{"signature": "0x03063a595ebaa866ee15b4a4df4ef9bae14377f41cbd71cf6678ad86082587d81648e043983f3a676c77aeecbf052eba4d5f5b185be34f301ec818704d4a4a1b1b", "application": {"round": "0x6142eedc06d80f3b362ce43b4ac52fad679dc850", "answers": [{"type": "email", "hidden": true, "question": "Email Address", "questionId": 0, "encryptedAnswer": {"ciphertext": "rKIKTDdd50dUKeUNzCg6G+0+HgkRRYEmtQT9/0uSTwu3IuCQkWEWt30fBHIUPcNc", "encryptedSymmetricKey": "329cd0920cc0647bc9b5f4f28ceda443c89b2a480f1b2903a3b91fd54cc6703374c00be77c6cdf91a61dfda24ec695087a62049b48331953878b7012626962ae2e57da87b0e9c955446c8104e1223474e3b23038fbcfe1d2247f376a23f641b5e0cd7226c28d7f827e02f492ec84280371d6f7046afda8e96b50c08dad3d91100000000000000020e8fceb63994706188dc14b052164df90f6bef3a8f244148d9173cdb00e1aa831207e2dc6ba6d1ab0b1dfbd166b059791"}}, {"type": "paragraph", "answer": "Clipper is a DEX designed for blue-chip token swaps (e.g., ETH, WBTC, ARB, USD stablecoins) with no impermanent loss for LPs. Clipper's novel architecture makes money for LPs (https://shorturl.at/jrsA7) using the same arbitrage strategy used by professional market makers, but implemented in a permissionless and non-custodial manner. Clipper incorporates prices formed off-chain into a sophisticated formula and validates them on-chain, removing the need for arbitrageurs and ensuring lower gas fees for traders. \n\nWe are requesting this grant to support the following changes: \n\n1. Refactoring Clipper\u2019s architecture so the liquidity pool on its Arbitrum deployment is built on a Uni v4 hook.\n\n2. Refactoring Clipper\u2019s architecture on Arbitrum so its current multi-asset pool is split into a series of two-asset pools, enabling it to fit into Uni v4. The series of pools will include an ARB<>USD pool, ARB<>ETH pool, and ETH<>USD pool. All pools will have no IL (zero Loss Versus Rebalancing), just as the current multi-asset pool has for the past year. ", "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": "The changes described above will require 6 months of development. The funds required for developer payroll to complete this work is much more than $250k, but we are requesting this amount since it\u2019s the maximum available. If we receive this grant, we will cover the remaining balance ourselves. ", "hidden": true, "question": "How do you account for this fund request?", "questionId": 4}, {"type": "paragraph", "answer": "100% of funds will be used for developer salaries at market rates and strictly to compensate work on this initiative. None of the grant will go to the executive leadership of Shipyard Software. A specific breakdown of salary per developer is available upon request (since it includes confidential personal data).", "hidden": false, "question": "How will you use these funds? Please make a detailed plan for expenditures.", "questionId": 5}, {"type": "dropdown", "answer": "Uniswap on Arbitrum Ecosystem tools or products", "hidden": false, "question": "Which RFP is this project covering? ", "questionId": 6}, {"type": "short-answer", "answer": "Currently, Uniswap LPs on Arbitrum for ETH<>USD and ARB<>USD pairs lose money due to impermanent loss, which is a serious problem for overall LP profitability. Clipper has no impermanent loss, thanks to its novel AMM design, and always nets out profitable for LPs. Introducing pools that are profitable for LPs will be a major value add for the Uniswap ecosystem and its users\u2013LPs will now be able to take home sustainable yields. ", "hidden": false, "question": "How do you think this project fits in with Uniswap?", "questionId": 7}, {"type": "paragraph", "answer": "Clipper already exists on Arbitrum so the primary benefit will be to the Uniswap ecosystem. With the addition of Clipper\u2019s pools, Uniswap v4 will become the only place with dual-asset pools (for the most traded pairs) with zero impermanent loss. ", "hidden": false, "question": "What benefits will this project bring to Uniswap in the Arbitrum ecosystem?", "questionId": 8}, {"type": "short-answer", "answer": "Yes: https://docs.clipper.exchange/disclaimers-and-technical/audits", "hidden": true, "question": "Has this project undergone a security audit? If not, are you planning to undergo it?", "questionId": 9}, {"type": "short-answer", "answer": "The code is publicly viewable at https://github.com/shipyard-software and the refactored code will be publicly available as well.", "hidden": false, "question": "Is this project open-source? (If yes, share the repository link).", "questionId": 10}, {"type": "paragraph", "answer": "Programming Languages and Frameworks:\nSolidity: For smart contract development.\nPython & Django Framework: For comprehensive backend services.\nDevelopment Tools: Utilizing the Serverless Framework for streamlined serverless architecture, Hardhat, and Brownie for efficient Ethereum development practices.\n\nDevelopment Methodology:\nOur approach is a dynamic blend of Kanban and Scrum, allowing for rapid adaptability alongside systematic sprint planning, ensuring continuous delivery and methodical progression.\n\nEnvironments:\nDevelopment: Employs containerization and the Serverless Framework, mirroring the production setup closely for consistency.\nStaging: Acts as the critical pre-production checkpoint, ensuring thorough testing and quality assurance.\nProduction: The final environment where our software becomes accessible to users, reflecting our highest standards of quality and reliability.\n\nTesting Practices:\nUnit and Functional Testing: Ensures individual components perform correctly both in isolation and when integrated.\nBlack Box Testing: Evaluates system functionality without peering into its internal structures or workings.\nRegression Testing: Regular checks to prevent new changes from negatively affecting existing functionalities.\n\nCI/CD Processes:\nWe employ robust automated pipelines, facilitating consistent code quality and swift transitions through our development, staging, and production stages, reinforced by continuous integration and deployment methodologies.\n\nInfrastructure:\nOur backbone is built on AWS services and serverless technologies, optimizing our operations for scalability and performance efficiency.\n\nSecurity and Testing:\nComprehensive security measures are enforced alongside meticulous audits by third-party entities. Our extensive testing regimen includes unit, functional, black box, and regression testing to uphold and advance our platform's integrity and user trust.", "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": "https://clipper.exchange/app/liquidity", "hidden": true, "question": "Does this project have a demo? If yes, share a public link.", "questionId": 12}, {"type": "short-answer", "answer": "The target audience is LPs looking for sustainable yields with no impermanent loss and traders looking for best prices on blue-chip token swaps. This is already Clipper\u2019s current audience as well as Uniswap\u2019s. Please see Clipper\u2019s data dashboard (https://clipper.exchange/data) and Dune (https://dune.com/shipyard_software/clipper-consolidated) for Clipper\u2019s current usage/traction metrics. ", "hidden": true, "question": "What is the target audience for this project? (Mention if there is a market launch plan).", "questionId": 13}, {"type": "paragraph", "answer": "1 Co-founder (Business)\n1 Co-founder (Smart Contract Dev)\n2 Sr. Frontend Dev\n3 Sr. Backend Dev\n1 Smart Contract Dev\n1 Head of Ops\n1 Head of Content & Research ", "hidden": false, "question": "Who are the members of the team?", "questionId": 14}, {"type": "paragraph", "answer": "Shipyard Software Team bios: https://www.shipyardsoftware.org/about#team\n\nCo-founders: \n\nMark Lurie (Co-founder & CEO): 2 VC-backed marketplace exits, investor at Bessemer, FJ Labs, HBS, Harvard AB (Economics) \u201807. https://www.linkedin.com/in/mlurie \n\nAbe Othman, PhD (Co-founder): AngelList Head of Quant Fund, 2 VC-backed exits, Dissertation on Automated Market Making, CMU CS PhD, Harvard AB (Applied Math) \u201807.", "hidden": true, "question": "Describe team members' experience and current roles for this project.", "questionId": 15}, {"type": "paragraph", "answer": "Milestones will be completed in the following order: \n\n1. Refactor Clipper\u2019s codebase to split the multi-asset pool on Arbitrum into several two-asset pools and pass a security audit. \n\na. Our dev team will be responsible for completing this milestone. \n\n2. Refactor Clipper\u2019s codebase as a Uni v4 hook and pass a security audit. \n\na. Our dev team will be responsible for completing this milestone. \n\n3. Update Clipper\u2019s user interface to accommodate multiple pools per chain instead of just one. \n\na. Our dev team will be responsible for completing this milestone. \nb. Milestones 1-3 are projected to be completed within 6 months. \n\n4. Deploy the new Clipper codebase on Arbitrum. \n\na. Our dev team will be responsible for completing this milestone. \nb. Timeline: 1 month to deploy (following Uni v4 being live) and start trading.\n\n5. Go one month with zero IL (zero LVR) on ETH<>USD and ARB<>USD pools on Clipper\u2019s Arbitrum deployment.\n\na. Data/track record for zero IL will be publicly viewable on Clipper\u2019s data dashboard. \nb. Timeline: 1 month ", "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": "We have already validated with our dev team that these changes are feasible. The milestones are all straightforward and achievable and will be completed as described above. We are also happy to incorporate any input or feedback from the Uniswap and Arbitrum teams. ", "hidden": false, "question": "How do you plan to reach these milestones? (Explain the project feasibility).", "questionId": 17}, {"type": "multiple-choice", "answer": "Yes", "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": "Arbitrum forum ", "hidden": true, "question": "How did you find out about UAGP?", "questionId": 21}, {"type": "paragraph", "answer": "Clipper docs: https://docs.clipper.exchange/introduction/what-is-clipper\n\nDiscord: https://discord.com/invite/clipperDEX", "hidden": true, "question": "Additional information", "questionId": 22}, {"type": "short-answer", "answer": "n/a", "hidden": true, "question": "Special requests", "questionId": 23}], "project": {"id": "0xa95bd78ce81534e3b5a3b02fd0a84afc14be6fbd26c450e705e188052161fd04", "title": "Clipper", "logoImg": "bafkreihyb5ugnwvd7wdxrbq57vrx4cggkpcimlthag474xu6rjgc7mxiqi", "metaPtr": {"pointer": "bafkreievru3dyrxv75govq6vherluyuorhkfdyvehhvatawyrg2rc5qd2e", "protocol": "undefined"}, "website": "https://clipper.exchange", "bannerImg": "bafkreibb26rq7pqgpfmrzjb3kljmkudcqjfa6rey4blmgumjkqmjpo6taa", "createdAt": 1709775612951, "credentials": {}, "description": "Clipper is a DEX designed for blue-chip token swaps. Its novel architecture incorporates prices formed off-chain into a sophisticated formula and validates them on-chain. This removes the need for arbitrageurs and ensures lower gas fees for traders. Clipper was built to optimize liquidity provider profit\u2013by only executing trades that are profitable for LPs, Clipper delivers sustainable returns with no impermanent loss.  ", "lastUpdated": 0, "projectTwitter": "Clipper_DEX"}, "recipient": "0xA28765c11dFb38E51bde5A71c8382eDceE841b45"}}