[KnightSafe] Grant Bi-Weekly Update
Date: 7 August 2024
I. Executive Summary:
KnightSafe was funded with 75,000 ARB to drive further growth in GMX V2 in terms of both trading volume and to recover part of its audit costs for enhancing the security level of the KnightSafe protocol.
a) Roadmap Progress
To date, almost $30 million TVL in the GM pool is secured by KnightSafe. The users of KnightSafe remain active in terms of both the inflow of capital into the GM pools and the additional trading volumes in GMX via KnightSafe.
KnightSafe have completed all the milestones that were initially set:
- Smart contract audit has been completed and KnightSafe team has received the audit grant for reimbursing the cost;
- the cumulative trading volumes have topped $180 million since June 26, as compared to the targeted $50 million;
- the total inflow of capital has exceeded $27 million, as compared to the targeted $3 million.
b) Milestone/KPI Achievements
| KPI | Milestones | Progress |
|---|---|---|
| Smart Contract Audit | Completion and Satisfactory Audit Result from Renowned Auditor | Completed |
| TVL in GM | Accumulated additional inflow of capital into GM pools exceeds $3 million | Target achieved |
| Total Trading Volumes | Accumulated additional trading volumes of exceeds $50 million | Target achieved |
c) Dune Dashboards
https://dune.com/knightsafe/knight-safe-x-gmx-v2
II. Current Progress:
Audit Grant:
KnightSafe has engaged SlowMist being the smart contract auditor as of the last week of June. The audit has been completed in July. The grant has been received in July and distributed to KnightSafe team.
TVL Incentives Grants:
KnightSafe users have minted over $27 million in assets into the GM pool and achieved our targeted milestone. The inflows have been primarily directed to the ETH/USDC and BTC/USDC pools, which are receiving fewer GM liquidity incentives. We believe these inflows are largely due to a combination of the $ARB incentive grants expected from KnightSafe and the organic growth in the participation rate of KnightSafe users. The inflow has been lower as compared to the early July, however, we anticipate the healthy inflow will be sustained throughout the 8-week claiming period.
Trading Incentives Grant:
The trading volume has surged significantly since the initiation of the grant. The accumulated trading volume has exceeded $180 million, far surpassing our initial target of $50 million. We anticipate that this momentum will be sustained throughout the 8-week claiming period.
III. Community Engagement:
Announcement on the GMX grant acceptance: x.com
IV. Partnerships and Collaborations:
N/A