{"signature": "0x832a6010d237aa8fccae38e70f08ab4423e53347022ca7a6e7b8fe46831c245c69bac5cd02345761b5db7e4f10a8ae5ce834139d86adf3a2d0f72eef1df83e361c", "application": {"round": "0x6142eedc06d80f3b362ce43b4ac52fad679dc850", "answers": [{"type": "email", "hidden": true, "question": "Email Address", "questionId": 0, "encryptedAnswer": {"ciphertext": "afhdka/u/MlsgAJTbox1nsrEaD/g6M6efw0AkxIR1ATEwGQanRHpjY7Huj+MzKrS", "encryptedSymmetricKey": "74ee8769733a97c12b8bd5a3d53949d467b155919730cde3322f843a047bac30b2e388c6858a531caebab5110c12c01841b4fa154e9ba9b1f33ada2313ead8fbdb2f1e246e602df34923da60995d7c9f51d02c451086d65e70c7fdadf99391b99f3d3345fc667bda73adfea4f5dc747565cd87b05186d85e1cfc0a623d1e1c22000000000000002050f499c1d037ff546f5f7a57cec7b6620b3a37744cbdd3ffa814317c685fe174da3b915898da025f8926833227328e89"}}, {"type": "paragraph", "answer": "Primex Finance will provide Uniswap Liquidity providers the possibility to amplify their profits using borrowed lender funds and create hedged strategies by combining leveraged LP with spot trading margin positions. This will introduce new use cases and financial strategies for the Uniswap protocol, consequently enabling more flexibility and attracting more liquidity to Uniswap.\n\n**Grant scope**\n\nThe following feature will be developed in the scope of this grant:\n\n- Leveraged Liquidity providing\n- Combining leveraged LP positions with spot margin positions to build hedged strategies\n\n**Leveraged Liquidity providing**\n\nA new liquidity use case that is set to be developed centers on leveraged liquidity providing. Here, a trader borrows liquidity from a Bucket, optionally swaps a portion of it for another token, and subsequently places the token(s) into a Uniswap v3 pool as a liquidity provider. \n\nThe trader can configure the LP parameters in the same manner as on the Uniswap interface. As a form of collateral for the debt, the Uniswap LP NFT remains in the Primex contracts. When the trader opts to close the position, the liquidity is pulled out from the pool, swapped for the borrowed asset, and the debt with the associated interest is repaid. The trader is then given the remainder of the tokens. If the value of the position falls to a critical level relative to the debt, the position is liquidated. \n\nThis feature enables traders to maximize their profits by managing larger liquidity pools, thereby boosting the liquidity of the Uniswap ecosystem.\n\nExample 1\n\n1) Trader uses 1000 USDC as deposit and borrows 4000 USDC from the Credit Bucket\n2) 2500 USDC are swapped to 1.1 WETH\n3) 2500 USDC and 1.1 WETH are provided to a Uniswap v3 WETH/USDC pool with a small interval around the current price\n4) The price changes inside the interval set by the Trader, the fee is accumulated\n5) The trader closes the position, withdrawing USDC and WETH from the pool, in the current proportion, together with the accumulated interest\n6) WETH is swapped to USDC\n7) The debt of 4000 USDC (plus interest) is returned to the Bucket\n8) The Trader gets the rest of USDC\n\nExample 2\n\n1) Trader uses 1000 USDC as deposit and borrows 4000 USDC from the Credit Bucket\n2) 5000 USDC are provided to a Uniswap v3 WETH/USDC pool with a corresponding interval\n3) The price reaches the interval, starts changing the proportion, the fee is accumulated\n4) The trader closes the position, withdrawing USDC and WETH from the pool, in the current proportion, together with the accumulated interest\n5) WETH is swapped to USDC\n6) The debt of 4000 USDC (plus interest) is returned to the Bucket\n7) The Trader gets the rest of USDC\n\nIf the overall value of an LP position approaches the debt size, the position will be liquidated by the decentralized Keeper infrastructure, which is already live on mainnets and executes various automated actions for Primex users.\n\n**Hedging leveraged LP positions with spot margin positions to build hedged strategies**\n\nTraders will be able to merge their leveraged LP positions with spot margin trading positions already available on Primex, hedging all their risks within a single protocol, and eliminating the need to rebalance positions across various protocols.\n\nFor example, a trader can provide liquidity to the WETH/USDC pool and open an opposing WETH/USDC spot margin position. The direction of the Primex position depends on the price intervals set in the LP position.\n\nTraders will be able to create and manage both positions using a unified interface, borrowing funds from the same protocol.\n\nApart from opening these two positions independently with isolated margin, traders will also be able to combine them with cross-margin. This way, the profit from one position can cover the losses from the other, thereby reducing the risk of liquidation.\n", "hidden": false, "question": "Application detail", "questionId": 1}, {"type": "number", "answer": "250000", "hidden": true, "question": "Amount requested (in $)", "questionId": 2}, {"type": "dropdown", "answer": "ARB", "hidden": true, "question": "Payout token", "questionId": 3}, {"type": "short-answer", "answer": "Primex Finance is applying for this Grant to finance and launch a new feature for leveraged Liquidity Providing on Uniswap that will be launched on Arbitrum One.", "hidden": true, "question": "How do you account for this fund request?", "questionId": 4}, {"type": "paragraph", "answer": "The detailed breakdown is attached to the milestones listed below needed to develop a fully-functional application on top of the existing Primex codebase.\n\nThe amount of $250,000 will be allocated to specification development, protocol development, auditing, marketing, and business development efforts necessary to achieve the following KPIs:\n\n1. Product Architecture and Specifications for the Final Product: Develop clear specifications for creating new and updating existing smart contracts and necessary infrastructure, such as Keepers.\n2. Ready-to-use application: developed and audited decentralized application with user interfaces.\n3. Audit: Conduct 1 audit with a high-quality auditing firm.\n4. User Adoption: Achieve 2,000 unique users within the first four months after the launch.\n5. Volume growth: Attract up to $4M daily volume within four months.\n6. B2B Partnerships: Form strategic partnerships with at least three institutional on-chain marketmakers and integrate with at least three wallets that support Arbitrum within three months.", "hidden": false, "question": "How will you use these funds? Please make a detailed plan for expenditures.", "questionId": 5}, {"type": "dropdown", "answer": "Liquidity Management", "hidden": false, "question": "Which RFP is this project covering? ", "questionId": 6}, {"type": "short-answer", "answer": "Primex Finance will provide Uniswap Liquidity providers the possibility to amplify their profits using borrowed lender funds and create hedged strategies by combining leveraged LP with spot trading margin positions. This will introduce new use cases and financial strategies for the Uniswap protocol, consequently enabling more flexibility and attracting more liquidity to Uniswap.", "hidden": false, "question": "How do you think this project fits in with Uniswap?", "questionId": 7}, {"type": "paragraph", "answer": "Leveraged trading and liquidity providing (LPing) will increase the liquidity and trading volumes on Uniswap on Arbitrum, generating more fees for Uniswap and lowering price impact for users as well as enabling a new DeFi use case in the Arbitrum ecosystem. Primex Finance pledges to follow the principles of decentralized finance, emphasizing transparency, user empowerment, and providing beneficial impacts on both the Uniswap and Arbitrum ecosystems.", "hidden": false, "question": "What benefits will this project bring to Uniswap in the Arbitrum ecosystem?", "questionId": 8}, {"type": "short-answer", "answer": "Yes, the project has undergone three Audits, by Halborn, Quantstamp and Resonance. Public reports: https://docs.primex.finance/guides/audits-and-bug-bounty", "hidden": true, "question": "Has this project undergone a security audit? If not, are you planning to undergo it?", "questionId": 9}, {"type": "short-answer", "answer": "https://github.com/primex-finance", "hidden": false, "question": "Is this project open-source? (If yes, share the repository link).", "questionId": 10}, {"type": "paragraph", "answer": "Process: the scope is split for small milestones, detailed specifications are created for each feature, and all smart contracts are covered with unit and integration tests.\n\n- Languages: Solidity, JavaScript, Rust\n- Tools:  Hardhat, Jenkins, Grafana, Github, Jira", "hidden": true, "question": "What is the workflow chosen for this project? (You can mention development practices, tools, programming languages, etc.)", "questionId": 11}, {"type": "short-answer", "answer": "Yes, the DApp is live on Arbitrum One: https://app.primex.finance/#/trade?network=arbitrum_one", "hidden": true, "question": "Does this project have a demo? If yes, share a public link.", "questionId": 12}, {"type": "short-answer", "answer": "Wallets and yield aggregators for integration in their UI, more info can be found at: https://docsend.com/view/y34ebvtg9s54eait. Onchain market makers who are interested in the leveraged LP feature, such as Keyrock and Autowhale, as well as retail traders and lenders. There is a clear GTM plan, here is the high-level one: https://docsend.com/view/ht4ztj5k4hfkx8mu", "hidden": true, "question": "What is the target audience for this project? (Mention if there is a market launch plan).", "questionId": 13}, {"type": "paragraph", "answer": "Team Members:\n\n- Vlad Kostanda (Co-founder and CEO)\n- Dmitry Tolok (Co-founder and Head of BD)\n- Alex Marukhnenko (CTO)\n- Anton Demenko (CMO)\n- Viacheslav Trofymenko (Solidity developer)\n- Vladislav Dihtiarenko (Full stack Blockchain developer)", "hidden": false, "question": "Who are the members of the team?", "questionId": 14}, {"type": "paragraph", "answer": "**Team Members:**\n\n- Vlad Kostanda (Co-founder and CEO)\n\nAcademic Background: Vlad holds a Master\u2019s degree in Cryptography from the esteemed Kharkiv National University of Radioelectronics, Ukraine.\nProfessional Experience: Vlad has 13 years of experience in cryptography and information security, blockchain platforms and smart contracts, software engineering, computer science, team management, and business development. He leads technology and delivery processes at Primex.finance. Previously, he founded Adoriasoft, a software development company, in 2010.\nCore Skills: Blockchain, Cryptography, Solidity, Business Management\n\n- Dmitry Tolok (Co-founder and VP of Growth)\n\nAcademic Background: Dmitry acquired his MSc in Business Informatics from the University of Applied Science Technikum Wien, Austria and his MSc in Business Administration from Simon Kuznets Kharkiv National University of Economics, Ukraine.\nProfessional Experience: Dmitry is a strategic business development executive with a thorough grasp on the technology startups landscape for over 8 years. In the dynamic DeFi space, Dmitry has shown proficiency in identifying emerging trends and leveraging them to the company's advantage. His leadership has steered the startup towards significant milestones, contributing to its sustainable growth in the competitive DeFi industry.\n\nCore Skills: Business Development, Sales, Fundraising, Partnerships\n\n- Alex Marukhnenko (CTO)\n\nAcademic Background: Alex graduated with an MSc in Cybersecurity from Kharkiv National University of Radioelectronics, Ukraine.\nProfessional Experience: Alex has deep knowledge and expertise in smart contract development, DeFi, various blockchain platforms, including Ethereum, Substrate, Cosmos, and cryptography. His wide-ranging skillset in programming languages include Solidity, C++, Java, Python. Experience 5 years.\nCore Skills: Blockchain, DeFi, Cryptography, Solidity, Computer networks\n\n- Anton Demenko (CMO)\n\nAcademic Background: National Aerospace University -'Kharkiv Aviation Institute' Ukraine, Bachelor's degree, Information and Communication Systems Security.\nProfessional Experience: Anton is a seasoned professional in marketing and product management. He previously served as the Product Manager at Adoriasoft and was the Co-founder and Head of Business Development at They Agency. At these positions, he demonstrated his leadership skills by successfully undertaking numerous product launches, marketing campaigns across the CIS, USA, and Europe, and steered various growth initiatives. Experience 9 years.\n\nCore Skills: Brand communication strategy, Digital marketing, Product design, Data Analytics\nVladislav Dihtiarenko (Full stack Blockchain developer)\nAcademic Background: Kharkiv National University of Radio Electronics, Information analytical technologies and management, Bachelor's degree\nProfessional Experience: He is an advanced full stack developer, experienced in both frontend and backend. He is well-versed in several programming languages and frameworks, has 3 years of experience with NFT and DeFi, and can adapt to new technologies.\nCore Skills: JavaScript, React, Node.js, HTML, CSS\n\n- Viacheslav Trofymenko (Solidity developer)\n\nAcademic Background: Makarov National University of Shipbuilding, Ukraine, MSc in Engineering\nProfessional Experience: Passionate Blockchain (Solidity) developer with 3 years of experience in developing, testing and deploying smart contracts on the Ethereum blockchain. He has a large expertise in DeFi protocols and their integration. He has experience in front-end development using JavaScript, React.js, Next.js and TypeScript.\nCore Skills: Solidity, Smart Contract Development, DApps, DeFi protocols", "hidden": true, "question": "Describe team members' experience and current roles for this project.", "questionId": 15}, {"type": "paragraph", "answer": "**Milestones:**\n\n1. Research and Development (Months 1-2): Develop smart contract architecture, define a risk (liquidation) model for LP tokens, and design user interfaces.\n\n- Deliverable: Specifications for smart contracts, \n- Liquidation model for LP positions, UI Design \n- KPI Alignment: 1\n- Budget: $30,000\n\n2. Smart Contract Development and Audit (Months 3-4): Develop and audit the fully functional decentralized application leveraging the existing Primex codebase. Building and updating the necessary smart contracts and infrastructure for leveraged liquidity providing and leveraged LP positions hedged with spot margin positions to ultimately enable hedged strategies on Uniswap.\n\n- Deliverable: Completed the development and audits of smart contracts\n- KPI Alignment: 2, 3\n- Budget: $90,000\n\n3. Beta Testing (Month 5): Launch a beta version on the Arbitrum testnet for the Primex Early User base. This phase is exclusively for community battle testing and gathering of early feedback.\n\n\n- Deliverable: Operational beta version and user feedback report\n- KPI Alignment: 2\n- Budget: $40,000\n\n4. Protocol Launch (Month 6): Full-scale public release of Primex Leverage for hedged trading and LPing on Uniswap.  Contract deployment to Arbitrum mainnet, Keeper infrastructure deployment, maintain stable RPC access, initial balances, monitoring and other devops-specific tools.\n\n- Deliverable: Publicly accessible undercollateralized leverage protocol\n- KPI Alignment: KPIs 1, 2, and 3\n- Budget: $50,000\n\n5. Marketing and Community Building (Months 7-10): Implement marketing campaign, and foster community engagement and education around leveraged liquidity provision on Uniswap on Arbitrum One.\n\n- Deliverable: Marketing campaign and community management\n- KPI Alignment: KPIs 4, 5\n- Budget: $20,000\n\n6. Partnership Development and Integration (Months 7-10): Establish and announce partnerships and integrations with yield aggregator platforms and wallets.\n\n- Deliverable: Minimum three strategic partnerships with yield aggregation platforms or wallets. Minimum three partnerships with institutional on-chain marketmakers\n- KPI Alignment: KPI 6\n- Budget: $20,000", "hidden": false, "question": "What are the Project Milestones? (Be very specific and write a roadmap highlighting critical deliverables of the project; mention how you will ensure to supervise and track them).", "questionId": 16}, {"type": "paragraph", "answer": "The team's initial focus will be on developing a clear specification and development plan, which will then be used to facilitate both additional smart development and Keeper development scopes. \n\nThe Primex LPing features will be developed on top of the existing codebase and infrastructure, and this  will significantly simplify the development process. \n\nOur team has proven capabilities in delivering large scale projects and building communities.", "hidden": false, "question": "How do you plan to reach these milestones? (Explain the project feasibility).", "questionId": 17}, {"type": "multiple-choice", "answer": "No", "hidden": true, "question": "Has this project already been funded by other Grant Programs?", "questionId": 18}, {"type": "checkbox", "answer": ["I confirm."], "hidden": true, "question": "I confirm that I have read the Code of Conduct and that I have filled out this form correctly and truthfully.", "questionId": 19}, {"type": "checkbox", "answer": ["I understand."], "hidden": true, "question": "I understand that I will be required to provide KYC information by the UAGP team in case my application is accepted.", "questionId": 20}, {"type": "short-answer", "answer": "Connected with Bernard Schmid at Newconomics event in Lisbon, Portugal in November 2023.", "hidden": true, "question": "How did you find out about UAGP?", "questionId": 21}, {"type": "paragraph", "answer": "Conclusion\n\nPrimex Finance enables a new functional use case for DeFi users, giving them the possibility to leverage their LP positions and combine them with directional leveraged spot trading positions on Uniswap to achieve hedging within a single protocol. Primex promises to align seamlessly with the mission and objectives of the Uniswap community.", "hidden": true, "question": "Additional information", "questionId": 22}, {"type": "short-answer", "answer": "Kindly check the existing Primex App, documentation, audits and the codebase for further evaluation.", "hidden": true, "question": "Special requests", "questionId": 23}], "project": {"id": "42161:0x73AB205af1476Dc22104A6B8b3d4c273B58C6E27:409", "title": "Primex Finance", "logoImg": "bafkreickyhdlvz2p2jukh4jdqfsgbwrfmr7xeba4qrffzxq4umcl5zyq4y", "metaPtr": {"pointer": "bafkreiduu7wtnxcgotz4m65zpfzvbxwrfxphjrz7fsr3cvykxzxktz2fta", "protocol": "1"}, "website": "https://primex.finance/", "bannerImg": "bafkreif3ong7xzop6eqnewyvn55u55qio6mu5fjmjawhzrwenagewgmbdi", "createdAt": 1703168897377, "userGithub": "dmitryprimex", "credentials": {"github": {"type": ["VerifiableCredential"], "proof": {"jws": "eyJhbGciOiJFZERTQSIsImNyaXQiOlsiYjY0Il0sImI2NCI6ZmFsc2V9..VxloSEBJ9ZOMBmRAblqMUj-H2XNm2qN2rAKcrsyt0SaDhfQq6PDZMnLFbpUDIYmkkEaIaB54lVH4JYsd2BJFAA", "type": "Ed25519Signature2018", "created": "2023-12-21T14:28:00.285Z", "proofPurpose": "assertionMethod", "verificationMethod": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC#z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC"}, "issuer": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC", "@context": ["https://www.w3.org/2018/credentials/v1"], "issuanceDate": "2023-12-21T14:28:00.285Z", "expirationDate": "2024-03-20T14:28:00.285Z", "credentialSubject": {"id": "did:pkh:eip155:1:0x5Cb7ae4E9727BeE940Eed6988EFb1CE912843908", "hash": "v0.0.0:RkXupCQIFDAeqJwf6LoR1mso7sNC2/6QOVwHh6tn+Y0=", "@context": [{"hash": "https://schema.org/Text", "provider": "https://schema.org/Text"}], "provider": "ClearTextGithubOrg#primex-finance#154531794"}}, "twitter": {"type": ["VerifiableCredential"], "proof": {"jws": "eyJhbGciOiJFZERTQSIsImNyaXQiOlsiYjY0Il0sImI2NCI6ZmFsc2V9..VdgVLFdkvVz2jIyj13IwKMNCC_cux0ei3ckPNDSprHjXo4OwV61ImQfFyxNB0APKBdrzpfT3rjKnkUxrYAZ7Aw", "type": "Ed25519Signature2018", "created": "2023-12-21T14:23:10.826Z", "proofPurpose": "assertionMethod", "verificationMethod": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC#z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC"}, "issuer": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC", "@context": ["https://www.w3.org/2018/credentials/v1"], "issuanceDate": "2023-12-21T14:23:10.826Z", "expirationDate": "2024-03-20T14:23:10.826Z", "credentialSubject": {"id": "did:pkh:eip155:1:0x5Cb7ae4E9727BeE940Eed6988EFb1CE912843908", "hash": "v0.0.0:j5PWy1Cq02IBbB7+7MX5IPYv8eEvneV1aQ9yuncfMNM=", "@context": [{"hash": "https://schema.org/Text", "provider": "https://schema.org/Text"}], "provider": "ClearTextTwitter#primex_official"}}}, "description": "Primex Finance (backed by CoinFund, Wintermute and GSR) is a non-custodial prime brokerage protocol that connects lenders with traders. It empowers traders to amplify their trading positions with leverage on popular decentralized exchanges, or DEXs, such as Uniswap. On Primex, traders can also benefit from CEX-like trading tools and interfaces. The Primex team is dedicated to providing a universally accessible trading and lending platform, empowering users to exchange value in a more effective way.", "lastUpdated": 0, "projectGithub": "primex-finance", "projectTwitter": "primex_official"}, "recipient": "0xfae311af96FbBCc209f944EF2D95aE2e8e76f55F"}}