Ramses combines incentives with concentrated liquidity (CL) to provide a unique model amongst other liquidity bootstrapping solutions and DEXs across the DeFi landscape.
Specifically, Ramses enables veRAM holders (majority of which are Arbitrum protocols) to direct emissions in a decentralized manner, and collect fees from CL positions in addition to traditional AMM pools. The result of combining incentives with competitive distribution is unrivaled capital efficiency producing a 5x improvement in volume-to-tvl and the lowest possible slippage in DeFi. It is hard to overstate the long-term impact this public good will have on Arbitrum builders.
Team Members and Qualifications:
TG: Telegram: Contact @ExchangeRamses
Do You Acknowledge That Your Team WIll Be Subject to a KYC Requirement?:
Requested Grant Size: 1,248,000 ARB – any unused will be returned to the DAO.
Ramses will match up to 1,000,000 RAM weekly in the form of xoRAM to foster sustainable ecosystem growth.
After thoughtful discussions with delegates and the voices in the community, we are adjusting our STIP to adopt a model similar to that of other AMMs. This decision ensures there is continuity and clarity, and eliminates any potential confusion for the short-term nature of this program. We are grateful for the insights and guidance that have led us to this positive adjustment.
To be clear - LP’s will now be the only recipients of ARB incentives.
- 50% of ARB allocated as direct LP incentives for concentrated liquidity pairs, with a focus on ARB pairings, key ecosystem participants, and blue-chips - 50% of ARB allocated as direct LP incentives matched to fees generated on the pair by the end of the prior epoch. *Epoch N-1 fees will be matched with ARB distributed to Epoch N liquidity providers. This has a global cap of up to 52,000 ARB/Epoch, and RAM will be used to match these (up to 1,000,000/epoch).*
Ramses Multisig– 0x20d630cf1f5628285bfb91dfac8c89eb9087be1a
Funding Address Characteristics:
Multisig with 2 of 5 signing weight
We will distribute weekly from the multisig directly to the Gauge contracts for each qualifying pool.
- 3 New Partners Onboarded to Arbitrum
- Attract new, quality long-term developers and projects to Arbitrum
- $10M TVL Increase
- Help new, growing and established projects on Arbitrum to bootstrap and build liquidity in a sustainable and capital-efficient manner
Key Performance Indicators (KPIs):
- New Partners onboarded (1 new partner per month) Qualitatively, we will continue to onboard long-term developers building compelling and additive projects.
- Presented in a list and verified with links to associated Twitter announcements from the new partner
- Monthly transaction volume increase (evidence of efficient use of liquidity which equates to sustainable protocol growth for partners)
- Presented via Dune dashboard sourced from verifiable on-chain data via Defillama
- Increase total # of pools incentivized by Partners to measure the grant’s positive impact on developers investing deeper into building long-term presence on Arbitrum
- Presented via Dune dashboard sourced from verifiable on-chain data
- TVL increase (trailing metric for the success of partner’s investing in and growing with Arbitrum via incentives and resulting efficient transaction volume increase on their key project tokens)
- Presented via Dune dashboard sourced from verifiable on-chain data via Defillama
How will receiving a grant enable you to foster growth or innovation within the Arbitrum ecosystem?:
*New projects need resources to quickly and efficiently bootstrap initial liquidity, while existing protocols need to sustain and grow their liquidity at minimal cost. This grant will enable Ramses to onboard and sustain new projects in the Arbitrum ecosystem which will help drive innovation and overall growth.
Justification for the size of the grant:
Ramses has the infrastructure and partners in place to leverage the requested grant size efficiently to rapidly attract sustainable TVL from Mainnet and other chains.
Ramses operates as an extension of Arbitrum itself, augmenting the economic engine of $ARB incentives with $RAM as well as the business development / onboarding arms of the Foundation, rapidly accelerating ecosystem growth and sustainability. As required by this incentive framework, zero $ARB will be used for operations or to compensate team members and instead, 100% of the funds will be used to support ecosystem positive partner protocols building sustainable projects on Arbitrum.
Arbitrum incentives on Ramses are basically a 2-3x multiplier of liquidity incentives - including grants - for the ecosystem at large, making it easier for protocols to onboard onto Arbitrum and cheaper for them to operate, resulting in lower burn rates for $ARB and the project’s native tokens as compared to direct LP incentives. On Ramses, protocols create revenue-positive liquidity programs that will sustain them and the ecosystem at large for years to come.
Arbitrum incentives on Ramses make it easier for protocols to onboard onto Arbitrum and cheaper for them to operate, resulting in lower burn rates for the project’s native tokens. On Ramses, protocols create revenue-positive liquidity programs that will sustain them and the ecosystem at large for years to come.
Method of Distribution
The ARB will stream over each epoch (7 days) via RAMSES’ Concentrated Liquidity Rewarder (Gauges). This implementation has the following advantages to regular, and off-chain solutions:
- NO staking involved, no custody or approval given to any contracts to participate in earning ARB
- Permissionless, any user can deposit LP Incentives via the Incentivize page on the dAPP.
- Fully on-chain and verifiable. There is no trust or off-chain computation required, it is all calculated within the contracts themselves.
The ARB will be distributed at the beginning of each epoch, thus streaming out over the next 7 days linearly to all active market makers proportional to their efficiency.
A non-exhaustive list of pools which already exist and could fall in-line with eligibility can be found on the liquidity dashboard at: R A M S E S as well as on the analytics dashboard(s): RAMSES CL Analytics
An existing implementation example of our
RamsesV2Gauge contracts can be reviewed at: GaugeV2 | Address 0x80c4f687b81d77b33c6e3e572e2e80dccc996733 | Arbiscan
Fee matching will be done by taking the fees generated by a pool in the prior epoch (N-1) and distributing the equivalent (up to the global cap) in ARB via RAMSES gauges in the current epoch (N). The statistics will be sourced from many places, such as our in-house analytics page(s), dune dashboards, as well as any other scripts/on-chain verification methods to provide accurate information.
Grants will be distributed weekly (per epoch), until the end of the S.T.I.P. cut-off at the end of January.
Yes, the Ramses team believes in accountability and is happy to oblige by all discretionary actions made by the grant distribution multisig.
Is the Protocol Native to Arbitrum?:
On what other networks is the protocol deployed?:
No other chains
What date did you deploy on Arbitrum?:
March 22, 2023
Summary - we’ve spent the last 6 months onboarding the best partners in DeFi, shipping and demonstrating best-in-class technology, and setting the table for long-term growth and sustainability.
- 90.5% of RAM is locked into veRAM positions signifying high long-term conviction and support of the protocol by users and partners
- Cumulative Volume (all-time): $490M
- 30-day Cumulative Volume: $95M
- Distributed over $4M in accrued revenue to protocol users
- Averaging over $3.5M in daily transaction volume since the introduction of Ramses Concentrated Liquidity
- Delivered a best-in-class volume-to-tvl efficiency Dex
- Onboarded 40+ partners including:
- Radiant Capital
- Vela Exchange
- Olympus DAO
- Gamma Strategies
- The ByteMasons
- Ethos Reserve
- Gravita Protocol
- Gains Network
- GMD Protocol
- Yield IQ
- Inverse Finance
- Jarvis Network
- Liquid Driver
- Overnight Finance
- SYMM I/O
- The Ennead
- Collaborated with key ecosystem builders including LayerZero and Axelar to help existing protocols accelerate their extension/migration and get a fast start on Arbitrum
- Shipped two full front-end version overhauls and a novel concentrated liquidity+bribe infrastructure innovation that delivers best-in-class volume-to-tvl efficiency
- Promoted and accelerated the growth of Arbitrum through evangelizing via cross-promotion with top Mainnet protocol communities
- Consistently provided support for other similar projects on Arbitrum, and across different chains, to ensure the secure growth of DeFi’s lifeblood – AMMs
- Dedicated thousands of man-hours to integrate with key Arbitrum ecosystem players; keeping an open-mind and flexibility about criticisms given to the team
- Community-first mindset that hears out all users, regardless of seniority or experience, in order to proliferate DeFi education en masse.
- Suggested, recommended and facilitated introductions to other competing DEX’s on Arbitrum for incoming Partners seeking liquidity diversity
Defi is ever-evolving and we will continue to adapt and deliver improvements that maintain Ramses as a best-in-class, secure, and contributing protocol on Arbitrum.
Formal Audits - Ramses Ramses is audited by yAudit (Yearn’s auditing arm), and consistently performs internal reviews to ensure information assurance.
The Solidly codebase underwent a partial security audit on January 30, 2022, specifically focusing on the AMM component. The audit was conducted by PeckShield, and the full audit report can be downloaded from the Solidly GitHub repository at: https://github.com/solidlyexchange/solidly/blob/master/audits/e456a816-3802-4384-894c-825a4177245a.pdf
Furthermore, the inherited codebase used by Velodrome Finance underwent a comprehensive security audit and peer review as part of the Code4rena bug bounty contest. Details of the audit can be found at: https://code4rena.com/reports/2022-05-velodrome/. Additionally, a thorough MythX deep scan was performed on the Velodrome contracts.
Velodrome Finance conducted a bug bounty contest from May 23rd to 30th, 2022, on Code4rena (Code4rena | Keeping high severity bugs out of production). The contest aimed to cover all the new changes to both the new and original contracts, with rewards of up to $75,000 available.
Solidly launched its bug bounty program in February 2022 on Immunefi.com. To date, no claims have been made for the offered $200,000 rewards. Details of the bug bounty program can be found on their GitHub page: (https://github.com/solidlyexchange/solidly/blob/master/SECURITY.md).
The Ramses team has been instrumental in the development and enhancement of this protocol since its inception over a year ago. We have contributed significantly to various improvements and have deep knowledge of the codebase, making us one of the most knowledgeable teams operating in this space.
- The Competitive Edge
- Fixed Solidly Vulnerabilities
While audits can sometimes be seen as primarily serving marketing purposes, we emphasize that our protocol offers both reputable brand name audits and a track record of over a year without any exploits. Additionally, our team possesses an exceptional understanding of the codebase, providing a strong foundation for security and reliability.
Is your team prepared to create Dune Spells and/or Dashboards for your incentive program?:
Does your team agree to provide bi-weekly program updates on the Arbitrum Forum thread?:
Yes, we will provide bi-weekly updates that will display analytical findings/performance of the incentives program, $ARB liquidity enhancement, and other relevant information.
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?: