{"signature": "0x5724922d9b622f2abb4cd9a8d860ecc84240555dd4bce1f5902d6e61c07d933804cce4f54472d1068d7b207cba3cce6eff665e25b3a91cb7180f5ad6b25e5d601c", "application": {"round": "0x6142eedc06d80f3b362ce43b4ac52fad679dc850", "answers": [{"type": "email", "hidden": true, "question": "Email Address", "questionId": 0, "encryptedAnswer": {"ciphertext": "NfBOpSKwhjb1nv5NZmGreNQmJ6uzNb2SkqMZlK91j19HRt6xzM+EKAOGnUchdszD", "encryptedSymmetricKey": "f6650328613d50d502a1bbeb8bcec026335628b303c0b2a9b14fa46bc9a1f8cd1762bc148ad528324d7765b11a09b60e2b53b54b3a8a422574acec628e71644e2a5143f94ad71eff5cec30858422d8dbdfb44b011bc0189a4bad0737d2b78b911359620268cdfd56abdaf9c46f4a123e6a895e94c9beb2b543298e894bf5466700000000000000206b4ec88acbc3a22aecd1ccad33a3e5b7b41749886ef52ae6899891dfc84d670d8e763760c9237ffa4a6ed5a7702d4d86"}}, {"type": "paragraph", "answer": "Aperture Finance is seeking to create an end to end, institutional grade tooling, research, and analytics solution for Uniswap V3/V4 LPs on Arbitrum. Aperture has already successfully launched a V1 tooling solution for UniV3 LPs on Arbitrum that has already enabled 400+ Arbitrum LPs to rebalance $36.5M in liquidity (as of 11/17/2023). \n\nAperture seeks to build on this success by further investing in liquidity management tooling and launching analytics and research tooling.  \n\n**Liquidity Management Tooling:** \n\nAperture\u2019s V1 beta tooling allowed users to easily rebalance their liquidity in 1 transaction by compressing the withdraw liquidity, swap calculation, swap execution, and redeployment of liquidity steps into 1 simple intuitive setup. Users can also rebalance based on a price trigger or ratio trigger (e.g. rebalance if my position becomes 90% ETH or rebalance when ETH hits $2500). Aperture\u2019s V1 also enabled auto-compounding and simplified one off compounding (which similar to the rebalance function combines the collect fees, swap math, swap, and add liquidity into 1 simple step). \n\nThis grant will power a V2 LM tooling solution on Arbitrum. The V2 will aim to add more advanced features like recurring rebalance (users can rebalance in perpetuity based on predefined logic), automation triggers based on advanced signals (moving averages, volatility indicators, etc), and zap in / zap out functionality for both principal liquidity and fees which allow users to create stop loss / take profit positions and will also allow users to more easily use LPing as a means of accruing an alt-coin they are bullish on (i.e. they can perpetually zap out all fee revenue to $ARB). \n\nRecurring rebalance strategies are currently only reserved for ALM protocol vaults who have in house devs or for large on-chain market makers who can afford an in house team of devs. Aperture\u2019s solution will democratize the playing field for less equipped LPs who have a strong thesis on how to earn fees in a given pool by providing tightly concentrated liquidity that frequently rebalances. \n\nAutomation triggers based on advance signals will allow for LPs to create entirely new rebalancing strategies based on advanced signals. \n\nZap functionality will greatly reduce the friction for small LPs to begin their journey or for large LPs to create safety rails (like a stop loss).  \n\n**Analytics Tooling:**\n\nIn the V2 Aperture seeks to give LPs on Arbitrum a comprehensive advanced analytics suite that sits right within their liquidity management interface. Users will get info on PnL, IL, LVR, HODL comparisons as well as a breakdown for their wallet level, chain level, and pool level performance. \n\nProper analytics and accounting can help unlock more institutional capital which is often bottle-necked by subpar reporting. \n\n**Research Tooling:**\n\nAperture also plans to give Arbitrum LPs the first ever institutional grade back tester that utilizes event logs / tick level data in lieu of the less accurate hourly snapshot method. Large institutional LPs and ALM protocols all use the more data and compute intensive event log method for back testing. When compared to actual results the hourly snapshot method is often 40-50% off whereas the event log back test results are typically within 1-2% of the actual yield.  \n\nBy providing this data to Arbitrum LPs we will enable more LPs large and small to begin providing liquidity with greater confidence.", "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": "Aperture is building a comprehensive full stack tooling solution that mimics the solutions used in house by large on-chain yield funds. Similar tooling platforms or ALM vaults charge 50 bips on rebalancing swaps (revert) or 20% for fees earned (gamma).   Aperture wants to keep this free for Arbitrum users for at least 1 year. Similar analytics solutions like APY Vision can charge upwards of 199 USDC per month to users. To date no one has created a public back tester using event log level data due to the cost. This alone could cost upwards of $1-$2 in compute per test. We want to make this free for Arbitrum users as well.", "hidden": true, "question": "How do you account for this fund request?", "questionId": 4}, {"type": "paragraph", "answer": "**Audits - $60K** \n\nAudits (2) - $60K \n\n**Infra & APIs - $90K** \n\nServer Costs / Year - $35K \n\nBack testing sever costs  - $30K (50,000 back tests at $0.60 per) \n\nBack testing data API / Year - $25K \n\n**Dev Costs - $50K** \n\nDev costs smart contract - $25K\n\nDev costs front end - $25K \n\n**Marketing - $50K** \n\nReferral Incentives - $50K in incentives for users who refer new LPs", "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": "Aperture is building a full stack solution for Uniswap LPs on Arbitrum. ", "hidden": false, "question": "How do you think this project fits in with Uniswap?", "questionId": 7}, {"type": "paragraph", "answer": "Aperture is building a full stack solution for Uniswap LPs on Arbitrum that will grant Arbitrum the best full stack solution for LPs. With increased functionality, convenience, and cost LPs will choose Arbitrum over other chains.  ", "hidden": false, "question": "What benefits will this project bring to Uniswap in the Arbitrum ecosystem?", "questionId": 8}, {"type": "short-answer", "answer": "Yes we plan to have our V2 audited and our V1 contract for UniV3 tooling was already audited. See details here: https://docs.aperture.finance/docs/transparency/security-audit", "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/Aperture-Finance/uniswap-v3-automan/blob/main/src/libraries/OptimalSwap.sol", "hidden": false, "question": "Is this project open-source? (If yes, share the repository link).", "questionId": 10}, {"type": "paragraph", "answer": "Solidity for our smart contract, TypeScript / NodeJS for our backend, React / TypeScript for our frontend.  AWS for backend infra.", "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 you can see the V1 here: https://app.aperture.finance/liquidity-management?chainId=42161", "hidden": true, "question": "Does this project have a demo? If yes, share a public link.", "questionId": 12}, {"type": "short-answer", "answer": "There are three types of user we aim to target  - Small Institutions: these are large LPs with 7 figures or more in capital who are trying to compete with the big on-chain market makers but lack any in house dev resources. Our recurring rebalancer tool and back testing solution will be incredibly powerful for them - Large retail whales: these are LPs with 6 figures or more in capital who are using LPing as a means of accumulating (DCAing) into a token of their choosing or who are trying to earn liquidity on long tail assets that have spikes in volatility / trading volume - Small retail users: these are users with 5 figures or more in liquidity who have similar strategies to the retail whales but who also might be in more of a \u201ctesting things out\u201d phase. These users will benefit from having a single unified interface (vs 4-5 different platforms) that they can pair with educational content to begin their LPing journey.  Market Launch Plan  - Incentives: we aim to motivate our existing user base to bring in more users by deploying $50K in incentives for referrals. we will pay out $100 for every referral that generates $10K in LP automations. - Community Partnership Marketing: we aim to partner with various paid DeFi Discord communities to ensure that the most sophisticated users are aware of our comprehensive solution. - Arbitrum x Uni Awareness Campaign: if we can do a joint campaign with the grant sponsors we will ensure that majority of LPs are aware of our tooling stack. - PR Push: We will also work with crypto publishers to create an announcement about our LP tooling stack for Uniswap x Arbitrum. This will be a seamless narrative alongside V4 hype and bull market activity which will bring more liquidity on-chain (basically coincides with an increase in TAM for Arbitrum V3/V4 LPs).", "hidden": true, "question": "What is the target audience for this project? (Mention if there is a market launch plan).", "questionId": 13}, {"type": "paragraph", "answer": "Lian Zhu - CEO\n\nGao Han - CTO\n\nPeiqian Li - CTO\n\nMcDavid Stoddard - Marketing / BD / PMM\n\nPeter Tan - PM\n\nDr. Shuhui Luo - Smart Contract Engineer", "hidden": false, "question": "Who are the members of the team?", "questionId": 14}, {"type": "paragraph", "answer": "This is an incredibly experienced team who has already successfully launched tooling and features for Uniswap V3.  \n\n**Lian Zhu -** \n\nFormer Sr. PM at AWS and Netflix\n\nLeading UI/UX efforts \n\n**Gao Han -** \n\n https://github.com/gaohan137\n\nFormer Sr. SDE at Google\n\nBSc. from Cornell\n\nHead of front-end and full stack contributor\n\n**Peiqian Li** - \n\nhttps://github.com/gnarlycow, \n\nFormer Sr. SDE at Google, \n\nMSc. from Stanford. \n\nHead of backend and research\n\n**McDavid Stoddard -** \n\nConducted over 100 interviews with UniV3 LPs, \n\nHead of go to market, marketing, and voice of user\n\n**Peter Tan -** \n\nSuccessfully launched tooling V1 which enabled over $50M in rebalances for UniV3 LPs on Arbitrum \n\nSprint Lead  \n\n**Dr. Shuhui Luo** - \n\nWritten multiple contributions to UniV4 lib https://github.com/Uniswap/v4-core/pulls/shuhuiluo\n\nhttps://medium.com/@aperturefinance/open-sourcing-our-optimal-univ3-swap-no-more-leftover-tokens-db3e9eaf5d23\n\nHead of smart contracts", "hidden": true, "question": "Describe team members' experience and current roles for this project.", "questionId": 15}, {"type": "paragraph", "answer": "For general product tracking the team plans to publicly post our sprint planning related to this project on Twitter and within a live Notion document that anyone can view. For usage tracking the team will create a public dashboard that shows total value enabled and fees earned for Arbitrum LPs on Uniswap.\n\n**The product milestones:**\n\nLiquidity Management Tooling\n\n- launch recurring rebalancer\n- launch advanced signals including MA and volatility indicators\n- launch zap in / zap out feature for both principal liquidity and fees (requires an upgraded contract)\n\nAnalytics\n\n- create an analytics dashboard that covers PnL, APR/APY, IL, LVR, value vs HODL and a break out by position ID, pool, chain, and wallet\n- imbed basic analytics (PnL, APR, IL) into position management cards\n\nResearch / Back Tester\n\n- launch a back testing interface that covers all pools on Arbitrum Uniswap V3 to date\n\n**Usage Milestones:**\n\n- achieve $250M in \u201cautomation volume / value enabled\u201d for Arbitrum users within 12 months of launch", "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": "With 100+ LP interviews under our belt, 400 existing Arbitrum LP users with at least 1 automation, and $35M in value enabled on Arbitrum so far we believe we already have a grasp on PMF for the LPing tooling stack. We want to use this grant to keep our product free for Arbitrum Uni LP users and to prioritize Arbitrum x Uni first in our roadmap. Given our track record of already shipping a V1 solution we are confident with the proper funding and support we can ship a V2 solution that will provide great value to LPs on Arbitrum x Uniswap. ", "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": "Offchain Labs!", "hidden": true, "question": "How did you find out about UAGP?", "questionId": 21}, {"type": "paragraph", "answer": "Aperture is also actively researching JIT/MEV mitigation hooks for UniV4. We plan to make all of our tooling stack compatible with V4. ", "hidden": true, "question": "Additional information", "questionId": 22}, {"type": "short-answer", "answer": "We would appreciate the chance to speak with the team or talk through anything in this application before a rejection decision is made. ", "hidden": true, "question": "Special requests", "questionId": 23}], "project": {"id": "42161:0x73AB205af1476Dc22104A6B8b3d4c273B58C6E27:258", "title": "Aperture Finance", "logoImg": "bafkreih73telglgtipjudm3lrhlxxzhltscym42apx5sdbhj2jwdy56gve", "metaPtr": {"pointer": "bafkreihbyjrndb6te7qm5ph5sp4qsulfhnktzwitkj5w4begov5xxnsw2i", "protocol": "1"}, "website": "https://app.aperture.finance", "createdAt": 1700094210233, "credentials": {}, "description": "Aperture is a tooling platform for UniV3 LPs. Our largest chain is Arbitrum. We help LPs rebalance, compound fees, and execute range orders all the while retaining full custody of their liquidity. \n\nAperture's innovative rebalancing solution allows users to re-range their liquidity in 1 click and 1 transaction without having any leftover tokens upon completing the swap. Users can also schedule their rebalance based on triggers like the token ratio of their LP or the price of a given asset. This allows LPs to sleep at night knowing their position will rebalance or close out when certain triggers are met. \n\nWe are also rolling out a recurring rebalance feature, advanced analytics in partnership with APY Vision, and an institutional grade back tester that uses event logs / tick level of granularity. ", "lastUpdated": 0, "projectGithub": "Aperture-Finance", "projectTwitter": "aperturefinance"}, "recipient": "0x145304a5cfEc1B616Cf035C43f084CE1233d9Ea7"}}