[Micro Grant Application] Fungi Protocol - GMX


Applicant Name or Alias: Alejandro Dopico

Project Name: Fungi Protocol

Project Description: Fungi is a modular asset management protocol that enables the creation, management, and investment in on-chain funds. Leveraging the Diamond Standard (ERC-2535), Fungi brings scalability and high-speed iteration to the crypto asset management space and facilitates the development of dApps in the fields of passive investing, indexes, hedge funds, copy trading, automated strategies, and more. Our go-to-market will be focused on LATAM.

Team Members and Qualifications:

Andres Sarria (Co-Founder): Smart Contract Developer. Degree in Automation Engineering. Ex HP and Repsol.

dreski3 (Dreski) · GitHub ; https://twitter.com/AndrsSarria ; https://www.linkedin.com/in/andres-sarria-rojas/

Alejandro Dopico (Co-Founder): Business Developer. Degree in Economics. 7 years of experience in the financial sector. Ex Santander Bank and AllFunds.

https://twitter.com/aadopico ; https://www.linkedin.com/in/alejandro-dopico/.

Rodrigo Rivas (Co-Founder): UX Designer. Degree in Marketing. Early-stage crypto investor.

https://twitter.com/rodrigory ; https://www.linkedin.com/in/rodrigo-rivas-yassin/

Alvaro Teran (Collaborator): Front End Developer and Specialist in Web3 UI.

0xukhezo (Ukhezo) · GitHub ; https://www.linkedin.com/in/alvaro-teran-rodriguez/

Project Links:

Website: https://www.fungiprotocol.xyz/

X: https://twitter.com/fungiprotocol

LinkedIn: https://www.linkedin.com/company/fungiprotocol/

GitHub: Fungi Protocol · GitHub

Deck: DocSend

Demo: Fungi Protocol Eng - Descript

Contact Information:

TG: @alejandro_fungi ; @rodrigofungi ; @andresfungiprotocol

Email: hello@fungiprotocol.xyz


Requested Grant Size: 6,000 ARB

Grant Matching: 6,000 USDC

Grant Breakdown: The allocated funds will be exclusively directed towards development costs, including the smart contract integration with GMX as well as UI/UX design.

Funding Address: 0x75621B8F2Af2B2e2a52A5185fdaD3725b9a3d4F4

Funding Address Characteristics: Safe Wallet, 2/2 Multisig.


Here is some context about our project. Fungi relies on the concept of a “diamond” and its facets. These facets are modular chunks of functionality that can be attached to or replaced in the diamond, making the protocol adaptable, upgradable, and suited to the fast-evolving DeFi landscape. The facets are meant to be used by external contracts that desire to overcome the contract size limit set on EIP-170. We offer a framework for easily adding facet’s functionalities to a contract and a score system for keeping track of the success of some facets over others.

WhatsApp Image 2023-11-22 at 22.18.41

Illustrated in the diagram above are two notable facets: Swapper and Perpetuals. The former is an integration with Uniswap, while the latter is poised to integrate with GMX and its GM Pools, with plans for additional facets in the pipeline. This essentially means that each fund operating in Fungi will have to use GMX for perpetual trading and also have the option to deposit in GM Pools.

Fungi is presently in prototype stage, with the anticipated launch of its private beta slated for Q1 2024. The MVP will feature on-chain funds endowed with functionalities such as token swapping, leveraged trading, and liquidity provision. Anyone will be able to launch and manage an investment vehicle without the need to spend huge amounts of capital and time in the process. Skilled and experienced crypto managers should be able to trustlessly connect with their communities, monetize their investment skills, and operate with a large universe of assets, chains, and protocols. As a result, investors can obtain easy access to sophisticated exposure without giving up custody and liquidity over their money.

Regarding our go-to-market, Fungi will leverage its established partnership with Ripio and Ripio Ventures (their investment arm) to penetrate LATAM. Ripio is one of the largest centralized exchanges in the region, boasting over 4 million users. They offer a diverse range of products, including a decentralized wallet.

Please feel free to take a look at our deck for better understanding: DocSend


  • Complete the integration with GMX (perpetual trading and GM Pools) in order to launch our MVP.
  • Bring new users, TVL, and volume to the GMX ecosystem.

Key Performance Indicators (KPIs):

Given that our Micro Grant application is aimed at launching our MVP, our primary KPI will revolve around the successful integration of GMX and the subsequent launch of the Fungi Protocol.

How will receiving a grant enable you to foster growth or innovation within the GMX ecosystem?:

Our go-to-market strategy is geared towards expanding the crypto ecosystem by attracting new users rather than merely recycling existing funds. With GMX serving a pivotal role in our protocol, we anticipate that Fungi will not only contribute to increased volume and Total Value Locked (TVL) for GMX but will also serve as a gateway, bringing in new users from the LATAM region.

Justification for the size of the grant:

Taking into account our base location in Spain, where salary costs are relatively moderate, a grant of 6,000 USDC is deemed sufficient to cover operational expenses of one developer for around two months.

Grant Timeline:

GMX integration is anticipated to span approximately two months, commencing in the first week of January. The aim is to complete both the smart contract integration and UX/UI design, achieving these milestones by the end of Q1.

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?



Protocol Performance: Fungi Protocol has not been launched yet.

Protocol Roadmap: Please find our protocol roadmap below:

Audit History (if any): No audits yet.

SECTION 5: Data and Reporting

Is your team prepared to create Dune Spells and/or Dashboards for your incentive program?: Since Fungi has not launched yet and the principal objective of this Grant Application is to complete our integration with GMX and launch our private beta, there is no need for the creation of a Dune Dashboard yet.

Does your team agree to provide bi-weekly program updates on the GMX Forum thread?: We agree to provide bi-weekly updates on the GMX Forum. Additionally, any member of the GMX community will be able to check our progress in our GitHub repository: Fungi Protocol · GitHub

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?: Yes.

Please note: Labs and the Grants Committee retain the right to approve, disapprove, or subsequently disqualify any grant from the programs they are administering at their sole discretion.

Hey @aadopii.eth, Thanks for submitting your application for GMX grants program. The team will soon start reviewing your application.

Hello everyone! I just noticed that there is a typo in our Grant Application and I am not able to edit the post:

The Diamond Standard corresponds to ERC-2535, not ERC-2545.

Hey @aadopii.eth, I have made the changes please look into it.

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@aadopii.eth thank you for your grant application

while a microgrant, i think the grant committee would appreciate some further detail on how the team plans, in more detail perhaps with some aspirational steps or goals. additionally, an aspirational development timeline would be helpful

as a BD contributor, my TG is open if you would like guidance for what the grant committee is looking for - feel free to ping me on these forms via DM to get my Telegram handle, and we can set up a time to speak, or possibly rope in an additional contributor closer to the grant side

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Hello everyone! After having a meeting with @CredegarFhristensen (BD contributor), here we provide further detail on how we plan to integrate GMX into Fungi Protocol:

Smart contract integration

January 8-14: Open / Increase a Position (Development and Testing)
• Create a facet to open positions in GMX, both long and short, with the contract fund as the msg.sender.
• Create tests to verify the successful opening of positions.

January 15-21: Close / Decrease a Position (Development and Testing)
• Enhance the GMX contract facet with the function to close open positions.
• Create tests to verify the correct balance after closing positions.

January 22-28: Buy / Sell GLP (Development and Testing)
• Expand the contract with the function to buy and sell GLP.
• Create tests to verify the correct balance after purchasing GLP.

UI design and Front-End Development

January 8-17: UI Design and Wireframing
• Create wireframes and mockups for the UI integration of GMX into Fungi Protocol.

January 18-28: Front-End Development
• Develop the front-end components and functionality for integrating GMX into Fungi Protocol.
• Implement responsive design and ensure compatibility across different devices and browsers.

Final integration and Testing

January 29-11: Front-End Implementation
• Integrate GMX into Fungi Protocol UI.

February 12-25: UI Testing, Debugging and Refinement
• Conduct thorough testing of the UI to ensure proper functionality and a seamless user experience.
• Identify and fix any issues or bugs.
• Gather user feedback and make necessary refinements to improve the UI.

As we mentioned in our original application, we are asking for a 6K ARB Micro-Grant which will be divided in two parts: 1st half (3K ARB) upfront, and the 2nd half (3k ARB) when we finished the aforementioned. The entire grant will be dedicated to development purposes only.

Our team will provide bi-weekly updates here on the GMX Forum. Additionally, any member of the GMX community will be able to check our progress in our GitHub repository: Fungi Protocol · GitHub

We would also like to highlight our current ability to penetrate the LATAM region. Our unique approach aims to address the structural problems in the region and create wealth generation opportunities for anyone with a cell phone and an internet connection. Fungi is currently partnered with Ripio, the third largest CEX in the region with over 4 million active users. We participated in an accelerator program created by their venture arm, and are currently working to integrate with their products, including a self-custodial wallet. Additionally, we are currently working on developing partnerships with other big regional companies. Fungi has the potential to become a pioneer and a first mover in the DeFi space for Latin America.

Can you please confirm that this grant centers around GMX V2 (GM Pools) and not GLP. There are some places where GLP is mentioned that I think you meant GM. E.g The initial post is focused on GM but the follow up mentions GLP a few times.

Hi @BlueBerry_KR! Thank you for your response. You are correct. We will be focusing 100% on V2 and specifically GM Pools, not GLP. I apologize for the mistake!