{"signature": "0x7044608f7c9de7001d14fa79e43cf25102132f6e09a132ba4f357e2e2e15393e19c0ca533c785839a4dafb9fa6f117b66e536c0a4435ae489f596700467f54ec1c", "application": {"round": "0x23b136ed9b30323b9c6ece32f60e11acb5480010", "answers": [{"type": "email", "hidden": true, "question": "Email Address", "questionId": 0, "encryptedAnswer": {"ciphertext": "zEw/jqdf3VAAMOjELvS0MdpXU7UyDQ4VErpHIl6Kqtzstj256jRsp2ors70h72me", "encryptedSymmetricKey": "acebb107aef0ba934e0d91622f88c1b0407531030ee6431f9d9b73ec1a63ed5f4d32264ca005415d903e77bb3b2954191c872f35c70bacef9ab048fe5e07b1d7b13a95e2936693d6ada03c330ef4e47c513e9eb77bccd1b9fccc74cb4f60688bc86e12fe92cc378eb02f6a6e39c7f4e050c431dbc95f6141718cb2c64e6d8d8700000000000000207b14d0f450aa2961cfecbe3a80cf5abf8f0a101412209c852722ef5e021a795712b5c3d662985d8601a4a475f82425a5"}}, {"type": "paragraph", "answer": "DeltaPrime is a DeFi margin protocol on Arbitrum and Avalanche. Users can borrow up to 5x their collateral from lenders, simply by connecting their wallet and depositing any supported (LP-) asset. Through this, lenders utilize a bigger part of their capital, borrowers can borrow more and partnerprojects see increased TVL and volume in their project. For GMX this has meant over $320mm in GLP mint/redeems on DeltaPrime so far.", "hidden": false, "question": "Application detail", "questionId": 1}, {"type": "number", "answer": "100000", "hidden": true, "question": "Amount requested", "questionId": 2}, {"type": "dropdown", "answer": "ARB", "hidden": true, "question": "Payout token", "questionId": 3}, {"type": "paragraph", "answer": "Grant Timeline and Milestones:\n\nMilestone -- Date -- Milestone --\tPenalty for not reaching the milestone -- ARB received per Milestone\n0 -- November 27 -- Launch GM pools -- None -- 25k ARB\n1 -- December 4 -- Start emissions\t--None -- 0 ARB\n2 --December 6 -- GLP \u2192 GM ZAP live -- None. -- 5k ARB\n3 -- Three weeks after start emissions (December 25) -- $3mm in GM deposits -- 50% cut in incentives, milestone remains for next date if not reached -- 30k ARB (15k if not reached)\n4 -- Six weeks after start emissions (January 15) --\t$6mm in GM deposits -- 50% cut in incentives, milestone remains for next date if not reached -- 30k ARB (15k if not reached)\n5 -- Nine weeks after start emissions (February 5)\t-- $9mm in GM deposits\t-- 50% cut in incentives, milestone remains for next date if not reached -- 10k ARB (5k if not reached)\n6 -- Ten weeks after start emissions (February 12)\t-- $10mm in GM deposits; end of incentive program\t-- None. -- 0 ARB", "hidden": false, "question": "Milestones", "questionId": 4}, {"type": "paragraph", "answer": "Piotr Duda: CEO:\n\n6 years of frontend experience in web2 & web3 development\nPreviously led industrial projects with over 1.5M$ cumulative budget\n2 years founding core member @ DeltaPrime\n\n\nGavin Hasselbaink: CBDO\n\n10 years of experience in effective communication\nTA trading experience in stocks; FX; Crypto.\n2 years founding core member @ DeltaPrime\n\n\nKamil Muca: CTO\n\n7 years of experience in web2 & web3 development\nled 20-headed IT team in financial project for HSBC\n2 years founding core member @ DeltaPrime", "hidden": false, "question": "Team Members and Qualifications: [List team members and their qualifications, roles, and responsibilities]", "questionId": 5}, {"type": "number", "answer": "11", "hidden": false, "question": "Team Size", "questionId": 6}, {"type": "short-answer", "answer": "No", "hidden": true, "question": "Grant Matching:", "questionId": 7}, {"type": "paragraph", "answer": "100% of the grant will be used for incentivizing the upcoming GM pools on DeltaPrime. Moreover, this will only be used for any additional value brought to the GM pools.", "hidden": true, "question": "Grant Breakdown", "questionId": 8}, {"type": "short-answer", "answer": "Gnosissafe 2/3 multisig on Arbitrum with cold wallets securely stored by each founding core member.", "hidden": true, "question": "Funding Address Characteristics: [Enter details on the status of the address; eligible address must be an MPC wallet\u00a0or 2/3 multisig with private keys securely stored]", "questionId": 9}, {"type": "short-answer", "answer": "0xb06735de50756a11532e0fefce9ce5aa11abf347", "hidden": true, "question": "Distribution Contract Address: [Enter any specific address that will be used to disburse funds for grant recipients]", "questionId": 10}, {"type": "short-answer", "answer": "N/A", "hidden": true, "question": "Incentivised Contract Addresses: [Enter any specific contract addresses that will be incentivised in your program (Pool addresses, contracts, etc.)]", "questionId": 11}, {"type": "paragraph", "answer": "This integration focuses on the improvement of the GMX V2 platform for its users. The primary aims of this grant are to 1) add an additional 10 million dollars to the main GM pools integrated on DeltaPrime, 2) incentivize users to migrate their GLP to GM positions 3) Increase the utilization ratio of DeltaPrime\u2019s lending pools, in order to improve cashflow throughout the Arbitrum ecosystem as a whole.", "hidden": true, "question": "Objectives: [Clearly state the primary objectives of the grant and what you intend to achieve]", "questionId": 12}, {"type": "paragraph", "answer": "TVL in GM vaults\nDeltaPrime\u2019s mission is to add value to partnerprotocols with otherwise idle funds. Through the use of trustless undercollateralization, we\u2019re able to deepen pools of our partners, making the chain as a whole more efficient. Therefore the primary end result is the increase of GM\u2019s liquidity pools.\n\nGLP / GM TVL\nAlthough DeltaPrime has recently launched on Arbitrum, it has amassed a total GLP value of $870,229. Every asset, including GM competes with the alternatives on the platform, like GLP. So far GLP has been wildly successful on DeltaPrime\u2019s Avalanche version, resulting in DeltaPrime contributing to 35% - 40% of GLP\u2019s growth on Avalanche during its prime time (DeltaPrime and GMX on Avalanche | elvis | Flipside 1).\n\nGLP contributors already believe in the success of GMX, which means they are likely to be the first to move their GLP positions into GM. Given that this grant intends to incentivize just that, we will track the TVL of GLP divided by the TVL of GM as a measure of success. The closer this number comes to 0, the more successful the incentive program.\n\nSavings Utilization ratios\nLastly, DeltaPrime\u2019s ability to lend undercollateralized and trustless, allows it to reach arbitrarily high utilization ratios. While a buffer is in place to prevent credit crunches, a high utilization ratio means that a larger part of the supplied capital is being reinvested into the Arbitrum DeFi ecosystem. By achieving high utilization ratios, we not only directly benefit the GM pools, but the ecosystem as a whole as well, since less capital is needed for the same GM allocation (capital that can be used on either GMX, or any other platforms in the ecosystem). While supplied capital will increase simultaneously, we believe that this incentive program can, and should, measure its success partially by the utilization ratios it achieves.", "hidden": true, "question": "Key Performance Indicators (KPIs): [Specify the KPIs, including but not limited to total value locked, transaction volume, and number of users that will be used to measure success in achieving the grant objectives]", "questionId": 13}, {"type": "paragraph", "answer": "DeltaPrime will foster growth within the GMX ecosystem in three ways with this grant:\n\nGM Liquidity\nDeltaPrime finished integrating its first GM pools on November 27th. This grant will be used to provide bonus APY on top of the existing yields, for every borrowed dollar that provides liquidity to these pools. This does a couple of things:\n\nNew users\nUndercollateralized borrowing can, with the right integration, lead to sky-high APYs. Where usually these leveraged positions get their real APYs nuked due to impermanent loss, with DeltaPrime\u2019s borrowing system and GMX v2\u2019s synthetic system, you can design your own exposure. So while you could choose 4x exposure on the underlying assets, you can also choose to go quasi (due to counterparty risk) delta neutral.\n\nQuasi delta neutral + sky high APY attracts new users to GMX increasing the size of the pools.\n\nExisting users\nThis delta design also allows GMX users to safely increase their existing positions. GM can be imported in the Prime Account straight from the wallet, after which users can directly borrow with their desired risk profile.\n\nOne liquidity provider providing $1mm to BTC-USD can in a few clicks provide an additional $1mm to ETH-USD and $1mm to ARB-USD, without taking on additional price risk. This way GMX\u2019s users get the most of the platform, and the platform gets the most out of them.\n\nGLP transition\nCurrently, DeltaPrime users on Arbitrum own a total balance of $870,229 in GLP. For these users, DeltaPrime will implement a new ZAP function. As one of these holders, you can soon migrate your GLP with one function (and a couple of transactions acceptations) by selecting the GM pools you would like to get exposure to instead. All within the Prime Account. By routing more funds from GLP to GM, liquidity on GMX will be used more efficiently, leading to faster and stabler growth of the platform.", "hidden": true, "question": "How will receiving a grant enable you to foster growth or innovation within the GMX ecosystem?: [Provide details]", "questionId": 14}, {"type": "paragraph", "answer": "DeltaPrime has proven the positive impact it can have on the GMX platform with previous collaborations. This was done without DeltaPrime requesting incentives from the GMX community. Similarly, DeltaPrime has not applied for the STIP on Arbitrum recently. The reason we have this strict selection on the grant proposals we submit, is that we don\u2019t believe in asking for funds unless we know for a fact that allocating funds to DeltaPrime will be more efficient than allocating to alternatives. We are here to help this space grow, not to extract as much community value as possible.\n\nWhich is why we are here, requesting 100,000 ARB. The GM integration is almost complete: we pay for the devs to develop the smart contracts, we pay for the partnerships with i.e. Chainalysis and Hexagate to keep the integration secure, and we pay for the audits and Atomica insurance if an exploit were to happen.\n\nThis leaves the 100,000 ARB to be used for one left-over goal: to incentivize as many users as possible to start using otherwise unwilling capital (from lenders) to provide liquidity to GMX v2. All 100,000 ARB will be used for GMX users, who add additional capital to the GM pools. And with this 100,000 we can run our program for ten weeks from launch, ensuring to get the most out of this integration.", "hidden": true, "question": "Justification for the size of the grant: [Enter explanation]", "questionId": 15}, {"type": "paragraph", "answer": "DeltaPrime wants to add value, not extract. For this reason we are incentivizing users to use borrowed funds to mint GLP. The more people that use borrowed funds, the more value can be put into GM pools by people who don\u2019t wish to have (price) exposure on the underlying token. After all, a user who wishes to manage a GM position will mint it themselves, or borrow to mint. Liquidity in Savings pools is specifically deposited to have exposure on that asset, in a DeltaPrime pool. Thus, by using lenders\u2019 funds we can fill GM pools with capital that would otherwise stay out of GMX or, worse, end up providing no value in an overcollateralized lending protocol.\n\nThe way we incentivize this is by making sure we only incentivize over deposited liquidity higher than the collateral value. On DeltaPrime you can deposit collateral as well as borrowed funds, so a user that deposits their $1,000 GM assets, borrows 1000 USDC and puts that in a GM pool, will receive incentives over the additional $1000. The person who deposits $1,000 GM as collateral and fills up three other pools with GM tokens (potentially hedging himself), receives incentives over $3,000 of capital, et cetera.\n\nAs there is a fixed amount of ARB streaming, this strategy allows us to hit higher TVL with the same ARB, while simultaneously rewarding GMX liquidity providers who are committed to the GMX protocol. As an example:\n\nThere is currently $3mm in the BTC-USD GM pool, equally shared across 3 liquidity providers. All three users import their position on DeltaPrime to borrow against:\n\nAdam\n\nBorrows an additional $1mm and uses it to create an additional TraderJoe LP position for BTC-USDC. His collateral is $1mm, the GM position is $1mm, so the total incentives are counted over $1mm - $1mm = $0. While his new position did benefit the chain as a whole (after all BTC-USDC swaps on TJ just got cheaper), it did not support the primary objective, hence there no incentives being paid out to this account.\n\nBarry\n\nBorrows $2mm, using one for the same TJ position and the other for providing an additional $1mm to BTC-USD. His collateral is $1mm, and his total GM position is now $2mm. He receives incentives over ($2mm - $1mm =) $1mm. With there currently being only $1mm in added GM deposits routed through DeltaPrime he earns 100% of the ARB emissions. Over $1mm that amounts to 52% bonus APR.\n\nCindy\n\nBorrows $2mm and spreads $2mm (collateral + $1mm) over all available GM pools. Her collateral is $1mm and her total GM position is $2mm. She now qualifies for 50% of the incentives, giving her, and Barry, a bonus APR of 26%.\n\nWith Adam, Barry and Cindy, DeltaPrime gives a bonus APR of 26% on GM with 4 million dollars in extra GM deposits. Should they (potentially hedged) deposit a higher percentage of their available capital on GMX this number does not only increase their share in the pool, but also the multiplication of the APR on their collateral: 26% over $2mm is 52% with $1mm undercollateralized borrowing.\n\nDepending on the risk adversity of an individual user, given a total dollar value of deposits his personal APY can be higher or lower based on the collateral ratio (collateral ratio being calculated as collateral value / borrowed value) of his Prime Account. A Prime Account with 40% health (indicating 3x borrowed), a with $5mm GM LPs earns 41,6% in incentives. Below you see the APY a user with 1x borrowed will receive when using this + collateral for GM pools.", "hidden": true, "question": "Execution Strategy: [Describe the execution plan, including resources, products, use of funds, and risk management. This includes allocations for specific pools, eligible assets, products, etc.]", "questionId": 16}, {"type": "paragraph", "answer": "Grant Timeline and Milestones:\n\nMilestone -- Date -- Milestone --\tPenalty for not reaching the milestone -- ARB received per Milestone\n0 -- November 27 -- Launch GM pools -- None -- 25k ARB\n1 -- December 4 -- Start emissions\t--None -- 0 ARB\n2 --December 6 -- GLP \u2192 GM ZAP live -- None. -- 5k ARB\n3 -- Three weeks after start emissions (December 25) -- $3mm in GM deposits -- 50% cut in incentives, milestone remains for next date if not reached -- 30k ARB (15k if not reached)\n4 -- Six weeks after start emissions (January 15) --\t$6mm in GM deposits -- 50% cut in incentives, milestone remains for next date if not reached -- 30k ARB (15k if not reached)\n5 -- Nine weeks after start emissions (February 5)\t-- $9mm in GM deposits\t-- 50% cut in incentives, milestone remains for next date if not reached -- 10k ARB (5k if not reached)\n6 -- Ten weeks after start emissions (February 12)\t-- $10mm in GM deposits; end of incentive program\t-- None. -- 0 ARB\n", "hidden": true, "question": "Grant Timeline and Milestones: [Describe the timeline for the grant and milestones.]", "questionId": 17}, {"type": "paragraph", "answer": "We accept that the funding of our grant is streamed linearly for the duration of our grant proposal, and that the multisig holds the power to halt our streamed grant at their discretion at any time.", "hidden": true, "question": "Fund Streaming: [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 streamed grant at their discretion at any time?] ", "questionId": 18}, {"type": "short-answer", "answer": "February 9, 2023 (one month after Avalanche launch): fsGLP & Yield Yak GLP vault integrated in DeltaPrime as 5x collateral options  September 21, 2023 (At Arbitrum launch): sGLP & Yield Yak GLP vault integrated in DeltaPrime as 5x collateral options", "hidden": true, "question": "What date did you build on GMX?: [Date of deployment]", "questionId": 19}, {"type": "paragraph", "answer": "DeltaPrime was born in the bear, launching on Avalanche on January 10, 2023. One month later, directly after integrating GLP, DeltaPrime reached $18mm dollars in TVL. A couple of months after that, this number increased to $22mm. After the decline of APYs of integrated protocols, including GLP, DeltaPrime dropped to a low of $9mm back in August. Since then DeltaPrime has been making her way back up by integrating new protocols, integrating TradingView, adding to our growing list of security partners and deploying on Arbitrum. Small gaps in October and November were due to exploits of an integrated protocol, and were quickly met with good crisis communication and a plan to prevent it from happening in the future. Right now, next to multiple reporting partners, we have a self-built insurance fund with >$100k and an external insurance provider providing up to $150k of any integrated protocol exploit. Additionally, DeltaPrime has undergone 6 code audits, and partnered up with Chainalysis for quick fund retrieval in the case of an underlying protocol exploit.\n\nNext to the TVL, DeltaPrime accounted for more than $720mm in swaps with Prime Accounts. At least $310mm in volume has been traded within a four month timespan, solely consisting of GLP.\n\nDeltaPrime provided over half of Yield Yak\u2019s GLP during the Avalanche Rush.", "hidden": true, "question": "Protocol Performance: [Detail the past performance of the protocol and relevance, including any key metrics or achievements, dashboards, etc.]", "questionId": 20}, {"type": "paragraph", "answer": "DeltaPrime recently shared its newest security partnerships: Hexagate, Atomica and Chainalysis. Atomica has already been prepared, leading to $150k in insurance covering DeltaPrime\u2019s pools.\n\nHexagate: Automatic liquidity withdrawing at time of an exploit\t-- January 10\nChainalysis: Contract monitoring and immediate emergency response plan live -- January 10", "hidden": true, "question": "Protocol Roadmap: [Describe relevant roadmap details for your protocol or relevant products to your grant application.]", "questionId": 21}, {"type": "paragraph", "answer": "https://github.com/DeltaPrimeLabs/deltaprime-primeloans/blob/dev/main/audits/DeltaPrime-Review-Piotr-Szlachciak.pdf\n\nhttps://github.com/DeltaPrimeLabs/deltaprime-primeloans/blob/dev/main/audits/PeckShield-Audit-Report-DeltaPrime-v1.0.pdf\n\nhttps://github.com/DeltaPrimeLabs/deltaprime-primeloans/blob/dev/main/audits/PeckShield-Audit-Report-DeltaPrime.pdf\n\nhttps://github.com/DeltaPrimeLabs/deltaprime-primeloans/blob/dev/main/audits/Smart_Contract_Audit_DeltaPrime_Protocol_04112022.pdf\n\nhttps://github.com/DeltaPrimeLabs/deltaprime-primeloans/blob/dev/main/audits/PeckShield-Audit-Report-DeltaPrime-v2.0.pdf\n\nhttps://github.com/DeltaPrimeLabs/deltaprime-primeloans/blob/dev/main/audits/PeckShield-Audit-Report-DeltaPrime-v2.1.pdf", "hidden": true, "question": "Audit History (if any): [Provide historic audits and audit results]", "questionId": 22}, {"type": "short-answer", "answer": "Yes, we will build a dashboard with and on Flipside Crypto that will keep track of the KPIs of the incentive program", "hidden": true, "question": "Is your team prepared to create Dune Spells and/or Dashboards for your incentive program?: [Please describe your answer]", "questionId": 23}, {"type": "short-answer", "answer": "Yes we agree to this.", "hidden": true, "question": "Does your team agree to provide bi-weekly program updates on the GMX Forum thread?: [Please describe your strategy and capabilities for data/reporting]", "questionId": 24}, {"type": "short-answer", "answer": "Y", "hidden": true, "question": "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]", "questionId": 25}], "project": {"id": "42161:0x73AB205af1476Dc22104A6B8b3d4c273B58C6E27:364", "title": "DeltaPrime", "metaPtr": {"pointer": "bafkreiaykcacibcm2gyu6cwk7lt5cd5gakwl4jip4zfevgdfdj7ljaz52m", "protocol": "1"}, "website": "https://deltaprime.io", "createdAt": 1701252531141, "userGithub": "Klazinggav", "credentials": {"github": {"type": ["VerifiableCredential"], "proof": {"jws": "eyJhbGciOiJFZERTQSIsImNyaXQiOlsiYjY0Il0sImI2NCI6ZmFsc2V9..My9Zv0GN5ELTTuWZXYSyqyFkZ4oExeNM2Td_O8kiHxwFIUSV1IGryPShHDhayqg2ZwQ6FezFurjpeRxO-7lSBw", "type": "Ed25519Signature2018", "created": "2023-11-29T10:08:39.288Z", "proofPurpose": "assertionMethod", "verificationMethod": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC#z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC"}, "issuer": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC", "@context": ["https://www.w3.org/2018/credentials/v1"], "issuanceDate": "2023-11-29T10:08:39.288Z", "expirationDate": "2024-02-27T10:08:39.288Z", "credentialSubject": {"id": "did:pkh:eip155:1:0x5C23Bd1BD272D22766eB3708B8f874CB93B75248", "hash": "v0.0.0:0yEZCm7hx6ytgsFIN1y4MlUNlhdJUDtsEig0KiUz7rE=", "@context": [{"hash": "https://schema.org/Text", "provider": "https://schema.org/Text"}], "provider": "ClearTextGithubOrg#DeltaPrimeLabs#107683354"}}, "twitter": {"type": ["VerifiableCredential"], "proof": {"jws": "eyJhbGciOiJFZERTQSIsImNyaXQiOlsiYjY0Il0sImI2NCI6ZmFsc2V9..3ElldSyLUIaj9T7ihwkdJ8uTzl11fhSKCFmoj7MR_kOpvtf8HHTnysPq7-AhTdHc7Pq92W4yOC2UeOxEpOvYCw", "type": "Ed25519Signature2018", "created": "2023-11-29T10:06:40.959Z", "proofPurpose": "assertionMethod", "verificationMethod": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC#z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC"}, "issuer": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC", "@context": ["https://www.w3.org/2018/credentials/v1"], "issuanceDate": "2023-11-29T10:06:40.959Z", "expirationDate": "2024-02-27T10:06:40.959Z", "credentialSubject": {"id": "did:pkh:eip155:1:0x5C23Bd1BD272D22766eB3708B8f874CB93B75248", "hash": "v0.0.0:96CQOr43LqE3SITF2vyjqbfJuvy31EbVWCc6Xv6HGAA=", "@context": [{"hash": "https://schema.org/Text", "provider": "https://schema.org/Text"}], "provider": "ClearTextTwitter#DeltaPrimeDefi"}}}, "description": " DeltaPrime is a DeFi margin protocol on Arbitrum and Avalanche. Users can borrow up to 5x their collateral from lenders, simply by connecting their wallet and depositing any supported (LP-) asset. Through this, lenders utilize a bigger part of their capital, borrowers can borrow more and partnerprojects see increased TVL and volume in their project. For GMX this has meant over $320mm in GLP mint/redeems on DeltaPrime so far.", "lastUpdated": 0, "projectGithub": "DeltaPrimeLabs", "projectTwitter": "deltaprimedefi"}, "recipient": "0xb06735de50756a11532e0fefce9ce5aa11abf347"}}