{"signature": "0xc3617dc5c80b7b034c55bee73ce1700e38be6ab327970ad17c909b8a31e339384a00c7e0c40e451d008d96d5b0d7aa669cbb383531c4949c267504217ca3e7421c", "application": {"round": "0x23b136ed9b30323b9c6ece32f60e11acb5480010", "answers": [{"type": "email", "hidden": true, "question": "Email Address", "questionId": 0, "encryptedAnswer": {"ciphertext": "l/Crxe04pxOMu1aWI4X4acZdfWOyYM1p39E+zUgQR1xdhvgQg5/B7FBKLBhCmNa/", "encryptedSymmetricKey": "7502dbab86d97ad4a03007d749d878c41bc5c83c6a50a668881363d951de4389b73583c22ae817efa8664caa92d0db023d0d4a98839e00737d0be62daa10c9b3e473e1dad30a7380e4bee45c197b0c842165726248329fb1110c260426f39aa8d87e23ae892eced857c3ff9bdb18a43458ac096b7c24b4472b0ddb668fb9aaff00000000000000208d325608afa6861310f27a71d159b935d4a73e393782b7fbe0a5e7c93dd95466ff7648caddccfefe90eaf7a3b3e772a0"}}, {"type": "paragraph", "answer": "SYM Finance is requesting a 50,000 ARB grant from GMX. All received funds will be used to incentivize liquidity provision on Tidal AMM, SYM Finance\u2019s in-house market for leveraged yield, in three months. Since SYM will start with GMX v2, all granted ARB tokens will be contributed to higher TVL on GMX.", "hidden": false, "question": "Application detail", "questionId": 1}, {"type": "number", "answer": "50000", "hidden": true, "question": "Amount requested", "questionId": 2}, {"type": "dropdown", "answer": "ARB", "hidden": true, "question": "Payout token", "questionId": 3}, {"type": "paragraph", "answer": "January 2024:\tSYM Finance launches GM markets\nFebruary 2024: GM markets reach $1M TVL\t\nFeb-March 2024: GM markets reach $3M TVL", "hidden": false, "question": "Milestones", "questionId": 4}, {"type": "paragraph", "answer": "Stanley He - Co-founder and product architect, previously Head of Research at MetaWeb Ventures\n\nDaniel Wang - Co-founder and core developer, previously senior engineer at Near Protocol and Salesforce\n\nRobert Yan - Co-founder and core developer, previously Dev-rel lead at Near Protocol and engineering director at Microstrategy\n\nKris Liu - Co-founder and product manager, co-founder of LiNEAR Protocol and Phoenix Bonds", "hidden": false, "question": "Team Members and Qualifications: [List team members and their qualifications, roles, and responsibilities]", "questionId": 5}, {"type": "number", "answer": "13", "hidden": false, "question": "Team Size", "questionId": 6}, {"type": "short-answer", "answer": "With native token (SYM and esSYM)", "hidden": true, "question": "Grant Matching:", "questionId": 7}, {"type": "paragraph", "answer": "50,000 ARB will be used within 3 months to incentivize GM markets on SYM Finance. We accept milestone-based grant distribution, with 10,000 ARB, 20,000 ARB, 20,000 ARB distributed to SYM respectively at each milestone.", "hidden": true, "question": "Grant Breakdown", "questionId": 8}, {"type": "short-answer", "answer": "0xa448D1aD72e2a4c4BAE98a14cB754b9BDEFdc034", "hidden": true, "question": "Funding Address Characteristics: [Enter details on the status of the address; eligible address must be an MPC wallet\u00a0or 2/3 multisig with private keys securely stored]", "questionId": 9}, {"type": "short-answer", "answer": "TBD", "hidden": true, "question": "Distribution Contract Address: [Enter any specific address that will be used to disburse funds for grant recipients]", "questionId": 10}, {"type": "short-answer", "answer": "TBD", "hidden": true, "question": "Incentivised Contract Addresses: [Enter any specific contract addresses that will be incentivised in your program (Pool addresses, contracts, etc.)]", "questionId": 11}, {"type": "paragraph", "answer": "1. Create a Sustainable Market for Leverage on GM Tokens: We aim to innovate within the GMX ecosystem by introducing a sustainable, long-term model for leveraging GM tokens. This involves innovative mechanisms to enhance market stability and user engagement.\n\n2. Increase Total Value Locked (TVL) in GMX v2: We aim at bringing over $5,000,000 in new, long-term TVL to GMX v2, focusing on strategies that encourage both new and existing users to contribute to and benefit from the ecosystem.", "hidden": true, "question": "Objectives: [Clearly state the primary objectives of the grant and what you intend to achieve]", "questionId": 12}, {"type": "paragraph", "answer": "TVL in the form of GM tokens.", "hidden": true, "question": "Key Performance Indicators (KPIs): [Specify the KPIs, including but not limited to total value locked, transaction volume, and number of users that will be used to measure success in achieving the grant objectives]", "questionId": 13}, {"type": "paragraph", "answer": "1. SYM is NOT another JonesDAO, Vesta Finance, Alpaca, or Rage Trade. It enables the first real long-term (perpetual) leverage on yield bearing assets, and creates a special AMM to price the leverage fairly, which brings consistent SUPPLY to the leveraged yield market. By receiving a grant we will make GMX the first protocol that benefits from this new mechanism.\n2. Leveraged positions on SYM tend to be long-term positions, since there\u2019s no liquidation or interest rate. This will make GMX v2 liquidity more sticky, by providing HODLers a more profitable option for long-term holding and converting more users into HODLers. With a grant, SYM can accelerate this process.\n3. SYM Finance will provide the highest organic APR to both passive LPs and active traders. A grant will help us speed up GTM and make GM the asset that earns the highest real yield in DeFi.\n4. Under the hood, SYM is matching long-term LPs and short-term traders/speculators to let them provide value to each other. A market is thus created for better value discovery of both the yield-bearing asset per se and the yield outlook. A more efficient value allocation becomes possible. With a grant, we can introduce this new paradigm to the GMX ecosystem and enable more legos to be built on top of us, such as financialization of leveraged GM, yield trading, etc.", "hidden": true, "question": "How will receiving a grant enable you to foster growth or innovation within the GMX ecosystem?: [Provide details]", "questionId": 14}, {"type": "paragraph", "answer": "50,000 ARB will be distributed within 3 months to GM markets on SYM Finance. Assume ARB is being traded at $1, average liquidity of GM markets at $2M, and only half of the liquidity will be incentivized (it\u2019s in the design of SYM), then we get an annualized return of ($50,000/$1,000,000)/3*12 = 20%, which is a reasonable level of extra boost for the GTM of a new product with a new mechanism.\n\nMoreover, the ROI of those 50,000 ARB will be extraordinary. Even with conservative estimation, at least $5M worth of new GM liquidity, that is perpetually leveraged and staying for the long-term, will be drawn by SYM.", "hidden": true, "question": "Justification for the size of the grant: [Enter explanation]", "questionId": 15}, {"type": "paragraph", "answer": "1. A fixed amount of ARB will be linearly remitted to GM liquidity pools and fee pools on SYM Finance.\n2. LPs will be able to enjoy block-by-block reward streaming while their liquidity stays in the pools.\n3. When LP\u2019s liquidity is utilized (bought) by leverage buyers, he will be able to claim his share of fees from the fee pool (this is separate from rewards they received while liquidity was still in the liquidity pool), which contains ARB rewards.\n4. The program will run for three months, thus roughly 4166 ARB will be distributed to GM markets every week.\n5. BTC/USD, ETH/USD, and ARB/USD GM tokens will be eligible for the rewards.\n6. By wrapping both buying and selling leverage into one-click set-and-forget products, we can easily push it to the market with native CT contents which are already prepared.", "hidden": true, "question": "Execution Strategy: [Describe the execution plan, including resources, products, use of funds, and risk management. This includes allocations for specific pools, eligible assets, products, etc.]", "questionId": 16}, {"type": "paragraph", "answer": "\nJanuary 2024:\tSYM Finance launches GM markets, 10,000 ARB\nFebruary 2024: GM markets reach $1M TVL, 20,000 ARB\t\nFeb-March 2024: GM markets reach $3M TVL, 20,000 ARB", "hidden": true, "question": "Grant Timeline and Milestones: [Describe the timeline for the grant and milestones.]", "questionId": 17}, {"type": "paragraph", "answer": "Yes", "hidden": true, "question": "Fund Streaming: [Do you accept the funding of your grant streamed linearly for the duration of your grant proposal, and that the multisig holds the power to halt your streamed grant at their discretion at any time?] ", "questionId": 18}, {"type": "short-answer", "answer": "The protocol is currently on testnet, and will launch in December.", "hidden": true, "question": "What date did you build on GMX?: [Date of deployment]", "questionId": 19}, {"type": "paragraph", "answer": "/", "hidden": true, "question": "Protocol Performance: [Detail the past performance of the protocol and relevance, including any key metrics or achievements, dashboards, etc.]", "questionId": 20}, {"type": "paragraph", "answer": "Mid 2024: Permissionless deployment of new markets. This will enable everyone to get perpetually leveraged yield on any asset they want, starting from every GM token.\nEnd of 2024: Tokenization and secondary market of leveraged yield position to further increase capital efficiency and enable more flexible strategies. This will help GM tokens become a more important DeFi building-block.", "hidden": true, "question": "Protocol Roadmap: [Describe relevant roadmap details for your protocol or relevant products to your grant application.]", "questionId": 21}, {"type": "paragraph", "answer": "Currently being audited by Blocksec", "hidden": true, "question": "Audit History (if any): [Provide historic audits and audit results]", "questionId": 22}, {"type": "short-answer", "answer": "Yes", "hidden": true, "question": "Is your team prepared to create Dune Spells and/or Dashboards for your incentive program?: [Please describe your answer]", "questionId": 23}, {"type": "short-answer", "answer": "Yes", "hidden": true, "question": "Does your team agree to provide bi-weekly program updates on the GMX Forum thread?: [Please describe your strategy and capabilities for data/reporting]", "questionId": 24}, {"type": "short-answer", "answer": "Yes", "hidden": true, "question": "Does your team acknowledge that failure to comply with any of the above requests can result in the halting of the program's funding stream?: [Y/N]", "questionId": 25}], "project": {"id": "42161:0x73AB205af1476Dc22104A6B8b3d4c273B58C6E27:369", "title": "SYM Finance", "logoImg": "bafkreidhxmmjwhwkx5ke7ho4kd2wpnftwem7t6qkqyrvywcoc26x7ptqoa", "metaPtr": {"pointer": "bafkreihpwaaudi66lrwytaoxbndtksmqcykdkx5cqaz5q4kjqj36z4x5j4", "protocol": "1"}, "website": "https://docs.symfi.io/sym-finance/", "bannerImg": "bafkreid3pw4haaejijetubportw7f43vapizd63l34uvlud43hvy3b7phi", "createdAt": 1701263947741, "userGithub": "holmetz", "credentials": {"twitter": {"type": ["VerifiableCredential"], "proof": {"jws": "eyJhbGciOiJFZERTQSIsImNyaXQiOlsiYjY0Il0sImI2NCI6ZmFsc2V9..mlAh2pK3UP0qntAvGkPDrSFB0m6Y8TjGBxPmNO-uw0NaKA_3FNWwWxOJCdg3sVakycTy2zG5zAE7dSG31dOoDg", "type": "Ed25519Signature2018", "created": "2023-11-29T13:18:24.148Z", "proofPurpose": "assertionMethod", "verificationMethod": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC#z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC"}, "issuer": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC", "@context": ["https://www.w3.org/2018/credentials/v1"], "issuanceDate": "2023-11-29T13:18:24.148Z", "expirationDate": "2024-02-27T13:18:24.148Z", "credentialSubject": {"id": "did:pkh:eip155:1:0x14C38e622e78A79f3BF2116a759b6eA78724FE6b", "hash": "v0.0.0:ED78NWQECAzHKR6OMRfDBFw0yLetv7X+O/e7q9ETb7s=", "@context": [{"hash": "https://schema.org/Text", "provider": "https://schema.org/Text"}], "provider": "ClearTextTwitter#symfinance"}}}, "description": "SYM Finance lets users get non-liquidatable and interest-free leverage on yield-bearing assets, and creates an efficient market to trade the leveraged yield. 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