SECTION 1: APPLICANT INFORMATION
Applicant Name: Vyom Sharma
Project Name: Syndr
Project Description: Syndr is a hybrid all-in-one exchange powered by an Orbit L3 on arbitrum where users can trade options, perps, futures and spot.
Team Members and Roles:
Vyom - Co-founder
Madhur - Co-founder
Aryan - BD/Mkt
Vijit - Backend Engineer
Project Links:
Website - https://www.syndr.com/
Github - Syndr · GitHub
Twitter - https://twitter.com/SyndrHQ
Contact Information
Point of Contact (note: this should be an individual’s name, not the name of the protocol): @vcrizpy
Point of Contact’s TG handle: @vyomshm
Twitter: @vcrizpy
Email: vyom@syndr.com
Do you acknowledge that your team will be subject to a KYC requirement?: Yes
SECTION 2a: Team and Product Information
Team experience:
Our team consists of experienced DeFi native users, developers and crypto enthusiasts, along with veterans from fintech and the web2 space. The founding team has been crypto native since 2017 with first-hand experience in multiple bull/bear markets as well has contributed to multiple open-source crypto projects. Our educational foundation includes fields such as CS, finance, design, and business administration. Our professional journey includes roles at renowned organisations like Messari, Google, Fi money, Manulife, Atlan, PlusWealth, Lokal and more.
What novelty or innovation does your product bring to Arbitrum?
Syndr leverages Arbitrum’s Orbit stack to offer all crypto users an all-in-one institutional-grade exchange with high performance & high capital efficiency. Syndr offers the users a platform which provides a viable CeX competitor without any compromises.
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All-in-one Trading: Options, Perps, Futures & more
Syndr natively supports trading for a wide range of products, including but not limited to Perps, Options, Dated Futures, & Spot markets. This is similar to what users can currently only experience on centralized exchanges like Binance and Deribit.
Syndr also supports multiple collateral assets to be used natively as collateral on the platform like ETH, wBTC, wstETH, etc. This differs from currently available perp DeXs, where only USDC is accepted as collateral.
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High-performance orderbook: low latency trades
Syndr is built on a hybrid design model consisting of both on-chain and off-chain components. This allows us to scale while compromising on key exchange performance metrics such as latency.
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Modular Syndr Vaults
GMX on Arbitrum has essentially laid a path for sourcing retail liquidity for trading without being purely dependent on institutional orderbook market makers.
Syndr enables any user to create a modular vault accounts which can essentially run any trading strategy. These strategies can be enforced via both on-chain contract logic and/or an offchain participating actor with certain transparent risk limits attached to each vault.
For example, the following vaults can be easily implemented using Syndr’s modular vault mechanics
- RFQ/Block trading for institutional/retail clients(Paradigm)
- LP Pools for various spot/perp/option/future markets like GLP, GM Pools or HLP(Hyperliquid)
- DOVs - DeFi option vaults
- Basis Trading vaults(think delta-neutral strategies like Ethena finance, UXD)
- Copy trading vaults (Bitget, Bybit, etc)
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Portfolio Margining & multi-collateral support
Syndr supports multiple margin modes, including cross, isolated and portfolio margining, which can boost capital efficiency for certain users, specifically option traders. This is only supported and majorly available to users only on CeXs like Deribit and Bybit. Within DeFi, only Aevo supports Portfolio margining as of today.
Syndr also natively supports more than just USDC as collateral, including but not limited to yield-bearing wrapped assets such as wstETH, sDAI, USDM, etc. This will allow users to trade on Syndr without losing out on these yields. Liquid LRTs can also be enabled as collateral with a capped + discount margin as a risk parameter based on their available liquidity and Oracle price confidence factors.
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Zero Gas fees for trades/transfers/payments
Syndr will run a zero-profit sequencer with either totally subsidized gas costs and/or sequencer profit sharing with users.
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Industry best onboarding == 1-click everything
Syndr aims for 1-click onboarding/offboarding flows with support for email/phone/social logins with embedded wallets and AA to offer best-in-class platform UI. Users do not have to have a metamask/crypto wallet to sign on to Syndr. This logic is abstracted away to simulate a CeX-like experience. We have only seen this level of accessibility with socialFi apps like friend.tech and only a few DeFi exchanges.
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Centralized exchange like UX & Fiat on/off ramps
Syndr offers REST + Websocket APIs for API-level integrations and a UX where no wallet confirmations are required post-onboarding.
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Referral/Affiliate programs based on CeX playbooks
Currently major referral programs offered by DeFi projects have been extremely limited in structure and scope. Syndr instead applies the CeX playbook for referral/affiliate programs which is 10x more dynamic and flexible.
Currently major referral programs offered by DeFi projects have been extremely limited in structure and scope e.g. flat 10% referral commission for 6 months. Syndr instead applies the CeX playbook for referral/affiliate programs which is 10x more dynamic and flexible.
- Cashback Promo campaigns - Syndr can run launch fee cashback campaigns for all users dynamically for . This is baked into the smart contracts and requires zero interaction from the user i.e. No need to claim the cashback.
- Referral Discounts and Commissions - We implements a dynamic onchain referral program based on a user’s past performance in terms of users invited + volume traded by the invited users. These metrics are tracked for every user for discrete consecutive trading epochs and a user’s referral tiers based on these metrics. The tier thresholds can be updated onchain by a restriction function call as per need. The calculated referral tier serves as a cap for the base rate, i.e. fee discount + referral commission. This base rate split can further be reset by the end user for customisation. This mechanisms gurantees that users continue their referral efforts every epoch to maintain their referral income
- Affiliates - Affiliate programs on Syndr are very similar to the referral programs with an programmed override mechanisms for a user’s base referral rate. This will allow us to bring in top traders/partners by being able to offer them potential earnings only available on CeXs.
Is your project composable with other projects on Arbitrum? If so, please explain:
Yes, Syndr supports yield-bearing assets to be used as collateral. This can include yield-bearing stablecoins(like Sperax USD on arbitrum and sDAI, USDM on mainnet), LSTs and LRTs as collateral, including, but not limited to, assets such as weETH, rsETH, wstETH, among others.
Do you have any comparable protocols within the Arbitrum ecosystem or other blockchains?
Syndr aims to be a all-in-one trading platform offering a wide range of trading markets and therefore competes with a wide range of protocols on/off Arbitrum including spot/perp dexes. We have highlighted few in the table below.
Competitive Landscape of Trading Platforms(includes leading protocols on Arbitrum + CeXs + App-specific chains )
| Spot Markets | Perp Markets | Dated Futures Markets | Option Markets | TVL | 24 H volume | Volume/TVL Ratio | # of tradable markets | |
|---|---|---|---|---|---|---|---|---|
| Deribit | 9 | 20 | 16(BTC - 8, ETH - 8, DVOL - 1) | 2000+ (BTC - 1080, ETH - 852, USDC - 320) | $3.465B | [800m-2.3b] | [0.23-0.7] | 2297 |
| Binance | 1507 | 329 | 22 | 102b | [70-150b] | [0.68-1.47] | 3000+ | |
| dYdX | - | 50 | - | $348m | [100m-1.5b] | [0.28-4.3] | 50 | |
| Aevo | - | 63 | - | 1042 | $82 mil | [100m-900m] | 3.43 | 1105 |
| GMX | 91(14c2) | 13 | - | - | $660.86m | [120m-300m] | 0.18 | 13 |
| Uniswap(Arbitrum) | 317 | - | - | - | $271m | [100m-600m] | [0.36-2.2] | 317 |
| Hyperliquid | - | 118 | - | - | $223 million | [1b-2b] | 5.08 | 118 |
| Vertex Protocol | 5 | 42 | - | - | $58.84m | [100m-400m] | 2.64 | 47 |
*above data is a snapshot of the the above platforms as of March 3, 2024. This data is also used within other sections to arrive at and conclude various relevant KPIs for growth and retention.
Purely in terms of tech stack, dYdX and Aevo are our closest competitor built on top of a cosmos chain and an OP stack respectively. Both are doing consistent volumes in both options and perps. There are no other protocols in DeFi that come close in terms of the entire product suite that Syndr offers.
We refer to the above for our competitors to arrive at various relevant KPIs for growth and retention.
How do you measure and think about retention internally? (metrics, target KPIs)
General Metrics
- Daily Active Users: A time series metric representing the daily count of unique addresses interacting on our exchange.
- Daily User Growth: A time series metric representing the daily user growth interacting on our exchange.
- Daily Transaction Count: A time series metric representing the daily number of transactions interacting on our exchange.
- Daily Protocol Fee: This includes trading fees on different trading pairs.
- Daily Transaction Fee: A time series, daily total transaction fees generated daily by interactions
- Daily ARB Expenditure and User Claims: Data on individual ARB incentive claim transactions made by users, as incentivized by the protocol. It should include the timestamp, user address, and the claimed ARB amount. The spent ARB will allow for the normalization of growth metrics.
- Incentivized User List & Gini: - Users who deposit in various supported collaterals including yield-bearing stablecoins, LSTs and LRTs on our platform.
DeXs
- For each asset/trading pair:
- TVL: A daily time series expressed in USD.
- Trading Volume: A daily time series, also measured in USD.
Perpetuals
- For each tradable asset:TVL:
- A daily time series expressed in USD.
- Trading Volume: A daily time series, also measured in USD.
- Open Interest: A daily time series measured in USD.
- Trader Net P&L Improvement: The change in traders’ profit and loss accounts, reflecting on the platform’s fairness and attractiveness to traders.
Options
- For each asset/trading pair:
- TVL: A daily time series expressed in USD.
- Trading Volume: A daily time series, also measured in USD.
- Open Interest: A daily time series presented in USD.
TVL Locked
- Deposits in various supported collaterals including yield-bearing stablecoins, LSTs and LRTs on our platform
- Deposits in various Syndr Vaults (such as Syndr LP Vaults, Basis Trading vaults, DOVs(DeFi option vaults), User strategy vaults and Copy Trading Vaults on our platform
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]
Yes, in the sense that Syndr L3 chain uses Arbitrum One as L2. All users require chain switching to Arbitrum for onboarding and Syndr L3 chain TVL will contribute to Arbitrum TVL directly.
On what other networks is the protocol deployed?: [Yes/No, and provide chains]
None.
What date did you deploy on Arbitrum mainnet?: [Date + transaction ID. If not yet live on mainnet, explain why.]
Syndr L3 Sepolia Testnet chain is live now on top of Arbitrum Sepolia testnet. Our L3 Mainnet chain will go live by mid March on top of Arbitrum One, with the application live in late April.
Do you have a native token?
Planned.
Past Incentivization: What liquidity mining/incentive programs, if any, have you previously run? Please share results and dashboards, as applicable?
N.A.
Current Incentivization: How are you currently incentivizing your protocol?
- *We have not run any incentive programs for Syndr as of now. **
Have you received a grant from the DAO, Foundation, or any Arbitrum ecosystem related program?
No
Protocol Performance
Not applicable as Syndr is yet to go live.
Protocol Roadmap:
Syndr roadmap 2024:
Early Q2 2024:
- Testnet Launch
- Mainnet Deposit enabled
- Partnership with LSTs and LRT protocols
Late Q2 2024:
- Syndr beta Mainnet launch with Options, perpetual and spot markets
- Introduction to Syndr Liquidity Vault (SLP)
- [Redacted] launch
- 30+ new markets
Q3 2024:
- Mobile support
- 20+ New markets
- Introduction to Strategy vaults/DOVs
Q4 2024:
- Targeting 100+ new markets
- Additional Integrations + more vaults
Audit History & Security Vendors:
Past Audit report link from Sherlock - DocSend
Syndr uses Safe multisigs, MPC wallets and Openzeppelin’s defender for automated scanning, and upgrades as well as for performing privileged operations.
The first audit covers a portion of our codebase including dealing with all deposits, withdrawals and state. We are also on track for finalising of our 2nd auditor with an expanded scope of our contracts which will be finished timely as per our platform launch and incentive program timeline.
Syndr has engaged Astra Security for Quarterly Pentesting, Vulnerability analysis and Detection. Another Pentest is planned prior to the launch of our trading platform, with including bounties on HackerOne and Immunefi.
Security Incidents: None
SECTION 3: GRANT INFORMATION
Requested Grant Size:
$673.6k or 336.8k ARB(assuming 1 ARB = $2)
Justification for the size of the Grant:
Syndr is a layer 3 chain on top of Arbitrum One. Therefore we expect the primary points of alignment between Arbitrum Ecosystem and Syndr to be as follows -
- Arbitrum One will be the primary gateway to Syndr chain, therefore we expect Arbitrum to benefit directly in terms of assets bridged to Syndr L3 via Arbitrum One L2.
- Success of Syndr chain will boost Arbitrum Orbit as a tech stack for custom L2/L3s chains thereby will directly position Arbitrum and Offchain labs as a key infrastructure for other app-specific rollup chains.
As an app-specific Layer 3 chain, Syndr needs to attract both the demand and supply side of spot/derivatives trading. Syndr will utiize the grant from Arbitrum DAO in the following ways -
- Onboarding New users to Syndr chain
- From other ecosystems
- From centralized exchanges
- Bootstrap Liquidity and Trading Activity
- Retain onboarded users, liquidity and trading activity
We go through the above points in detail in the following sections to arrive at the size and justification of our requested grant ask-
# 1 - Onboarding new users to Syndr chain(115k ARB)
As part of our GTM, Syndr aims to enable Syndr L3 to offer industry best native yield by enabling various yield bearing assets to be deposited as collateral.
Size of Grant allocated for #1 = 115k ARB
| Goal #1 | Direct Deposit Incentivization |
|---|---|
| Target Audience | DeFi users from other ecosystems |
| KPI Target + Incentive plan | We are targeting a minimum of $10 million of TVL during the program’s 12 weeks by offering an extra 10% yield on all deposits to Syndr chain |
| ARB needed | 10m * 10% * 12 / 52 = $230k = 115k ARB |
Reasons
- To source TVL and users, Syndr competes with not just DeXs/CeXs but also with other chains offering yield on user’s bridged assets like Blast, Manta Pacific. Being competitive in yield opportunities is crucial in order to attract a lot of users as this makes a user more likely to stick around even when they’re not trading.
- This also has a precedent amongst CeXs like binance where users can earn high rewards/yields/launchpool tokens on their assets via simple staking.
- A portion of grant dedicated to offering a short term boosted yield as ARB incentives will help us be more competitive with other venues/chains/protocols vying for user assets.
Relevant Data
The following 2 tables display the kinds of farming + yield opportunities available on some of the new L2/L3 launches
| LRTs supported | LSTs supported | Yield-bearing stablecoins supported | Unique Depositors/Users | Chain + Bridge live? | TVL | Data dashboard | |
|---|---|---|---|---|---|---|---|
| Zircuit | Yes (all) | wstETH, swETH | No but supports USDe deposits | 152390 | No | $625 million | https://dune.com/optimus/zircuit-staking |
| Hyperliquid | No | No | No | 80,989 | Yes | $290 million | https://stats.hyperliquid.xyz/ |
| dYdX v4 | No | No | No | 28,288 | Yes | $153.4.7 million(only including USDC) | Mintscan |
| Mode Network | No | No | No | 119,301 | Yes | $197 million | https://dune.com/gooddata_badguy/mode-network |
| Aevo | No | No | Yes(aevo USDC) | 140,024 | Yes | $86.48 million | Metabase |
| Manta Pacific New Paradigm | No | wsETH, STONE | wUSDM(5% APY) | 93,467 | Yes | $1.3 billion | https://dune.com/hashed_official/manta-pacific |
| Blast | No | only Lido staked ETH(stETH) - (4% APR) | only sDAI (15% APR) | 181,862 | Yes | $2.8 billion | https://dune.com/hashed_official/blast |
Comparison of types of yield/points that users can earn/farm on their collateral on various chains
| Syndr L3 | Aevo | dYdX | Blast L2 | Hyperliquid | Manta Pacific | Zircuit | Mode Network | |
|---|---|---|---|---|---|---|---|---|
| Rollup Stack | Arbitrum Orbit | OP Stack | Cosmos chain | OP Stack | Custom(powered by Tendermint consensus) | OPStack or Polygon zk stack, not sure!?? | ZK stack | OP Stack |
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# 2 - Bootstrap Liquidity and Trading Activity(121.8k ARB)
This portion of grant will be used by Syndr to boost platform trading volume & liquidity on various spot, perps and option markets during the 2nd half of the program.
Looking at the competitors landscape table in section 2a above, we estimate conservatively for Syndr’s Volume/TVL ratio to fall between [1-5].
Estimated Volume/TVL ratio belongs to [1,5]
Assuming that our TVL target from #1 is hit, we correspondingly target to achieve a daily trading volume of $30 million. Further we expect the majority of this volume to initially be only from Perp markets, trailed by volume in Options markets and lastly volume in the Spot markets.
| Metric | Volume |
|---|---|
| Targeted Daily Perps Volume | $20m |
| Targeted Daily Options Volume | $8m |
| Targeted Daily Spot Volume | $2m |
| Targeted Total Volume | $30m |
Size of Grant allocated for #2 = (63k + 37.8k + 21k) = 121.8k ARB
| Perpetual markets | Option markets | Spot markets | |
|---|---|---|---|
| Targeted Daily Volume | $20,000,000 | $8,000,000 | $2,000,000 |
| Cumulative Volume over 6 weeks | $840m | $336m | $84m |
| Platform Maker +Taker fees(in bps) | (-0.5, 3) | (3, 3) | (0, 10) |
| Incentive Program | Makers to receive upto 50% of their taker fees in ARB rebates | Makers to receive upto 75% of their maker fees in ARB rebates | Takers to receive upto 50% of their maker fees in ARB rebates |
| Total Rebates in $ | $126k | $75.6k | $42k |
| Arb needed | 63k | 37.8k | 21k |
Reasons
- Liquidity Flywheels
- Incentivize fee rebate → less cost to trade → more trades → more volume and likely users
- Launch new tradable markets → attracts new users → increased trading volume → better liquidity + more markets → more users → increased trading volume
- Boosted Syndr LP Vaults → increased LP Vault TVL → better liquidity → more users → higher trading volume → more users performing bigger trades
# 3 - Retain onboarded liquidity, users & TVL (100k ARB)
Apart from directly incentivizing orderbook liquidity, Syndr aims to incentive 3 major ways to empower users to stay, earn & build long term moats.
- Trading competitions combined with Referral and Affiliate programs are the strongest customer acquisition tools for exchange platforms. We plan to incentivize these directly instead to acquire users while enabling onboarded users to generate some additional incomes in the form of referral/affiliate trading fee commissions.
- 3rd party integrations to popular tools like CCXT and Hummingbot are extremely important for improving platform access by professional users from CeXs + institutions.
- Bot building competitions are very much like hackathons but for Trading platforms. This helps us bootstrap engagement from the trader/developer community while boosting platform support for other algorithmic/professional traders. Fostering an engaged trading community can very well serve as a moat for Syndr, differentiating us from the rest of the herd.
| Frequency | Timeline | Prize Pool | ARB Needed | |
|---|---|---|---|---|
| Referral Competitions | biweekly | active during the entire program of [0-12] weeks | $10k * 6 | 30k |
| Trading Competitions | weekly | active during week 6-12 | $15k * 6 | 45k |
| Bot building competitions | 1-time | runs for 1 week starting week 8 | $6k each for 5 bot types; $6k * 5 = $30k | 15k |
| Bouties for 3rd party integrations | 1-time | runs for 15 days starting from week 5 | $10k each for ccxt + humming | 10k |
- Trading & Referral Competitions (45k ARB)
- Weekly Trading Competition (Only active during 2nd half of program)
- Targets professional users
- $15k weekly competitions for 6 weeks = $15k * 6 = $90k = 45k ARB
- Biweekly Referral Competitions
- Targets users from both CeFi & DeFi
- Measures top referrers in terms of number of users referred + TVL contributed by referred users + trading volume generated by referred users
- $10k biweekly prize pool for 12 weeks = $10k * 6 = $60k = 30k ARB
- Users will be able to view their leaderboard positions, referral invite feed publicly
- Weekly Trading Competition (Only active during 2nd half of program)
- Supervised Open-source Developer Bounties = 24k ARB. These bounties will be supplemented with additional amount of 100% of ARB incentives distributed.
- 3rd party libraries/platforms integrations($10K * 2 = $20k)
- Hummingbot connector
- CCXT
- 3rd party libraries/platforms integrations($10K * 2 = $20k)
- Trading bots builder competition($3k * 5 = $30k)
- Spot Arbitrage Bot
- Perp Funding Rate Arbitrage Bot
- Options Arbitrage Bot
- Spot/Perp Market making bots
Grant Matching:
Syndr currently doesn’t have a protocol treasury or a live token to match the proposed arbitrum grant. However, Syndr will have a points program running simultaneously alongside the distribution of the proposed Arbitrum grant funds. Users will be able to earn Syndr points by performing certain actions on our platform. All actions which earn ARB rewards will also accrue Syndr points.
Grant Breakdown:
| Grant Requested in USD | Grant Requested in ABR | % breakdown | |
|---|---|---|---|
| Onboarding Incentives | $230k | 115k | 34.14% |
| Trading Volume + Liquidity Incentives | $243.6k | 121.8k | 36.16% |
| User retention, Referrals , Integrations + Developer incentives | $200k | 100k | 30% |
| Total | 673.6k | 336.8k | 100% |
Funding Address: 0x23721a6Df9F4589a204A89b4E36851458581002F
Funding Address Characteristics: 3/5
Treasury Address: N.A.
Contract Address: N.A.
SECTION 4: GRANT OBJECTIVES, EXECUTION AND MILESTONES
Objectives:
- Onboarding New users to Syndr chain: User acquisition & TVL Growth
- From other ecosystems
- From centralized exchanges
- Bootstrap Liquidity and Trading Activity
- Hit certain milestones based on trading-activity
- Number of tradeable instruments
- Trading Volume
- OI
- Retail powered liquidity
- Hit certain milestones based on trading-activity
- Retain onboarded users, liquidity and trading activity
Execution Strategy:
Syndr will the split the 12 week incentive program in two halves of 6 weeks each. First half of the program is reserved for only onboarding users to the Syndr L3 chain. This is part of our GTM and will allow us to focus purely on boostly on platform/chain TVL, and partner with various different yield bearing asset protocols to enable native collateral yields on Syndr chain.
Rewards earned will be distributed periodically amongst users either weekly or biweekly.
Users on Syndr will be able to earn Syndr Points + ARB incentives by doing the following actions:
- Depositing assets on Syndr orbit L3 chain
- Referring users
- Performing Trades on Syndr
- Providing liquidity on various order book markets
- Depositing assets in the following Syndr Vaults: (i) Syndr Liquidity Vault (SLP) (ii) Basis trading vaults
- Creating & inviting users to their own trading vault
- Performing transfers/payments
- Becoming an affiliate
- Participating in Syndr Developer/trader bounties and/or bot building competitions
What mechanisms within the incentive design will you implement to incentivize “stickiness” whether it be users, liquidity or some other targeted metric?
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Native yield support - Users will be able to deposit various kinds of yield bearing assets like LSTs, LRTS, RWA backed/other yield bearing stablecoins on Syndr. This prevent users from leaving even if they’re not actively trading leading to more sticky TVL/Liquidity
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Extended Syndr points program
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Dynamic Referral/Affiliate Programs - Syndr’s referral/affiliate programs + VIP or market making tiers are all dynamically calculated onchain based on epochs. So users need to keep active in order to maintain thier referral/VIP/MM tier levels every epoch. We expect these flywheels to kick in to achieve a critical mass of sticky users
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We will privately negotiate long term arrangements with top earning referrers/affiliates/traders
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Bootstrap an engaged community of traders via frequent community check-ins, twitter spaces, and user-generated content.
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Syndr Vaults - GLP/GM-Pools on GMX on Arbitrum have essentially laid a path for sourcing retail liquidity for trading without being purely dependent on institutional order-book market makers.
Users on Syndr can create modular vault accounts which can essentially run any trading strategies. These strategies can be enforced via both on-chain contract logic and/or an off-chain participating actor with certain transparent risk limits attached to each vault.
For example, the following vaults can be easily implemented using Syndr’s modular vault mechanics
- RFQ/Block trading for institutional/retail clients (Paradigm)
- LP Pools for various spot/perp/option/future markets like GLP, GM Pools or HLP(Hyperliquid)
- DOVs - DeFi option vaults
- Basis Trading vaults(think delta-neutral strategies like Ethena finance, UXD)
- Copy trading vaults (Bitget, Bybit, etc)
- Vaults with offchain settlements like Ethena
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 track the success of grant objectives, we’ll be creating public dashboards to track the following major metrics -
- Onboarding rewards success KPI
- Chain TVL growth per dollar of ARB spent
- Daily/weekly active users acquired per dollar of deposit ARB incentive spent
- CeX users onboarded
- Trading activity + Liquidity rewards success KPI
- Total Daily/Weekly maker + taker trading volumes growth per dollar of ARB spent
- Daily/Weekly maker + taker Trading volumes by instrument per dollar of ARB spent
- Volume generated by onboarded CeX users
- New Affiliates onboarded
- Number of referred users, volume, & TVL per dollar of ARB spent on referral rewards
- Github PR links, READMEs, as well as individual repository links for all open-source integrations + trading bots will be collected and added to Syndr docs
- Syndr Vaults rewards success KPI
- TVL growth of various vaults per dollar of ARB spent
Grant Timeline and Milestones:
Syndr will split the 12 week timeline in two period of 6 weeks. For the 1st six weeks, only deposits/withdrawals will be enabled. During the last 6 weeks, Syndr will enable trading across all 3 types of markets - perps, options and spot.
| Timeline | KPIs Tracked | Product Status | KPI Targets |
|---|---|---|---|
| Week 0-6 | TVL, Chain Inflows & Outflows, # of DAU/WAU, referred users, #TVL contributed by referred users | Deposits enabled,Withdrawals enabled after 1 week i.e. week 2 | 10M TVL |
| Week 6-12 | TVL, Chain Inflows & Outflows, # of DAU/WAU, referred users, #TVL contributed by referred users, Trading Activity(OI, Volume & Liquidity),# of tradable markets, Referral volumes, Affiliates onboarded, Users stats grouped into tiers | Deposits, Withdraws & Trading enabled | 30 million daily trading volume |
How will receiving a grant enable you to foster growth or innovation within the Arbitrum ecosystem?
Receiving a grant would enable us to exceed our GTM metrics as we would be able to onboard a bigger and more engaged group of users in a comparatively shorter time, thereby leading us to achieve higher trading activity on our platform. This will also lead to a growth of Arbitrum TVL as bridged assets to Syndr L3 will remain locked on Arbitrum One.
Also, currently, there are no dominant players in the options segment within the Arbitrum ecosystem. Our goal is to become a leading force, not just in options, but also in Orbit Layer 3s and the broader Arbitrum ecosystem, leveraging Syndr’s unique value proposition that we bring to traders. By spearheading derivatives volume and activity, and fuelled by LTIPP incentives, we aim to capture market share from our closest competitors in the centralized world and other ecosystems.
Looking at the options trading data for last month we can find out Aevo as top player in DeFi and Deribit leading the charge in centralized world.
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 . 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
Does your team agree to provide bi-weekly program updates on the Arbitrum Forum thread that reference your OBL dashboard?
Yes, we have capabilities to track and provide bi-weekly updates about both on-chain and off-chain actions, reward distribution and analytics involved.
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
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