SECTION 1: APPLICANT INFORMATION
Provide personal or organizational details, including applicant name, contact information, and any associated organization. This information ensures proper identification and communication throughout the grant process.
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Applicant Name: [Mark]
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Project Name: [MYX.finance]
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Project Description: MYX is a decentralized on-chain perpetual DEX, but with key differentiation design that sets it apart - the matching pool mechanism. The MPM is designed to significantly improve capital efficiency on-chain, rivaling the efficiency of centralized exchanges.With orders filled at oracle prices with no slippage, MYX looks to offer the best liquidity and the lowest fees available on-chain.
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Team Members and Roles: [List team members and their roles/responsibilities]
Mark:CEO
Ryan:CPO
Vain:COO
Vincent:Product Director
Jhon:CTO
Uma:：CBO
Marvin：Smart Contract
- Project Links: [Enter Any Relevant Project Links (website, demo, github, twitter, etc.)]
https://twitter.com/MYX_Finance
Contact Information
Point of Contact: Uma
Point of Contact’s TG handle:Telegram: Contact @uma77go
Twitter: https://twitter.com/apple_eth7
Email: uma@myx.finance
Do you acknowledge that your team will be subject to a KYC requirement?: Yes
SECTION 2a: Team and Product Information
Provide details on your team’s past and current experience. Any details relating to past projects, recent achievements and any past experience utilizing incentives. Additionally, please provide further details on the state of your product, audience segments, and how you expect incentives to impact the product’s long-term growth and sustainability.
- 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]):
Mark was the leader of contract business in Huobi exchange. During his term of office, contract trading volume increased to 100 billion USD from 50 billion USD per month.
Ryan, who is the CFA holder, was the financial product expert in Huobi. He leads product structure reengineering in derivates business including leverage, contract and option.
John was the CTO at Martix port before joining MYX and he also leads an engineering team at Bitmain. In the past several years, John has focused on high-frequency trading and derivative products.
Vain has successfully operated many DeFi and SocialFi projects in the past several years, like Concave, So3 and Justintel. He has finished IDO of 10 million USD.
- What novelty or innovation does your product bring to Arbitrum?
MYX has innovated matching pool trading engine that could push perpetual trading to a new era. Matching pool is a decentralized version of the market-makers in centralized exchanges (CEXs). Imagine on Binance, all the market makers act as a single entity or a liquitiy pool, that utilizes some amount of capital to list limit orders around market price. This entity places limit orders around the current price, so that buyers are purchasing at slightly higher prices and sellers are selling at slightly lower prices than the current market rate. If you have a market buy and sell orders of the same amount, this neutralizes risk for the market maker. Typically, a market maker can leverage hundreds of thousands in capital to support trading volumes in the hundreds of millions. Our matching pool operates on a similar principle but with a key innovation. Trades are executed at the current or the oracle price, and instead of serving as counterparties to all trader’s positions, which is typically what the current on-chain perp DEXes are doing, our pool only covers the net difference between long and short positions. With the help of funding rates, we incentivize funding rate arbitrageurs to help balance the open interest. Once equilibrium is achieved, the matching pool’s risk is neutralized, enabling it to support more open interest and volume. Our Matching Pool Mechanism (MPM) can similarly leverage a relatively small amount of liquidity to facilitate trading volumes that are orders of magnitude larger. This represents a leap forward in capital efficiency on-chain, bringing with it the benefits of lower trading fees and enhanced liquidity, comparable to those found in centralized trading platforms.
Is your project composable with other projects on Arbitrum? If so, please explain:
Yes. MYX is open to building a trading ecosystem. We can compose with the leading or vault projects to leverage our LP size. We also could work with copy trading or trading bot to provide a much easier trading experience for our users.
Do you have any comparable protocols within the Arbitrum ecosystem or other blockchains?
Yes, GMX is the comparable protocols
How do you measure and think about retention internally? (metrics, target KPIs)
Relevant usage metrics - Please refer to the OBL relevant metrics chart 23. For your category (DEX, lending, gaming, etc) please provide a list of all respective metrics as well as all metrics in the general section:
|KPI Item | Target by Q2|
|TVL | Phase 1 : $50,000,000 Phase 2: $80,000,0000 Phase 2: $100,000,0000|
|Daily User | 5,000 addresses after whole events|
|Daily Trading Volume | $55,000,000|
|OI | $5,000,000|
|Big Trader | Raven Kronos Woo Trade GSR DCLM 300K|
|Big LP | Hack VC D11 Labs Flow traders DCLM MartixPort A&R Capital Deep Trading|
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/No]
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
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?:
Yes
On what other networks is the protocol deployed?:
Linea
What date did you deploy on Arbitrum mainnet?:
18th February 2024
Do you have a native token?:
Not TGE yet
Tokenomics：Tokenonomics - MYX.Finance
Past Incentivization: What liquidity mining/incentive programs, if any, have you previously run? Please share results and dashboards, as applicable?
No
Current Incentivization: How are you currently incentivizing your protocol?
MYX will launch the Project Origin incentive plan on Mar.4th. Project Origin has several campaigns to encourage users’ activities.
Have you received a grant from the DAO, Foundation, or any Arbitrum ecosystem related program? [yes/no, please provide any details around how the funds were allocated and any relevant results/learnings(Note: this does NOT disqualify an applicant)]
No.
Protocol Performance: [Detail the past performance of the protocol and relevance, including any key metrics or achievements, dashboards, etc.]
N/A
Protocol Roadmap: [Describe relevant roadmap details for your protocol or relevant products to your grant application. Include tangible milestones over the next 12 months.]
Audit History & Security Vendors: [Provide historic audits and audit results. Do you have a bug bounty program? Please provide details around your security implementation including any advisors and vendors.]
Audit： SlowMist and Peckshield
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]
No
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: [Enter Amount of ARB Requested]
5,000,000 ARB
Justification for the size of the grant 34: [Enter explanation. More details are better, including how you arrived at the required funding for individual categories of expenses covered by your grant plan]
|Column 1 | Column 2|
|— | —|
|Grants Target | To Launch ARB-USDC trading pair To increase the daily trading volume on MYX Phase 1 target: 50,000,000 daily trading volume Phase 2 target: 100,000,000 daily trading volume Phase 3 target: 250,000,000 daily trading volume|
|How to achieve the target | 1. Launch ARB-USDC trading pair=>users have more pairs to trade=>increase trading volume 2. Incentivize fee rebate → less cost to trade → more trades → more volume 3. Starts trading ecosystem incentive=> cooperate and hold event with lending/vault/yeild/trading bot project=>more volume 4. Direct trading incentive, put ARB as prize into MYX Project Origin=> more attractive=>more volume|
|Token Usage | 1. We want to create an ARB-USDT trading pair with 5 Million USD TVL which requires 2.5 million USD of ARB。ARB Amount for this part will be 1.25 Million when ARB is $2 2. The current protocol applies a fixed fee of $3 to each transaction for the keepers plus 0.04% of the transacted volume. We would like to rebate 50% of all fees paid to the platform back to users. To achieve this, at a target of $250M daily volume and 20k daily transactions, across 12 weeks, it would require: 1. USD equivalent = ($250M * 0.04% + 20000 * $3) * 50% * 12*7 = $2.56M 2. ARB amount = $2.56M / $2 = 1.28M ARB at $2 3. We will announce a 1 million ARB trading ecosystem event. Those ARB will distribute to users who use the other protocol in our trading ecosystem, such as trading bot, copytrading, vault and lending, which support our LPs 4. We also will put 1 million ARB into our Airdrop Plan——Project Origin. This will attract users to ARB from other blockchains that we also have deployed. 5. Finally, we will use about 500K hold events with CEX based wallet, such as OKX wallet, Binance Wallet or Bitget Wallet. Users who use those wallets to trade with MYX will have a chance to win ARB. That may bring many CEX traders to our platform.|
|TVL Boost for ARB | If we achieve our trading goals, we can provide an increiable APY to our LPs LP Fee= 40% of trading fee= 250M*0.04%365/100M40%=14.6% Compared to other protocols, 14.6% fee APY is attractive to all LPs, and there should be room for $100M more|
Grant Matching: [Enter Amount of Matching Funds Provided - If Relevant]
Grant Breakdown: [Please provide a high-level overview of the budget breakdown and planned use of funds]
Token usage
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We want to create an ARB-USDT trading pair with 5 Million USD TVL which requires 2.5 million USD of ARB。ARB Amount for this part will be 1.25 Million when ARB is $2
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The current protocol applies a fixed fee of $3 to each transaction for the keepers plus 0.04% of the transacted volume. We would like to rebate 50% of all fees paid to the platform back to users.
To achieve this, at a target of $250M daily volume and 20k daily transactions, across 12 weeks, it would require:
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USD equivalent = ($250M * 0.04% + 20000 * $3) * 50% * 12*7 = $2.56M
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ARB amount = $2.56M / $2 = 1.28M ARB at $2
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We will announce a 1 million ARB trading ecosystem event. Those ARB will distribute to users who use the other protocol in our trading ecosystem, such as trading bot, copytrading, vault and lending, which support our LPs
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We also will put 1 million ARB into our Airdrop Plan——Project Origin. This will attract users to ARB from other blockchains that we also have deployed.
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Finally, we will use about 500K hold events with CEX based wallet, such as OKX wallet, Binance Wallet or Bitget Wallet. Users who use those wallets to trade with MYX will have a chance to win ARB. That may bring many CEX traders to our platform.
Funding Address: [Enter the specific address where funds will be sent for grant recipients]
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.
Treasury Address: [Please list out ALL DAO wallets that hold ANY DAO funds]
N/A
Contract Address: [Enter any specific address that will be used to disburse funds for grant recipients]
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: [Clearly state the primary objectives of the grant and what you intend to achieve]
MYX has three main objectives：
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Bring more users to MYX and Arb
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Encourage more trading volume on the paltform
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Encourage trading ecosystems to bring better experience to users
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.]
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Trading event
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MYX will hold several trading refund events, which will refund users’ trading fees based on their volume. Users could claim their fee in ARB Token via claim function after the event finishes.
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Farm via Lending/Vault
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We will cooperate with Lending or Vault protocol, which will support MYX Lp token. Users who deposit LP on those protocols can farm ARB tokens.
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Wallet Event
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We will hold events with CEX based wallets like OKX wallet, Binance Wallet and Coinbase Wallet. Users who use those wallets to interact with MYX smart contract will have chance to win ARB token.
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]
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For Liquidity
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Our incentive plan records users’ TVL every day. The GEM (aridrop event point) is also calculated daily, so that users need to keep their funds in liquidity pools to receive the whole GEM
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For Trading
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We will launch a sign-in incentive system. Users who trade more than 1K USD will be calculated as a Sign-in User. Keeping sign-in will receive buff, which helps users get more GEM, so that users can win more tokens from Airdrop at TGE
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.]
| ARB Incentive Plan Phase | TVL | Total User | Daily Users | Trading Pair | Avg. Daily Volume |
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| Phase I | 50,000,000 | 30,000 | 3,000 | 3 | $30,000,000 |
| Phase II | 80,000,000 | 50,000 | 4,000 | 5 | $45,000,000 |
| Phase III | 100,000,000 | 80,000 | 5,500 | 10 | $55,000,000 |
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.]
Considering the timeline of Grants and our own incentive plan: Project Origin, we think combining the ARB incentive plan into our second phase of Project Origin is the best way.
|Column 1 | Column 2 | Column 3 | Column 4|
|— | — | — | —|
|Time | Milestone | KPI | |
|Apr. 2024 | Product: ARB-USDC trading Pair Launch Opertaion: Project: Origin Phase II(MYX Own Incentive) ARB Trading Event Round I ARB Wallet Event Round I Institution onboarding: 2 LPs 2 Trading Team | Daily User:3,000 Avg. Daily Trading Volume: $30,000,000 | |
|May 2024 | Product: Two more Trading Pair Launch Ecosystem Support Operation: ARB Trading Event Round II MYX x ARB Trading Ecosystem Bounty Institution onboarding: 1 LP 2 Trading Team | Two protocols join in the MYX trading Ecosystem Daily User:4,000 Avg. Daily Trading Volume: $45,000,000 TVL:80,000,000 | |
|June 2024 | Product: Two more Trading Pair Launch Operation: ARB Trading Event Round I ARB Wallet Event Round I Institution onboarding: 1 LPs 1 Trading Team | Daily User:5,000 Avg. Daily Trading Volume: $55,000,000 TVL:100,000,000 | |
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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]
| Benfit | Proof |
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| Higher Transaction # | MYX uses a Match pool trading engine, which is designed to achieve trading volume/TVL ratio. Higher the ratio means more room for perp trading |
| TVL Growth | LPs have very low exposure (less than 20%) in matching pool systems, which means their funds have a lower impact on market movement. Considering LPs are the counter party in DEX with liquidity pools and almost all retail users are willing to open a long position, MYX will help LPs save their funds from the bull market which we are facing now. Hence MYX is one of the best protocols to put fund in |
| Best risk control Perp DEX to help ARB to attract more traders | MYX has built multi-level risk control systems: |
ADL system:Save LP from situation of liquidity dries up
DPL system:Save LP from a market crush
“Time Travle” system: Save both trader and LP from blockchain, orcale or smart contract crush
Automatic Reconciliation system: Save LP from hacking|
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/No]
For ARB-USDC Pool Liquidity: We want a one-time payment, we will put all 1.25m ARB into liquidity pool.
For Incentive Plan:YES, we accept linear payment.
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 30. 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
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]
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
YES
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?: [Y/N]
YES