[Steadefi] LTIPP Application Draft
SECTION 1: APPLICANT INFORMATION
Applicant Name:
Jeff Lam
Project Name:
Steadefi
Project Description:
Steadefi provides yield strategies that allow users with different risk profiles to not just earn higher yields, but do so profitably across any market conditions — bull, crab or bear.
Steadefi’s lending vaults lends out assets to strategy vaults to earn yield from leveraged strategy vaults that the assets to execute various yield earning strategies that vary in leverage and delta.
Team Members and Roles:
| Name | Role | Social Media |
|---|---|---|
| Jeff Lam | Project Lead | https://x.com/jefflam_, https://www.linkedin.com/in/jefflamth/ |
| Adonis | Marketing Lead | https://x.com/adonis_radar |
| Cayson / MaddST | Community Leads | https://x.com/somtamcrypto/ |
| Giraffe | Smart Contracts Engineer | https://x.com/giraffe0x |
| Fachry A. | Front-End Engineer | https://linkedin.com/in/fachryadhitya |
| Zora | Back-End Engineer | https://www.linkedin.com/in/gabri-putra/ |
Additionally, we are also very grateful to our advisors:
| Name | Role |
|---|---|
| Micky P. | Marketing Advisor |
| Omer Demirel | Strategy Advisor, Partner at AVenture DAO |
| Rasheed Saeluddin | Strategy Advisor, Partner at AVenture DAO |
| Daniel Dizon | Strategy Advisor, Founder and CEO of Swell Network |
| Abishek Kannan | Strategy Advisor, Head of Research at Swell Network |
| Ethan B. Johnson | Security Advisor, Ex-Chief Information Security Officer of Galaxy Digital |
| Rebase Ventures | Quant Advisor, DeFi Accelerator |
Project Links:
- Website: https://steadefi.com
- Vaults: https://steadefi.com/vaults
- Docs: https://docs.steadefi.com
- Discord: https://discord.gg/steadefi
- Twitter: https://twitter.com/steadefi
- Blog: https://blog.steadefi.com
- Github: GitHub - steadefi/steadefi-contracts: Steadefi's smart contracts
Contact Information
Point of Contact:
@jefflam
Point of Contact’s TG handle:
Twitter:
@jefflam_
Email:
Do you acknowledge that your team will be subject to a KYC requirement?:
Yes
SECTION 2a: Team and Product Information
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]):
| Name | Experience |
|---|---|
| Jeff Lam | 15+ years experience in building consumer and enterprise finance technology startups from 0 to 1 across US and APAC. Strong product builder from design to engineering. Has experience with marketing and sales for both consumer and enterprise ventures. In crypto since 2017 and building in web3 since 2022. NUS and Stanford University. |
| Adonis | Adonis is the CEO at Radarblock. Radarblock is a Web3 native growth agency that grows the awareness, TVL, Volume, and social metrics for its clients over a consistent time frame without uncertainty and confusion. |
| Cayson / MaddSt | Both MaddST and Cayson entered the crypto scene in 2017, both eventually focus shifted to decentralized finance (DeFi) during the explosive summer of 2020. Since 2021, MaddST and Cayson been actively engaged in community building within the crypto space working in various Crypto projects and companies. |
| Giraffe | 2 years solidity dev with DeFi experience and 1 year experience as a public smart contract auditor. |
| Fachry A. | Front-End Dev with 5 years of experience building consumer tech. |
| Zora | Back-End Dev with 5 years of experience building data and consumer tech. |
The team has successfully built and shipped from ideation to on-chain deployment across multiple EVM chains, utilising both web2 (data tracking and display) and web3 infrastructure (automated keepers, transaction monitoring) for better user experience and ongoing product operations.
We would also like to highlight that we are working with LedgerWorks for operational and on-chain security monitoring.
The team is globally distributed and has experience across web2/3 technology, engineering, marketing and finance.
What novelty or innovation does your product bring to Arbitrum?
At our core, Steadefi is about connecting and catering users with different risk/reward appetites to earn yield profitably on DeFi. We implemented features that provide users with automated risk management for profitable yield which encourages better capital efficiency and longer-term liquidity provision to protocols.
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Maximum capital efficiency. Deposits in leveraged strategy vaults borrow assets from lending vaults in an under-collaterised manner rather than over-collaterised, allowing for maximum capital efficiency.
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Isolated Lending Vaults. Instead of a communal lending vault catering to all strategies, we have isolated lending vaults catering to specific strategies. This isolates lending risks to certain strategies as well as allow for a better interest rate dynamic between lenders and borrower strategies (Point 3), allowing lenders the option to spread their risk/yield accordingly. At the same time, for lenders that simply want to distribute their assets quickly and equally in a communal fashion, we have an Aggregated Lending Vault that helps do this easily.
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Yield Sharing Interest Rates + No Negative Yields for Borrowers. Our lending interest rates are not only based on utilisation, but also on the yield being earned by the leverage vaults. Lenders get to earn even more when leverage vaults are earning more. Additionally, this prevents leverage vaults from earning “negative yield” (lending interest rates being higher than yield earned), which translates into more leverage deposits and better retention of leverage deposits.
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Different Delta Strategies for Profitable Yield Earning. Different delta strategies (Long/Neutral/Short) allow for users to chase after high yield while being profitable across Bullish, Bearish and Neutral markets. Delta Long strategies work best for bullish markets. Delta Short strategies work best for bearish markets. Delta Neutral strategies work best for users who simply want to tap into the high yield rates while hedging passively for volatility over a longer period of time. Providing different profitable yield strategies should help retain liquidity for protocols.
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No Full Liquidations with Automated Monitoring & Rebalancing. We runs automated keepers which monitors the health parameters of all strategy vaults 24/7. Whenever a parameter (debt ratio or delta) falls out of a strategy’s determined parameter range, a rebalance (partial increase in borrowing or partial liquidation) is triggered. As such, there is no risk of full liquidation to strategy vaults depositors. This should encourage for longer term deposits.
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Prominent Display of Vault’s Profit and Loss. We want to provide more clarity and information on the performance of the vaults. Our front-end user interface aims to provide both real-time and historical yield rates as well as profit and loss data, so depositors can better follow and analyze how the vaults are performing against market movements.
Is your project composable with other projects on Arbitrum? If so, please explain:
Yes. As a leverage yield protocol, we seek to earn yield by providing liquidity/assets to protocols that require them. This would include AMMs, Perp DEXes, LSD/Ts.
Do you have any comparable protocols within the Arbitrum ecosystem or other blockchains?
Yes in both Arbitrum and other chains: Alpha Homora/Stella, Alpaca Finance, Tarot.to, Rodeo Finance, Vaultka, Umami Finance, JonesDAO
How do you measure and think about retention internally? (metrics, target KPIs)
The 1st metric would be TVL across the lending and strategy vaults. Ideally this number/value grows at a projected weekly rate of >5%.
The 2nd metric is the number of deposits vs withdrawals (inflow vs outflow) into our vaults, both in terms of value of in/outflows, as well as number of deposit/withdrawal transactions. Ideally these metrics should be positive (more inflows than outflows) on a weekly basis.
The 3rd metric would be the total number of unique wallet addresses that has deposits in our vaults. Ideally this number should increase at a projected weekly rate of minimally 5%.
We also like to track our social media metrics, which includes our X followers as well as Discord members.
Relevant usage metrics - Please refer to the OBL relevant metrics chart. For your category (DEX, lending, gaming, etc) please provide a list of all respective metrics as well as all metrics in the general section:
The relevant metrics for Steadefi would be:
- Daily Active Users
- Daily User Growth
- Daily Transaction Count
- Daily Protocol Fee
- Daily ARB Expenditure & User Claims
- TVL
- List of Depositors
As of 16th March 2024:
- Daily Active Users: 112
- TVL: USD 1.5m (Lending: $1.32m, Borrow: $0.18m)
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/No]
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
Is the protocol native to Arbitrum?: [Yes/No, and provide explanation]
No, we are also deployed on other chains. However >95% of our product offerings and TVL are in Arbitrum.
As of 16th March 2024, we may consider deprecating our Avalanche network vaults based on the lack of liquidity and attention we have on that chain as well as the fact that GMX has introduced WAVAX-USDC GM pool on Arbitrum. If we do so, we would only be on Arbitrum.
We do intend to focus our future token launch on Arbitrum for now.
On what other networks is the protocol deployed?: [Yes/No, and provide chains]
Avalanche
What date did you deploy on Arbitrum mainnet?: [Date + transaction ID. If not yet live on mainnet, explain why.]
Steadefi v2 contracts were first deployed on 22nd December 2023, with ongoing new contracts being deployed for new vaults and ancillary contracts over time.
A compiled list of deployed contracts on 22nd December 2023 onwards can be found here: https://arbiscan.io/txs?a=0x3747b418788c49457b56a5147b8909eac04d594d&f=5&p=4
Do you have a native token?: [Yes/No/Planned, link tokenomics docs]
Not yet but planned: https://docs.steadefi.com/tokenomics/sdy-token. ETA: Late April to Mid May 2024.
Past Incentivization: What liquidity mining/incentive programs, if any, have you previously run? Please share results and dashboards, as applicable?
In Steadefi v1 (live from April 2023 to August 2023), we had previously ran an esSDY liquidity mining campaign which helped us grow to 2m in TVL with about 0.425% of the total token supply being distributed.
Unfortunately we did not have recorded data for this.
Current Incentivization: How are you currently incentivizing your protocol?
In Steadefi v2, we are currently incentivising our lending vaults with GMX ARB STIP grants, growing our TVL from $280k to $1.25m in 6 weeks with about 12.4k ARB distributed, for a ratio of ~USD $77/ARB.
We also recently restarted our esSDY Airdrop campaign to further attract more liquidity, with a plan to distribute at least 5% of the total token supply.
Statistics of our TVL growth can be seen at https://stats.steadefi.com
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)]
Yes, we received the ARB STIP Grant from GMX. The incentives are all used to incentivise lenders.
We are currently in the first 25k tranche.
We have attracted +$1.22m of TVL with ~15k ARB distributed = ~USD 81/ARB
As of 16th March 2024, 10k ARB is left from the GMX ARB STIP grant.
Protocol Performance: [Detail the past performance of the protocol and relevance, including any key metrics or achievements, dashboards, etc.]
We have just crossed $1.5m in TVL as well as 100+ active users in just about 2.5 months of our (re)launch.
Stats and breakdown in chart format can be found here: https://stats.steadefi.com
The breakdown in table format is as follows:
| Lending Vault | TVL (USD) |
|---|---|
| ETH Lend ETH-USDC GM | 260k |
| USDC Lend ETH-USDC GM | 177k |
| WBTC Lend WBTC-USDC GM | 268k |
| USDC Lend WBTC-USDC GM | 100k |
| ARB Lend ARB-USDC GM | 168k |
| USDC Lend ARB-USDC GM | 53k |
| LINK Lend LINK-USDC GM | 154k |
| USDC Lend LINK-USDC GM | 33k |
| WBNB Lend WBNB-USDC GM | 29k |
| USDC Lend WBNB-USDC GM | 29k |
| SOL Lend SOL-USDC GM | 4k |
| USDC Lend SOL-USDC GM | 23k |
| Strategy Vault | TVL (USD) |
|---|---|
| 5x Long ETH-USDC GM | 66k |
| 3x Neutral ETH-USDC GM | 6k |
| 5x Short ETH-USDC GM | 14k |
| 5x Long WBTC-USDC GM | 35k |
| 3x Neutral WBTC-USDC GM | 4.2k |
| 5x Short WBTC-USDC GM | 0.25k |
| 5x Long ARB-USDC GM | 8.2k |
| 3x Neutral ARB-USDC GM | 15.9k |
| 5x Short ARB-USDC GM | 5k |
| 5x Long LINK-USDC GM | 7k |
| 3x Neutral LINK-USDC GM | 6.5k |
| 5x Short LINK-USDC GM | 0k |
| 5x Long WBNB-USDC GM | 8.4k |
| 3x Neutral WBNB-USDC GM | 0k |
| 5x Short WBNB-USDC GM | 2.6k |
| 5x Long SOL-USDC GM | 3.6k |
| 3x Neutral SOL-USDC GM | 0k |
| 5x Short SOL-USDC GM | 0k |
Protocol Roadmap: [Describe relevant roadmap details for your protocol or relevant products to your grant application. Include tangible milestones over the next 12 months.]
Q1 2024
The goal here is to attract more TVL by providing access to high and reliable yield sources to GMXv2 while demonstrating partial integration with other Arbitrum protocols (TraderJoe, Uniswap, Camelot). Our stretch target is to achieve $2m in TVL.
- Lending and Strategy Vaults for GMXv2 ETH/WBTC/ARB/LINK GM pools (Launched)
- esSDY Airdrop Campaign (Started)
- Lending and Strategy Vaults for GMXv2 WBNB GM pool (Launched)
- Lending and Strategy Vaults for GMXv2 SOL GM pool (Launched)
- Lending Vault Aggregator (USDC) (Launched)
- Lending and Strategy Vaults for GMXv2 AAVE GM pool (ETA: 21st March 2024)
- Lending and Strategy Vaults for GMXv2 UNI GM pool (ETA: 28th March 2024)
- Lending and Strategy Vaults for GMXv2 OP GM pool (ETA: 4th April 2024)
- Lending and Strategy Vaults for GMXv2 WAVAX GM pool (ETA: 11th April 2024)
- Improved dynamic interest rates calculation (ETA: Mar 2024)
Q2 2024
The goal is to continue to execute our protocol token launch as we continue to grow TVL with a target of $15m in lending liquidity. We also aim to support new vault strategies such as LRTs as well as other Perp DEXes.
- SDY TGE (ETA: Late Apr/May 2024)
- esSDY Utility Modules (Dividends) (ETA: May 2024)
- esSDY Emissions (ETA: May 2024)
- Lending and Strategy Vaults for rswETH (ETA: Late Apr 2024)
- Lending and Strategy Vaults for eETH (ETA: Late Apr 2024)
- Lending and Strategy Vaults for ezETH (ETA: Late Apr 2024)
Q3 2024
Ensuring TVL retention and growth to at least $30m with strategies to more Perp DEXes as well as CLAMMs and volatility yield sources.
- Lending and Strategy Vaults for Perp DEXes (HMX, KTX, etc)
- Lending and Strategy Vaults for CLAMMs (Camelot, TraderJoe, Range)
- Lending and Strategy Vaults for Volatility Yield Sources (Gammaswap, GoodEntry)
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.]
Steadefi v1 was audited by Omniscia and Narya.ai.
Steadefi v2 was audited with a public audit contest via CodeHawks.
All links to the audit reports and mitigations can be found here: https://docs.steadefi.com/security/audits
Steadefi is also currently working with LedgerWorks for a holistic operational security and on-chain transaction monitoring and mitigation.
Steadefi does not currently have a bug bounty program.
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]
Steadefi was exploited for $1.1m out of $2m TVL in August 2023 due to improper operational security practices. Users were able to withdraw $300k and the team was able to recover $600k which has been refunded to users.
The protocol contracts were owned by a Hot Deployer Wallet, which Jeff (Project Lead) has access to. Based on circumstantial evidence, Jeff was phished through telegram and had a keylogger installed on his device. The exploiter was able to obtain the hot wallets’ seed phrase and was able to transfer ownership of the contracts and exploited the funds in the protocol contracts by approving the exploiter’s own wallet as an approved borrower.
Based on circumstantial evidence, we believe the exploiter is the Lazarus Group.
Following the exploit, Jeff decided the best course of action is to restart the protocol with a compensation plan using the project’s native tokens (esSDY). The compensation plan via esSDY has not began and will only begin once the SDY token is launched.
More information about the exploit and reimbursement plan here: https://blog.steadefi.com/exploit-analysis-and-reimbursement-plan
Following a restart, Steadefi has engaged with LedgerWorks (lworks.io) as well as onboarding an Information Security Advisor (Ethan B. Johnson, ex CISO of Galaxy Digital, https://www.linkedin.com/in/ethan-johnson-9184956) for a comprehensive and holistic security risk assessment across operational security and on-chain monitoring and security.
MultiSigs and Timelocks are now implemented for all crucial protocol contracts, with at least a 2/3 signers with signers being different hardware wallets held by different trusted and known members of the team.
SECTION 3: GRANT INFORMATION
Requested Grant Size: [Enter Amount of ARB Requested]
150,000 ARB
Justification for the size of the grant
Steadefi’s target is to attract and retain at least $15m USD in lending liquidity. That should enable an additional $3-5m in leverage deposits (borrows) for a total target TVL of $18-20m.
With this grant, we are aiming to provide an additional 10-40% APR in additional incentives to the lending vaults. We aim to target an additional 10% APR in incentives to non-stable assets (ETH, WBTC, ARB, LINK, SOL, AAVE, UNI, WBNB, etc) while targeting 30-40% additional incentives to stable (USDC) assets, with a higher incentive amount planned for USDC lending liquidity for LRT strategies on Arbitrum.
These values are also assuming that ARB = $2 USD.
Based on our GMX ARB STIP grant program, the TVL attracted per ARB is:
$1.22m USD / 15k ARB = USD $81/ARB
As of this writing, Steadefi’s total TVL (lending + borrowing) is ~$1.5m.
If we were to assume that the liquidity is retained via ARB incentives as well, then total liquidity retained/ARB is:
$1.5m USD / 15k ARB = USD $100/ARB
We believe it is fair to average the above two values together to come up with an acceptable USD attracted and retained/ARB incentive:
($81 + $100) / 2 = $90.5 USD / ARB
As such, to attract and retain $15m in lending liquidity:
$15m USD / $90.5 USD = ~166,000 ARB
That being said, based on our projected breakdown as well as to be more conservative in asking for the grant, we would like to revise it to 150,000 ARB.
Grant Matching: [Enter Amount of Matching Funds Provided - If Relevant]
Steadefi is looking to distribute 3m in esSDY inline with this grant. This is valued at USD 150k assuming the FDV of SDY is 10m.
Grant Breakdown: [Please provide a high-level overview of the budget breakdown and planned use of funds]
Breakdown of proposed usage of incentives to vaults: https://docs.google.com/spreadsheets/d/1vA0dKFq4pBMfwtMyqjytzDg1vPfPda-aEg5bxQcfnGo/edit?usp=sharing
We are currently implementing a weekly claim mechanism for distributing grants. We will track and attribute to every wallet their contributions in liquidity to the vaults, and at the end of an epoch (7 days) a new claim will be available.
We are also currently in chats with the Gitcoin Passport team to implement anti-sybil mechanisms. As of 16th March 2024, we intend to implement it as such:
- We run scripts to track wallet addresses contribution to our vaults
- For every new address, we will implement Gitcoin Passport’s Ethereum Activity which gives a Human score to the wallet
- A score of >15-20 (To Be Decided) will be tagged as “Human”. In this scenario, the wallet will continue to be able to claim their 100% of their ARB incentives.
- If a user’s wallet score is <15, our UI will display to the user to validate their Human score further with Gitcoin Passport’s “Stamps” process. These user addresses will also only be attributed 20% of their ARB incentives (e.g. if based on original rate they would be given 100 ARB, they would instead be able to only claim 20 ARB)
- Only when a user’s wallet score is >15-20 (To Be Decided), will the address be tagged as Anti-Sybil and will they be able to claim the full 100% of their ARB incentives
Funding Address: [Enter the specific address where funds will be sent for grant recipients]
TBC: 0xBc22B72B0408F66316CC4ee562b858f612776F14
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.
We will be utilising a SAFE multisig with 2/3 unique signers. Signers will be hardware wallets.
Treasury Address: [Please list out ALL DAO wallets that hold ANY DAO funds]
Team Treasury: 0xBc22B72B0408F66316CC4ee562b858f612776F14
Protocol Treasury: 0x26dc837DC478b46921bc5a41eDA44Daa6794dA4d
Contract Address: [Enter any specific address that will be used to disburse funds for grant recipients]
New contracts will be deployed on a weekly basis for grant claims of the last epoch.
SECTION 4: GRANT OBJECTIVES, EXECUTION AND MILESTONES
Objectives: [Clearly state the primary objectives of the grant and what you intend to achieve]
The primary objectives of the grant is to attract and retain liquidity to both the lending and leverage strategy vaults, as well as increase the unique number of active users.
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.]
We will look to distribute the tokens via a weekly claim; with a script tracking the proportion of liquidity contributed by wallet addresses across all of Steadefi’s relevant vaults over time.
A high level breakdown of the incentive plan is as follows: https://docs.google.com/spreadsheets/d/1vA0dKFq4pBMfwtMyqjytzDg1vPfPda-aEg5bxQcfnGo/edit?usp=sharing
What mechanisms within the incentive design will you implement to incentivize “stickiness” whether it be users, liquidity or some other targeted metric? [Provide relevant design and implementation details]
Firstly, we believe that these additional boost via the incentive rewards are extremely attractive and competitive, given the context of the crypto market’s bullish sentiment.
Secondly, the grant will be “retroactively” distributed on a weekly basis, which we believe also helps build a routine of users re-engaging for claims.
Thirdly, we are also considering rewarding repeat / loyal users more (either ARB and/or esSDY) by tracking behaviours such as the length of their deposits without withdrawals from the vaults. We currently have implemented such a mechanism for our esSDY Airdrop campaign.
Finally, we understand that boosted yield via incentives are by definition not neccessarily sustainable in the long run. Steadefi’s goal is to achieve a 20m TVL as soon as possible, as our tokenomics and design consist of liquidity providers earning esSDY, which can be allocated to earning protocol fees. We believe that at 20m TVL, the protocol fees would be contributing about 10-20% additional real yield to liquidity providers, therefore easing the incentives earned from the ARB grant to protocol fees in the long run.
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.]
| Metric | Source |
|---|---|
| Total Value Locked | Steadefi | Profitable leveraged yield strategies across any market conditions vaults with automated risk management, Defillama, Stats Dashboard, Dune Dashboard |
| Total Lending Liquidity | Stats Dashboard, Dune Dashboard |
| Total Leveraged Deposits | Stats Dashboard, Dune Dashboard |
| Daily Active Users | Stats Dashboard, Dune Dashboard |
We currently track these data and show them at https://stats.steadefi.com, but we will work to develop a Dune Dashboard.
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.]
| Metric | Week 4 KPI | Week 8 KPI | Week 12 KPI |
|---|---|---|---|
| Total Value Locked | 2.5m | 7.5m | 20m |
| Total Lending Liquidity | 2m | 6m | 16m |
| Total Leveraged Deposits | 0.5m | 1.5m | 4m |
| Daily Active Users | 150 | 300 | 500 |
| Feasibility % | 80% | 70% | 50% |
The first 2 milestones having a higher feasibility % based on references to adjacent protocols having achieved the same targets.
Additionally, we will also be running several activities such as the esSDY Airdrop campaign, SDY Token Generation event and launching new strategies for GMX GM pools.
Milestone 3 is a more ambitious target coming at a later stage. It is likely that we would have to launch strategies that tap into a narrative / more partnerships with other protocols to attract even more awareness and attention to Steadefi. Additionally, the sentiment of the crypto markets are tougher to predict with the post-BTC halving event.
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]
Steadefi as a leverage yield protocol is designed to be integrated with other protocols. Arbitrum is positioned to be one of the best DeFi-focused network that is still based on ETH while being a lot faster and having cheaper transaction fees, and this would simply translate into more DeFi activities being on Arbitrum vs other chains. More activities result in more potential fees and yield, which is what Steadefi aims to help users to tap into more efficiently.
Additionally, Steadefi variety of delta strategy vaults also mean that we allow liquidity providers to have the option to provide liquidity and be profitable in any market conditions, even bearish ones. If users are more aware of this option, it would translate into better retention of liquidity provision across partner protocols in any market conditions; not just during bullish sentiment.
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
Is your team prepared to comply with OBL’s 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
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]
*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
Yes
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 program’s funding stream?: [Y/N]
Yes