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
- Website: https://modular.pk
- Twitter: https://twitter.com/modular_wallet
- Telegram: http://t.me/ModularW
- TG: @sm0l3
- Twitter: https://twitter.com/sm0leee
- Email: firstname.lastname@example.org
- 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.
- 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):
- LP TVL: We aim to create a more liquid native ARB pair for the Modular token on Arbitrum.
- 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.
- MOD/ARB Traded Volume
- 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.
- 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:
- Modular App Second IWO for Arbitrum.
- CCIP Cross-chain Compatibility for the MOD token.
- Modular App Refactoring.
- App Store going live (TestFlight over)
- On/Off Ramp for European Users.
- 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