ABSTRACT
This proposal outlines a series of initiatives aimed at enhancing DeFi engagement on Arbitrum by promoting the adoption of Olive V2. Our focus is on establishing a variety of liquid and capital-efficient pools that will produce yields compatible with other leading protocols.
Olive seeks the support of DAO delegates in approving incentives for its V2, with a proposed allocation of 500,000 ARB tokens.
Key Areas of Concentration:
- Transitioning users from traditional finance platforms to DeFi solutions.
- Encouraging the development and integration of Arbitrum protocols on Olive V2.
- Strategically incentivising liquidity provision.
- Cultivating a dynamic on-chain trading environment.
SECTION 1: APPLICANT INFORMATION
Applicant Name: PseudoDesigner- Olive Finance
Project Name: Olive Finance
Project Description:
Olive Finance is a sophisticated leveraged yield farming protocol that elevates LP token holders’ returns. With Olive Finance, yield farmers can effectively multiply their LP token yields by up to 10X.
Our innovation centers around dedicated lending vaults, where the foundation for leveraged positions is established. In these vaults, lenders pool their resources, creating accessible capital for LP vaults. This cooperative framework ensures that lenders benefit from passive income, fostering a mutually advantageous ecosystem.
At the heart of Olive Finance lies a meticulously engineered system of vaults. Each vault seamlessly integrates with a specific strategy contract, equipped to autonomously compound returns. Additionally, a dedicated lending pool is optimized for efficient borrowing.
Key Advantages of Olive Finance:
- Amplified Yield Farming: Experience up to 10x leverage, maximising potential returns.
- Optimised Returns with Auto-Compounding: Automatically reinvest yields to supercharge APY.
- Stable Borrowing Mechanism: Utilise similar asset borrowing pools, significantly reducing the risk of liquidations from volatile price movements.
- Competitive Lending Rates: Benefit from lending yields that consistently outperform market averages.
With Olive, it’s not just about higher returns. We prioritise user experience, ensuring both newcomers and DeFi veterans can easily navigate and maximise their earnings. Our Focus is to provide superior yield while minimising the impermanent loss.
Olive V1 Performance
Olive V1 has demonstrated a strong track record since its inception. At its peak, Olive V1 achieved a Total Value Locked (TVL) of approximately $6 million, showcasing the trust and confidence users placed in our platform. While market dynamics have shifted over time, Olive V1 maintains a respectable current TVL of around $1.62 million.
This sustained performance is a testament to the platform’s robustness, the team’s dedication, and the continued support from our community. As we transition to Olive V2, we aim to build upon this foundation, leveraging our past successes and learning from our challenges to offer an even more refined and effective platform for our users.
Olive V2 Vision
Drawing from the insights and feedback gathered from Olive V1, our vision for Olive V2 is to create a more intuitive, efficient, and versatile platform that truly resonates with the evolving needs of the DeFi community.
Key Aspects of Olive V2 Vision:
- Enhanced User Experience: Olive V2 prioritizes user-centric design, ensuring that DeFi enthusiasts find our platform approachable and easy to navigate.
- Capital Efficiency: Building on the foundation of Olive V1, V2 has introduced mechanisms to optimize capital utilization.
- Interoperability: Olive V2 is focused on seamless integrations with other leading protocols within the Arbitrum ecosystem, fostering a collaborative environment. Currently, our vaults are live with GMX and Pendle on Testnet.
- Community First Approach: Olive V2 furthers our commitment to community-driven development. We believe in the collective wisdom of our community and will introduce more avenues for feedback, governance, and collaborative decision-making.
- Security and Transparency: Olive V2 strives to uphold the highest standards of security. Additionally, we emphasize transparency in all our operations, from smart contract interactions to governance decisions.
Together, with our community by our side, we’re excited to embark on this next chapter of Olive’s journey.
Collaborations and Partnerships
At Olive, we firmly believe that the strength of the DeFi ecosystem lies in collaboration. Our commitment to fostering a robust collaborative environment has led us to establish strategic partnerships with GMX and Pendle. Additionally, we’re actively exploring synergies with several innovative protocols in the Arbitrum ecosystem to bring more value to our users.
Team Members & Qualifications:
Team Members: 8
Development Members: 4
Non-Development Members: 4
Community Contributors : 280+
CEO- Shailesh Gupta aka “SG”
LinkedIn : https://www.linkedin.com/in/shaileshgupta88/
Background: Veteran entrepreneur who has successfully sold two startups at multi-million dollar valuations. A passionate web3 enthusiast with 5 years of experience in the web3 space.
Head of Engineering - Mani aka “07xmani”-
LinkedIn : https://www.linkedin.com/in/nisuscold/
Background: Seasoned engineering leader with over a decade of experience. Has worked with renowned companies such as Amazon, Heyday, Navi, and Oliver.
Head Of Product and Growth - Shashank Sahu aka “Sid”
LinkedIn : https://www.linkedin.com/in/shashank-sahu-631115108/
Background: “Pure Degen”. Played a pivotal role in helping a YC crypto startup acquire its first million users. Has been in the financial space for 6 years, assisting leading financial companies in revamping their transaction and KYC processes.
Head Of Business Development - Vishal
LinkedIn : https://www.linkedin.com/in/vishal-s-6b4a878a/
Background: Vishal is a seasoned banker with over 14 years of expertise in fund management. He has held prominent roles at renowned institutions such as Berkshire Hathaway, Standard Chartered, and Motilal Oswal.
Core Contributor - Sabyasaachi aka “pseudodesigner”-
LinkedIn : https://www.linkedin.com/in/sabyasaachi-k/
Background: Creator of Flippening, one of the world’s largest crypto newsletter, growing it to 350,000 readers. The Flippening is read by 100,000+ subscribers every week.
Core Contributor - Mayank aka “oliver-mojo”
LinkedIn : https://www.linkedin.com/in/mayank-s-3445b0b0/
Background: Growth ninja! Have been in Web3 space for 3+ years, responsible for owning growth campaigns, managing partnerships at Olive.
Core Contributor - Nitish aka “Geekyoptimist”
Twitter : https://twitter.com/geekyoptimist
Background: Leads the community & socials at Olive and is a dedicated web3 geek.have been in this space for 2+ years
Core Contributor - Aditya
LinkedIn : https://www.linkedin.com/in/aditya-dubey-a98b37142/
Background: Leads development at Olive and have been into dev space for more than 6 years
Community Contributors : In the heart of Olive Finance lies a vibrant community of 280 + dedicated individuals who pour their passion and expertise into our collective vision every single day. What sets these 280+ remarkable individuals apart is their grit and hustle. They don’t merely participate; they lead, drive, and deliver.
Project links:
Website: https://www.oliveapp.finance/
Twitter: https://twitter.com/0xOlive
Discord: Olive Finance
Telegram: Telegram: Contact @OliveHq
Github: Olive-Finance · GitHub
Documentation: Introduction to Olive Finance - Olive
Contact information:
Telegram: @Sabya_17, @sid9789
Twitter: https://twitter.com/0xOlive
Email: sabya@oliveapp.finance, Shashank@oliveapp.finance
Funding Address:
0xDf7e25a441e2D3ed3c29087B3bc92BDEE555b11c
Funding Address Characteristics:
The funding address is managed by a 2/3 Safe multisig, where each signer is protected with a HW wallet.
Contract Address:
The actual funding addresses will be automated incentive distribution contracts, which will then be deployed once the grant is approved. These incentive distribution contracts will be funded and managed by the multisig mentioned above.
SECTION 2: GRANT INFORMATION
Olive Finance’s vision for its next growth phase on Arbitrum. With a clear roadmap and strategic utilization of the grant, Olive aims to solidify its position as a leading DeFi protocol.
The grant will be strategically utilised to drive TVL and user growth on Olive and Arbitrum ecosystem, divided across two distinct phases:
Requested grant size: 500,000 ARB tokens
At Olive Finance, we’ve seamlessly woven our platform into the very fabric of the Arbitrum ecosystem. Our flagship vaults are underpinned by the unwavering strength of two pivotal projects—GMX and Pendle. This integration is the bedrock of stability and trust that underpins our entire system.
What sets us apart is our recent testnet launch on Arbitrum, a mere two weeks ago. In this short span, we’ve witnessed a staggering surge in participation, with over 30,000 dedicated individuals actively exploring the platform and validating its capabilities. This remarkable response is a testament to the trust the community places in our technology.
Olive Finance isn’t just integrated; it’s deeply rooted in the Arbitrum ecosystem. Our strategic foundations, anchored by GMX and Pendle, are a testament to our commitment to reliability and security. With over 30,000 enthusiastic participants in our testnet, we’ve proven that our vision is not just compelling—it’s compellingly trustworthy.
Budget Breakdown:
SECTION 3: GRANT OBJECTIVES AND EXECUTION:
Objectives:
- Establish Leveraged Yield Farming (LYF): Strengthen the leveraged yield farming infrastructure on Arbitrum to provide users with safe and attractive yields.
- Grow Organic Users: Foster organic user growth within the Arbitrum ecosystem, ultimately increasing TVL.
- Diversification: Expand vault offerings to include other protocols on Arbitrum through boosted yields and incentives.
Key Performance Indicators (KPIs):
| KPI | Tracking metrics | Measurement |
|---|---|---|
| Total Value Locked: For all the vaults on Arbitrum, the primary KPI will be TVL. | Based on our current run-rate, the grant will enable the TVL to 10X from current levels. It adds approximately $20 Million to the Arbitrum TVL. | Dune Analytics dashboards and Olive’s data page |
| Partnerships: For grants to projects integrating with Olive, KPIs will include the number of projects receiving grants, user metrics, and other relevant indicators. | Diversify integration with multiple other protocols already building on Arbitrum. | Updation across all our community channels. |
How Will Receiving a Grant Enable Growth and Innovation?
This grant will empower Olive Finance to attract more liquidity providers and organic users to Arbitrum. By boosting yields and incentivizing lenders, we anticipate an increase the TVL by atleast $20M, encouraging more projects to choose Arbitrum as their blockchain of choice. This growth will contribute to the overall expansion of the Arbitrum ecosystem.
Why the Size of the Grant is Justified:
The proposed grant size is commensurate with the project’s scope and its anticipated impact on the Arbitrum ecosystem. By aiming to introduce $20M in Total Value Locked (TVL) into the ecosystem, we plan to distribute approximately 2.5% in Arbitrum rewards. This percentage is consistent with the growth phase of a protocol and mirrors the potential influence we aim to exert within the Arbitrum ecosystem. This is further bolstered by Olive Finance’s proven track record, as evidenced by its successful deployment on Arbitrum thus far.
Milestones:
| Timeline | Current Progress: | Key Performance Indicators |
|---|---|---|
| Milestone 1: Achieving 10M TVL by end of Q4 2023 | Olive V1 TVL : $1.62 million; Olive V2 : 40,000+ Testnet users. | TVL, user growth rate, new partnerships and integrations. |
| Milestone 2: Achieving 20M TVL by Q1 2024 & Conducting the Token Generation Event (TGE) | We have structured our TGE to be milestone-driven. Upon reaching the $20M TVL mark, we will initiate the TGE, marking the commencement of a new growth phase for the protocol towards $100M TVL | We will monitor TVL, metrics related to token distribution, and user participation during the TGE. |
SECTION 4: PROTOCOL DETAILS
Is the Protocol Native to Arbitrum?
Yes, Olive Finance is natively deployed on Arbitrum.
On what other networks is the protocol deployed?
Olive V1 supports Arbitrum and Polygon. However, with the launch of our V2, the entire development focus is to build on Arbitrium and integrate with multiple projects have a strong foundation on Arbitrum.
Deployment Date on Arbitrum:
The first version of OliveFinance was deployed on Arbitrum on Jan 16 2023.
Protocol Performance:
Real-time and historical performance metrics can be accessed here.
Protocol Roadmap:
Detailed information about Olive’s roadmap can be found here.
Audit History:
The entire code of Olive Finance has been audited by Code4rena. Details can be found here.
Do You Acknowledge That Your Team Will Be Subject to a KYC Requirement?
Yes
SECTION 5: DATA AND REPORTING
Is your team prepared to create Dune Dashboards for your incentive program?:
Yes. we can create Dune dashboards in order to present data around the performance of incentive program
Does your team agree to provide bi-weekly program updates on the Arbitrum Forum thread?
Yes, we are committed to updating the Arbitrum Forum thread. We have prepared methods of collecting data and reporting them alongside data dashboards as mentioned above to substantiate our progress. Metrics such as TVL, volume, transactions, and unique addresses will be tracked.
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