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.
Applicant Name: Christian Quiver
Project Name: Relay Chain: James Bot
Project Description:
Meet ‘James Bot,’ a revolutionary product of Relay Chain, making waves as one of the first telegram bots native to Arbitrum with custom indexes, and it’s all built in Rust. With seamless Vela integration for perpetual traders and day-one sniping capabilities, James Bot is here to redefine your trading experience.
Team Members and Qualifications
Edmund Hillary: General Manager
Christian-Q: Product Manager
vsGoliath: JamesBot Marketing / Growth
ITR: Lead Dev, JamesBot
KRISPY KREME: Lead Dev, Relay
Gram: Marketing Advisor
The Blog: Operations Advisor
T Squared: Dev Advisor
Johnny Gold: Partnerships
Fernando: Head of Design
Project Links
Project Links: Website: https://relaychain.com/
Twitter: https://twitter.com/relay_chain
Discord: https://discord.gg/relaychain
Telegram Chat: https://t.me/relaychaincommunity
Documentation: https://relaychain.gitbook.io/docs/
Github: https://github.com/RelayChain
Contact Information
TG: @ChristianQuiver
Twitter: https://twitter.com/relay_chain
Email: info@relaychain.com
Do You Acknowledge That Your Team Will Be Subject to a KYC Requirement?: [Yes/No]
Yes
SECTION 2: 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:
400,000 ARB
Grant Matching:
We will match grant funds through a transparent process: a 1% fee will be charged on all James Bot tx, and half of this fee will be allocated towards buying Arbitrum tokens, which will go back into the distribution pool to be used to attain our primary objective and ensure a direct and proportional contribution to the grant matching fund.
Grant Breakdown:
| Distribution | Total ARB | % Split |
|---|---|---|
| Telegram Bot Incentives: | 300,000 | 75.0% |
| Discord Bot Incentives | 100,000 | 25.0% |
| Total | 400,000 | 100.00% |
Funding Address:
0xF803DcE584B7ecb57F90af0b85e67dAC7E0da6d9
This address is a 2/3 multisig with hardware wallet controlled signers.
Contract Address:
0xcb560dDbFA265D194a6f2458697F1F1db53831d7
SECTION 3: GRANT OBJECTIVES AND EXECUTION
Clearly outline the primary objectives of the project and the Key Performance Indicators (KPIs) used to measure success. This helps reviewers understand what the project aims to achieve and how progress will be assessed.
Objective: To position Arbitrum as the premier bot trading platform.
Key Performance Indicators (KPIs):
KPIs
- Volume per 24hr - $1m
- Users per 24hr - 1000
- Trades Per 24hr - 2,500
- Launch Discord Bot
How will receiving a grant enable you to foster growth or innovation within the Arbitrum ecosystem?
This grant is a crucial factor in achieving our core goal of establishing Arbitrum as a premier hub for bot trading, characterized by exceptional customization, Discord integration, and Rust-based innovation. We have partnered with some of the top protocols on Arbitrum from the beginning, and plan to keep fostering growth within the ecosystem. We were one of the first members of the Camelot round table, worked directly with FactorDao to drive USDC from other chains into their Camelot sale, as well as handled the Vela token migration from Ethereum and Metis to arbitrum while also utilizing their new API to sport one of the first perp telegram bots. We have been a large contributor to the success of Arbritrum, and plan to keep the ecosystem growing through our innovation.
Justification for the size of the grant:
The grant size we are seeking aligns with our substantial accomplishments within the Arbitrum ecosystem. Relay Chain, as an original recipient of an Arb grant and a native Arbitrum project, has been pivotal in fostering the ecosystem’s growth. Relay Chain boasts a remarkable track record, having facilitated bridging for over 2 years, with more than $1 billion in trading volume, serving 25 chains, 15 bridges, and 31 exchanges, and reaching a peak TVL of over $100 million. These achievements underscore our unwavering commitment to Arbitrum’s success and the effective utilization of grant resources to drive adoption and liquidity.
Additionally, our proposal presents the opportunity for the Arbitrum Foundation to potentially benefit if the high-end projections are achieved. This dual advantage of supporting a proven ecosystem player while potentially gaining from its continued success aligns with our shared goals of growth and sustainability within the Arbitrum community. Together, we look forward to realizing the full potential of this partnership.
Execution Strategy:
The grant funds will drive Arbitrum ecosystem growth by incentivizing transactions, volume, and ecosystem growth, with 75% directed to the Telegram bot and the remaining 25% to Discord. Any unused ARB tokens will return to the Arbitrum Foundation. The trading bot collects a 1% ETH fee on each transaction. That fee will be reimbursed to the trader in the ARB token at equivalent value. Half of the ETH collected will market buy ARB and will be gifted to the Arbitrum Foundation. User rewards, calculated at transaction time, feature a 30-day timelock to allow for proper rewards contract funding.
| James Bot Fee | 1% | Current ARB Price | $0.90 | Days until 1/31/2024 | 124 | ||
|---|---|---|---|---|---|---|---|
| Telegram Bot ARB Allocation | 300,000 | Discord Bot ARB Allocation | 100,000 |
| Telegram | Low | Mid | High |
|---|---|---|---|
| Daily Volume | $100,000.00 | $500,000.00 | $1,000,000.00 |
| Daily Fees | $1,000.00 | $5,000.00 | $10,000.00 |
| Monthly Fees | $30,000.00 | $150,000.00 | $300,000.00 |
| Daily Fee Reimbursement in ARB | 1,116.07 | 5,580.36 | 11,160.71 |
| Days until ARB exhausted | 268.80 | 53.76 | 26.88 |
| Unused ARB (Send back to Foundation) | 161,607.14 | 0 | 0 |
| ARB Bought Back Per Day | 558.04 | 2,790.18 | 5,580.36 |
| Discord | Low | Mid | High |
|---|---|---|---|
| Daily Volume | $100,000.00 | $500,000.00 | $1,000,000.00 |
| Daily Fees | $1,000.00 | $5,000.00 | $10,000.00 |
| Monthly Fees | $30,000.00 | $150,000.00 | $300,000.00 |
| Daily Fee Reimbursement in ARB | 1,116.07 | 5,580.36 | 11,160.71 |
| Days until ARB exhausted | 89.60 | 17.92 | 8.96 |
| ARB Reimbursed to Fondation | 0 | 0 | 0 |
| ARB Bought Back Per Day | 558.04 | 2,790.18 | 5,580.36 |
| ARB Bought Back During Grant Period | 69,196.43 | 345,982.14 | 691,964.29 |
Grant Timeline:
Grant Timeline:
- Milestone 1 (Oct 23): Launch James Bot on Telegram, deploy Telegram bot incentives.
- Milestone 2 (Oct 23): Launch James Bot on Discord, deploy Discord bot incentives.
- Milestone 3 (Jan 24): Send back unused or surplus ARB token to Arbitrum Foundation.
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]
Yes
SECTION 4: 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/No, and provide explanation]
Yes, while Relay Chain is connected to 25 different chains, James Bot will be native to Arbitrum.
On what other networks is the protocol deployed?: [Yes/No, and provide chains]
NA
What date did you deploy on Arbitrum?
[February 3rd, 2023]
Protocol Performance:
While James Bot has not been released, Relay Chain boasts a remarkable track record, having facilitated bridging for over 2 years, with more than $1 billion in trading volume, serving 25 chains, 15 bridges, and 31 exchanges, and reaching a peak TVL of over $100 million. Additionally, Relay Chain was the first bridge from Avalanche <> Ethereum marking a significant technical achievement.
Protocol Roadmap:
Q4 FY23
- Launch Arbitrum-native telegram bot trading platform.
- Launch Arbitrum-native discord bot
Q1 FY24
- Refine bot trading based on community feedback.
- Begin development of WhatsApp bot for wider accessibility.
- Deploy additional features of bridging and swapping in the bot.
- Conduct broader public beta testing, gather user feedback for WhatsApp
Q2 FY24
- Optimize bot trading algorithms for superior speed.
- Launch Arbitrum-native WhatsApp bot
- Initiate development of Slack bot to expand platform reach.
- Finalize bot trading platform features.
- Evaluate overall performance and user adoption.
Audit History
Consensys
https://consensys.net/diligence/audits/private/adash47d-chainbridge/
Zokyo
TevPro
SECTION 5: Data and Reporting
Provide details on how your team is equipped to provide data and reporting on grant distribution.
Is your team prepared to create Dune Dashboards for your incentive program?: [Please describe your answer]
Yes
Does your team agree to provide bi-weekly program updates on the Arbitrum Forum thread? [Please describe your strategy and capabilities for data/reporting]
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