{"signature": "0x682d6e64ac5e7113cec848732a50fcb3ba78d09b0adaaf0c1031e2a81372aa2d6cdf34b3d9bbf70b98c2d671c048d791f9f5f30a4ecb66fac612e05b586523291b", "application": {"round": "0x23b136ed9b30323b9c6ece32f60e11acb5480010", "answers": [{"type": "email", "hidden": true, "question": "Email Address", "questionId": 0, "encryptedAnswer": {"ciphertext": "87u1QRy9Ta1hwjbOnrHMiehAwhyU/zFTDflRk7lFLec0KG5Ro/ZshNxntLLHWaab", "encryptedSymmetricKey": "3fce6907f8b0ea58d297fd2562fd354a99d8844ee42deb0aeb99fdd29945d4687171c77f4df0b4e337233ce592f3b40b0113d37799a8f00ad190c6e59e7edbf1f58c7f66e1554b08dbf576c5bd22c62444604ec96d57ef9114b55a5b04dc7c889879b6b7a976a0f98e9781ac5e182f2a0d496f1c5668a8f5c35aa3efd05a5fbe00000000000000205fe72d1f720ff1e298341997b9aa6fe2999f819613114f00df5f40abd2cd315ba297ee1e303c4a8c4cdb0a83846bc295"}}, {"type": "paragraph", "answer": "Vaultka is seeking 100,000 $ARB to drive the adoption of GMX V2, aiming to attract at least $5 million TVL to GM pools. This will be achieved by incentivizing the $USDC lending vault, which exclusively supports GM leverage vaults.\n\n1. Impact of the Project on GMX and Arbitrum Ecosystem\n- Vaultka features four specialized strategic vaults, built atop both GMX V1 and V2, with a total TVL currently exceeding $5 million across these vaults.\n- Vaultka acts as a bridge between lenders and Perp DEX LP providers, enabling full utilization of lending capital into Perp DEX LPs\n\n2. Team Experience\n- The Vaultka team consists of developers with diverse backgrounds in both Web3 and Web2, with the experience in building Defi projects such as inflation-pegged collateralized currency, perpetual decentralized exchange, and smart contract auditing\n\n3. Relevance to the GMX ecosystem\n- Vaultka offers various strategic options for liquidity providers to maximize and tailor their gains and exposure with delta neutral and leverage products\n- Vaultka GMX-related strategic vaults include: GLP Delta Neutral, GLP Leverage, GLP Compounding, GM (WBTC-USDC, ETH-USDC, ARB-USDC) Leverage, and GM Delta Neutral Leverage Vault\n\n4. Time to complete goals and timeline\n- 100% of the funds will be used to incentivize the $USDC lending pool for GM leverage vaults\n- The incentive program will match the STIP timeline, lasting over 12 weeks", "hidden": false, "question": "Application detail", "questionId": 1}, {"type": "number", "answer": "100000", "hidden": true, "question": "Amount requested", "questionId": 2}, {"type": "dropdown", "answer": "ARB", "hidden": true, "question": "Payout token", "questionId": 3}, {"type": "paragraph", "answer": "For this 12 weeks emission, we will be emitting the ARB rewards evenly each week, which is 8333ARB each week. For the whole program, we are targeting to attract an additional 4 million tvl to gmx related vaults. We do expect the tvl growth will be higher in the first few weeks, given the higher apr with lower base tvl. But even towards the end of the program, we do expect there\u2019s still around additional 10% ARB APR, which is still quite attractive for stables lenders", "hidden": false, "question": "Milestones", "questionId": 4}, {"type": "paragraph", "answer": "Development Team:\n\nComposed of six full-time developers proficient in front-end, back-end, and smart contract development, with expertise in general-purpose programming languages and over three years of proficiency in Solidity. Our members possess diverse development experience, spanning projects such as inflation-pegged collateralized currency, perpetual decentralized exchange, and smart contract auditing.\n\nBusiness Development and Management Team:\n\nOur team comprises individuals from different backgrounds, including hedge funds, global banks, and asset management, with a track record in developing diverse DeFi protocols and cryptocurrency projects.", "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": "Emission of $esVKA and $USDC", "hidden": true, "question": "Grant Matching:", "questionId": 7}, {"type": "paragraph", "answer": "- 100% of the grant will be used to incentivize the $USDC lending pool, which is exclusive for GM leverage vaults, and GM delta-neutral leverage vaults later.\n- The grant will be distributed across 12 weeks, with equal portions each week. Lenders will get a time-averaged portion of the $ARB rewards based on the lending capital they deposit.\n- The grant is designed to attract at least an additional $5 million to GM pools by providing incentives for the $USDC Lending pool. This includes an extra $ARB APR of 10% to motivate and reward lenders for their participation.", "hidden": true, "question": "Grant Breakdown", "questionId": 8}, {"type": "short-answer", "answer": "The address above is a 2/3 Gnosis Multisignature wallet. The private keys are securely stored.", "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": "0x9045ae36f963b7184861BDce205ea8B08913B48c", "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": "0x9045ae36f963b7184861BDce205ea8B08913B48c", "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": "The core objective of this grant is to increase Vaultka\u2019s $USDC Lending pool size by $4 million, which is used to support GM related strategic vaults exclusively. This is intended to support the expected growth in deposits and leverage within the GM Leverage strategic vaults, driven by the $ARB STIP rewards.\n\nTo ensure that leverage users can consistently access and utilize GM pools, our primary aim is to attract fresh lending capital. This lending capital will, in turn, be redirected to GM pools as liquidity by lending it to leverage users, creating a positive feedback loop for GMX with the support of the grant from Vaultka\u2019s lending initiative", "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 GM Leverage Vault: $5 million+\nAverage Utilization Rate: 75%+\nNumber of Unique Addresses: 500+", "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": "With this grant, we aim to attract at least an additional $5 million TVL to GMX related vaults, which will be done by incentivizing the $USDC lending pool and raise the pool size to $4 million. This additional lending capital will be subsequently lent to leverage users and directed into GMX GM pools, thereby enhancing the GM liquidity pool and supporting GMX V2 trading.\n\nThis initiative will significantly benefit the GMX ecosystem by facilitating higher leverage sizes and providing depositors with access to more lucrative yield opportunities. For Degen yield farmers who find the 10% yield on the ETH-USDC GM pool insufficient, Vaultka enables them to amplify their position by up to 10x, resulting in a tenfold increase in the real yield they initially earned. The lending pool plays a pivotal role in making this possible, serving as the foundation for these enhanced opportunities.\n\nLending has been a constraint on fully realizing the potential of leverage vaults. With the introduction of additional $ARB rewards offering up to 10x leverage, the existing unused liquidity in the lending pool is anticipated to be swiftly employed, potentially becoming a limiting factor for leverage users.\n\nBy offering supplementary $ARB incentives on top of the standard esVKA emission and $USDC real yield, we are confident to attract more users to lend their capital. Investors who prefer to avoid risk exposure can opt for the lending vault, maintaining a protective position while benefiting from the potential of the underlying leveraged LP through a rising reward split, directly linked to the leverage size. The added $ARB incentive serves as an extra layer of enticement to encourage lenders to participate and earn additional $ARB rewards.", "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": "The grant program will be running for 12 weeks, with a total of 100,000 $ARB distributed. The target $USDC Lending pool size is $4 million, and assuming $ARB price is $1.1, APR will be:\n\n= Total $ARB grants for 3 months * $ARB price * 4 / $USDC Lending Pool Size\n\n= 100,000*$1.1*4/4,000,000\n\n= 11%\n\nReturn ratio in 3 months for TVL created in GMX V2 to $ARB granted:\n\n= (Target Lending pool size - Current pool size) / ($ARB granted * $ARB price)\n\n= (4,000,000 - 1,000,000)/(100,000*1.1) = 27x return", "hidden": true, "question": "Justification for the size of the grant: [Enter explanation]", "questionId": 15}, {"type": "paragraph", "answer": "- A fixedamount of $ARB tokens will be allocated to the $USDC lending vault each week\n- The ARB rewards will be accrued in the price of Lending Pool, so that users do not have to claim manually to be entitled to the additional rewards\n- Time-weighted average of the lender\u2019s $USDC lending pool balance will be taken for the whole week to calculate each week\u2019s proportional rewards\n- The programming will be running for 12 weeks, thus around 100,000 $ARB / 12 weeks= 8,333.33 $ARB for each week", "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": "The $ARB incentives for lending represent an initial catalyst for attracting new liquidity. Sustaining the Total Value Locked (TVL) in lending will be ensured through ongoing esVKA emission and the APR of GM tokens, distributed through reward splits to lending pools. Therefore, the grant will serve as a short-term incentive, aligning with the planned STIP timeline of January 31, 2024, to match and support the program\u2019s objectives.\n\nStart Date: 30th November\nDuration: 12 weeks\nClaiming period: until Feb-22-2024, can adjust after confirming the start date\nEstimate 1 month claiming period after the last claiming date, to allow more time for users to get their rewards", "hidden": true, "question": "Grant Timeline and Milestones: [Describe the timeline for the grant and milestones.]", "questionId": 17}, {"type": "paragraph", "answer": "Yes, we accept", "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": "Feb-08-2023", "hidden": true, "question": "What date did you build on GMX?: [Date of deployment]", "questionId": 19}, {"type": "paragraph", "answer": "Vaultka TVL: 12.5m\nProduct Coverage: Delta Neutral, Leverage\n\nProtocols (LP) Coverage: GMX V1 (GLP), GMX V2 (GM), GNS (gDAI), Vela Exchange (VLP), HMX (HLP)\n\nTVL Breakdown (GMX related vaults):\nGLP Dela Neutral Vault\t$353,186\nGLP Leverage\t$150,943\nGLP Compounding\t$5,194,637\nGM Leverage\t$3,973,707\nGM Leverage (Neutral) $1,935,590", "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": "GM Index Token (launching in mid Decemeber)\n\nThe GM Index Token, a pioneering Index token built upon Perp DEX LPs, will take on a structure similar to GLP. It consolidates most of the GM pools into one token, with the composition based on each pool\u2019s assets under management (AUM). This allows users to diversify their risks across multiple underlying assets present in various GM pools, maintaining partial exposure and earning protocol fees. It\u2019s an ideal choice for those who prefer to avoid the specific asset\u2019s risk exposure and are more interested in market-wide exposure.\n\nThis alternative investment option caters to users who wish to invest in GMX and the broader market\u2019s performance, rather than a specific asset pair pool. This approach aims to attract a wider range of users, particularly those with a lower risk tolerance, to invest in GM tokens.", "hidden": true, "question": "Protocol Roadmap: [Describe relevant roadmap details for your protocol or relevant products to your grant application.]", "questionId": 21}, {"type": "paragraph", "answer": "Zokyo Audit (for general Leverage Vault logics): https://github.com/zokyo-sec/audit-reports/blob/main/Vaultka/Vaultka_Zokyo_audit_report_30th_2023.pdf\n\nZokyo Audit (for GM Leverage Vault Smart Contract audit): https://drive.google.com/file/d/1unVB8q1bHoA3JmrsiQ6LZtN7seW7ZIxL/view?usp=drive_link\n\nHacken Audit (Tokenomics): https://drive.google.com/file/d/1oNmDcZJoTegPTzbqE18VjyrVXr6Zs_JB/view", "hidden": true, "question": "Audit History (if any): [Provide historic audits and audit results]", "questionId": 22}, {"type": "short-answer", "answer": "Yes, a real-time dashboard will be created on the website of Vaultka, so that users can always track the performance and data regarding the use of funds. KPI listed above and related information will be listed on the dashboard", "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, we agree. We will be collecting the biweekly 16,666 ARB and distribute the rewards to eligible users weekly. ", "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": "Y", "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": "42161:0x73AB205af1476Dc22104A6B8b3d4c273B58C6E27:362", "title": "Vaultka", "logoImg": "bafkreicyf6sfav46n777mcn7rrqpq26enuyfjdn4txwwiojf7gclosda4i", "metaPtr": {"pointer": "bafkreibmngmmfyivg5declhtlihnp7jreli3ozzlc3qteqwtcsf3pfecce", "protocol": "1"}, "website": "https://www.vaultka.com", "bannerImg": "bafkreicqhwnzwu2szpar2ej64dlo7bonn57zu53yvvyokxban4yardsfj4", "createdAt": 1701249510894, "userGithub": "Taivaultka", "credentials": {"github": {"type": ["VerifiableCredential"], "proof": {"jws": "eyJhbGciOiJFZERTQSIsImNyaXQiOlsiYjY0Il0sImI2NCI6ZmFsc2V9..o5ycw0-k7LAJeq6m5ukLNkp7TNYyw-9RZ7AJtG0uaERyjfoygzT6mYvgvi2RbcEFMxrxNLYxSl0rlkb9HyxTCg", "type": "Ed25519Signature2018", "created": "2023-11-29T09:26:23.210Z", "proofPurpose": "assertionMethod", "verificationMethod": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC#z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC"}, "issuer": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC", "@context": ["https://www.w3.org/2018/credentials/v1"], "issuanceDate": "2023-11-29T09:26:23.209Z", "expirationDate": "2024-02-27T09:26:23.209Z", "credentialSubject": {"id": "did:pkh:eip155:1:0xfb345469e3AC03A019a41aAb6513d6fAA1fdaa76", "hash": "v0.0.0:cuzBabfXsgBGw9XEBsGoROzOlhp+9Xqp0oywv5qgJl0=", "@context": [{"hash": "https://schema.org/Text", "provider": "https://schema.org/Text"}], "provider": "ClearTextGithubOrg#Vaultka-Project#138762775"}}, "twitter": {"type": ["VerifiableCredential"], "proof": {"jws": "eyJhbGciOiJFZERTQSIsImNyaXQiOlsiYjY0Il0sImI2NCI6ZmFsc2V9..Hu4WRPmEdlPk8z-YOt8ym1SBGYB4JOWG6I4ln0e61QuJgF1Q67V66LLiLqMyETeT5VbC6tNp0hNjWTh91gRfCw", "type": "Ed25519Signature2018", "created": "2023-11-29T09:22:56.154Z", "proofPurpose": "assertionMethod", "verificationMethod": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC#z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC"}, "issuer": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC", "@context": ["https://www.w3.org/2018/credentials/v1"], "issuanceDate": "2023-11-29T09:22:56.154Z", "expirationDate": "2024-02-27T09:22:56.154Z", "credentialSubject": {"id": "did:pkh:eip155:1:0xfb345469e3AC03A019a41aAb6513d6fAA1fdaa76", "hash": "v0.0.0:+M8IHgYh0wjiBW4Qc4+yTmP06j19dLDeMvqXjcrYsaw=", "@context": [{"hash": "https://schema.org/Text", "provider": "https://schema.org/Text"}], "provider": "ClearTextTwitter#Vaultkaofficial"}}}, "description": "Vaultka is a yield optimization protocol for Perpetual Decentralized Exchanges on Arbitrum, enabling users to maximize gains and tailor their strategies based on their risk preferences. Our GM Leverage Vault is the market-first GM strategy vault building on top of GMX V2, with the vision to bring higher yields to users with different risk exposures, and channel in liquidity to support activities on GMX V2.", "lastUpdated": 0, "projectGithub": "Vaultka-Project", "projectTwitter": "Vaultkaofficial"}, "recipient": "0x6CF1974e1f2C36bdE9F63071b0D5503194F0Da37"}}