume)

• More than half a million USD deployed on our launchpad (IWO)

• A cumulative traded volume of our LP of 4.15M USD since inception on Sushiswap and Camelot: https://dune.com/ilemi/Token-Overview-Metrics?Chain_eb8297=arbitrum&End+Date_d85f8c=2023-09-26+00%3A00%3A00&Start+Date_d511e8=2022-12-01+00%3A00%3A00&Token+Address_t429b9=0x244Ae62439C1Ef3187f244d8604ac2c391eF2b53&Granularity_ea12ac=month

• 461k monthly weighted volume, from January to September.

Protocol Roadmap: Modular App current roadmap is:

• October:

1. Modular App Second IWO for Arbitrum.
2. CCIP Cross-chain Compatibility for the MOD token.
3. Modular App Refactoring.

• November:

1. App Store going live (TestFlight over)
2. On/Off Ramp for European Users.

• December:

1. KYC-Less Visa Prepaid Cards

Audit History: TBD

SECTION 5: Data and Reporting

Is your team prepared to create Dune Spells and/or Dashboards for your incentive program?: Yes

Does your team agree to provide bi-weekly program updates on the Arbitrum Forum thread?: 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

[Matt_StableLab]

Hello @sm0le thank you for submitting! Please make the following changes to your proposal to comply with the program rules.

1. The funding address you provided is not a multisig as seen on Arbiscan . Funding addresses must be a multisig per the following program stipulation.

@tnorm

Funding Address Characteristics: [Enter details on the status of the address, eligible address must be a 2/3 multisig with private keys securely stored]

[sm0le]

Hey @Matt_StableLab. Thanks for your feedback! We’ve updated information. I hope everything’s OK now!

[Matt_StableLab]

Thank you for making these changes! Your submission now meets all requirements to be considered for a snapshot vote.

[axlvaz_SEEDLATAM.eth]

@sm0le

70% (140K ARB) for boosting liquidity and liquidity mining on MOD/ARB v2 LP on Camelot. Current LP TVL is 60K, we plan to increase TVL to at least 200K worth of USD.

What use is the MOD token? I don’t see any use in increasing the liquidity of the token of the application itself. What benefits would it bring to the Arbitrum ecosystem?

[sm0le]

Hi @axlvaz_SEEDLATAM.eth, appreciate your question. As every wallet that interacts with any blockchain, it’s the first step of any new users that wants to start using crypto itself. Hence, a gateway for further adoption.

In Modular, particularly, users are able to interact with several Arbitrum protocols such as GMX, Hop, Camelot and 1inch in a native and seamless way. By using our features, every user that transacts gets instantly rewarded with MOD tokens. All the fees/revenue share that is generated within the app is constantly adding buying pressure to the MOD token (through Camelot’s MOD/ARB LP), and streamed directly to users: i.e., every user is rewarded for using Arbitrum.

In this way, ARB tokens are meant to be distributed with MOD tokens alongside every current and future feature/module that is included in Modular. In the next weeks, for instance, users will be able to buy Arbitrum tokens using FIAT in the UE and earn ARB+MOD tokens for it.

Hope this clears your doubt. Again, really thankful for your interest and feedback.

[Matt_StableLab]

Hello @sm0le ,

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].

Once you change your proposal title 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.

Once marked as [Final], your application post will be locked by moderators and you will no longer be able to edit your proposal.

[sm0le]

hey @Matt_StableLab, thanks for the reminder. I’m currently trying to change the title from DRAFT to FINAL but I unable to do it for some reason. Any help here?

Regards

[Matt_StableLab]

Hello @sm0le sorry about that!

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.

[sm0le]

No worries Matt! Our [FINAL] version is ready for voting @stonecoldpat @eli_defi

Thank you all in advanced!

[ITUblockchain]

We believe that the grant mentioned in the proposal prepared by Modular Wallet will not contribute to Arbitrum’s growth. Due to the need for details directly related to the STIP approach, we would like to state that we cannot support this proposal.