SECTION 1: APPLICANT INFORMATION
Provide personal or organizational details, including applicant name, contact information, and any associated organization. This information ensures proper identification and communication throughout the grant process.
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 1inch, OKX DEX, OpenOcean and more) to process cross-chain swaps with ease.
Symbiosis currently supports 26 networks for cross-chain and on-chain transactions, including Arbitrum One and Arbitrum Nova.
Team Members and Roles:
Will K, CEO & Co-Founder - https://www.linkedin.com/in/will-87535b94 1
Alexey Lushnikov, CTO & Co-Founder - https://www.linkedin.com/in/alexey-lushnikov 2
Nick Avramov, CBDO & Co-Founder - Nick Avramov - Board Member - Symbiosis | LinkedIn 1
Project Links:
Website: https://symbiosis.finance/
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 6/23 chains): https://dune.com/symbiosisdash/symbiosisv2
Contact Information
Point of Contact (note: this should be an individual’s name, not the name of the protocol): Egor K
Point of Contact’s TG handle: @egakon
Twitter: https://twitter.com/EthEgrr
Email: egor.k@symbiosis.finance
Do you acknowledge that your team will be subject to a KYC requirement?: Yes
SECTION 2a: Team and Product Information
Provide details on your team’s past and current experience. Any details relating to past projects, recent achievements and any past experience utilizing incentives. Additionally, please provide further details on the state of your product, audience segments, and how you expect incentives to impact the product’s long-term growth and sustainability.
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]):
Symbiosis team is public and not anonymous.
You can check detailed information and experience of each founder on DAOMaker: Symbiosis Finance | DAO Maker
Currently there are 20 team members in the Symbiosis team. There Are 7 people in the marketing, BD team and 13 developers.
What novelty or innovation does your product bring to Arbitrum?
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. Symbiosis also provides the ability to swap any-to-any tokens across Arbitrum One and Nova.
Cross-chain zaps: With Symbiosis, users can supply liquidity to other DeFi protocols. Yes, it is cross-chain and can be done just in one transaction. Currently Symbiosis is integrated with Beefy, AAVE, GMX on Arbitrum and we plan to add more.
Farming: Symbiosis offers several reward programs for users who provide liquidity to the Symbiosis protocol.
Is your project composable with other projects on Arbitrum? If so, please explain:
- On-chain routing connected through DEXs and aggregators that receive their transactions and volume every time a user interacts with Symbiosis. That is, indirectly, they already interact not only with Symbiosis, but also with aggregators and on-chain DEXs. Currently we have 1inch, OpenOcean and OKX DEX integrated for on-chain routing on Arbitrum One and ArbSwap for Arbitrum Nova.
- Protocols integrated in cross-chain zaps for liquidity provision from any chains. Currently Symbiosis is integrated with Beefy, AAVE, GMX on Arbitrum and we plan to add more
Do you have any comparable protocols within the Arbitrum ecosystem or other blockchains?
Hop, Stargate, Celler.
How do you measure and think about retention internally? (metrics, target KPIs)
Retention for Symbiosis can be categorized into various segments. The majority of the data is accessible for public viewing on our explorer and Dune Page.
Our internal cross-chain and on-chain metrics are:
- Volume (Daily, weekly, monthly)
- Transitions count (Daily, weekly, monthly)
- Collected fees (Daily, weekly, monthly)
- Unique addresses (Daily, weekly, monthly)
Weekly, we aggregate these data points to gain a comprehensive understanding of the protocol, aiding in the evaluation of marketing campaigns and new protocol features.
Relevant usage metrics - Please refer to the OBL relevant metrics chart 6. For your category (DEX, lending, gaming, etc) please provide a list of all respective metrics as well as all metrics in the general section:
General metrics
Daily Active Users:
Currently we have about 1,100 active users in our cross-chain swaps and 700 in on-chain swaps.
Daily User Growth:
At the moment we have about 0,54% daily users growth based on last month.
Daily Transaction Count:
Based on last month’s stats Symbiosis has 1578 daily transactions.
Daily Protocol Fee:
The current revenue of protocol is about $2,430 a day (both for cross-chain and on-chain swaps).
Daily Transaction Fee:
It’s so hard to count it due to the numerous chains supported in Symbiosis. For Arbitrum it’s about $253,23 a day.
Daily ARB Expenditure and User Claims:
N/A
Incentivized User List & Gini:
N/A
Bridge metrics
TVL:
$4,630,000
Bridging Volume:
$1,133,446,172
List of Liquidity Providers:
All Symbiosis pools are listed here: Symbiosis
Pools contracts are open-sourced and can be checked here: GitHub - symbiosis-finance/core-contracts
Net Asset Flow:
It’s not possible to share it right now, but if we receive a grant, our analytics team will prepare it.
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
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
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?: No, Symbiosis is the cross-chain AMM DEX that has integrated with 23 EVM chains, including Arbitrum One and Arbitrum Nova.
On what other networks is the protocol deployed?:
- Tron
- Bitcoin
- Ethereum
- Polygon
- zkSync Era
- Base
- Mantle
- BNB
- Polygon zkEVM
- Linea
- Arbitrum One
- Arbitrum Nova
- Avalanche
- Scroll
- Optimism
- BOBA ETH
- BOBA BNB
- KAVA
- Telos
- Manta
- Metis
- Rootstock
- Mode
- Blast
- Merlin
What date did you deploy on Arbitrum mainnet?:
- Symbiosis was launched on Arbitrum One on 20 of April 2023: Arbitrum Transaction Hash (Txhash) Details | Arbiscan
- Symbiosis was launched on Arbitrum Nova on 25th of May 2023 Arbitrum Nova Transaction Hash (Txhash) Details | Arbiscan
Do you have a native token?: Yes. Here’s a link to our tokenomics: Symbiosis Finance | DAO Maker
Past Incentivization: What liquidity mining/incentive programs, if any, have you previously run? Please share results and dashboards, as applicable?
Currently we have an incentive program for Symbiosis liquidity pools with SIS token as a reward for liquidity providers. We don’t have any dashboards. You can check how it works in our documentation: Farming on Octopools | Symbiosis Documentation
Also, we have incentivisation for veSIS holders with a lot of use-cases: veSIS | Symbiosis Documentation
Besides veSIS and Symbiosis pools, Symbiosis incentivise SIS Lp providers on different DEXs like Uniswap, Pancake and Sushi: SIS LP Farming | Symbiosis Documentation
Current Incentivization: How are you currently incentivizing your protocol?
Currently we incentivise our protocol only through Farming in Octopools, veSIS holders and LP providers on DEXs.
Have you received a grant from the DAO, Foundation, or any Arbitrum ecosystem related program? Yes, we received a 50,000 ARB grant from the GMX Foundation to promote liquidity provision to GMX GM pools on Arbitrum from different chains through Symbiosis cross-chain zaps. We have started incentivisation this week and can’t share a lot of results.
Protocol Performance:
Symbiosis data and statistics:
Cross-chain swaps stats on Arbitrum One:
Volume: $173,710,546
Transaction count: 130,811
Cross-chain swaps stats on Arbitrum Nova:
Volume: $3,023,301
Transaction count: 18,231
TVL on Arbitrum One: $153,740
TVL on Arbitrum Nova: $31,397
Cross-chain swaps volume: $1,133,446,172
Cross-chain swaps transactions count: 871,398
Cross-chain swaps unique addresses: 174,183
Symbiosis TVL: $4,800,000
-
Symbiosis Dune (supports 6/23 chains)
-
L2Scan (supported on Scroll, zkSync, Base, Linea)
Protocol Roadmap: All Symbiosis Roadmap plans are listed here: Symbiosis Roadmap | Symbiosis Documentation
Audit History & Security Vendors:
Symbiosis audits:
Symbiosis bug bounty:
Security Incidents: No, we didn’t have any incidents
SECTION 3: GRANT INFORMATION
Detail the requested grant size, provide an overview of the budget breakdown, specify the funding and contract addresses, and describe any matching funds if relevant.
Requested Grant Size: 50,000 ARB
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 boost the volume of cross-chain swaps to Arbitrum One to $48,450,000.
Calculations based on this formula: Amount of grant for cross-chain swaps incentives * current ARB price / average gas fee on Arbitrum One * Average amount of cross-chain swap on Symbiosis. In this case, 50,000 ARB * $1,8 / $0,6 * $323.
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.
Grant Matching: Symbiosis currently provides incentives only for Arbitrum USDC and wETH pools.
You can see full list here:
Grant Breakdown:
50,000 ARB (100% of total grant) – Cashback (gas refunds) for all users who will swap to Arbitrum On.
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 50,000 ARB for this purpose, which should be sufficient to incentivize approximately $48,450,000 in cross-chain volume on Arbitrum One and Arbitrum Nova as well as bring about 40,000 cross-chain transactions and about 18,000 unique addresses.
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.
Treasury Address: GnosisSafeProxy | Address 0x3C68b8B7f1F6fD1e1f91097e0a1c495b68384E8B | Etherscan
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 4: GRANT OBJECTIVES, EXECUTION AND MILESTONES
Clearly outline the primary objectives of the program and the Key Performance Indicators (KPIs), execution strategy, and milestones used to measure success. This helps reviewers understand what the program aims to achieve and how progress will be assessed.
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.
Execution Strategy: All ARB tokens provided under this grant will be used to stimulate users and eliminate suppliers:
- 50,000 ARB will be used for gas refund/cashback. Users will be able to receive a gas refund after each cross-chain swap to Arbitrum One and Nova.
All users will be able to claim their tokens in the right up angle near the “Connect Wallet” button. Gas reimbursement will be related to both Arbitrum One and Arbitrum Nova, but users will only be able to claim on Arbitrum One
What mechanisms within the incentive design will you implement to incentivize “stickiness” whether it be users, liquidity or some other targeted metric?
Right now Symbiosis already provides one of the cheapest fees compared to other bridges. Also, we have one of the most seamless UI where you can choose any token on one chain and any token on another chain as well as make on-chain swaps on same chain. Besides that, we support swaps from other 23 chains.
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. To gauge the effectiveness of our grant, we will employ the following key performance indicators (KPIs):
- The total volume of cross-chain swaps to Arbitrum One and Arbitrum Nova
- Amount of cross-chain transactions on Arbitrum One and Arbitrum Nova
- Unique wallet addresses
Grant Timeline and Milestones:
Milestone #1 (50,000 ARB —100%)
- 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.
- Conducting a campaign in official partnership with Galxe to popularize cross-chain swaps to Arbitrum One. Galxe campaign will be only related to our gas refunds. Galxe will just help to spread a word about our incentives.
We’re going to use Galxe Passport for Galxe campaign, but for regular users it doesn’t make sense as we only return the amount of funds spent on gas.
Milestone #2:
- Achieve $10,000,000 of cross-chain swap volume on Arbitrum One – up to 6 weeks.
- Achieve 10,000 cross-chain transactions – up to 6 weeks.
Milestone #3:
- Achieve $25,000,000 of cross-chain swap volume on Arbitrum One – up to 8 weeks.
- Achieve 25,000 cross-chain transactions – up to 8 weeks.
Milestone #4:
- Achieve $48,450,000 cross-chain swap volume on Arbitrum One – up to 12 weeks.
- Achieve 40,000 cross-chain transactions – up to 12 weeks
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 50,000 $ARB tokens directly to our users.
ARB tokens will be dedicated to the cross-chain swap initiative, which involves cross-chain swaps for 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.
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
SECTION 5: Data and Reporting
OpenBlock Labs has developed a comprehensive data and reporting checklist for tracking essential metrics across participating protocols. Teams must adhere to the specifications outlined in the provided link here: Onboarding Checklist from OBL 8. Along with this list, please answer the following:
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, we are prepared to comply with OBL requirements. We do not have any special requests
Does your team agree to provide bi-weekly program updates on the Arbitrum Forum thread that reference your OBL dashboard? 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?: Yes