Socket Bi-Weekly Update (January 12, 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. We are currently preparing APIs, and contracts to enable this seamlessly for our partners without heavy lifting and targeting to start the distribution by the end of January.

We hope to share our progress and kickstart the program before the next update!

Recap of the Previous Two Weeks

ARB Received Last Disbursement: 0

ARB Utilized as Incentives in the Last Two Weeks: 0

Contracts incentivized over the last 2 weeks: none

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

ARB left over: 1,000,000

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 working closely with our partners to enable the rewards directly on their front ends. Once live any user bridging via any Socket Partner app will be able to get bridging rebates for their onboarding. We are in the final stages of completing the technical requirements and partner coordination and expect to launch the campaign soon on all apps together.

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 TVL: N/A

Average daily transactions: N/A

Average daily volumes: N/A

Number of unique user addresses: N/A

Transaction fees: N/A

Links to Dashboard showing metrics: N/A

Plan For the Next Two Weeks

Amount of ARB to be distributed: TBD depending on partners that go live (estimated 0-100k)

Contracts that will be incentivized: TBD depending on DAOs that launch

Contract address label Form completed for all addresses: N/A at the moment; will update upon launch

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.

In Progress:

  • Partner Coordination to assess their tech readiness and implementation on frontends.
  • Launch monitoring for effective support and guidance during go-live

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