[Sperax] LTIPP Application - FINAL

Archive Long Term Incentives Pilot Program
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Sperax LTIPP Grant Extension Request

Sperax is requesting an extension until 23rd September for the Arbitrum funds allocated to our Demeter project. This extension is crucial due to delays in the auditing process of the smart contracts that are essential for the secure launch of Demeter.

Proposed Extension:

  • Start Date: 28th August
  • End Date: 23rd September (if passed)
  • Distribution: Distribute to users in our Demeter 2.0 program

Context

Sperax has encountered unforeseen delays related to the audit of the smart contracts for the Demeter 2.0 platform. Initially, we planned to complete the audit and launch Demeter by [Original Timeline], but due to these external factors, we have not yet met this deadline. Consequently, we have not utilized the funds as initially scheduled and are requesting an extension.

Reasons for Delay

  1. Contract Auditing Delay:
  • The auditing of the Demeter smart contracts had taken longer than anticipated. It delayed the launch of Demeter 2.0 by 6 weeks.The audit is critical to ensuring the security and reliability of the platform, and we are committed to launching only after a thorough audit is completed.
  1. Security Assurance:
  • Our priority is to ensure that the platform is secure for all users. The extended audit process, while time-consuming, is necessary to meet this high standard.

Extension Distribution Mechanics

  • Duration: 21 days
  • Start Date: September 3rd 2024
  • Unused Allocation:
  • Purpose: To align the grant distribution with the secure and audited launch of the Demeter platform

Benefits

  • Enhanced Security: The additional time allows for a thorough audit, minimizing risks and ensuring user trust.
  • Optimized Launch: Aligning the launch with the audit completion ensures a smooth, secure deployment of the Demeter platform.
  • Maximized Impact: Proper allocation and use of funds upon a secure launch will enhance the platform’s long-term success.

Key Considerations

  • User Security: The thorough audit process is vital to safeguarding user assets on the Demeter platform.
  • Strategic Launch: The delay aligns with our strategy to launch a secure and robust platform, maintaining the integrity and reputation of Sperax.

Unutilized Funds: The Arbitrum funds will be reserved and utilized only upon successful audit completion, ensuring proper deployment and impact.

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