SECTION 1: APPLICANT INFORMATION
Applicant Name:
Egor K
Project Name:
Symbiosis
Project Description:
Symbiosis is a cross-chain AMM DEX that pools together liquidity from different networks: L1s and L2s, EVM and non-EVM ones. Our know-how: 1-click native assets swaps and powerful API/SDK to enable third-parties (including OKX DEX, OpenOcean and more) to process cross-chain swaps with ease.
Symbiosis currently supports 17 networks for cross-chain and on-chain transactions, including Arbitrum One and Arbitrum Nova.
Services Provided
The Symbiosis protocol provides the following services:
Cross-chain Swaps: The Symbiosis protocol was born to enable cross-chain exchanges. Any token to any token cross-chain exchange is possible across a variety of supported blockchain networks.
Interchain Communicating Messenger: With Symbiosis, users can supply liquidity to other DeFi protocols. Yes, it is cross-chain and can be done just in one transaction.
Farming: Symbiosis offers several reward programs for users who provide liquidity to the Symbiosis protocol.
Symbiosis Explorer: Symbiosis Explorer collects and stores data related to cross-chain operations performed via the Symbiosis protocol.
veSIS: By staking SIS tokens, users can receive rewards, increase APR for providing liquidity, and most importantly, gain voting power to shape the Symbiosis DAO.
Team Members and Qualifications:
You can check detailed information about each founder on DAOMaker: https://daomaker.com/company/symbiosis-finance#team-and-partners
Will K, CEO & Co-Founder - https://www.linkedin.com/in/will-87535b94
Alexey Lushnikov, CTO & Co-Founder - https://www.linkedin.com/in/alexey-lushnikov
Nick Avramov, CBDO & Co-Founder - Nick Avramov - Board Member - Symbiosis | LinkedIn
Project Links:
Twitter: https://twitter.com/symbiosis_fi
Github: Symbiosis · GitHub
Telegram: Telegram: Contact @symbiosis_finance
Medium: https://blog.symbiosis.finance
Docs: https://docs.symbiosis.finance
DeFiLama: https://defillama.com/protocol/symbiosis
Explorer: https://explorer.symbiosis.finance/
Dune Dashboard (only supports 5/16 chains): https://dune.com/symbiosisdash/symbiosisv2
Contact Information:
TG: @egakon
Email: egor.k@symbiosis.finance
Do You Acknowledge That Your Team Will Be Subject to a KYC Requirement?:
Yes, we do.
SECTION 2: GRANT INFORMATION
Requested Grant Size:
145,000 ARB
Grant Breakdown:
Arbitrum grant will be used for:
-
Users incentivization / cashback for swaps from any supported chain into Arbitrum One and Nova;
-
Rewards for USDC / wETH LP providers on Arbitrum One and Nova. I.e, the grant purpose is to incentivize the cross-chain community to move liquidity from other chains into Arbitrum One and Nova thus increasing the related TVL.
High-level budget breakdown:
85,000 ARB (58,5%) – Rewards for LP providers on Arbitrum One and Nova in wETH and USDC pools for one year.
At the moment, attracting retail liquidity is one of the main tasks for the Symbiosis team. The amount of liquidity that we have in USDC and wETH pools on Arbitrum One and Nova allows us to make swaps of tens of thousands of dollars without a big slippage. Pool incentivization with ARB and SIS (Symbiosis Token) tokens will allow us to attract much more retail liquidity providers who will deposit wETH and USDC.
The distribution of the entire grant for 4 pools on Arbitrum One and Nova will be built as follows:
USDC pool on Arbitrum One - 57,500 ARB (67.5%)
USDC pool on Arbitrum Nova - 7,500 ARB (9%)
wETH pool on Arbitrum One - 15,000 ARB (17.75%)
wETH pool on Arbitrum Nova - 5,000 ARB (5.75%)
We expect the amount of rewards we provide to raise over $2,500,000 for Symbiosis in Arbitrum One and Nova pools within one year.
60,000 ARB (41,5%) – Cashback (gas refunds) for all users who will swap to Arbitrum One or Nova.
To accelerate growth and increase volume through Arbitrum, we want to incentivize users based on the volume that users swap through Symbiosis. Unlike incentivizing users of our LPs, we incentivize users to use Arbitrum and transfer more liquidity to the network.
We are requesting a grant of 60,000 ARB for this purpose, which should be sufficient to incentivize approximately $175,000,000 million in combined trading volume on Arbitrum One and Nova.
Also, we believe that this incentive structure will accelerate the flow of capital and new users to the ecosystem from our other compatible networks (for example, Ethereum, zkSync, Polygon POS and zkEVM, Mantle, Optimism, Tron, etc.).
Incentivization / Cashback for cross-chain swaps in Arbitrum One and Nova users will be able to brand at the top of our app near the choice of networks.
Funding Address:
0xAD1467a69DADb93fAAdBeA1B4E9d03b0D8b4f505
Funding Address Characteristics:
The provided address corresponds to a 2/3 Gnosis Multisignature wallet, with its private keys securely safeguarded.
Distribution Contract Address:
Before the start of Arbitrum campaigns, we will deploy specific contracts that will be made accessible to the public. Initially, the funds will be held securely within the Symbiosis multisig wallet.
SECTION 3: GRANT OBJECTIVES AND EXECUTION
Objectives:
The primary goal of this grant is to collaborate with the Arbitrum ecosystem and draw liquidity and Total Value Locked (TVL) into both Arbitrum One and Nova.
Key Performance Indicators (KPIs):
To gauge the effectiveness of our grant, we will employ the following key performance indicators (KPIs):
- Cross-chain Total Value Locked (TVL) transferred to Arbitrum One and Nova into Symbiosis Liquidity pools
- The total volume of assets and the number of transactions bridged into Arbitrum One and Nova
How will receiving a grant enable you to foster growth or innovation within the Arbitrum ecosystem?:
Symbiosis is committed to providing maximum benefits to its users. As part of this commitment, we will distribute 100% of the incentives totaling 145,000 $ARB tokens directly to our users.
The incentives will be allocated through two primary initiatives, ensuring significant benefits for our users:
60,000 ARB of the tokens will be dedicated to the first initiative, which involves Swap Gas refunds for trades conducted on Symbiosis. Users engaging in trades will receive gas fee refunds, enhancing their experience with cost-effective and seamless transactions. These gas fee refunds will be available for as long as the allocated incentives are accessible, encouraging continuous and active user participation on the platform.
The remaining $85,000 of tokens will serve as rewards for liquidity providers in the Arbitrum One and Nova USDC and wETH pools on Symbiosis. Only liquidity providers in Arbitrum will be eligible to receive LP rewards; to participate, they must contribute to pools in stablecoins. This initiative aims at incentivizing liquidity provision and promoting the growth of the Arbitrum ecosystem within Symbiosis.
Through these two well-structured initiatives, Symbiosis aims to provide its users with substantial incentives, fostering a vibrant and engaged community within the platform. The incentives will actively encourage trading activities and liquidity provision, ensuring a dynamic and rewarding experience for all participants.
Justification for the size of the grant:
The size of the grant for Symbiosis is justified based on its strategic utilization to incentivize and foster active participation among users in various campaigns. These incentives aim to drive usage and traffic within the Symbiosis ecosystem.
We expect the amount of rewards we provide to raise over $2,500,000 for Symbiosis LPs in Arbitrum One and Nova pools within one year as well as boost volume of cross-chain swaps to Arbitrum One and Nova to $175,000,000.
Over the defined period, the grant will be allocated towards creating innovative on-chain campaigns as well as encouraging authentic and engaged users within the ecosystem.
A significant focus of the grant will be on providing ample volume-based incentives. The allocation of incentives will be based on the trading volume that the protocol brings to Symbiosis, ensuring optimal and efficient distribution of rewards.
For inflows into Symbiosis, makers will receive a full rebate on the maker fee, while takers will benefit from tighter spreads as an incentive, resulting in lower fees for them.
Execution Strategy:
All ARB tokens provided under this grant will be used to stimulate users and eliminate suppliers:
- 60,000 ARB will be used for gas refund/cashback. Users will be able to receive a gas refund after each cross-chain swap in Arbitrum One and Nova
- 85,000 ARB of the grant will be used to reward liquidity providers in USDC and wETH pools on Arbitrum One and Nova. LP providers will be able to receive rewards in ARB tokens every week depending on the number of assets in the pools.
Grant Timeline:
Milestone #1 (60,000 ARB — 41,5%)
- Development of a smart contract for the distribution of cashback for cross-chain swaps to Arbitrum One and Nova — 2-3 weeks after grant confirmation.
- Distribution of cashback from cross-chain swaps to Arbitrum One and Nova until the volume reaches $175,000,000.
Milestone #2 (85,000 ARB — 58,5%)
- Development of a smart contract for the distribution rewards for USDC, wETH pools on Arbitrum One and Nova — 3-4 weeks after grant confirmation.
- Distribution of rewards for LP providers on Arbitrum One and Nova for 1 year.
Milestone #3 (0 ARB — 0%)
Conducting a campaign in official partnership with Galxe to popularize cross-chain swaps in Arbitrum One and Nova, as well as a liquidity deposit.
SECTION 4: 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?:
Symbiosis is the cross-chain AMM DEX that has integrated with 16 EVM chains, including Arbitrum One and Arbitrum Nova.
On what other networks is the protocol deployed?:
Symbiosis is widely available on all popular EVM and L2 chains including:
- Arbitrum One
- Arbitrum Nova
- Optimism
- Base
- zkSync Era
- Mantle
- Linea
- Avalanche
- Polygon POS
- Polygon zkEVM
- Ethereum
- BNB Chain
- Boba Ethereum
- Boba BNB
- KAVA
- Telos
- Tron
What date did you deploy on Arbitrum?:
- Symbiosis was launched on Arbitrum One on 20 of April 2023
- Symbiosis was launched on Arbitrum Nova on 25th of May 2023
Protocol Performance:
Symbiosis is a cross-chain AMM DEX that supports 16 EVM chains including all popular L2 chains. Symbiosis meta-aggregator is integrated with 1inch, OpenOcean and OKX DEX for on-chain swaps and on-chain routing to provide the best price on all chains.
At the moment, Symbiosis has about $800,000,000 in total volume of cross-chain swaps (counted is stablecoins). Symbiosis is integrated in several projects like [rbSwap, OpenOcean, Rubic, Via exchange, Plexus Finance, Rango Exchange, Chainspot, XDAO, Lifi (on-going integration) .
We have partners across different chains like Coin98, SyncSwap, Benqi, Galxe, Questn, Izumi, Fusion X, TockenPocket, SafePal and more!
Recently we got several grants:
- Mantle ($100,000)
- KAVA ($15,000)
- TON ($50,000)
Symbiosis is a top cross-chain protocol based on DeFiLama for Arbitrum Nova, zkSync, Mantle, Polygon zkEVM, Telos, Boba and more chains.
Some Symbiosis statistics:
Total TVL: $3,760,000
Total unique addresses: 106,119
TVL on Arbitrum One: $233,213
TVL on Arbitrum Nova: $64,965
Total volume of cross-chain swaps: $789,798,172
Total volume of cross-chain swaps on Arbitrum One: $68,232,441
Total volume of cross-chain swaps on Arbitrum Nova: $1,621,983
Total cross-chain transactions on Symbiosis: 484,474
Total cross-chain transactions on Arbitrum One: 86993
Total cross-chain transactions on Arbitrum Nova: 14123
Total volume of on-chain swaps on Arbitrum One: $41,211,832 (based on 1inch and OpenOcean data)
Total on-chain transactions on Arbitrum One: 58,421(based on 1inch and OpenOcean statistic)
Protocol Roadmap:
Symbiosis’ general plan is to expand new chains integrations to build a sustainable cross-chain infrastructure.
You can check our detailed roadmap here.
Audit History:
Symbiosis was audited by SlowMist, Decurity, Zokyo and Omniscia. You can check full information about these audits here.
Also, we have our bug bounty program on Immunifi.
SECTION 5: Data and Reporting
Provide details on how your team is equipped to provide data and reporting on grant distribution.
Is your team prepared to create Dune Spells and/or Dashboards for your incentive program?:
Indeed, we are about to develop a dedicated dashboard for monitoring and reporting key performance indicators (KPIs) as an integral component of the incentive utilization under this grant. Additionally, users can review all transactions through the Symbiosis public explorer.
Does your team agree to provide bi-weekly program updates on the Arbitrum Forum thread?
Yes, we can provide bi-weekly program updates!
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!
