Socket Bi-Weekly Update (February 21, 2024)

Socket is an interoperability protocol and is used by different DeFi applications for bridging, and our STIP incentives will be available to users via these apps.

For the effective allocation of our STIP funds, Socket partners must be technically ready to go live with the grant operations. Due to a security incident in January, we had to pause work on the STIP and any dev work for the same. As of 12th February 2024, our STIP is live with APIs and contracts enable this seamlessly for our partners without heavy lifting.

Recap of the Previous Two Weeks

ARB Received Last Disbursement: Total ARB for the grant has been claimed

ARB Utilized as Incentives in the Last Two Weeks: 150,000

Contracts incentivized over the last 2 weeks: - Contract Docs

Contract address label Form completed for all addresses: Yes (N/A)

ARB left over: 850,000

Plan for leftover ARB:

Socket Ecosystem consists of 100+ protocols including top wallets like Coinbase Wallet, Metamask, Rainbow, and DeFi protocols including GMX, JonesDAO, Matcha, etc. We are currently live with many of our partners to enable the rewards directly on their front ends. Now, any user bridging via any Socket Partner app will be able to get bridging rebates for their onboarding.

We are also working with a few Orbit Chains to enable bridging with incentives for onboarding users. These are expected to go live soon too.

Summary of incentives: New users and TVL onboarded to Arbitrum.

Additional Info / Disclosures to Multisig: none


Average daily transactions: 11,500

Average daily volumes: $15,000,000

Number of unique user addresses: 30,000

Transaction fees: N/A - We do not take any fees

Links to Dashboard showing metrics: Dashboard

Plan For the Next Two Weeks

Amount of ARB to be distributed: Around 300,000

Contracts that will be incentivized: Contract Docs

Contract address label Form completed for all addresses: To be filled during the first week of march when the claim date ends

Mechanism for distribution incentives: Funds will be manually sent to a rewards contract, and users will be able to claim their rewards at the end of the month.

Summary of incentives plan:


  • Engaged with our partners to understand technical difficulties in starting the program and working on the technical front to heavy-lift it.
  • Marketing launch plan for partners to attract more usage during the program.
  • Working on contracts, APIs, and rewards distribution plan for launch.
  • Integration with top partners to enable rewards.
  • Launch of reward announcement.
  • Partner Coordination to assess their tech readiness and implementation on frontends.
  • Partner Coordination for co-marketing and technical support

In Progress:

  • Planning social and quests calendars along with partners to increase transaction
  • Launch monitoring for effective support and guidance during go-live

Summary of changes to the original plan: No changes to the original plan