[Umoja Protocol] LTIPP Application Draft

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:

Robby Greenfield

Project Name:

Umoja Protocol

Project Description:

Umoja, a DeFi protocol, facilitates tokenized asset management, ushering in a new era of finance with self-sustaining, bank-independent money. It provides “Synths,” tokenized, low-risk strategies for managing digital assets that automate financial strategies & can be composed into customizable financial products such as high-yield synthetic stablecoins and synthetic crypto options.

Team Members and Roles: [List team members and their roles/responsibilities]

  • Robby Greenfield - Founder & CEO
  • Colan Walsh - Head of Derivatives Trading
  • Qijiong Jiang - Head of Technology
  • Karima Williams - Head of Growth
  • Enmanuel Reynoso - Senior SWE (backend)
  • Victor Akerele - Senior SWE (frontend)
  • Julian Cislo - Senior SWE (blockchain & full-stack)
  • Vivek Rai - Product Manager
  • Maria Elena - BD
  • Aurelio Mofuga - BD

Project Links: [Enter Any Relevant Project Links (website, demo, github, twitter, etc.)]

* Website
* Twitter
* White Paper
* Demo (Synth Put Options)

Contact Information

Point of Contact (note: this should be an individual’s name, not the name of the protocol): Robby Greenfield, robtg4

Point of Contact’s TG handle: robtg4

Twitter: robtg4

Email: robby@umoja.xyz

Do you acknowledge that your team will be subject to a KYC requirement?:

Yes

SECTION 2a: Team and Product Information

Umoja Labs is comprised of alumni from Goldman Sachs, ConsenSys, RBS, Credit Suisse, Santander Bank, Valora, and Celo. We have deep TradFi and Web3 experience, and our founder, Robby Greenfield, has been in crypto since 2011 and was the Fmr. Head of Social Impact at ConsenSys. Robby has deployed over a dozen blockchain products and initiatives, integrating incentive programs on & off-chain to spur project growth. Greenfield and Umoja Head of Technology, Qijiong Jiang, also have adept tokenomic design experience, having authored several protocol white papers in their respective careers.

Umoja is currently in its Beta v1 phase, live on the Arbitrum mainnet. This version introduces Umoja’s inaugural Synth, synthetic put options based on perpetual futures trading, allowing users to hedge against losses in ETH, BTC, and AVAX more easily, affordably, and flexibly compared to traditional DeFi crypto put options, with enhanced liquidity.

Arbitrum incentives are set to boost transaction volumes for Umoja’s Synths, thereby increasing the protocol’s and the network’s assets under management (AUM/TVL). Beta v1 incentives aim to encourage Arbitrum users to explore the crypto derivatives market for financial protection in novel ways. Over time, as Umoja integrates with Arbitrum’s native derivative DEXs, such as GMX and Vela Exchange, it will drive capital inflows across the network. This expansion will elevate the network’s user lifetime value (LTV) by generating more fees from each dollar spent and offering Alpha products, enhancing the overall network value.

Simply put, Arbitrum incentives will exponentially accelerate retail adoption of the network’s existing derivative DEX infrastructure in the long-term, making them more viable candidates in contrast to CEX derivative markets.

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]):

Robby, Umoja’s Founder, Karima, the Head of Growth, and Maria Elena, the BD Lead, have extensive experience with Web3 grant programs. Robby co-founded the Ethereum Foundation’s Devcon Scholars Program, one of the largest Web3 scholars programs globally. Karima coordinated grant campaigns at Celo, providing insights on responsible grant disbursement and key metrics tracking from a network’s viewpoint.

What novelty or innovation does your product bring to Arbitrum?
Umoja is revolutionizing wealth creation by simplifying complex asset management strategies into automated, self-sustaining assets, making wealth creation tools accessible for the first time in history.

Is your project composable with other projects on Arbitrum? If so, please explain:
Umoja will be integrating into GMX and Vela Exchange to facilitate its underlying trading in derivative markets. We will likely integrate into Aave and Uniswap as well to automate token swaps and levered positions in creative ways.

Do you have any comparable protocols within the Arbitrum ecosystem or other blockchains?
No. The closest, indirect comparble protocols are Bumper.Fi, Yearn Finance, and dHedge. Asset management protocols, such as Yearn Finance & dHedge, serve different roles within the DeFi ecosystem, but neither alone are the solution for democratizing wealth creation & automating DeFi / asset management. Both function to give strategy specific, limited liquidity exposure to only yield- focused strategies for an extremely limited set of assets.

What’s missing is:

  • Composability. The ability to be easily composed into new assets.

  • Liquidity. Underlying liquidity to opt-out or in at any time.

  • Breadth. The ability to support many token markets in parallel.

  • Market Volatility Resistance. The ability to minimize inherent risks native to traditional financial instruments, the market, and the strategy itself.

Created using Umoja’s Synths, Smart Money streamlines wealth management by distilling intricate trading strategies into components that can be combined with different assets, like BTC and ETH. Simply by acquiring a token, users gain access to advanced financial strategies, leveling the playing field with the wealthy. These tokens could transform the accessibility of wealth-building tools, offering unparalleled opportunities for financial growth.

How do you measure and think about retention internally? (metrics, target KPIs)
Umoja establishes retention by simplifying asset management for meaningful retail participation. Our retention metrics are the following:

  • Daily dApp Visits (Top of Funnel)
  • Number of Wallet Connections (Mid-Funnel)
  • Number of Synths

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:

Our KPI metrics are the following:

  • Daily Active Users - Protocol users in a single day
  • Total Notional Exposure - Total notional exposure across all Synth users
  • Daily Transaction Count - Total number of active users

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.
Umoja is a protocol native to Arbitrum and currently is on main-net.

Is the protocol native to Arbitrum?:

Yes

On what other networks is the protocol deployed?

Ethereum

What date did you deploy on Arbitrum mainnet?: [Date + transaction ID. If not yet live on mainnet, explain why.]

We are already deployed on main-net here: https://hedge.umoja.xyz/

Do you have a native token?

Yes, but it will only be available in protocol V1 and is forecasted for delivery by end of Q2 FY24. You may learn more about the “UMJA” token in our White Paper here.

Past Incentivization: What liquidity mining/incentive programs, if any, have you previously run? Please share results and dashboards, as applicable?

We currently have a points system for all users leveraging Beta v1. You may find the leaderboard here: Umoja Hedge

Current Incentivization: How are you currently incentivizing your protocol?

We are currently incentivizing protocol use with airdrop eligibility.

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)]

No.

Protocol Performance: [Detail the past performance of the protocol and relevance, including any key metrics or achievements, dashboards, etc.]

Since its Beta v1 launch on February 15th, 2024, Umoja has facilitated nearly $1M in notional exposure via its Synth Put Options, aiding Arbitrum users in safeguarding nearly $1M in cryptocurrency assets. In early March, Beta v2 will debut Synth Call Options, enhancing our offering to deliver the world’s most user-friendly, cost-effective, and adaptable crypto options exposure.

Protocol Roadmap: [Describe relevant roadmap details for your protocol or relevant products to your grant application. Include tangible milestones over the next 12 months.]

The 12-month roadmap for Umoja is the following:

1. Q1 FY24 - Beta v1: Umoja introduces Synth Put Options (synthetic put options)
2. Q1 FY24 - Beta v2: Umoja introduces Synth Call Options (synthetic call options)
3. Q2 FY24 - Beta v3: Umoja introduces high-yield synthetic stablecoin built atop protocol (structured notes) & introduces its API.
4. Q2 FY24 - V1+: Umoja enhances its decentralized framework by introducing Insurance Pool staking to safeguard against Black Swan Events, Governance Pool staking to influence tokenomics, and the Investment Pool to create passive income for the protocol.

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.]

Our first audit was facilitated by Quantstamp in Q3 FY24 before our initial launch. We do not yet have a bug bounty program, but are looking to implement one closer to V1 launch in late Q2 FY24. You may find the initial audit report, here. Since the report, the protocol has updated is focus toward automated asset management, rather than credit. We will have another report for Beta v2, Beta v3, and V1.

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]

No, it has not.

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.

Umoja is requesting a 150,000 ARB grant to accomplish the achieve the following milestones:

  1. Reach $50M in protocol notional exposure on the arbitrum network by offering ARB incentives
  2. Integrate into Arbitrum-native protocols to expand Synth (i.e., strategy) execution across GMX and Vela Exchange

The incentive program will be paired with our protocol airdrop eligibility program, incentivizing retail users to (1) protect themselves from market downturns, and (2) help automate their crypto investment strategy through utilizing existing derivatives markets.

Requested Grant Size: 150,000 ARB

Justification for the size of the grant : [Enter explanation. More details are better, including how you arrived at the required funding for individual categories of expenses covered by your grant plan]

Please find here.

Grant Matching: 50M UMJA (pre-committed)

Grant Breakdown:

Please find here.

Funding Address:

Please find here.

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.

Please find here.

Treasury Address:

Please find here.

Contract Address:

Please find here.

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:

Please find here.

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.]

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]

Please find here.

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.]

Please find here.

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.]

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]

Please find here.

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

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? [Please describe your strategy and capabilities for data/reporting]

Yes

*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?: [Y/N]

Yes

Hello @robtg4

Thank you for your application! We can confirm your application has been submitted and you will be assigned an advisor shortly.

1 Like

Hello @robtg4 ,

Thank you for your application! Your advisor will be @JoJo.

Please join the LTIPP discord and ping your advisor in the general chat so they can create a new channel and start communicating with you.

Hey so I cannot reply to anything in the discord for some reason post-verification. my discord username is .blackcrypto

Hello, i have been pinging in discord for quite a few days, and also tried to contact on telegram, if you could engage in discord it would be much appreciated!