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: Jayski
Project Name: SNTL
Project Description: SNTL is a decentralized marketplace for GMX accounts, enabling the sale of staked GMX, esGMX and multiplier points.
Team Members and Roles:
RV3: Cofounder/Marketing
S1: Cofounder/Back end dev
MrLean: Front end dev
Jayski: Advisor, community rep
Project Links:
Website: https://sntl.market/
Telegram: Telegram: Contact @sntlmarkets
Github: GitHub - SentinelDev1/SNTL-Market
Twitter: https://twitter.com/SNTLAI
Contact Information
Point of Contact (note: this should be an individualâs name, not the name of the protocol): Jayski
Point of Contactâs TG handle: @JayskiDeFi
Twitter: @JayskiDeFi
Email: jayskidefi@gmail.com
Do you acknowledge that your team will be subject to a KYC requirement?: Yes
SECTION 2a: Team and Product Information
Provide details on your teamâs past and current experience. Any details relating to past projects, recent achievements and any past experience utilizing incentives. Additionally, please provide further details on the state of your product, audience segments, and how you expect incentives to impact the productâs long-term growth and sustainability.
Team experience (Any relevant experience that may be useful in evaluating ability to ship, or execution with grant incentives. Please provide references knowledgeable about past work, where relevant. If you wish to do so privately, indicate that. [Optional, but recommended]):
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The team has successfully launched SNTL market a little over 1 year ago and since then also launched on AVAX and an alternate SNTL market for the BFR token on arbitrum.
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RV3 has worked as a project manager and business consultant with https://wiringbits.net/. S1 is new to Web3 development, and MrLean is a professional front-end developer with SNTL being his first experience with Web3. Jayski is a highly respected moderator in the GMX telegram community and prior to joining SNTL offered a successful middleman/OTC service for GMX account sales.
What novelty or innovation does your product bring to Arbitrum?
- SNTL is the first decentralized marketplace that allows for the buying and selling of full GMX accounts via smart contract. Making use of the âAccount Transferâ function originally intended as a security feature for GMX accounts, SNTL is able to trustlessly facilitate the transfer of staked GMX, esGMX, GLP and Multiplier Points which are otherwise not tradeable, and has established itself as the leading protocol of its kind.
Is your project composable with other projects on Arbitrum? If so, please explain:
- SNTL has the ability to integrate with existing projects by means of becoming the back-end partner of selling GMX accounts. For example, a lending protocol that accepts a GMX account as collateral may require liquidation of the account at some point. Rather than unstaking GMX, converting it into its liquid form to sell on a DEX or CEX, SNTL could be utilized to automatically price and sell an account for a greater value due to the presence of staked tokens (StGMX, esGMX, Multiplier Points, GLP). With a large number of active buyers monitoring SNTL listings, an account will sell if it is priced appropriately.
Do you have any comparable protocols within the Arbitrum ecosystem or other blockchains?
- SNTL is also available on AVAX, which GMX also operates on.
How do you measure and think about retention internally? (metrics, target KPIs)
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Retention is primarily measured by the number of accounts listed and sold.
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Retention is also measured by the volume that is generated, though this can be skewed by the sale of particularly large accounts.
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Tracking on-chain usage for frequent users is not reliable due to the nature of SNTL, where fresh/unused wallets are needed on the buying side of the transaction, and GMX accounts inherently occupy only one address. We broadly assess unique buyers via their presence in our telegram group who will often try to reach out to individuals who are selling accounts to arrange a deal.
Relevant usage metrics - Please refer to the OBL relevant metrics chart 25. For your category (DEX, lending, gaming, etc) please provide a list of all respective metrics as well as all metrics in the general section:
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Metrics can be found on our sales history dashboard:
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Metrics used are sales volume, and number of sales
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):
- No
SECTION 2b: 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
On what other networks is the protocol deployed?: [Yes/No, and provide chains]
- Yes, AVAX, as GMX is also deployed there
What date did you deploy on Arbitrum mainnet?: [Date + transaction ID. If not yet live on mainnet, explain why.]
- The SNTL Market V1 contract was deployed on February 24th, 2023 with transaction ID: 0xdac7042c36849caec42275831de51116ac013e7f96b30271c82bbe952f084888
Do you have a native token?: [Yes/No/Planned, link tokenomics docs]
- No
Past Incentivization: What liquidity mining/incentive programs, if any, have you previously run? Please share results and dashboards, as applicable?
- N/A
Current Incentivization: How are you currently incentivizing your protocol?
- No incentive mechanisms are currently in place.
Have you received a grant from the DAO, Foundation, or any Arbitrum ecosystem related program? [yes/no, please provide any details around how the funds were allocated and any relevant results/learnings(Note: this does NOT disqualify an applicant)]
- No
Protocol Performance: [Detail the past performance of the protocol and relevance, including any key metrics or achievements, dashboards, etc.]
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Metrics dashboard:
-
SNTL â esGMX Market screenshot below:
- To date, SNTL has achieved $4.25 million in transaction volume on over 180 unique sales since its launch approximately one year ago. SNTL has proved itself as the number one marketplace for GMX accounts, beating out other competitors which are largely abandoned.
Protocol Roadmap: [Describe relevant roadmap details for your protocol or relevant products to your grant application. Include tangible milestones over the next 12 months.]
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SNTL plans on potentially adding the following features over the next 12 months:
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- Referral system
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- Private Sales
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- Auction mechanism
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- Single and multi-account vaults
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We have yet to establish a specific timeline for these features and the items are subject to change, but they are the items we intend on implementing within the next 12 months.
Audit History & Security Vendors: [Provide historic audits and audit results. Do you have a bug bounty program? Please provide details around your security implementation including any advisors and vendors.]
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See audit report below:
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SNTL-Market/SNTLMarketV2_AuditReport_InterFi.pdf at main ¡ SentinelDev1/SNTL-Market ¡ GitHub
Security Incidents: [Has your protocol ever been exploited? If so, please describe what, when and how for ALL incidents as well as the remedies to solve and mitigate for future incidents]
- SNTL and itâs previous iterations have never been exploited
SECTION 3: 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: 25,000 ARB
Justification for the size of the grant 28: [Enter explanation. More details are better, including how you arrived at the required funding for individual categories of expenses covered by your grant plan]
- Increase overall trade volume
- Current 3-month volume on Arbitrum is $1,260,656
- Target volume is to double this over the next 3-month period to $2,521,312
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We will be providing a 100% fee rebate program on all account sales back to the seller
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We believe that a 100% fee rebate program will strongly incentivize users to sell their accounts not only for their esGMX, but also staked GMX on their account. Alternative options to unstake and sell their GMX into the Uniswap LP, incurring a 0.3% fee and price impact, or a CEX incurring a 0.2% fee (buyer + seller). Staked GMX demands a higher price and is more plentiful than esGMX, which is our primary driver of volume. We therefore target a volume increase of 100%.
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We currently charge a fee of 2.5% on sales of esGMX, Multiplier Points, and GLP, and 1% on sales of GMX, paid by the seller of the account. The effective fee charged on sales over the past three months is 2.42%, we expect this to be reduced to 2.25% on account of additional users electing to sell their staked GMX.
- Therefore, we request: ((2.25% x 2,521,312) = $56,730, rounded to 25,000 ARB.
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Achieving this level of volume will further increase publicity and awareness of SNTL which will increase the active user base. More sellers inclined to sell their accounts via SNTL and a larger pool of active buyers.
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Volume is expected to maintain this velocity post-incentives due to increased user awareness and stickiness.
Grant Matching: [Enter Amount of Matching Funds Provided - If Relevant]
- N/A
Grant Breakdown: [Please provide a high-level overview of the budget breakdown and planned use of funds]
- 100% of grant funds will be used for the purpose of our 100% fee rebate.
Funding Address: [Enter the specific address where funds will be sent for grant recipients]
- 0xeA4D1a08300247F6298FdAF2F68977Af7bf93d01
Funding Address Characteristics: [Enter details on the status of the address; the eligible
address must be a 2/3, 3/5 or similar setup multisig with unique signers and private keys securely stored (or an equivalent custody setup that is clearly stated). The multisig must be able to accept and interact with ERC-721s in order to accept the funding stream.
- 2/3 Multisig
Treasury Address: [Please list out ALL DAO wallets that hold ANY DAO funds]
- N/A - do not have one
Contract Address: [Enter any specific address that will be used to disburse funds for grant recipients]
- TBD
SECTION 4: GRANT OBJECTIVES, EXECUTION AND MILESTONES
Clearly outline the primary objectives of the program and the Key Performance Indicators (KPIs), execution strategy, and milestones used to measure success. This helps reviewers understand what the program aims to achieve and how progress will be assessed.
Objectives: [Clearly state the primary objectives of the grant and what you intend to achieve]
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The primary objective of this grant is to improve the overall sales and transaction volume on SNTL. This can be easily assessed via our metrics tracking dashboard at this link:
Execution Strategy: [Describe the plan for executing including token distribution method (e.g. farming, staking, bonds, referral program, etc), what you are incentivizing, resources, products, use of funds, and risk management. This includes allocations for specific pools, eligible assets, products, etc.]
- Execution of token distribution will be fee rebates, which incentivizes the use of SNTL on the seller side, while providing additional listings for active buyers and increasing the buyer pool.
What mechanisms within the incentive design will you implement to incentivize âstickinessâ whether it be users, liquidity or some other targeted metric? [Provide relevant design and implementation details]
- Stickiness will be achieved in the form of an increased number of accounts listed on SNTL, solidifying our place for the number one GMX account marketplace and therefore increasing a pool of both buyers and sellers.
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. [Please also justify why these specific KPIs will indicate that the grant has met its objective. Distribution of the grant itself should not be one of the KPIs.]
- Two KPIâs:
- Sales Volume - this is the primary KPI upon which the calculation of our grant size was based on. Should this double over a 12-week period, it will indicate the grant has met itâs objective.
- Number of transactions - This indicates stickiness of users and awareness of our platform.
Grant Timeline and Milestones: [Describe the timeline for the grant, including ideal milestones with respective KPIs. Include at least one milestone that shows progress en route to a final outcome. Please justify the feasibility of these milestones.]
- Grant timeline is 12 weeks. Every 4 weeks, we can assess the volume on our metrics dashboard to see whether we are on trajectory to achieve $2,500,000 in sales volume ($833k volume per 4 week period).
How will receiving a grant enable you to foster growth or innovation within the Arbitrum ecosystem? [Clearly explain how the inputs of your program justify the expected benefits to the DAO. Be very clear and tangible, and you must back up your claims with data]
- Receiving this grant will help to enable the SNTL team to foster growth and utility particularly within the GMX ecosystem, the largest protocol by TVL on Arbitrum. Incentivized use of our platform will support our ability to create new features as mentioned in our roadmap, particularly multi-account vaults, for GMX proponents and active GMX account buyers who may have various accounts which need to currently be managed individually.
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 5: Data and Reporting
OpenBlock Labs has developed a comprehensive data and reporting checklist for tracking essential metrics across participating protocols. Teams must adhere to the specifications outlined in the provided link here: Onboarding Checklist from OBL 25. Along with this list, please answer the following:
Is your team prepared to comply with OBLâs data requirements for the entire life of the program and three months following and then handoff to the Arbitrum DAO? Are there any special requests/considerations that should be considered?
- Yes. No special requests or considerations.
Does your team agree to provide bi-weekly program updates on the Arbitrum Forum thread that reference your OBL dashboard? [Please describe your strategy and capabilities for data/reporting]
- Yes. Reporting will be done via our sales dashboard linked earlier in the proposal.
First Offense: *In the event that a project does not provide a bi-weekly update, they will be reminded by an involved party (council, advisor, or program manager). Upon this reminder, the project is given 72 hours to complete the requirement or their funding will be halted.
Second Offense: Discussion with an involved party (advisor, pm, council member) that will lead to understanding if funds should keep flowing or not.
Third Offense: Funding is halted permanently
Does your team agree to provide a final closeout report not later than two weeks from the ending date of your program? This report should include summaries of work completed, final cost structure, whether any funds were returned, and any lessons the grantee feels came out of this grant. Where applicable, be sure to include final estimates of acquisition costs of any users, developers, or assets onboarded to Arbitrum chains. (NOTE: No future grants from this program can be given until a closeout report is provided.)
- Yes
Does your team acknowledge that failure to comply with any of the above requests can result in the halting of the programâs funding stream?:
- Yes
SNTL agrees to return any unused funds to the Arbitrum DAO.
[FINAL] @cliffton.eth