{"signature": "0x6635b05602d4af0c7957356ca0706049d2aa1f74a8af2f7cdacd60ad676ebdc33f23808f0ef025cec7ec3b6cf7daa6dd8f0f3b2eea6a98ce1d336edba07de8a41c", "application": {"round": "0x6142eedc06d80f3b362ce43b4ac52fad679dc850", "answers": [{"type": "email", "hidden": true, "question": "Email Address", "questionId": 0, "encryptedAnswer": {"ciphertext": "IjTqY7Z1SMuFwhf4CdvjcPlOdn26qtBoo9OzTp7PnQSHhzQeuWtjIE8+SFrIDPgL", "encryptedSymmetricKey": "edb456702bc2b04a4563e2520c4f60cd27eda79e5758b7a04e65871c7d4e74249a3280bac7984c603d7d935c63a39f0eff105a38bf9f3dc88a652a3e52b20b6e04c7c1b8cf38109176a5f939bf3b346d13684c87b797885e6d01b5297feab8b4d9d7165e0e743d61fa73510a653640e4ab9ddf0268bfa58e72d35fc32f5e1e070000000000000020de4bad1b2cdb7f712fc4e375d9e771b4e640d23c983bb0fa50e7ee073b8e41f65f2715199b84608588eda22a5e1f1e8b"}}, {"type": "paragraph", "answer": "Angle Labs proposes to build a smart incentives system for Uniswap v4: Merkl Uniswap v4. Merkl Uniswap v4 would be the progressed version of a dedicated tool that Angle already built and that is largely used on Arbitrum for Uniswap v3 incentivization. This tool would largely benefits both Arbitrum and Uniswap as Merkl already has many users who are familiar with the system and already using it for incentivization. \n\n**This grant would help Uniswap and Arbitrum to make them transition their Merkl incentives to Uniswap v4.**", "hidden": false, "question": "Application detail", "questionId": 1}, {"type": "number", "answer": "240000", "hidden": true, "question": "Amount requested (in $)", "questionId": 2}, {"type": "dropdown", "answer": "ARB", "hidden": true, "question": "Payout token", "questionId": 3}, {"type": "short-answer", "answer": "Received in a multisig on behalf of Angle Labs", "hidden": true, "question": "How do you account for this fund request?", "questionId": 4}, {"type": "paragraph", "answer": "Please see milestones below. ", "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": "Angle Labs proposes to build a smart incentives system for Uniswap v4: Merkl Uniswap v4. Merkl Uniswap v4 would be the progressed version of a dedicated tool that Angle already built and that is largely used on Arbitrum for Uniswap v3 incentivization. This tool would largely benefits both Arbitrum and Uniswap as Merkl already has many users who are familiar with the system and already using it for incentivization.   **This grant would help Uniswap and Arbitrum to make them transition their Merkl incentives to Uniswap v4.**  We also expect a greater network effect and more innovation as Merkl easily will help make Uniswap v4 hooks part of incentivization logics.", "hidden": false, "question": "How do you think this project fits in with Uniswap?", "questionId": 7}, {"type": "paragraph", "answer": "**Funding the Merkl technology for Uniswap v4 on Arbitrum would ensure to have both a trusted technology, and a already used technology transition to uniswap v4 with all its users (LPs, DeFi Protocols, ALMs... etc.).**\n\n**50+ Uniswap v3 pools have already been incentivized through Merkl and more than 12 millions incentives streamed via Merkl. We\u2019re very excited to continue catering to the Uniswap community with an adapted and technologically savvy solution.**\n\n1. **Protocols adoption**: Help at least 5 DeFi projects regularly incentivizing Uniswap v4 pools within five months of deploying. To date,  **289 separate incentives distributions** have been made on Uniswap v3 on Arbitrum via Merkl and we expect a progressive transition of all such distributions and clients of Merkl to Uniswap v4.\n2. **User Adoption**: Facilitate the growth of interest and familiarity of LPs with Uniswap v4 on Arbitrum. To date, 9436 users have been awrded incentives on Uniswap v3 on Arbitrum. Merkl is a significant contributor to incentivization and engagement of Uniswap LPs on Arbitrum. This number is a reasonable target within a year of deployment of the tool, although we are expecting more engagement and use thanks to innovative features of Uniswap v4 nd the growing Defi ecosystem on Arbitrum . \n3. **Liquidity**: Create more liquidity and volume for Arbitrum Uniswap v4 pools incentivized via Merkl. As an estimative KPI, in January 2024, Uni v3 Arbitrum pools incentivized via Merkl cumulated 3.6b volume out of the total 12b volume on Uniswap Arbitrum. We expect Merkl for Uniswap v4 to carry out the same kind of positive effects for Arbitrum volume.\n4. **Builders Community and Innovation Growth**: Connect with hooks builders to grow and innovate around incentivization models and conditions under Uniswap v4.\n\nMerkl Uniswap v4 on Arbitrum will put the **technical advancements of Uniswap v4 to the service of network effects and growth on Arbitrum:** \n\n**An integrative and already familiar solution for all actors** \n\n- automated Liquidity Managers (ALMs) will be an integrative part of the solution: their users will automatically be eligible to all incentives streamed on Merkl, and in turn they will be able to contribute seamlessly to atttract liquidity and volume to Uniswap v4 via incentives. All major and medium ALMs of the ecosystem are already plugged to Merkl\n- DeFi protocols are already distributing incentives with the Merkl system\n- users in DeFi already know the Merkl UX and UI for discovering pools and incentives distributions\n- the Merkl API allows all other UIs and platforms to displays APY and distributions on their front-ends\n- all offchain computations made by Merkl and distributions can be disputed and verified onchain\n\n**A flexible tool to customize incentives to all use cases**\n\n- customizable way to reward liquidity on Uniswap v4\n    - For example Aave has used Merkl to create a liquidity wall in a USDT/GHO pools and push the GHO back to peg\n    - Lido is using Merkl to increase the liquidity concentration on wstETH pools\n    - Merkl can allow incentives boosts to holders of a specific token, and this is what\n\n**A powerful and expressive infrastructure for Uniswap v4 hooks** \n\n- solution that will adapt to the range of possibilities offered by Uniswap v4 hooks\n- Merkl has an off-chain logic that will allow to take in account the complexity of Uniswap v4. For example:\n    - incentivize liquidity on a hook,\n    - incentivize only a subset a hook,\n    - adding a custom logic in distributions\n    - programming minimum APRs\n    - adding other combination of custom rules (that cannot be implemented onchain through a smart contract) for the distribution of rewards\n\n**A tracking and efficiency monitoring center**\n\n- Merkl Uniswap v4 reports will allow to track and monitor the efficiency of incentives distributions with custom analytics and reports as shown [here](https://merkl.angle.money/stats).", "hidden": false, "question": "What benefits will this project bring to Uniswap in the Arbitrum ecosystem?", "questionId": 8}, {"type": "short-answer", "answer": "Yes. https://code4rena.com/reports/2023-06-angle", "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 Merkl dispute bot is open source https://github.com/AngleProtocol/merkl-dispute", "hidden": false, "question": "Is this project open-source? (If yes, share the repository link).", "questionId": 10}, {"type": "paragraph", "answer": "This will mainly imply the use of Solidity smart contracts, subgraphs, archive nodes, offchain infrastructures, a front-end in React.", "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://merkl.angle.money/?times=active%2Cfuture%2C&phrase=&chains=", "hidden": true, "question": "Does this project have a demo? If yes, share a public link.", "questionId": 12}, {"type": "short-answer", "answer": "LPs, Defi Protocols, Foundations, Active Liquidity Managers and Uniswap v4 hook builders", "hidden": true, "question": "What is the target audience for this project? (Mention if there is a market launch plan).", "questionId": 13}, {"type": "paragraph", "answer": "The Angle Labs team is composed of 7 technical members that have **solid and established experience** in:\n\n- building an already trusted Uniswap incentives solution (Merkl), and\n- onboarding all major DeFi protocols to it (Aave, Lido, Uniswap Foundation, Arbitrum Foundation itself etc).", "hidden": false, "question": "Who are the members of the team?", "questionId": 14}, {"type": "paragraph", "answer": "**The Angle Cofounders and Merkl builders are:** \n\n- **Pablo Veyrat**\n\nBackground: Economics, Mathematics and Computer Science at Ecole polytechnique and Stanford \n\n- **Picodes**\n\nBackground: Mathematics and Computer Science at Ecole polytechnique and Stanford, Code4rena warden\n\n**Guillaume Nervo**\n\nBackground: Economics, Mathematics and Computer Science at Ecole polytechnique and Stanford", "hidden": true, "question": "Describe team members' experience and current roles for this project.", "questionId": 15}, {"type": "paragraph", "answer": "## **Milestones**\n\n**The project timeline is estimated to 4 months.**\n\n1. **Research and Development** (Month 1-2): \n    - **Deliverable**: Research report and development checklist\n    - **KPI Alignment**: N/A\n    - **Budget**: $30,000\n2. **Frontend Design / API Development** **and iterations** (Months 2-4):  Testing and security assessment of the onchain infrastructure, development of custom graphs focused on Uniswap v4 liquidity provision and on swaps to efficiently distribute incentives, frontend developments for everyone to track the APRs on Uniswap pools, development of dashboards and monitoring tools to assess the efficiency of every campaign created, adaptation of the Merkl API to handle the new types of pools\n- **Deliverable**:\n    - a ready-to-use, audited, and battle-tested Merkl API and incentives distribution/pool discovery UX  to incentivize Uniswap v4 pools on Arbitrum,\n    - integrate Uniswap v4 pools on Arbitrum to the Merkl pools\u2019 discovery UX and UI that is familiar to thousands of current Uniswap and DeFi users,\n    - a ready to use analytics to monitor and assess the efficiency of all incentives.\n- **KPI Alignment**: N/A\n- **Budget**: $60,000\n1. **Engine Development and iterations** (Months 2-4): Adaptation of the Merkl smart contracts, Implementation of an adapted offchain engine focused specifically on Uniswap v4, work on the dispute logic so anyone can permissionlessly contest the rewards posted by the new Merkl engine\n- **Deliverable**: a ready-to-use, audited, and battle-tested Merkl API and incentives distribution/pool discovery UX  to incentivize Uniswap v4 pools on Arbitrum,\n- **KPI Alignment**: N/A\n- **Budget**: $150,000", "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 Angle team is experienced in building incentivization systems. ", "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": "Via the Uniswap Forum", "hidden": true, "question": "How did you find out about UAGP?", "questionId": 21}, {"type": "paragraph", "answer": "As a reminder, Merkl is: \n\n- an **already trusted and familiar solution** to distribute incentives on Arbitrum: this will accelerate adoption and success of Uniswap v4 on Arbitrum and continue to boost volume and liquidity on Arbitrum\n- a **very expressive technology for Uniswap v4 hooks**: Merkl will cater to all possibilities offered by Uniswap v4 (e.g. only incentivize certain hooks, program minimum APRs etc.).\n- a **battle-tested and resilient infrastructure**: the Merkl API can handle the load of Uniswap LPs\n- a **secure and non custodial tool**: Merkl does not require any staking of LPs funds. User funds are not at risk and Merkl is audited\n- a **simple and permissionless UX** that is easy and suited for deploying incentives in less than 5 minutes and introducing all available yield opportunities on a DEX\n\nMerkl for Uniswap v4 will bring a supportive and necessary brick for the success of Arbitrum pools on Uniswap v4 and its adoption by major protocols.", "hidden": true, "question": "Additional information", "questionId": 22}, {"type": "short-answer", "answer": "We are excited to contribute to the success of Arbitrum and Uniswap v4 liquidity and volume via Merkl.", "hidden": true, "question": "Special requests", "questionId": 23}], "project": {"id": "0x88f717531c249015731f24ef67c90721c529fbf7fced7bd52bdafb7ec79a573f", "title": "Angle Protocol", "logoImg": "bafkreih5rljlwl7rosqy3une7o7woi565swzpth5ic5aiehhridblob4qq", "metaPtr": {"pointer": "bafkreie6qxlcu6g46dsji2jxu77jcdoj2xsjg6k2ojhq5pgrk4fywpdn7m", "protocol": "undefined"}, "website": "https://angle.money/", "createdAt": 1709053818228, "credentials": {}, "description": "Angle is the A16Z-backed Defi protocol behind agEUR, the most traded Euro stablecoin and stEUR, the first Euro Defi savings solution. \n\nAngle Labs, is also behind the most used incentives solutions in Defi (used by the Arbitrum Foundation, Uniswap Foundation, Aave, Lido, Pancake Swap, Camelot etc.).", "lastUpdated": 0, "projectTwitter": "AngleProtocol"}, "recipient": "0x55F01DDaE74b60e3c255BD2f619FEbdFce560a9C"}}