[Olive] LTIPP Application Draft


Applicant Name: Oliver

Project Name: Olive Chain

Project Description: Olive is a fully EVM compatible, modular, Orbit chain with native staking and re-staking yield.

Team Members and Roles:
Oliver: CEO
m7: Head of Technology
Ponzinomics: BD / Growth
GeekyOptimist: Community / Marketing
Abdul: Community

Project Links:
Twitter: https://twitter.com/0xolive
Website: https://www.olivebank.xyz/
Discord: Olive Bank

Contact Information

Point of Contact: Oliver

Point of Contact’s TG handle: @olivebanker

Twitter: https://twitter.com/_shailesh_gupta

Email: oliver@olivebank.xyz

Do you acknowledge that your team will be subject to a KYC requirement?: Yes

SECTION 2a: Team and Product Information

Team experience: This team has built permissionless perps (Polysynth) in 2021, Defi Option Vaults (OliveDAO) in 2022 and Leverage Yield Farming Vaults (Olive App) in 2023. The team has build defi products across EVM chains (Arbitrum, Ethereum & Polygon) as well as cross chain products and has previously worked in renowned unicorns.

What novelty or innovation does your product bring to Arbitrum?
Olive is going to be the first L3 chain offering native staking & re-staking yield for bridgooors while earning EigenLayer points, Olive Points & LRT points for bridgooors to Olive chain.

Is your project composable with other projects on Arbitrum? If so, please explain:
Olive will support bridging and yield farming for ETH, LSTs & LP token holders on Arbitrum. It will grow TVL across Arbitrum ecosystem.

Do you have any comparable protocols within the Arbitrum ecosystem or other blockchains? Comparable projects include Blast & Manta Network.

How do you measure and think about retention internally? (metrics, target KPIs)
Ideal metrics to measure chain adoption shall be:

  1. TVL growth
  2. Active accounts
  3. Daily average transactions

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? If so, please disclose the details of that arrangement here, including conflicts of interest (Note: this does NOT disqualify an applicant): N/A


Is the protocol native to Arbitrum?: Yes, Olive chain is built on Arbitrum Orbit stack

On what other networks is the protocol deployed?: Not deployed on any other network

What date did you deploy on Arbitrum mainnet?:
We are live on testnet. We waiting for Arbitrum to have custom DA support. Will go live on mainnet with custom gas token and DA layer.

Do you have a native token?: Yes, $OLIVE is the native token of the chain.

Past Incentivization: What liquidity mining/incentive programs, if any, have you previously run? Please share results and dashboards, as applicable? We are launching Olive Points program (similar to Blast) where TVL depositors and referrers will be earning Olive Points which will convert into $OLIVE airdrops at the time of TGE

Current Incentivization: How are you currently incentivizing your protocol? We will be running incentivised testnet and will allocate Arbitrum grants towards chain incentivization.

Have you received a grant from the DAO, Foundation, or any Arbitrum ecosystem related program? No, haven’t applied for any grant yet.

Protocol Performance: We deployed Olive principal protected vaults on Arbitrum in partnership with GMX which reached $6mn TVL. We also deployed Olive leveraged yield farming on Arbitrum testnet which reached 70,000 on-chain users.

Protocol Roadmap: We plan to launch the mainnet by April, run campaigns to acquire users to Olive chain and increase the active users count to 100,000+ by Q3.

Audit History & Security Vendors: Our previous protocols have undergone stringent audit by top ranking auditors at C4 Arena.

Security Incidents: No, the protocol has never been exploited.


Requested Grant Size: 300,000 $ARB tokens

Grant Matching: On a conservative estimate, Olive will be airdropping 15% of tokens in phase 1 which, depending on FDV should be worth ~$100Mn worth of tokens to grant participants.

Grant Breakdown: Assuming we are able to add incremental $50 TVL due to Arbitrum grant program, we anticipate to give at least 5% yield in Arb tokens which will require $50,000,000 * (5% * 3 / 12 months) / $2 (ARB token price) = ~300,000 $ARB tokens.

Funding Address: 0xDf7e25a441e2D3ed3c29087B3bc92BDEE555b11c

Funding Address Characteristics: 2/3 multi-sig composed of core-team members

Treasury Address: 0x572aB8bc30F2b0aF8FD541f0Ae1342AF419Df470

Contract Address: N/A


Objectives: To increase TVL on Olive chain.

Rewards will be auto-distributed to users who bridge their TVL in proportion to their Olive Points.

What mechanisms within the incentive design will you implement to incentivize “stickiness” whether it be users, liquidity or some other targeted metric? We will have mile-stone base grants and airdrops to incentivize “stickiness”.

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: TVL growth. Source could be on-chain TVL deposited into Olive chain.

Grant Timeline and Milestones: May,2024 (in sync with Olive TGE). 50% at first milestone of $10Mn TVL. 50% at second milestone of $50Mn TVL.

How will receiving a grant enable you to foster growth or innovation within the Arbitrum ecosystem? ARB tokens are highly valued by Arbitrum community and airdroping ARB tokens for users to explore Olive L3 in anticipation of Airdrops will enable Olive to achieve its milestones.

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

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? Yes

Does your team agree to provide bi-weekly program updates on the Arbitrum Forum thread that reference your OBL dashboard? Yes. We can have community dune dashboard to publish data.

Does your team agree to provide a final closeout report not later than two weeks from the ending date of your program? 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

Late submission, past the deadline!