[Savvy] [FINAL] [STIP - Round 1]


Applicant Name:

Savvy IBC

Project Name:

Savvy DeFi

Project Description:

Savvy is a decentralized credit protocol on Arbitrum that provides its users an advance on the future yield of their crypto through 0% interest, autorepaying, and non-liquidating credit lines. With Savvy, users can borrow up to 50% of their deposits’ value through svTokens (svBTC, svETH, and svUSD). Borrow without boundaries on Arbitrum with Savvy.

Team Members and Qualifications:

Roman Giler (Project Lead): Former JPMorgan Private Banker, 3x crypto founder with successful exit. Educator in DeFi, NFTs, & tokenomics.

Akshay Gupta (Tech Lead): Computer Science at Yale, Particle Physics at CERN. Oversees a tech consultancy with $10m+ annual revenue.

Ramsey Khadder (Product Lead): Builds magical DeFi & GameFi experiences. Former Stripe, EliseAI, & Xbox/Microsoft.

Alex Lumley (Product Developer): Experience across p2p lending, insurance, cloud storage, AI, car shopping, and more. Multiple startup exits.

IDM: Social psychology PhD & data scientist. Specializes in social contagion, network science, & computational models of crowds.

Baran Ozmen: Lawyer and entrepreneur. Lectures on web3 & blockchain.

Jiayu: DAO Community member and Content

Project Links:

Website: https://savvydefi.io/

Documentation: https://docs.savvydefi.io/

Discord: Savvy

Telegram: Telegram: Contact @SavvyDeFiEvents

Github: Savvy DeFi · GitHub

Twitter: https://www.twitter.com/SavvyDeFi

Medium: https://savvydefi.medium.com/

DeBank: DeBank | The Web3 Messenger & Best Web3 Portfolio Tracker

Pitch video: https://youtu.be/DmaWdshfyJA

Grant deck: DocSend

Contact Information:

TG: Telegram: Contact @RomanG86

Twitter: https://twitter.com/gilerroman

Email: roman@savvydefi.io

Do You Acknowledge That Your Team Will Be Subject to a KYC Requirement?:



Requested Grant Size:

200,000 ARB

Grant Matching:

Up to 180,000 SVY will be committed from the Liquidity Mining Incentives and Savvy Booster allocation by Savvy.

Grant Breakdown:

The high-level breakdown of the grant is provided below. Please note that the numbers are averages, and actual disbursement will follow the ratios under the Emission Schedule. More details can be found under the ‘Execution Strategy’ section of this application.

Section Total ARB % Weekly Average
Liquidity Mining Emissions 90,000 45% 5,625 ARB
Boosted Yields 110,000 55% 6,875 ARB

Funding Address:

0x4f54Cab19B61138e3c622a0bD671C687481eC030 - Arbitrum Multisig

Funding Address Characteristics:

3/7 Safe Multisig Wallet

Contract Address:

0x4f54Cab19B61138e3c622a0bD671C687481eC030 - Arbitrum Multisig



As a CDP protocol, Savvy focuses on increasing bottom-line metrics like user deposits and loan origination. The primary objectives of the grant are to increase incentives across the Savvy products to enhance adoption and to increase liquidity depth across pools to strengthen project health.

  • Boost yields to capture users from competing EVM chains.

  • Increase Liquidity Mining Emissions in ARB to increase stable swap pool health.

  • Increase trust and legitimacy by being part of the Arbitrum Grant Ecosystem.

Key Performance Indicators (KPIs):

Savvy will measure the direct metrics of the above Objectives to assess performance.

  • Increase in deposits to the Savvy protocol.

  • Increase in borrowing from the Savvy protocol.

  • Increase in TVL of stable swap pools of the Savvy protocol.

  • Increase in the overall volume across the Savvy protocol.

  • Number of unique users interacting with the Savvy protocol.

How will receiving a grant enable you to foster growth or innovation within the Arbitrum ecosystem?:

1) Grow Arbitrum User Base

Although Arbitrum has $2.7bn of TVL, most are in perpetual, cross-collateral lending and dexes. These verticals are a huge part of DeFi. However, they also leave out a large subset of users in DeFi.

Savvy protocol focuses on simplicity, safety, and risk aversion to bring in the masses to unlock their capital and lower their opportunity cost. Savvy is paramount to this, and all strategies available on the protocol are heavily researched before implementation.

Having the grant from the Arbitrum Foundation will allow Savvy to boost yields higher compared to competing projects in other EVM chains. Higher yields will create a natural onboarding funnel for all customer segments, driving more retail adoption and increased transaction and wallet activity.

Furthermore, Savvy recently deployed into Bunni and currently represents over 50% of their TVL on Arbitrum. Liquis has stated that they will be willing to expand to Arbitrum when Bunni reaches $2m in TVL. In this regard, Savvy will also foster growth in the available projects in the Arbitrum ecosystem.

2) Increase Capital Efficiency within Arbitrum

What’s unique about Savvy is its collaborative approach with the existing DeFi protocols on Arbitrum; Savvy vaults can be built over almost everything. Instead of competing with other protocols, Savvy complements them by depositing funds into them, thus enhancing their TVL without detracting from other projects. By providing additional yield on Arbitrum protocols such as GMD and JonesDAO, Savvy unlocks the dormant value in their yield tokens such as gmdUSD and jUSDC.

3) Increase Value Proposition of Savvy Ecosystem

Increasing the TVL across Savvy will allow Savvy to open new vault options, deepening Savvy’s integrations with the rest of the Arbitrum DeFi ecosystem. Furthermore, being the only project to offer BTC-denominated loans, Savvy will drive BTC holdings to Arbitrum.

Justification for the size of the grant:

Savvy is a protocol launched with less than 2% pre-sale with no VC funding and acts as a community-owned DAO. Since our liquidity bootstrapping event in mid-August, Savvy DAO has already voted on two proposals.

Our primary challenge is secondary market liquidity, and increasing yields is an essential component of the collaborative ecosystem approach that strengthens the overall Arbitrum DeFi landscape. The grant we seek is not merely a transaction; it is an investment in the future of decentralized finance on Arbitrum.

The distribution in the schedule above, on top of the current protocol rewards, will create an approximately 120% increase in Liquidity Mining Emissions and a 7x increase in Savvy Booster yields over 16 weeks. As Savvy Booster yields are directly related to protocol debt, a case table is provided under the Execution Strategy below. These ratios and amounts are a healthy mix to scale both sides of the system.

Execution Strategy:
100% of the grant will be used for protocol participation in three ways. Incentives will be distributed weekly from 14 October 2023 through 27 January 2024 for 16 weeks.

1) Liquidity Mining Emissions

As a CDP protocol, Savvy relies on its stable swap pools for healthy protocol performance by design. Under the SVY tokenomics, 39% of the total supply is allocated for this over six years. Currently, Savvy keeps pools and runs Market Making Campaigns on two key DEXs: Trader Joe and Uniswap.

Trader Joe LP rewards are calculated using our in-house subgraphs and are claimable on the Savvy app. Uniswap LP rewards are claimable by staking through Timeless Finance’s Bunni liquidity engine. Due to the structure of both systems, rewards in the form of ARB can easily be included in addition to the current SVY rewards.

Funds allocated for Liquidity Mining Emissions will be divided and distributed with the weekly Emission Schedule. The list of pools is subject to change with a Savvy DAO proposal. Still, it will always include SVY or a svToken synthetic as one of the pairs.

Treasury-controlled wallets will be excluded from the ARB incentives.

Below are the average weekly allocations for the available pools:

Pool Platform Weekly Average
svUSD-USDC Trader Joe 675 ARB
svETH-ETH Trader Joe 675 ARB
svBTC-WBTC Trader Joe 387 ARB
SVY-WETH Trader Joe 756 ARB
svUSD-FRAX Uniswap (Bunni) 956 ARB
svETH-frxETH Uniswap (Bunni) 956 ARB
SVY-WETH Uniswap (Bunni) 1,087 ARB

2) Boosted Protocol Yields

Savvy uses a novel mechanism called the Savvy Booster to incentivize healthy protocol use through long-term staking of the SVY token. 7% of the total SVY supply has been allocated for this. Users who deposit into Savvy and have an open credit line earn additional yield based on their veSVY amount accrued by staking their SVY.

Funds allocated for boosting protocol yields will be distributed to eligible users as ARB alongside SVY rewards. More information on the Savvy Booster can be found here.

The table below shows the effective boost increase per $ of debt in the Savvy protocol. Please note that this calculation does not factor in SVY or ARB price changes.

Protocol Debt Amount Boost Increase
$220,000 1 x (current)
$220,000 12.50 x
$500,000 5.50 x
$1,000,000 2.75 x
$1,500,000 1.83 x
$2,000,000 1.37 x
$2,500,000 1.1 x

To protect against unrealistic increases in yields, Savvy reserves the right to decrease the amounts where appropriate.

Grant Timeline:

The distribution is planned to be concluded by 27 January 2024.

Do you accept the funding of your grant streamed linearly for the duration of your grant proposal, and does the multi sig holds the power to halt your stream?:



Is the Protocol Native to Arbitrum?:


On what other networks is the protocol deployed?:

Arbitrum only.

What date did you deploy on Arbitrum?:


Protocol Performance:

After our soft launch of Savvy in June, our Market Making Campaign produced over $1.6m of pool liquidity across our three synthetic pools within three weeks. This resulted in over $400k of immediate Protocol Owned Liquidity.

Our Liquidity Bootstrapping Pool in early August generated 321 ETH from over 350 participants, and more than 35% of our non-team controlled float is deposited in our staking contract.

Currently, Savvy has $695k TVL in Strategies provided by AAVE, Jones DAO, and GMD.

Savvy’s total volume is approximately $2.2m USD at current-day spot prices for ETH and BTC for the past 30 days. Performing this calculation using TWAP instead, the volume will likely exceed the recommended $2m USD criterion.

Protocol Roadmap:

The Mid-term roadmap of Savvy includes turning on fiat ramps, gauge voting for Savvy pools, and starting protocol redemptions in addition to the constant addition of strategies, collateral types, and use cases.

Audit History:

Halborn has audited Savvy, and no Critical or High-importance issues have been detected. The report can be found here.

SECTION 5: Data and Reporting

Is your team prepared to create Dune Dashboards for your incentive program?:

Yes. Our team is capable of creating the requested dashboard by the Arbitrum Foundation.
Our team has been building internal dashboards and tools on multiple platforms such as Savvy Retool and Savvy Netlify since day one.

We have also built the first subgraph for Trader Joe Liquidity Book to track metrics and distribute rewards.

We have already built a Savvy Dune Dashboard to calculate the total protocol volume, as reported in Section 4.

Does your team agree to provide bi-weekly program updates on the Arbitrum Forum thread?:

Our team agrees to provide bi-weekly program updates on the KPIs listed in this grant application.

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?:



Project Links:

Website: https://savvydefi.io/

Documentation: https://docs.savvydefi.io/

Discord: Savvy

Telegram: Telegram: Contact @SavvyDeFiEvents

Github: Savvy DeFi · GitHub

Twitter: https://www.twitter.com/SavvyDeFi

Medium: https://savvydefi.medium.com/

DeBank: DeBank | The Web3 Messenger & Best Web3 Portfolio Tracker


Savvy Booster - Savvy Document Hub

(https://savvydefi.retool.com/embedded/public/731f94b0-22a6-4194-86d5-3d87aebc570f, Create Next App)



Quality team, quality project.

1 Like

Hey @romang86
This volume you indicate corresponds to the last month, or since implementation? Can you show us Savvy volume metrics?


@romang86 Can you guys add if possible or not, official usa and g20 country treasury bond backed assets audited proof of reserve in the package please. And Mica ready product for the future.


Yes, RWAs and other tokenized assets are of interest to us as collateral. This is outside the scope of this grant proposal. We are built in a way that would allow us to scale into full MiCA/Regulatory products in the future.


Hello @romang86 thank you for submitting! Please make the following changes to your proposal to comply with the program rules.

  1. Please note the following regarding the expected timeline of the incentives program. Unfortunately, your 6-month timeline does not meet these requirements.
  1. Please provide the addresses of the pools you plan to incentivize. If these are subject to change then you can update them during your bi-weekly updates.

Savvy is the typical protocol that can help the growth of other native arbitrum protocols. Have had the pleasure to meet the team, I can say they are hungry enough to put in whatever effort is needed to become a key player.
As long as the timetable to distribute arbs is adjusted based on the rules of the framework, full support.


Thank you, we fixed and updated the proposal. Please let me know if I missed anything. Thank you very much.

Thank you ser, fixed it.

1 Like

The Savvy team has been a pleasure to work and partner with at Trader Joe, and their collaborative approach in this application is great to see.


Savvy team has been great to us at Prime Protocol. Great team for Arbitrum!


Appreciate you ser. You and the Trader Joe team are terrific partners and good friends. =)


I support this proposal by Savvy for an Arbitrum Foundation grant. The objectives outlined here will not only help grow Savvy but they align perfectly with the growth of the Arbitrum ecosystem.

By offering competitive yields, Savvy will attract users from other EVM chains, which not only benefits Savvy but also contributes to the overall growth of Arbitrum. Moreover, Savvy continues to champion partnerships within Arbitrum. Through partnerships and integrations, as opposed to competition, Savvy adds value to the ecosystem as a whole, increasing capital efficiency and enhancing the TVL of partner protocols. I also think BTC-denominated loans and the potential to drive BTC holdings to Arbitrum is a significant advantage for Arbitrum ecosystem.

1 Like

Thank you for making these changes! Your submission now meets all requirements to be considered for a snapshot vote.

1 Like

The original numbers were in fact all-time so I have recalculated to restrict the window to 30 days. The TL;DR is I found 2.2m volume during the past 30 days, despite removing some activity but including sources I had omitted.

I’ve re-calculated the numbers with the following changes:

  • reported numbers are now 30d, including no activity prior to September 1
  • removed our token generation event, which had contributed approx 1m to the previously reported volume but which occurred more than 30 days ago
  • included volume through our newly launched pools on a second DEX (Uniswap)
  • included volume through our protocol’s core CDP mechanism

Coincidentally, we arrive at a total volume of 2.2m again. Due to the complexity of this calculation, I have written a report that shows my work:


All this to say: we are now showing 30d numbers and I am happy to report the volume still exceeds the 2m volume recommendation.


The volume that you must indicate is the one generated by the protocol due to its activity, credits, I do not understand why you show pool volume in dexes

Can’t speak highly enough of Savvy. Before they deployed to Arbitrum, I was chatting with their team and mentioned how supportive the ecosystem was for teams looking to build a “homebase” on the network. Savvy dove in headfirst on Arbitrum and has always been incredibly supportive of the ecosystem and pushing its growth. I can’t tell you how many IRL events I’ve seen Roman or Alex or Akshay telling people about their experience launching on Arbitrum and pushing teams into the ecosystem. On a bigger point than just the grant, I think this is the type of team that really wants to see Arbitrum grow and will put their full energy behind making it happen.

1 Like

Good question - appreciate your consideration on this. Those pools, in which svTokens are paired against an underlying asset, are essential to the operation of our svTokens. We rely upon these pools, for which we developed the liquidity, to provide a market mechanism that maintains a soft peg between svTokens and their corresponding underlying assets.

Furthermore, without those pools, the volume of svTokens that could be swapped in a given time period would be restricted to our on-protocol swap mechanism, which operates differently than Uni-v3 and Trader Joe v2.1. In other words, the liquidity we created on those DEXes constitutes a core component of our protocol operation and it is one of the primary ways for svTokens to be exchanged for their underlying. Developing the liquidity for our svTokens with those pools was one of our initial steps during bootstrapping.

Because those LPs are essential to the pricing and operation of svTokens, they are a key component of our protocol design. The volume through those pools is the actual utilization of our svTokens.

1 Like

Savvy are solid builders in the space. I think the protocol is one of a kind, and will bring uniqueness to the Arbitrum DeFi space adding to the current dominance of perp DEXs and spot DEXs.

We at Stella support this proposal!