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Revest LTIPP Grant Extension Request
Revest is requesting an extension until 23rd September for the Arbitrum funds allocated to Resonate. The reason for this extension is due to unforeseen delays while going through the onboarding process with Open Eden.
Proposed Extension:
- Start Date: August 28
- End Date: 23rd September (if passed)
- Distribution: Distribute to a newly announced partnership with Mountain USD, which is intended to provide incentive for users to lock liquidity into LP pools on Curve. More details can be found here in our recent announcement with Mountain (Revest Finance and Mountain Protocol Join Forces to Catalyze Fixed-Rate Lending on Resonate | by Revest Finance | Aug, 2024 | Medium).
Context
The original intent behind distribution of the ARB granted was to incentivize Open Eden $TBILL deposits into Resonate on Arbitrum. Due to the additional onboarding steps required to allow Resonate to interact with TBILL (a permissioned/KYCed token) we were unable to launch the integration with Open Eden until 6/20, which is a few weeks after ARB distributions began from the DAO. While we have seen some deposits ($1.4M) into Resonate from $TBILL holders, ultimately the integration has proven a bit harder to scale within the limited time of the ARB program (longer sales cycle to attract liquidity since there is a concentration of KYCed holders). We thought about the best path forward to ensure that the ARB we have received is put to use to its fullest extent to benefit the Arbitrum ecosystem, and so we decided to direct remaining ARB incentives to USDM pools in partnership with Mountain USD (another LTIPP recipient as well).
Reasons for Delay
- Onboarding Delay:
- Revest was unable to begin the onboarding process with Open Eden until we knew that the grant was going to pass, going through KYC/KYB with any entity can be rigorous and costs time (rightfully so).
Extension Distribution Mechanics
- Duration: 21 days
- Start Date: September 3rd 2024
- Unused Allocation:
- Purpose: To utilize the ARB received to its maximum potential, while also pushing forward the RWA sector, Revest has partnered with Mountain to co-incentivize depositors into Curve USDM pools.
Key Considerations
Unutilized Funds: Any $ARB tokens that remain after the extension period has expired will be returned to the Arbitrum DAO.