Okto Web3 super wallet
SECTION 1: APPLICANT INFORMATION
Applicant Name: Kushagra Singh
Project Name: Okto Mobile Wallet
Description:
Okto is a web3 super wallet designed to simplify and enhance the web3 experience for users. It provides simple interfaces and powerful aggregations to provide the easiest way to ape in on any opportunity with just a few clicks. And all of this within a single native mobile experience. Additionally, Okto boasts features such as MPC wallets, a unique Gas Station Network, and inline bridges, ensuring smooth navigation across multiple chains.
Team Members and Roles:
- Neeraj Khandelwal: Core Contributor
- Yashaswi Rao: Contributor/Head of Product
- Digant Trivedi: Contributor/ Business Development
- Kushagra Singh: Contributor/Product
Project Links:
Website: https://okto.tech/
Docs: 🧐 Overview - Okto Docs
Twitter: https://twitter.com/Okto_app
Telegram: Telegram: Contact @OktoAnnouncements
Discord: Okto
Linktree: Okto Community | Linktree
Contact Information: support@okto.tech
Contact Information
Point of Contact: Kushagra
Point of Contact’s TG handle: kushagra_singh1
Twitter: @KushagraCrypto
Email: support@okto.tech
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.
Okto is built by the CoinDCX team, India’s largest crypto currency exchange with the need of making crypto trading simplified for the end users. From experience of serving 16 million+ Indian crypto users with the volumes reaching billions of dollars in spot and futures trading. The major need for Okto arises from the grass root user problems where retail users still find web3 jargons difficult and products unusable in the way they are used with web2 Fintech products.
This learnings from the user helped us scale our efforts in making DeFi accessible and easy for the next generation of crypto users. Okto is a mobile first web3 wallet, with natively integrated Swap, DeFi earn, and futures proposition, coupled with conveniences like a comprehensive P&L, Gas exchange, in-app browser for dApps, etc. Okto is a team effort of 30+ engineers building tirelessly from the past 1 year.
Description of the contributors mentioned in reference to this proposal:
Neeraj Khandelwal: Co-founder of CoinDCX and Okto, Neeraj have experience in building innovative crypto products loved by millions. With a passion for technology and an inclination towards building technology that can be scaled, Neeraj aims to build products that make crypto accessible and easy to global audiences.
Digant Trivedi: Handles partnerships and business development for Okto, leveraging his 10+ years of experience in the blockchain industry.Digant has worked in many roles, built communities, and actively engages with multiple stakeholders in the space.
Yashashwi Rao: Head of product at Okto and avid web3 enthusiast with extensive experience in product management across big tech companies. Using his experience in building products that scale, Yash is using this experience in making retail life easier in crypto.
Kushagra Singh: Product contributor and web3 enthusiast, Kushagra has 8+ years of experience in the industry, working on various growth roles and web3 projects.Kushagra is also an active contributor in Indian web3 communities.
What novelty or innovation does your product bring to Arbitrum?
Looking at fast scaling growth of Arbitrum DeFi, specifically derivative markets have kept our focus on growing trading volume
Okto Futures: A Mobile Native Decentralized Futures Platform
Okto Futures stands out as the first mobile-native decentralized futures trading platform on Arbitrum. It offers a mobile-first user-friendly interface and will eventually aggregate liquidity from various perpetual protocols, making it easier for users to engage in futures trading across multiple platforms within the Arbitrum network. The beta version of Okto Futures has already shown 10M$+ trading volumes in 20 days of launch, indicating a strong user adoption and market need for such a platform.
Okto Embedded Mobile Wallet SDK
The Okto Mobile Wallet SDK is a robust infrastructure that simplifies the process for builders and end-users to engage with the multi chain ecosystem. It integrates Account Abstraction (AA)-based smart wallets into Arbitrum and other chains, providing users with control over their assets through MPC-protected private keys. Built for new web3 developers for mobile first markets like India, this SDK eliminates the need for in-depth blockchain engineering knowledge, allowing for quick integration and offering a suite of tools and APIs to enhance transaction throughput, security, and user analytics.
Seamless Onramp and Native Bridge to Arbitrum network by Okto
Okto empowers users to effortlessly enter Arbitrum’s DeFi landscape through:
- Direct USDC Onramp on Arbitrum: Streamline your journey by purchasing USDC directly on Arbitrum, eliminating the need for intricate conversions or transfers. This user-friendly approach simplifies your initial steps into Arbitrum’s DeFi opportunities. Okto is amongst the only wallet to be able to do this in India, along with selected countries globally.
- Native Bridge: Okto’s built-in bridge facilitates seamless cross-chain swaps and fund transfers between Arbitrum and other blockchains. .
Gas Station Network (GSN)
Okto’s Gas Station Network (GSN) is an innovative solution that optimizes gas procurement for transactions on the destination chain. It conducts a thorough analysis of user holdings and transaction costs to determine the most cost-effective path for users to fund the Gas Station. This system ensures efficient fund transfers across chains and helps users manage their transaction costs more effectively.
Is your project composable with other projects on Arbitrum? If so, please explain:
Yes, Okto is designed with a composable framework, leveraging a modular architecture that allows for seamless integration with other projects on Arbitrum. At present,
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Okto consolidates futures liquidity from the Hyperliquid protocol, and we plan to expand our services by incorporating additional perpetual protocols from Arbitrum into the Okto ecosystem.
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Okto’s swap functionality pools liquidity and facilitates token trading across the entire Arbitrum One network. Our platform supports various levels of integration, including Native (1P), through our dApp browser (2P), and via Wallet Connect (3P), granting comprehensive access to all protocols on Arbitrum through the Okto application.
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Our Embedded Wallet SDK is crafted atop Arbitrum’s account abstraction, catering to dApps that require a mobile-embedded wallet SDK for their operations. This ensures that Okto remains a versatile and integral part of the Arbitrum infrastructure, promoting interoperability and enhancing user engagement with decentralized applications.
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Okto will also enable other DeFi opportunities on Arbitrum including liquidity pools , farming, GLP, etc. curated and integrated natively inside the app via our exclusive ARB zone
Do you have any comparable protocols within the Arbitrum ecosystem or other blockchains?
Currently, there are no known mobile native futures aggregators within the Arbitrum ecosystem or on any other blockchain. This includes aggregators that are directly integrated with wallets.
How do you measure and think about retention internally? (metrics, target KPIs)
Relevant usage metrics - Please refer to the OBL relevant metrics chart 25. For your category (DEX, lending, gaming, etc) please provide a list of all respective metrics as well as all metrics in the general section:
We will be publishing public dashboard in later stages before the start of incentivization. In later sections, we have outlined a process for the council to verify our data.
General Metrics:
- DAU, Churn, Reactivation: Track user activity and engagement.
- Daily User Growth & Longevity: Monitor new user acquisition and retention.
- Incentivized User List & Gini: Assess engagement and reward distribution.
Okto futures specific metrics:
- TVL & Growth: Track user trust and asset commitment.
- Trading Volume & Trends: Monitor user engagement and market activity.
- Futures TVL: A daily time series expressed in USD.
- Trading Volume: A daily time series, also measured in USD.
- Open Interest: A daily time series measured in USD.
- List of Traders: A comprehensive record of individuals or entities that have engaged in trading activities. This list should include trader addresses and the volume of trades executed.
- Trader Net P&L Improvement: The change in traders’ profit and loss accounts, reflecting on the platform’s fairness and attractiveness to traders.
- Funding Rate Stability: Tracks the fluctuations in the funding rates, assessing the balance between long and short positions and market sentiment.
- Liquidations: A daily time series measured in USD.
Rewards Hub (Native quest center):
- DAU/WAU: Tracks the number of unique users engaging with the rewards center
- Daily/Weekly Quest Completion Rate: Measures the percentage of users completing assigned quests.
- Average Quest Completion Time: Analyzes the time taken to complete quests, indicating complexity and user engagement.
- Number of Unique Actions Completed: Tracks the variety of actions users undertake through quests, signifying platform exploration and diverse engagement.
- Repeat User Rate: Measures the percentage of users returning to complete further quests, indicating user retention.
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? No
SECTION 2b: PROTOCOL DETAILS
Is the protocol native to Arbitrum?: No, Okto is a multichain wallet. Although aggregation on Okto futures is native to Arbitrum protocols only launched recently in Feb '24.
On what other networks is the protocol deployed?: Okto services are available on 10 EVM chains and will soon expand to Solana and Cosmos.
Mainnet deployment date: We have integrated the Arbitrum chain in Q4 of 2023, with ongoing work in all the areas of development. Some of the notable releases so far include:
- Okto Arbitrum zone launch: Okto Arbitrum zone was launched for the users in the last week of November 2023. Blog Post
- Okto Mobile native Futures on Arbitrum Beta announced recently in february with Hyperliquid.Announcement
- Okto rewards hub launched on 1st Dec, 2023.
Do you have a native token?: Okto doesn’t have any native token (yet).
** Past Incentivization: What liquidity mining/incentive programs, if any, have you previously run? Please share results and dashboards, as applicable?**
Okto July Earn Fest (July 1st - 10th, 2023)
The July Earn Fest was our incentivized program aimed to gather feedback on our new “Earn” feature while attracting early adopters. Some stats:
- The July Earn Fest brought in 792 beta users (CoinDCX users in a closed beta) who explored Okto’s self-custody features through deposits via CoinDCX bridge.
- This campaign successfully secured our initial Total Value Locked (TVL) of $70,000+ USD on the platform.
- Total 1375 USD were given as incentives during the 10 day boosted rewards to the users.
Okto x Polygon Zkevm treasure quest (Sept - Oct 2023)
The Okto x Polygon Zkevm Treasure Quest, launched in September 2023, marked the exciting debut of Okto’s Rewards Hub. This gamified campaign aimed to showcase the launch of Polygon ZKevm and served as a parallel quest track to Polygon PXP tour aimed at educating and introducing the Polygon Zkevm ecosystem.
The Treasure Quest spanned four weeks, each introducing a new challenge:
- Quest 1: The Gateway (Sept 14th): Participants took their first steps, exploring blockchain basics and the Polygon ecosystem.
- Quest 2: The Vision (Sept 22nd): Challenges delved deeper into DeFi, with tasks involving DEXes and yield farming.
- Quest 3: The Discovery (Sept 29th): Users learned about the Polygon zkEVM while continuing their climb for rewards.
- Quest 4: The Treasure (Oct 13th): The grand finale offered a chance to compete for a share of a guaranteed $100,000 prize pool and an elusive “Mega Prize.”
Some of the numbers on Polygon Zkevm Quest are:
- Total of 52096 users participated across various campaigns during the Polygon ZKevm tour.
- Total 8,036 NFTs were distributed to 2686 winners of the quest. Check Okto on Polygon NFT collection.
Okto X Stan Gaming Embedded wallet Integration Beta(Oct 2023 - Ongoing )
Okto partnered with Stan Gaming, a community of 4 million gamers, to beta test its first iteration of an Embedded Wallet SDK built on the Aptos chain. This SDK simplifies the integration process for gaming companies, allowing them to focus on their core functionalities while Okto provides the necessary web3 infrastructure like NFT minting, wallet support, AA based wallets and much more via integrations.
Some early numbers:
- Since October 2023, a total of 308,400+ users have created wallets using Okto SDK on the Aptos chain through Stan Gaming.
- To incentivize beta participation and explore web3 functionalities, Okto offered $20,000 worth of gas fees grants to the users to get started with web3 frictionless so far.
Current Incentivization:
- We have currently self invested $50,000 on India, Africa, and Southeast Asia awareness campaigns led by local Influencers, road shows for Mobile first Futures trading on Arbitrum on Okto.
- We have partnered with the Solana foundation for developer grants worth 3M$ to build dApps applications using Okto SDK on Solana. reference
Have you received a grant from the DAO, Foundation, or any Arbitrum ecosystem-related program? No
Protocol Performance: [Detail the past performance of the protocol and relevance, including any key metrics or achievements, dashboards, etc.]
Due to the mobile nature of the product most of our data engineering efforts were done in optimizing the experience of the product and managing high mobile security measures were internal. Currently we use multiple tools to manage our data(looker, mixpanel etc). To give counsel a clear view, we are taking the following measures to make data public.
- We will deploy a self hosted public database/analytics page or use dune to report data before the first week of April.
- We are providing guest credentials to Arbitrum council members to verify the relevant dashboard mentioned in the proposal. Temporary dashboard link(Just futures)
Okto is still very early in building stage and most of the campaigns were focused on attracting users to try out the product and building on the feedback. Some of the numbers of Okto are:
- Total wallet downloads on Okto:
- Non transacting Gaming wallet(Via stan Integration): 308,400+
- Transacting users on Okto since June(excluding non transaction quest users): 21,000+
Transacting users are defined as the users who have done multiple financial transactions including deposit, swap, bridge etc. on Okto.
- Total Value Locked on active Okto mobile wallets addresses : $600K+
- Bridged into Arbitrum since launch (liquidity from other chains): $100K+
- Total GSN(gas fees funding) and bridged orders on Arbitrum: 16,000+
Okto achieved impressive organic growth despite building in a bear market without native tokens. We saw early PMF with growing WAU before launching futures in February 2024
Okto futures Beta (Ongoing):
- Total Number of active trade on Futures Beta(Feb 15 - March 15): 329+
- Total TVL in beta: $170,114+
- Total Volume in Beta (15 Feb to 15 March): $10M+
Link to temporary public dashboard, please reach out to us for guest credentials.
Protocol Roadmap: [Describe relevant roadmap details for your protocol or relevant products to your grant application. Include tangible milestones over the next 12 months.]
Q1 2024, Focus on Improvements:
- Enhance user interface (UI) and user experience (UX) in the futures platform.
- Continuously improve inline swaps and bridges for a smoother onboarding experience on Arbitrum.
- Integrate more onramp options for users to easily deposit funds onto Arbitrum and other supported chains.
- Bug fixes and product improvements on swaps and futures.
- Login with private key for easier onboarding on Mobile experience
- More chain and bridge integrations
Q2 2024, Focus on Expansion and Advanced Features:
- Integrate with more perpetual DEXs (decentralized exchanges) on Arbitrum to bring them onto the Okto native mobile futures platform.
- Introduction of Okto Points program to onboard mass scale users.
- Onboard more bridge partners to expand liquidity options.
- Onboard more opportunities specific to traders use cases on Arbitrum like LPs, Yield farming, GLPs etc on Okto to help protocols boost liquidity.
- Beta Test Options via 2P partner integration.
- Introduce advanced trading tools like bots and limit orders to cater to more sophisticated traders.
- Develop innovative social trading interfaces to allow users to copy the trades of successful traders on Arbitrum.
- Implement product gamification features like leaderboards, vaults and copy trading to increase trader engagement.
- Include Arbitrum dApps (decentralized applications) in the native web view experience (under development).
- Enable lending, borrowing, and other trading instruments to benefit the traders and enhance the offerings.
Q3-Q4 2024: The way forward
- Okto whitepaper and the launch of the future of Okto ecosystem
- CeFi- DeFi integration with centralized exchanges(more details TBA).
Audit History & Security Vendors: [Provide historic audits and audit results. Do you have a bug bounty program? Please provide details about your security implementation, including any advisors and vendors.]
Okto’s security is managed by a full time security team, “KRATOS”. KRATOS is CoinDCX’s in-house dedicated security team with experienced security professionals, and is responsible for maintaining the security of infrastructure for both CoinDCX and Okto wallet.
External audit:
Our first external security audit of the Okto mobile applications was conducted in September 2023 by Credshield. The audit identified bugs categorized as medium (already fixed), informational (pending fixes), and low severity (pending fixes).
While the external audit report has not yet been published publicly, we can provide a screenshot of the findings for your reference. We are happy to produce the full report to the council upon request.
The next round of external audit is scheduled to happen in August/September 2024.
Security Standards:
- Okto platform follows global standard ISO 27001 security standard and controls for protecting it’s infrastructure, platform and data
- Okto follows Crypto Currency Security Standard (CCSS) controls (at level 2) for enhanced key management and key operations security
- Okto follows OWASP MASVS and OWASP MASTG for mobile application security implementations and security testing respectively. Okto also follows OWASP API security best practices for the development and assessment the APIs
- Okto follows OSSTMM (Open Source Security Testing Methodology Manual) for internal VAPT (Vulnerability assessment and penetration testing)
- Okto follows Secure Software Development LifeCycle with various security control gates for product development
Security Roadmap:
- Annual external audit will be conducted during July-August 2024
- ISO 27001 ISMS global standard security certification for Okto is in progress and expected to complete by Aug 2024
- ISO 27701 PIMS global standard privacy certification for Okto is in progress and expected to complete by Aug 2024
- Roadmap for Implementation of Crypto Currency Security Standard(CCSS) Level 3 controls for Okto in 2025
Security Incidents: There is no security incident on Okto so far.
Have you received a grant from the DAO, Foundation, or any Arbitrum ecosystem-related program? 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: 50,000 $ARB
Justification for the size of the grant 53: [Enter explanation. More details are better, including how you arrived at the required funding for individual categories of expenses covered by your grant plan]
The decentralized perpetual swap (Perp) market holds immense potential, though it currently lags behind centralized exchanges in terms of daily volume and available user experience. According to DeFi Llama, the combined daily volume for decentralized Perps is $13.61 billion, which falls short of the $32 billion daily volume achieved by Bitget, a leading centralized derivative exchange ranked 5th globally (data from CMC). This gap presents a significant opportunity for a mobile-first decentralized Perp platform like Okto.
Okto’s futures market is still in its early stages. We view this grant as an opportunity to accelerate the growth of our user-friendly decentralized futures platform, a first-mover advantage within the crypto space.
While Okto is under development and our futures product is just emerging from beta, we acknowledge the limitations in data to definitively support our claims. Therefore, we consider this grant as a pilot program to work closely with the ecosystem. This pilot will serve two purposes: gather valuable data to refine our product based on user feedback and accelerate our path towards achieving PMF.
Currently, Okto earns a 10% commission on fees through a single integrated partner (Hyperliquid) and lacks a native token. This limited revenue structure hinders our ability to compete with larger players who utilize “viral reward experiments” to achieve PMF. This grant will bridge this gap, allowing us to conduct necessary user acquisition initiatives during the pilot program. Improved unit economics are anticipated once PMF is achieved and the platform scales within the market.
Our 12-week pilot program sets ambitious but achievable goals: generating $100 million in total futures volume, attracting 1,500 daily active traders, and increasing Total Value Locked (TVL) to $500,000. These targets are ambitious due to their scale, but achievable due to the platform’s ability to offer high leverage, up to 25x.
The table below outlines additional key milestones:
Okto currently makes 10% commission on the maker/taker order placed by wallet addresses trading via Okto interface. Considering 40% maker orders(Fees 0.01%) and 60% taker order(Fees 0.035%), Okto would be generating $2500 in fees during the pilot, while contributing 90% i.e $22,500 of the fees to Hyper Liquid on Arbitrum.
We can calculate
Total fees generated by Okto =(Maker fees x 40% + Taker fees x 60%) x 10%
= (Total volume x 0.4 x 0.0001) + (Total volume x 0.6x 0.00035) x 10%
Total fees generated by Arbitrum ecosystem partners =(Maker fees x 40% + Taker fees x 60%) x 90%
= (Total volume x 0.4 x 0.0001) + (Total volume x 0.6 x 0.00035) x 90%
The projections above are based on the strong conviction towards planned launch activities for Okto futures:
- Since launching the futures beta, we’ve organically acquired over 300 users via word of mouth and our user community.
- We’ve set ambitious but achievable targets for linear monthly growth, aiming for a total futures volume of $100 million in a Q3 with 1,500 daily active traders.
- We anticipate TVL to grow steadily alongside the increasing number of platform users.
- We have exciting upcoming launches like a points program, wallet import functionality, and CeFi-DeFi integrations via SDK. These programs are expected to significantly boost trading volumes during the pilot program.
- We also anticipate growth with the launch in the product roadmap.
Grant Matching:
We will match the fees generated through futures account and via points mechanism leading to future rewards by Okto.
Grant Breakdown:
Following recent turmoil in centralized exchanges worldwide, including the closure of exchanges like Binance in countries like India, traders have been left with limited trading options, prompting a shift in interest towards decentralized derivatives. We want to focus on acquiring traders from centralized exchanges via the following areas:
- Fee rebates on volumes - 15,000 ARB
- volume-based referral programs - 15,000 ARB
- Leaderboard and lucky draw based gamification activities - 20,000 ARB
Funding Address: [Enter the specific address where funds will be sent for grant recipients]
0xa6f2B87238e54e7C3D2740e3e0b355daCbe41450
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.
Our address is company owned MPC controlled wallets.
Treasury Address: [Please list out ALL DAO wallets that hold ANY DAO funds]
Same as above. If required we can setup a DAO for funding.
Contract Address: [Enter any specific address that will be used to disburse funds for grant recipients]
N/A
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]
Okto aims to leverage the Arbitrum incentives program to achieve the following objectives:
- Accelerate user growth to 1500+ active trader by end of Q3 and establish a first-mover advantage in the mobile-friendly decentralized futures trading platform market.
- Achieve product-market fit(PMF) by working closely with the ecosystem and achieving 500K in TVL and 100 Million in cumulative volume on futures during the program.
- Provide competitive offering and incentive program to accelerate growth with grant amount based on the milestones.
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.]
Our execution strategy focuses solely on onboarding retail traders and driving volume on decentralized futures through Okto using verified onboarding techniques with proven results. These onboarding strategies revolves around three main activities designed to continuously attract new users and keep them engaged on the platform through ongoing gamification elements that increase their chances of winning significant rewards.
Fee Rebates for Volume (15,000 ARB)
Based on years of industry experience, we understand how to crack the user onboarding experience and help traders get started quickly. Our approach maintains a “trade activity focus” by rewarding only genuine trading activity and liquidity provision through fee rebates and incentivization programs.
Here are some of our planned programs:
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Limited-Time Fee Rebates: For a limited time, users who initiate trading with at least a $100 or more deposit and achieve the desired fee volume will receive 100% fee rebates or some fixed fee amount as rebate.
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Sponsored Gas Fees: We will sponsor gas fees for bridge transfers to Arbitrum futures wallets to frictionless adoption for both onramp and crypto.
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Competitive Tiered Volume Structures: We will offer competitive tiered volume structures to reward high-volume traders based on monthly or weekly volume tiers.
Volume-based referral/affiliate programs (15,000 ARB)
Referral programs are a great way to bring in new users, just like Binance’s and Bybit’s successful programs with high rewards (such as Binance’s 50% bonus). These programs incentivize people to recommend Okto to their friends, and they help bring more users to the platform.
In the past, exchanges have used both excellent product-based and non-product-based techniques to drive referrals from both traders and influencers.
The least sybilable way to run these programs are based on two basic methodologies:
- Trading Volume Rewards: Get rewarded based on the amount your referrals trade on Okto. We would be sharing industry-standard tiers of rewards on these, up to 50% of the fees paid to be incentivized via ARB rewards for some of the high volume tiers.
- Deposit/TVL Rewards: Users will get a share of the yield rewards, similar to how validators earn commissions from staking. This will help increase liquidity, leading to smoother markets during volatility.
These referral programs would be promoted through in-product features like volume card sharing in communities/socials to increase awareness or leaderboard-based constructs.
Note:
The ARB allocated for this program is strictly for on-chain rewards paid based on increased trading volume or TVL. Promotional activities like collaboration with KOLs etc Okto is already doing.
Leaderboard based or other gamification activities (20,000 ARB)
Crypto trading leagues and competitions have significantly boosted trading volumes for exchanges. Exchanges frequently host these competitions to attract large traders seeking substantial prize money. Both centralized and decentralized exchanges continuously keeps on launching these constructs to keep their traders engaged.
20,000 ARB will be distributed to the top traders by deposit and trading volume on the platform based on their ranks in respective public leaderboards.
These leaderboard programs have general guidelines and entry level deposit/volume requirements, in order to be eligible for rewards.
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]
To incentivize user retention and drive engagement on Okto, we propose implementing Okto Points, a rewards system integrated directly into our app. Users will earn points for various actions undertaken on Okto, including deposits, swaps, earning activities, futures trading, wallet connections, and NFT minting. Additionally, one-time actions like signing up, data backup, completing referral quests, and rewards hub quests will also be rewarded with Okto Points.
The rationale behind Okto Points is to define the value proposition for early Okto users and further incentivize them to engage with the platform. This strategy enhances not only the acquisition value proposition but also boosts user engagement.
The Okto Points program will have several components:
- Base Program: Users earn points for all transactions and activities on the platform.
- Limited-Time Multiplier Programs: These programs offer time-bound multipliers to incentivize specific actions. For example, beta users of Okto Futures may receive a 1.5x trading volume multiplier for the first two weeks of the beta period. Similarly, users from preferred communities may receive a 2x multiplier for a month.
- Bonus Points Programs: These programs offer bonus points for specific actions or achievements, including retrospective bonuses for all Okto users, completing onboarding flows, rewards hub quest completions, referrals, and holding Okto points for a specified duration.
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.]
For the pilot program, our major focus would be on following Key performance indicators:
- Total Futures Volume: We aim to generate $100 million+ in total futures volume during the program(Q3,2024).
- Daily Active User(DAU): We aim to onboard 1500+ daily active traders and focus on daily active user growth throughout the program.
- Total Value Locked (TVL): We aim to increase TVL by $500,000 from an initial starting point of $100,000+ during this program.
The source of truth for these KPIs will be Okto’s internal platform data for now and we will soon start reporting data on Dune analytics for transparent public reporting.
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.]
The rewards will be distributed in monthly epoch cycles based on the volumes and deposits reflecting positive TVL from active traders.
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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]
Market Opportunity:
India presents a massive market opportunity for mobile-first DeFi solutions, fueled by:
- Grassroots adoption: Despite complex regulations, India leads the world in grassroots crypto adoption, ranking second in the 2023 Chainalysis Global Crypto Adoption Index.
- High mobile and internet penetration: India boasts a large and tech-savvy population with 115 million crypto users investing and 90% of crypto trading volume happening on mobile apps.
- Growing interest: The Hindu reported India receiving over $250 billion worth of crypto within the past year showcasing increased participation.
- Entry opportunity: With recent regulatory turmoil many centralized exchange apps were shut down for India users giving perfect opportunity to onboard.
Okto is ideally positioned to capitalize on this opportunity:
- Early traction: With 330k+ wallets created, $10M+ trading volume in beta, and partnerships like the Solana developer grant program, Okto demonstrates its ability to attract users and developers.
- Strong development ecosystem: 11% of Web3 developers come from India, and the Indian developer ecosystem is rapidly growing. Fostering Indian developer talent to build on Arbitrum for DeFi benefits the ecosystem long-term.
- Network effect:: CoinDCX’s success in serving millions of Indian users and building successful crypto products ensures Okto’s execution capabilities are backed by strong experience. Additionally, CoinDCX’s initiatives like "Namaste Web3 with forbes" and 40+ local chapters help us spread the word to a wider community.
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 28. Along with this list, please answer the following:
We will release our public dashboard before the start of incentivization.
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, our team is prepared to comply with OBL’s data requirements for the entire program duration, including the three-month post-program handover period to the Arbitrum DAO. We understand the importance of transparent reporting and will diligently fulfill all reporting obligations.
- We have no special requests at this time. However, if any challenges arise in data collection or reporting, we will promptly communicate it with the community
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, our team agrees to provide bi-weekly program updates on the Arbitrum Forum thread referencing our OBL dashboard. We can take help from our internal analytics team to automate reporting and also create public dashboards on dune.
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, our team agrees to deliver a final closeout report within two weeks of the program’s end date
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