SECTION 1: APPLICANT INFORMATION
Applicant Name:
Kevin Beardsley (COO)
Project Name:
XDEFI Wallet (XDEFI Technologies Ltd.)
Project Description:
(1) XDEFI Summary
XDEFI pioneered the multi-ecosystem wallet in 2021.
-
Today, XDEFI has 11% share of the multi-ecosystem extension market, trailing only Coinbase Wallet and Trust Wallet.
-
XDEFI has a passionate community of 200,000+ weekly active users, and a 5 star rating in the Google Chrome store after 370+ reviews (as of 9 October 2023)
-
XDEFI supports 34 blockchains natively, and will be adding Custom RPC in the coming weeks.
(2) XDEFI’s Commitment to Arbitrum
XDEFI’s commitment to growing the Arbitrum ecosystem already spans more than 18 months, when we first began working on the Arbitrum chain integration (back in April 2022).
-
XDEFI displays all assets and NFTs in Arbitrum.
-
In order to raise awareness of Arbitrum and Arbitrum NFTs, XDEFI used its own treasury to purchase two Smol Brains and give them away to users.
-
XDEFI allows users to swap tokens on Arbitrum in-wallet thanks to integrations with:
- 1inch;
- Open Ocean;
- Paraswap; and
- 0x Network.
-
XDEFI users can safely and quickly bridge into Arbitrum natively in XDEFI Wallet via:
- Circle CCTP (USDC Bridge); and
- Socket Bridge native integration.
-
XDEFI users have bridged $74.9M in USDC into Arbitrum (October 17, 2023 - December 3, 2023)
-
XDEFI received a 75,000 $ARB grant in April 2023.
- XDEFI immediately made a public statement saying that 100% of the funds would be redistributed to the community.
- With the blessing of the Arbitrum Foundation, we made $ARB the centerpiece of our Referral Program
-
XDEFI runs an Arbitrum node and has built an Arbitrum indexer in-house.
(3) Executive Summary of Proposal
In the current market environment, the most important aspect to growing Arbitrum chain and protocol usage is to have existing crypto users bridge assets into Arbitrum and have a simple and safe way to explore the ecosystem.
This proposal builds on XDEFI’s long term commitment to further the growth of the Arbitrum community, with THREE independent campaigns to target three parts of growing the Arbitrum community and TVL. Each campaign is detailed in the following sections:
-
Arbitrum Adventure: Drive new users to try Arbitrum protocols via a large-scale and sybil attack resistant campaign that rewards users for interacting with different Arbitrum protocols.
-
Bridge Bonus: Grow Arbitrum’s share of crypto TVL by rewarding users that bridge funds to Arbitrum from other ecosystems such as BTC and Solana.
-
Gas Holiday: Encourage users to try more Arbitrum applications by subsidizing their gas fees.
Just as with the previous $ARB airdrop that we received, we commit that 100% of funds received will be given back to the community.
Team Members and Qualifications:
The XDEFI team is available on our website: Team - XDEFI Technologies
Our Executive Team is public:
-
CEO & Co-Founder: Emile Dubié
-
CTO & Co-Founder: David Phan
-
COO: Kevin Beardsley
Project Links:
- Website: https://xdefi.io/
- XDEFI Google Chrome Store: https://chrome.google.com/webstore/detail/xdefi-wallet/hmeobnfnfcmdkdcmlblgagmfpfboieaf?hl=en
- XDEFI WebApp: https://app.xdefi.io/
- Twitter: https://twitter.com/xdefi_wallet
- Discord: XDEFI
Full Linktree: XDEFI Wallet | Twitter | Linktree
Contact Information
- TG: Kevin (COO) @xdefi_kevin
- Twitter: @xdefi_wallet
- Email: kb@xdefi.io
Do You Acknowledge That Your Team Will Be Subject to a KYC Requirement?:
YES
SECTION 2: GRANT INFORMATION
Requested Grant Size: 900,000 $ARB.
Grant Matching: Up to $25,000 worth of $XDEFI tokens and promotional spending.
We believe that the primary way Arbitrum must grow in the current market environment is by attracting users to migrate assets from other ecosystems.
- XDEFI offers in-wallet bridging to Arbitrum from 29 blockchains.
- XDEFI is the fastest and safest way for users to bridge assets like BTC, ATOM, and 10,000 more into Arbitrum.
XDEFI proposes that we run three independent campaigns to target three parts of growing the Arbitrum community and TVL. Each campaign is detailed below:
-
Arbitrum Adventure: Drive new users to try Arbitrum protocols via a large-scale and sybil attack resistant campaign that rewards users for interacting with different Arbitrum protocols.
-
Bridge Bonus: Grow Arbitrum’s share of crypto TVL by rewarding users that bridge funds to Arbitrum from other ecosystems such as BTC and Solana.
-
Gas Holiday: Encourage users to try more Arbitrum applications by subsidizing their gas fees.
Campaign 1: Arbitrum Adventure:
Drive new users to try Arbitrum protocols via a large-scale and sybil attack resistant campaign that rewards users for interacting with different Arbitrum protocols.
Proof of concept:
- We recently ran a Galxe campaign with 4 Cosmos projects that rewarded users for bridging into Cosmos and interacting with Cosmos protocols.
14,000+ users participated in this campaign.
On Arbitrum, we will go even bigger with a larger and longer campaign across Layer3.
- Based on past experience, we anticipate that tens of thousands of users will try Arbitrum ecosystem projects.
- We will work with individual projects to define on chain ‘tasks’ that a user must complete (e.g. complete a swap on Trader Joe).
- Using the sybil-attack resistant “Campaign mode” in XDEFI Wallet, projects can send XDEFI a list of qualifying addresses and the users can verify on Galxe.
- The Arbitrum community will select the top protocols to feature, and we will use the $ARB grant as prize money for users.
Prize format: 200,000 in $ARB
- 100,000 $ARB in grand prizes for the users that complete the most tasks across all participating projects.
- 100,000 $ARB in prizes for completing specific tasks with individual projects.
- We plan to include 10-20 projects, with 2-3 tasks to be determined together with the projects.
- Projects can be voted on by the Arbitrum community. A great result is to include a balanced mix of well known protocols and also new applications.
- We plan to include “easter eggs” throughout. For example the next 100 people to complete a randomly selected task on a given day will each receive 100 $ARB.
- You can view the proof of concept Cosmos campaign we recently ran here.
- Please note: We will dramatically scale this campaign up for Arbitrum.
- We will promote the campaign on the front page of Galxe and Layer3, as well as via KOLs.
Our initial draft list of protocols to highlight includes the following (in no particular order):
- Silo Finance
- Trader Joe
- WOOFi
- KyberSwap
- DeFiEdge
- Socket
- Prime Protocol
- Hyperliquid
- Vertex Protocol
- Gains Network
- Balancer
- GMD
- [Others to be added by the community]
Campaign 2: Bridge Bonus
Grow Arbitrum’s share of TVL by rewarding users that bridge funds to Arbitrum from other ecosystems such as BTC and Solana.
Proof of Concept:
- In April 2023 XDEFI received a 75,000 $ARB airdrop.
- We allocated 45,000 $ARB to incentivize users to bridge USDC via the CCTP.
- 3,000+ unique addresses bridged c.$150M via Circle CCTP
- XDEFI users have bridged $74.9M in USDC into Arbitrum (October 17, 2023 - December 3, 2023)
- This is an image of the leaderboard we built for the campaign:
For this proposal we will go even bigger and drive engagement with more users.
- We will encourage users to bring funds into Arbitrum from all ecosystems, including BTC, SOL, and Cosmos.
- Users will earn points based on the amount of funds they bridge into Arbitrum.
- Users will receive points multipliers based on where they bridge from.
- For example: Bridging from Cosmos to Arbitrum could earn 3x as many points as bridging from ETH.
- We believe the key to growing the Arbitrum ecosystem in this stage of the market is to encourage users to migrate existing funds into Arbitrum, and this campaign is specifically designed to incentivize migrating assets from other blockchains into Arbitrum.
- We will promote the campaign on the front page of Galxe and Layer3, as well as via KOLs.
Bridges and DEX that we plan to highlight include:
- Circle CCTP (USDC)
- Socket
- Squid Router
- 1inch
- Paraswap
- Open Ocean
- 0x
- Osmosis
Prize format: 200,000 in $ARB
- 100,000 $ARB in grand prizes for the users that bridge the greatest overall volume into Arbitrum.
- 100,000 $ARB in prizes for users that earn the most points by completing specific tasks such as bridging from BTC or Cosmos into Arbitrum.
Campaign 3: Gas Holiday
Encourage users to try more Arbitrum applications by subsidizing their gas fees.
XDEFI’s flagship feature release for Q4 2023 will be a ‘Gas Tank’ that can pay gas for the user on all supported chains.
- XDEFI would add special functionality such that all XDEFI users get an automatic 2 $ARB worth of free gas which can only be used on Arbitrum.
- All users would be able to bridge into Arbitrum and try Arbitrum for free.
- Users cannot withdraw funds from the Gas Tank, so we can guarantee that 100% of the funds are spent on Arbitrum gas.
- This program will be a game changer because for the first time ever it removes all friction for users to try Arbitrum and to bridge funds into Arbitrum.
- Users cannot withdraw the funds, ensuring that 100% of funds are used as Arbitrum gas.
Prize format: up to 500,000 in $ARB
- The first 250,000 users can each claim 2 $ARB worth of free Arbitrum gas.
- To claim, the users must activate XDEFI Wallet’s sybil-attack resistant ‘Campaign Mode’. This helps ensure each user only claims one time.
- We will time-limit the $ARB gas.
- For example, users will have 60 days to spend the $2 in $ARB.
- At the end of the campaign, all unspent $ARB will be returned to the Arbitrum DAO.
Funding Address:
0x6ebC49c6bda9BAF75E631e83eF8A91Fa256F7a51
2 of 4 multisig on Gnosis Safe with keys stored on geographically remote hardware wallets.
Contract Address:
N/A
SECTION 3: GRANT OBJECTIVES AND EXECUTION
Our primary objectives, as discussed in Section 2 are to grow the TVL and number of Arbitrum users via three campaigns:
-
Arbitrum Adventure: Drive new users to try Arbitrum protocols via a large-scale and sybil attack resistant campaign that rewards users for interacting with different Arbitrum protocols.
-
Bridge Bonus: Grow Arbitrum’s share of crypto TVL by rewarding users that bridge funds to Arbitrum from other ecosystems such as BTC and Solana.
-
Gas Holiday: Encourage users to try more Arbitrum applications by subsidizing their gas fees.
Key Performance Indicators (KPIs):
-
Arbitrum Adventure: Drive new users to try Arbitrum protocols via a large-scale and sybil attack resistant campaign that rewards users for interacting with different Arbitrum protocols.
- Our KPI is the number of unique users that try Arbitrum protocols.
- Based on our proof of concept Cosmos Odyssey campaign, we anticipate at least 14,000 users will participate in the campaign.
- Our target metric is a number closer to Zetachain or Linea’s recent Galxe campaigns, with 200,000+ users participating.
-
Bridge Bonus: Grow Arbitrum’s share of crypto TVL by rewarding users that bridge funds to Arbitrum from other ecosystems such as BTC and Solana.
- Our KPIs are (1) total amount of funds bridged into Arbitrum and (2) number of unique users that bridge funds into Arbitrum.
-
Gas Holiday: Our KPI is the number of unique users that try Arbitrum for the first time.
How will receiving a grant enable you to foster growth or innovation within the Arbitrum ecosystem?
- XDEFI will drive users to try new and emerging Arbitrum projects via the Arbitrum Adventure.
- XDEFI will drive users to bridge funds into Arbitrum and grow Arbitrum TVL via the Bridge Bonus.
- XDEFI will remove barriers to entry for users by subsidizing 2 $ARB worth of gas in Arbitrum for up to 250,000 unique users.
Justification for the size of the grant:
In our experience, overall program participation is far greater and the community is more engaged when the prize pool is larger.
- The relationship between prize pool and participation is not linear. A larger prize will have an outsized impact on participation.
- In order to truly drive a material number of users to Arbitrum projects, we need to offer exciting prizes.
- Please note: 100% of funds will be given to users and any unspent gas funds will be returned to the Arbitrum DAO at the end of the campaign.
Execution Strategy:
- We have outlined the programs above.
- For more specific details (e.g. point multipliers for BTC v.s. Cosmos bridging) we will open up individual threads and allow users to participate in program structure.
Grant timeline:
- We plan to launch the campaigns beginning in December 2023.
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?
- We are comfortable with the multsig sending funds only after successful completion of a campaign. However given the nature of the campaigns we need the funds to be sent in a lump sum so that we can distribute it to users quickly.
SECTION 4: PROTOCOL DETAILS
Is the Protocol Native to Arbitrum?:
Yes. Arbitrum is already natively integrated in XDEFI Wallet. All Arbitrum assets and NFTs are automatically available for XDEFI’s 200,000+ weekly active users around the world.
XDEFI’s commitment to growing the Arbitrum ecosystem already spans more than 18 months, when we first began working on the Arbitrum chain integration (back in April 2022).
- XDEFI announced native support for Arbitrum on June 9, 2022
- XDEFI displays all assets and NFTs in Arbitrum.
- In order to raise awareness of Arbitrum and Arbitrum NFTs, XDEFI used its own treasury to purchase two Smol Brains and give them away to users.
- XDEFI allows users to swap tokens on Arbitrum in-wallet thanks to integrations with:
- 1inch;
- Open Ocean;
- Paraswap; and
- 0x Network.
- XDEFI users can safely and quickly bridge into Arbitrum natively in XDEFI wallet via:
- Circle CCTP (USDC Bridge); and
- Socket Bridge native integration.
- XDEFI runs an Arbitrum node and has built a cutting edge Arbitrum indexer in-house.
On what other networks is the protocol deployed?:
XDEFI Wallet offers native support for 34 blockchains.
- In the coming weeks we will launch support for custom RPC on EVM and Cosmos chains, which will add support for an additional 180+ chains.
What date did you deploy on Arbitrum?
June 9, 2022
Protocol Performance:
As of 9 October 2023, XDEFI Wallet has 200,000+ Weekly Active Users.
- XDEFI users have bridged $74.9M in USDC into Arbitrum (October 17, 2023 - December 3, 2023)
XDEFI Wallet also proudly boasts 80% growth over the trailing 12 months.
Protocol Roadmap:
XDEFI is one of the largest Chrome extension wallets. Our near term roadmap includes:
KYC Requirement:
The applicant has already responded to and complied with the Arbitrum Foundation’s security questions and measures (back in April 2023 prior to receiving the airdrop). The applicant is willing to provide further KYC information that may be required here.
Audit History:
SECTION 5: Data and Reporting
All data will be reported publicly on:
-
Galxe or Layer3
-
XDEFI custom-built Dashboards such as this one (real screenshot)
-
All winning addresses will be acknowledged publicly.
Does your team agree to provide bi-weekly program updates on the Arbitrum Forum thread?
Yes of course. All of the data will be made public in real time or at most within a 24 hour delay.
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.
