{"signature": "0xc20cfaca27740e669aa1cb75f494219ee6e10eb1fc99212c8f51cb7baf481b844f36cafe63daad08d025dfbce0eb47b6f6a396cebe025262d2cd86862af24bad1c", "application": {"round": "0x6142eedc06d80f3b362ce43b4ac52fad679dc850", "answers": [{"type": "email", "hidden": true, "question": "Email Address", "questionId": 0, "encryptedAnswer": {"ciphertext": "nhYB24aWz1XOzLB/n7kvyrGZgS1zdRZ8YOv+Hv6F2Iuy+zte0XM9n7BrzLGsTeK/", "encryptedSymmetricKey": "db38630e3b437f49b76d3bd55eeac444458347f668ecdf89fa15cc1417065c6445497b8dc154d13dccca6303e725e918bc227bf72ee685220f24325875ad733a73048b3bacfc86c1783534227d5dd5dd033472905b1a6cea37415bb7f76c71b3ed10a06443b814598bde8d6ec0d324b8f7b8f59e4d2b3fbff73b70a86cc5d5560000000000000020a497a6e434b12f3e83abd17b1585e33ef5f63a5ed59d3c8626ccdac4726d696fdd54f45a51d31d5808cd4fad2a18aca7"}}, {"type": "paragraph", "answer": "We are building an automated and user-friendly recursive staking protocol.\nStaking tokens is a key method for earning returns, but maximizing APYs through recursive staking and lending pools can be complex and daunting, especially for users unfamiliar with DeFi. On top of this we have 4 main pillars as a solution:\n\t\n- Our platform offers a user-friendly experience with seamless and intuitive liquid staking features.\n- Users select an ETH amount, click 'Start Program', and our smart contract automates optimal return actions.\n- The smart contract automates staking and redistribution of balances to prevent liquidations.\n- Users staking receive brETH, a liquid token, tradable and usable for any purpose, with daily reward payouts.\n\nOur target market includes the usual DeFi savvy people and people with less knowledge. We think the market needs a solution simple enough to incentivize anyone to be a part of the DeFi world. Instead of relying on CEX\u2019s which have a better user experience but don\u2019t have enough decentralization and return/strategies opportunities.\n\n\nWe are also planning to build, in the future, customized strategies for DAO\u2019s, web3 organizations and even institutions.  \n", "hidden": false, "question": "Application detail", "questionId": 1}, {"type": "number", "answer": "100000", "hidden": true, "question": "Amount requested (in $)", "questionId": 2}, {"type": "dropdown", "answer": "ARB", "hidden": true, "question": "Payout token", "questionId": 3}, {"type": "short-answer", "answer": "We are requesting this funding amount to help cover expenses related to development costs, audits and marketing initiatives", "hidden": true, "question": "How do you account for this fund request?", "questionId": 4}, {"type": "paragraph", "answer": "We will have 4 main types of expenditures:\n1. Product Development: 40,000$ (the amount will allow to cover part of the developer salary to launch the Beta version)\n2. Audit: 50,000$ (this amount will allow to cover 50% of the expense of a smart contract audit, to make sure our contracts are secure)\n3. Marketing: 10,000$ (this amount will be used for co-marketing initiatives and to grow our brand and product awareness).\n", "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": "BakerFi's approach to DeFi staking, particularly with its focus on recursive staking and liquid tokens, could complement Uniswap's model in several ways. One of the key aspects is the integration of BakerFi's brETH, a liquid token received through staking, into Uniswap's ecosystem. This integration would allow for the trading of brETH on Uniswap, thus increasing the liquidity and trade volume on the platform.  Additionally, BakerFi's emphasis on a user-friendly interface could attract more users to the DeFi space, some of whom might also engage with Uniswap. A simplified staking process could encourage new users to explore other aspects of DeFi, including DEXs like Uniswap.  There might also be opportunities for cross-platform staking strategies, where users can stake their assets on BakerFi and then use the received tokens for liquidity provision or trading on Uniswap. This could provide users with diversified yield-generating opportunities.  If BakerFi's $BPIE token gains traction, it could enhance its utility and governance features more specifically on Uniswap. This could lead to mutual governance proposals or collaborations between the two platforms, aligning their development and growth.  Both platforms contribute to the broader DeFi ecosystem. BakerFi's approach to staking and yield generation could complement Uniswap's liquidity pools and trading services, potentially attracting a wider user base interested in different aspects of decentralized finance.  In summary, BakerFi could fit well with Uniswap by integrating its tokens into Uniswap's trading platform, offering new financial instruments and strategies, and contributing to the overall growth and diversification of the DeFi ecosystem.", "hidden": false, "question": "How do you think this project fits in with Uniswap?", "questionId": 7}, {"type": "paragraph", "answer": "Integrating a project like BakerFi into Uniswap within the Arbitrum ecosystem could bring several benefits:\n- Increased Liquidity: By allowing BakerFi's liquid staked tokens, such as brETH, to be traded on Uniswap within Arbitrum, it could significantly increase the liquidity available on the platform and chain. This is particularly beneficial for users who are looking for more options outside the Ethereum\u2019s mainnet;\n- Reduced Gas Fees and Enhanced Transaction Speed: Arbitrum, known for its lower gas fees and faster transaction speeds compared to Ethereum's mainnet, could make the staking and trading of BakerFi's tokens more efficient and cost-effective. This efficiency could attract more users to both BakerFi and Uniswap, leveraging the strengths of the Arbitrum layer 2 solution;\n- Diversification of Financial Products: The integration of BakerFi adds another layer of financial products to Uniswap's offerings and Arbitrum chain. This diversification is key in attracting a broader range of DeFi participants, from those interested in straightforward token swaps to those looking for more complex financial activities like staking and yield farming;\n- Cross-Platform Synergies: The collaboration between BakerFi and Uniswap in the Arbitrum ecosystem could lead to innovative DeFi strategies. Users could stake their assets on BakerFi, receive brETH or other tokens, and then use these assets on Uniswap for liquidity provision or trading, all within the efficient framework of Arbitrum;\n- Community Growth and Engagement: The combined communities of BakerFi and Uniswap could lead to a larger, more engaged user base. This is beneficial for fostering a robust DeFi ecosystem on Arbitrum, encouraging innovation and user participation while improving the size of Uniswap\u2019s Pools on Arbitrum;\n- Enhanced Security and Scalability: Arbitrum's layer 2 solutions offer improved security and scalability. By operating within this ecosystem, both BakerFi and Uniswap can provide their users with a more secure and scalable DeFi environment.\n\nIn conclusion, BakerFi's integration into Uniswap within the Arbitrum ecosystem can lead to increased liquidity, enhanced transaction efficiency, product diversification, innovative cross-platform strategies, community growth, and improved security and scalability. This synergy can significantly contribute to the advancement of the DeFi space on Arbitrum.", "hidden": false, "question": "What benefits will this project bring to Uniswap in the Arbitrum ecosystem?", "questionId": 8}, {"type": "short-answer", "answer": "We are now evaluating some proposals from auditors (mixbytes, oppenzeppelin, creed,etc) in order to complete our 1st audit. We are also seeking funding to help us on this.", "hidden": true, "question": "Has this project undergone a security audit? If not, are you planning to undergo it?", "questionId": 9}, {"type": "short-answer", "answer": "At the moment, for security reasons, the project is not entirely open-source. We will gradually make the code open-source once we have audits implemented and the product fully developed and live for everyone. We currently have an alpha version live on Arbitrum One but on invite only at the moment.", "hidden": false, "question": "Is this project open-source? (If yes, share the repository link).", "questionId": 10}, {"type": "paragraph", "answer": "- Solidity -  Modular Contract Architecture with Upgradable Contracts based on OpenZeppelin Framework:\n- Alpha Version of the Contracts finished\n- 98% Unit Test Coverage with Ether.js\n- Fuzing Testing with Echidma \n- Main Functionality tested with Arbitrum forks with Tenderly\n- All the smart contract code is fully documented with NatSpec\n- Soon to be audited by 2 Audit Firms until the live and open version\n\nFrontend - React/Next.js using Raibowkit and Wagmi Framework;\nGelato - Used Smart Contract Automation; \nBakerFi API - Smart Contract Event Indexing and Processing; \nOracles - ChainLink to support pricing\n", "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": "If you want to try it out, please tell us so that we can grant you access to the product: https://bakerfi.xyz/", "hidden": true, "question": "Does this project have a demo? If yes, share a public link.", "questionId": 12}, {"type": "short-answer", "answer": "We are filling the gap for Arbitrum One, in terms of having a LSDFi protocol that aims to onboard any type of user, independently of his understanding of DeFi. We are really targeting that market and we think Arbitrum has the right ecosystem for this effect, so that we can establish ourselves. We are also very focused on the UI/UX and overall experience in order to onboard any type of user. We have an automated liquidation protection mechanism, will have a decentralized insurance as an option for users for further protection and we will also be available to build customized strategies for the B2B market, starting with DAO's and big web3 projects that have their treasuries stalled.", "hidden": true, "question": "What is the target audience for this project? (Mention if there is a market launch plan).", "questionId": 13}, {"type": "paragraph", "answer": "- M\u00e1rio Alves\n- Henrique Silva\n- H\u00e9lder Vasconcelos\n- Henrique Macedo\n", "hidden": false, "question": "Who are the members of the team?", "questionId": 14}, {"type": "paragraph", "answer": "First Name- M\u00e1rio \nLast Name- Alves\nRole: CEO & Co-founder\nI\u2019ve an economics background, although I\u2019ve always been passionate about emerging tech. I discovered crypto in 2016 and since then created local communities in Portugal around the subject and helped local companies as well as an advisor on tokenomics and fundraising since 2017. Before that, I worked as an Investment Banker and as a business consultant at PwC. In 2018, along with Helder, my co-founder, we created LayerX, a company focused on creating web3 products. Our first product was TAIKAI, a web3 hackathon platform that is one of the biggest references in the market and where most ETH events take place. I\u2019m also one of the organizers of ETHPorto, a local event in my hometown, as a way to give back to the community and expand it even further.\n----\nFirst Name- Henrique\nLast Name- Silva\nRole: CBO & Co-founder\nAs the Head of Business Development at LayerX, (TAIKAI and Bepro), I have leveraged my deep understanding of business operations and management, gained from early exposure to my family's businesses, that are applied in the web3 sector. At LayerX, I have developed my skills in web3 to drive the company's growth, leading the development of a platform that is redefining hackathons (TAIKAI) and a decentralized task-marketplace (Bepro). I\u2019m currently their Head of BD and I currently manage a team of 6 people. Additionally, as a co-organizer of ETHPorto, Porto's first Ethereum-based event, I have demonstrated my capacity to manage large-scale, innovative events. I\u2019ve also had the opportunity to be involved in trading, tokenomics and consultancy services in the web3 space since 2018.\nMy professional journey is complemented by my academic background in Business Management from IPL, which has provided a strong foundation in strategic planning and operations. This combination of hands-on experience and formal education has equipped me with a unique skillset ideal for driving business development, forging new partnerships, and effectively leading teams. My commitment to continuous learning and excellence is evident in my ability to strategically guide business growth and foster team collaboration. These experiences prove my capability to contribute significantly to innovative projects in the cryptocurrency and web3 domains, such as BakerFi.\n----\nFirst Name- H\u00e9lder\nLast Name- Vasconcelos\nRole - CTO & co-founder\nGitHub URL - https://github.com/hvasconcelos\nWith a Telecommunications Engineering background, I\u2019ve worked at Portugal Telecom, the biggest telecom company in Portugal at the time, as a software engineer. After that I\u2019ve worked in 2 Irish companies as a senior engineer and at Euronext, the largest european stock exchange, as a Tech Lead. I discovered crypto in 2017 and created his first start, a Portuguese crypto exchange. Due to lack of regulation, I was not able to move forward with the project and joined LayerX as a co-founder and CTO in 2018. I\u2019ve successfully built a team of 10 engineers and built 3 different web3 products within the company.\n----\nFirst Name- Henrique\nLast Name- Macedo\nRole - CPO & co-founder\nGitHub URL- https://github.com/ickas\nWith a special love for Hackathons, I\u2019ve already participated in many and was a champion in 10 of them. It's easy to say that I really love tech and to build new things. I\u2019ve been in crypto from 2019, helping build LayerX from scratch, more specifically TAIKAI, which is our Hackathon Management platform. Of course, I ended up building a Hackathon platform, life is really a box full of surprises. Throughout these years I\u2019ve developed an increasing interest for web3, I really think this will be the future of things and I\u2019m so excited to be a part of it. As Design is one of my passions, it really drives me that Web3 must have a better UI/UX experience for the end-user, so that is one of my most important and personal missions. That\u2019s why building BakerFi with this mantra is so appealing to me.", "hidden": true, "question": "Describe team members' experience and current roles for this project.", "questionId": 15}, {"type": "paragraph", "answer": "Milestone #1 - Product development KPI\u2019s & Goals\n\n- Development of the current live Alpha version. On Mainnet already but gated (invite-only);\n- 1st Audit from a credible organization (mixbytes, oppenzeppelin, creed, etc) and include all the necessary work to clean all bugs encountered;\n- Reach/allow 100 users into the protocol;\n- Launch of the Governance token\n-----\nMilestone #2  - Full Mainnet launch KPI\u2019s & Goals\n\n- Development of Beta Version;\n- Reach/allow 1000 users into the protocol;\n- 2nd Audit from a credible organization (mixbytes, oppenzeppelin, creed, etc) and include all the necessary work to clean all bugs encountered; \n- Co-Marketing campaigns with partners, including live events;\n- Reach/allow 1000 users into the protocol;\n- Completion of the launch and open the protocol to everyone\n\n", "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": "Version 1 - Alpha is now live with the strategy wstETH-ETH working. We will complete the 1st audit and allow users to join from our current waitlist. \n\nVersion 1 Beta is going to allow broader whitelisted access with smart contracts audited by one top audit firm. After approving the first users and collecting feedback we are going to do a second audit before putting the product live with a single strategy. We have already more than 250 users on the waiting list interested in using our product. The founding team is quite experienced on web3 projects and has the right skills to build and design a top-notch product and user interface. We will also use these funds to help us hire an extra teammate - front-end developer.\n", "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": "Arbitrum Foundation", "hidden": true, "question": "How did you find out about UAGP?", "questionId": 21}, {"type": "paragraph", "answer": "Nothing to add.", "hidden": true, "question": "Additional information", "questionId": 22}, {"type": "short-answer", "answer": "Nothing to add.", "hidden": true, "question": "Special requests", "questionId": 23}], "project": {"id": "42161:0x73AB205af1476Dc22104A6B8b3d4c273B58C6E27:391", "title": "BakerFi", "logoImg": "bafkreiforv5ivnvx6mbsoppzryba6m4vlfzbpln6xhkmgk7n3slznjehh4", "metaPtr": {"pointer": "bafkreib7niwon4sroaym4f3gjdevnz25fr3znuh4rvkcxbnxqweg35fdce", "protocol": "1"}, "website": "https://bakerfi.xyz/", "bannerImg": "bafkreif6f6oezzq52hlqyjmcaxayiogdq5k6py6lyi2tna34t24kxwoini", "createdAt": 1702220833000, "userGithub": "", "credentials": {"twitter": {"type": ["VerifiableCredential"], "proof": {"jws": "eyJhbGciOiJFZERTQSIsImNyaXQiOlsiYjY0Il0sImI2NCI6ZmFsc2V9..-Cd7fIOyF53CizmtVZfoFj_cMHG4JHvII-0hxXU0PcsTRkM0-nUdYJkxxpi_GcBqf8Z2aVxMx6av1YnTYKNeBQ", "type": "Ed25519Signature2018", "created": "2023-12-10T15:01:12.183Z", "proofPurpose": "assertionMethod", "verificationMethod": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC#z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC"}, "issuer": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC", "@context": ["https://www.w3.org/2018/credentials/v1"], "issuanceDate": "2023-12-10T15:01:12.183Z", "expirationDate": "2024-03-09T15:01:12.183Z", "credentialSubject": {"id": "did:pkh:eip155:1:0x5B9D9E25a00A88290F35EE726490852e4DF083e3", "hash": "v0.0.0:EpwTiOG0c8KmwEyFuiws15hiCBIIhk09QgCHFup7b/s=", "@context": [{"hash": "https://schema.org/Text", "provider": "https://schema.org/Text"}], "provider": "ClearTextTwitter#bakerfi_"}}}, "description": "Welcome to the Bakery \ud83e\udd56\n\nWe are building a protocol with automated and user-friendly liquid staking strategies.\n\nStaking tokens is a key method for earning returns, but maximizing APYs through recursive staking and lending pools can be complex and daunting, especially for users unfamiliar with DeFi. \n\nOn top of this, we have 4 main pillars as a solution:\n\n- Our platform offers a user-friendly experience with seamless and intuitive liquid staking features;\n- Users select an ETH amount, click 'Start Program', and our smart contract automates optimal return actions;\n- The smart contract automates staking and redistribution of balances to prevent liquidations;\n- Users staking receive brETH, a liquid token, tradable and usable for any purpose, with daily reward payouts.\n\n\nOur target market includes the usual DeFi-savvy people and people with less knowledge like regular users. We think the market needs a solution simple enough to incentivize anyone to be a part of the DeFi world. Instead of relying on CEX\u2019s which have a better user experience but don\u2019t have decentralization and many returns/strategies opportunities.\n\nWe are also planning to build, in the future, customized strategies for DAO\u2019s, web3 organizations and institutions.", "lastUpdated": 0, "projectGithub": "baker-fi", "projectTwitter": "bakerfi_"}, "recipient": "0x270bC35D46fdD9Ad273CAc60353E2F0341E9c5A0"}}