[KnightSafe] Grant Bi-Weekly Update

[KnightSafe] Grant Bi-Weekly Update

Date: 10 July 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, over $30 million TVL in the GM pool is secured by KnightSafe. The expectation of receiving the $ARB grant has further boosted KnightSafe users’ participation. They have been even more active in terms of both the inflow of capital into the GM pools and the additional trading volumes in GMX via KnightSafe. The cumulative trading volumes have exceeded $90 million since June 26, and the total inflow of capital has exceeded $10 million. The KnightSafe team is working on the claim contract, and users will soon receive the grant incentives based on their volumes on a weekly basis.

Meanwhile, KnightSafe has completed the updates to migrate users from GMX v2.0 to v2.1 since the support of v2.0 will be ending soon.

b) Milestone/KPI Achievements

KPI Milestones Progress
Smart Contract Audit Completion and Satisfactory Audit Result from Renowned Auditor SlowMist audit-in-progress, expected to be completed before end of July.
TVL in GM Accumulated additional inflow of capital into GM pools exceeds $3 million Target achieved, total mint has exceeded $10m.
Total Trading Volumes Accumulated additional trading volumes of exceeds $50 million Target achieved, accumulated additional trading volumes has exceed $90m.

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, and we are working towards the completion of the audit. The targeted completion date will be before end of July.

TVL Incentives Grants:

Our users have minted over $10 million ($10,345,520 as of this post) 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. We anticipate this momentum 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 $90 million ($90,703,331 as of this post), far surpassing our initial target of $50 million. With users receiving grant incentives on a weekly basis, 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