{"signature": "0xbc191f2d7a12327c958c354357ab1d0c8972faae5c53d438c46e6ce3978512c43f19b436ffd0d91227c417d01daf30d17c386bd34b3f9455399d09f92e91e1a21c", "application": {"round": "0x523d76f39f6e6c7dd6a6707ed3b4490a386434a2", "answers": [{"type": "email", "hidden": true, "question": "Email Address", "questionId": 0, "encryptedAnswer": {"ciphertext": "wPjfKxIFJz28+J2WCclJt1I0481EPPR52nWSogLsclE=", "encryptedSymmetricKey": "fe390ad2eb7f370e121bb76b5b52b2dc8821c774a8dec1e7e2f3dcfb963d8ffd9a07c15aacfb4abbc1b2a5ef9b33a20898d53e648de5beaebc85f79a6345aec4ff02865573f3df7a7cf26cccb5bb3b1d06566b16c8c2519e07b49cb92244eb958d79700d7829db8e211da99390f49162c3a2448a048dc96cfd7e4ae8cc39c1720000000000000020ab10342b6d65f69238c9977cc839c91e656217f047bf2029141e28d72709a98f0b93b174308c5963576c3f8fca95ed80"}}, {"type": "multiple-choice", "answer": "Building - Deployment of RWAs", "hidden": false, "question": "Which of the following RWAIG funding categories does your project fall under? ", "questionId": 1}, {"type": "number", "answer": "35000", "hidden": false, "question": "Funding Request ($USD) ", "questionId": 2}, {"type": "paragraph", "answer": "re.al is the first permissionless Layer 2 dedicated to tokenized real world assets (RWAs), built with Arbiturm Orbit. re.al leverages the power of tokenization to bring RWA on-chain, and provide a unique DeFi ecosystem tailored to this growing category.\n\nAccording to DeFiLlama, the Real World Assets category accounts for $4.3b of TVL across all the chains tracked. The tokenization of illiquid RWAs is a growing market with significant potential. Non-stablecoin RWAs grew in on-chain value by $1.05bn in 2023 alone (Galaxy report: https://www.galaxy.com/insights/research/overview-of-on-chain-rwas/), while the Boston Consulting Group has estimated the tokenization of global illiquid assets to be a $16T market by 2030.\n\nWe believe that while general-purpose L2s like Arbitrum help in scaling the Ethereum blockchain, the future is multichain. There will be several L2 chains, each dedicated to a specific use case. We also view the L2 space as ones with winners in both the generalized space i.e. Arbitrum, OP and Base and also winners in a group of specialized chains focused on specific verticals like gaming, AI and RWAs.\n\nTherefore, we envision that Real World Assets (RWAs) can thrive in a dedicated DeFi ecosystem tailored to their specific needs, bringing off-chain yields to on-chain applications that unlock unique composability and capital efficiency. By supporting the development of a robust ecosystem with deep liquidity for RWAs, we aim to become the primary destination for builders and investors interested in this growing category, thus avoiding the problem of liquidity fragmentation across multiple chains.\n\nWe think we\u2019re best positioned to establish ourselves as the preeminent chain for tokenized RWAs, capturing the majority of TVL and transaction volume within this category, while also solidifying Arbitrum as a leader in RWAs through integrations within the Arbitrum ecosystem.", "hidden": false, "question": "What problem is your project solving in the RWA space?", "questionId": 3}, {"type": "paragraph", "answer": "With the exception of fiat-backed stablecoins, RWAs have yet to establish a strong product-market fit in DeFi, despite long-standing interest in the category. This is primarily because, as standalone products, RWAs and their real-world returns cannot compete with the higher liquidity opportunities and substantial upside offered by crypto-native assets.\n\nWe recognize these challenges and understand the solutions required to build deep liquidity for RWAs on-chain, fostering greater interest among active DeFi users who currently drive liquidity flows within the industry. Our approach focuses on building RWA protocols tailored for DeFi users, rather than creating crypto products for TradFi customers.\n\nre.al views tokenized RWAs and their consistent yields as ideal building blocks within a DeFi ecosystem, providing a reliable store of value and scalable incentive funding. As off-chain yields are brought on-chain, they create a sustainable source of funds to power protocol growth:\n- Consistent, Durable Value: Quality real-world assets provide a stable and reliable foundation for the chain.\n- Optimal Incentive Funding: Reliable real yields are used to sustainably fund liquidity incentives.\n- Enhanced Liquidity and Composability: RWAs are consistently tokenized as rebasing ERC-20s, improving liquidity and composability within the ecosystem.\n\nThis scalable flywheel, powered by off-chain yields, forms the core of re.al's unique approach within the RWA category. Moreover, all individual products are built to be cross-chain, recognizing the importance of integrating with the larger DeFi ecosystem rather than operating within a specific walled garden.\n\nAdditionally, re.al is entirely community-owned and the first L2 where 100% of profits from transaction fees and protocol fees accrue to the L2\u2019s governance token holders, paid in re.al\u2019s native ETH. We have never raised funds from VCs, ensuring that the entire governance token supply is in circulation. This model ensures that the community and ecosystem users are the primary beneficiaries of the chain\u2019s adoption and growth, creating optimal incentive alignment between the team and the community.\n\nAccording to DeFiLlama, the Real World Assets category accounts for $6.2b of TVL across all the chains tracked. Only $49.8M, or 0.8%, sits in protocols deployed on Arbitrum. At the current time, RWAs don\u2019t belong to Arbitrum. re.al aims to change this by onboarding tens of millions of liquidity to our permissionless Orbit L2.\n\nWe recognize that other blockchains provide dedicated features for RWAs. Although, to our knowledge, re.al is the first to market as the only permissionless L2 dedicated to RWAs, and the only vertically integrated ecosystem for RWA liquidity. re.al is not just about a few RWA protocols, but it\u2019s setting the stage to onboard tens, hundreds of applications to bring Real World economies onchain.", "hidden": false, "question": "Explain how your project is different from others and will bring value to the RWA ecosystem on Arbitrum. ", "questionId": 4}, {"type": "paragraph", "answer": "re.al mainnet has been live for about 2 months (publicly announced on May, 20th). The first protocols have deployed on the chain, and we have amassed an initial TVL of ~$52M, primarily in tokenized real estate assets managed by Tangible, which will be sold into active liquidity in the coming weeks and months.\n\nAs we transition from development into this new phase, we are focusing our efforts on growth, business development, and marketing through the following activities:\n\n1. Rewards Program: On July 1st we started the $RWA Rewards Program allocating 10% of token supply to reward/incentivize chain users across multiple seasons. This sybil-resistant program rewards liquidity providers, protocol users and ecosystem participants based on their on-chain activities and value, with rewards schemes designed to maximize behaviors we believe will accelerate chain growth. As we feel DeFi users have had enough of the current points meta, we created a unique program, designed to be the most transparent and value-driven airdrop campaign in DeFi. Users can check their current rewards in dollar value, not just in points. And on top of that, the $RWA token is already trading and 100% circulating. It also redistributes chain and protocol fees back to veRWA locks giving users real token utility (more info in this announcement: https://x.com/real_rwa/status/1807788345331974249).\n\n2. Developer incentives: teams interested in building on the chain will be delegated veRWA grants. 100% of transaction profits (after gas fees and 10% distribution to Arbitrum) accrue to veRWA holders, along with a percentage of revenue share from the protocols building on the chain. Through delegation of protocol-owned veRWA, we can sustainably fund the build initiatives of new teams through the daily yield accrued from the activity on the chain. In season 2 of the rewards program starting on Sept 1, approximately 40% of all airdrop points will be rewarded based on gas consumption, further incentivizing new protocols to build on the chain.\n\n3. Ecosystem growth: we are in talks with several RWA projects to onboard them on re.al. We are also working on building in-house new DeFi primitives tailored for the RWA vertical.", "hidden": true, "question": "[Answer this if you have chosen Building - Deployment of RWAs, otherwise type N/A] What stage of development is your project currently in?", "questionId": 5}, {"type": "paragraph", "answer": "N/A", "hidden": true, "question": "[Answer this if you have chosen Building - Strengthening Analytics, otherwise type N/A] How many Arbitrum users or projects (rough estimate) would benefit from the analytics you are providing?", "questionId": 6}, {"type": "paragraph", "answer": "N/A", "hidden": true, "question": "[Answer this if you have chosen Building - RWA Token Standards, otherwise type N/A] How will the standard make it smoother to deploy RWAs onto Arbitrum?", "questionId": 7}, {"type": "paragraph", "answer": "N/A", "hidden": true, "question": "[Answer this if you have chosen Research, otherwise type N/A] Describe how your research will lead to reduced costs for projects aiming to deploy RWAs on Arbitrum.", "questionId": 8}, {"type": "paragraph", "answer": "N/A", "hidden": true, "question": "[Answer this if you have chosen Awareness, otherwise type N/A] Describe your awareness content piece and outline its structure in detail.", "questionId": 9}, {"type": "short-answer", "answer": "As an Orbit L2, re.al targets 2 types of audience: 1. DeFi Applications and Developers: One of the main pillars of re.al's growth is the expansion of its ecosystem. We believe the best way to attract users is through successful applications. Specifically, we are targeting live DeFi applications, particularly those focused on RWA projects, as well as applications planning to deploy in the coming months. Additionally, we have a Developer Incentive Program to attract new teams interested in building unique RWA products on re.al. 2. DeFi Users: RWA yields have traditionally been unattractive to regular DeFi users, but we aim to change that on re.al by making those yields more appealing. re.al is an L2 yieldchain for RWAs, where these assets are not only brought on-chain but can also tap into an ecosystem of protocols that unlock true DeFi composability and attractive yields. We recognize that DeFi users ultimately go where they can get the best risk-adjusted yields. Currently, there are many double and triple digit yield opportunities on re.al, offering users sustainable revenue from off-chain sources.", "hidden": true, "question": "What is the target audience for this project? ", "questionId": 10}, {"type": "paragraph", "answer": "re.al team has previously developed the Tangible protocol, which provides access to tokenized, yield-generating real estate. Tangible has consistently ranked in the top 10 of the RWA DeFiLlama category since early 2023. Currently, Tangible has amassed $43M in TVL, while it achieved an ATH TVL of $80M.\n\nBelow you can find more information about lead team members:\n- Jag Singh (CEO & Co-founder):  Founder of Tangible, one of the first RWA platforms to bring property on chain, former CEO of Vid and co-founder of Singh Capital, showcasing a track record of innovative leadership in blockchain and finance. (https://twitter.com/jagTNFT)\n- Michael Slatkin (CMO): Brand visionary with tenure on Apple and Carvana, brought transformative marketing strategies as CMO at Tangible, demonstrating a deep understanding of brand building in tech and crypto spaces. (https://www.linkedin.com/in/michael-slatkin/)\n- James Kouzinas (Operations/Finance): 6+ years in crypto, COO at Tangible, Co-Founder of Clutch and 14+ years finance experience. (https://www.linkedin.com/in/jameskouzinas/)\n- Jaron Abbott (Risk): A quant research expert and former CRO at Cryptic Capital Management and CRO at Tangible, bringing rigorous risk analysis and quantitative strategies to the forefront of blockchain investments.  (https://www.linkedin.com/in/jaronabbott/)\n- Daniel Kuppitz (VP of Engineering):  VP engineering at Tangible, previous lead developer of Vid and a major contributor to industry standard query language Gremlin. (https://www.linkedin.com/in/daniel-kuppitz-5a60b119a/)\n- Chase Brown (Smart contract developer): A blockchain innovator with over 4 years of experience in web3 applications, co-founder of Elevate, enhancing re.al\u2019s smart contract development with industry-leading practices. (https://www.linkedin.com/in/chase-brown-41a934173/)", "hidden": true, "question": "What are the roles and experiences of project team members?", "questionId": 11}, {"type": "paragraph", "answer": "We haven\u2019t raised any VC funding. re.al, and previously Tangible, is a 100% bootstrapped project.", "hidden": true, "question": "How much funding has your project raised already?", "questionId": 12}, {"type": "short-answer", "answer": "re.al is not funded by any other grant program, though we have recently applied for the Arbitrum Foundation Orbit grant. Our application is currently under review.", "hidden": true, "question": "Is this project already funded by other grant programs? If funded by any Arbitrum-related programs, please specify.", "questionId": 13}], "project": {"id": "0x992bd43c2e91069a5499b32cae0657e19d9b421dbc6bc888e6b6de3492d356aa", "title": "re.al", "logoImg": "bafkreig7ysv7g3azlwsiditfpdvqujjb4jvm4ttubkmkgef73zs7y7r37i", "metaPtr": {"pointer": "bafkreibku72zqurcifcdjuvoomuwwx7rpqobe3hxiqq5olby4owrut5jja", "protocol": "undefined"}, "website": "https://www.re.al/", "createdAt": 1720712877488, "credentials": {}, "description": "re.al is the first permissionless Layer 2 dedicated to tokenized real world assets (RWAs), built with Arbiturm Orbit. re.al leverages the power of tokenization to bring RWA on-chain, and provide a unique DeFi ecosystem tailored to this growing category.", "lastUpdated": 0, "projectTwitter": "real_rwa"}, "recipient": "0xE19848f158EFd31d45A6975320365251c92040c1"}}