[OPEN GRANT APPLICATION] Copin.io <> GMX

Grants
1

SECTION 1: APPLICANT INFORMATION

Provide personal or organizational details, including applicant name, contact information, and any associated organization. This information ensures proper identification and communication throughout the grant process.

Applicant Name or Alias: Anol
Project Name: Copin Analyzer
Project Description:

A web3 copy-trading platform. It enables users to explore, analyze and copy on-chain traders from perpetual DEXs like GMX and more.

Team Members and Qualifications:

Telegram: Contact @leecopin : CEO / Product Owner

Telegram: Contact @Anol0x : CMO / Business & Community leader

Development team: Comprising 11 core contributors working full-time across various roles such as Product Owner, Product Manager, QC, tester, Back-end, front-end, smart contract, UX/UI designer.

Business & Community team: Consisting of 6 core contributors working full-time across positions like community manager, ecosystem manager, BD, content creator, marketer, and graphic designer.

Project Links:

Contact Information:

SECTION 2: GRANT INFORMATION

Detail the requested grant size, provide an overview of the budget breakdown, specify the funding and contract addresses, and describe any matching funds if relevant.

Requested Grant Size: 45k $ARB
Grant Breakdown:

Copin plans to propose a grant of 45k $ARB, of which:

  • 25k $ARB for decentralized copy-trading (DCP) fee rebates on Copin.
    • 25k $ARB fee rebates will be used within 5 weeks of the DCP competition event; Or until 25k $ARB is used up, this means that users who arrive after exceeding the $ARB fee rebates cap of 25k $ARB will not receive rebates.
    • In case within 5 weeks, Copin does not use up the 25k $ARB cap for fee rebates, the remaining amount will be returned to GMX DAO.
  • 20k $ARB for copy-trading competitions for TOP 50 users with the highest copy-trading volume through GMX. The competitions take place within 5 weeks:
    • TOP 1: 4.5k $ARB
    • TOP 2: 3k $ARB
    • TOP 3: 1.9k $ARB
    • TOP 4-10: 800 $ARB
    • TOP 11-20: 200 $ARB
    • TOP 21-50: 100 $ARB
Funding Address: 0x1B1bB79ed94d84174C9C820Ac0dC30e2f27CeEB9
Funding Address Characteristics (2/3 multisig with private keys securely stored): 0x1B1bB79ed94d84174C9C820Ac0dC30e2f27CeEB9
Distribution Contract Address: N/A
Incentivized Contract Addresses: N/A

SECTION 3: GRANT OBJECTIVES AND EXECUTION

Clearly outline the primary objectives of the project and the Key Performance Indicators (KPIs) used to measure success. This helps reviewers understand what the project aims to achieve and how progress will be assessed.

Objectives: [Clearly state the primary objectives of the grant and what you intend to achieve]

The primary objectives of the grant:

  • Giving users gas rebates for setting up a smart wallet & copy-trading on Copin. From there, it helps remove fee barriers for new users, making it easy for them to onboard and access Copin without having to worry about smart wallet creation fees and copy-trading fees.
  • Create a copy-trading contest with prizes for 50 users with the largest copy trading volume during the contest period through GMX; Thereby motivating users to participate in the protocol enthusiastically.

Intend to achieve: Increase DAU and copy-trading volume on Copin via GMX

Key Performance Indicators (KPIs): [Specify the KPIs including by not limited to total value locked, transaction volume, number of users that will be used to measure success in achieving the grant objectives]
  • Total copy-trading volume during the copy-trading competition (5 weeks): $50,000,000
  • Total number of active users participating in the copy-trading competition: At least 100 users
How will receiving a grant enable you to foster growth or innovation within the GMX ecosystem?:

Receiving a grant will allow Copin to promote users to participate in decentralized copy-trading, targeting traders/investors who have capital but do not have experience, knowledge, and do not have the time to participate in trading, especially trading on perpdex protocols like GMX. This will also help the GMX ecosystem expand its access to this audience.

Justification for the size of the grant: [Enter explanation]

  • Justification for the size of the 25k $ARB fee rebates for users who copy-trading through GMX:

    • To execute a Decentralized copy-trading order, users need to pay the following 2 fees:
      • Copy-Trading fee: 0.025%
      • Execution fee (Create/update/execute/cancel/Take profit/Stop loss): ~0.001 ETH/txs
    • Therefore, to achieve the KPI target of $50,000,000 copy-trading volume as mentioned above, with an average of 100 copy-trading orders per day, lasting for 5 weeks, and assuming an ETH price of $3500, funding is needed for fee rebates as follows: ($50,000,000 / 0.025%) + (0.001E * 3500 * 100 * 7 * 5) = $24,750 (~25k $ARB, assuming ARB price is ~$1)

  • Justification for the size of the 20k $ARB decentralized copy-trading competition: is an attractive prize for the top 50 users with the largest copy-trading volume via GMX, specifically:

    • TOP 1: 4.5k $ARB
    • TOP 2: 3k $ARB
    • TOP 3: 1.9k $ARB
    • TOP 4-10: 800 $ARB
    • TOP 11-20: 200 $ARB
    • TOP 21-50: 100 $ARB
Execution Strategy & Grant Timeline:
  • Counting from the time Copin accepted this grant proposal. Copin needed 5 weeks to complete all features related to Decentralized Copy-Trading (DCP) as well as developing contracts related to DCP fee rebates, and DCP competitions. In there:
    • Decentralized Copy-Trading (DCP) via GMX: 3 weeks
    • DCP fee rebates: 1 week
    • DCP competitions: 1 week
  • Next, the DCP competition as well as DCP fee-rebates for all participating users will take place within the next 5 weeks.
  • The desired time to receive $ARB includes 3 milestones:
    • Milestone 1: V2 live and Audit: 15K ARB
    • Milestone 2 : Trading Volume 25 million 15K ARB
    • Milestone 3 : Trading Volume 50 million 20K ARB

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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 at their discretion at any time?]

Yes.

SECTION 4: PROTOCOL DETAILS

Provide details about the protocol requirements relevant to the grant. This information ensures that the applicant is aligned with the technical specifications and commitments of the grant.

What date did you build on GMX?: [Date of deployment]

Feb-28-2024

Protocol Performance: [Detail the past performance of the protocol and relevance, including any key metrics or achievements, dashboards, etc.]

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Source: Copin Stats | Copin Analyzer

Audit History (if any):

DCP for GMX v1: onchain-copytrading/audits/Copin DCP_GMX_Audit_Report.pdf at main · copin-protocol/onchain-copytrading · GitHub

SECTION 5: Data and Reporting

Provide details on how your team is equipped to provide data and reporting on grant distribution.

Is your team prepared to create Dune Spells and/or Dashboards for your incentive program?:

Yes. The team already has the resources to prepare statistics on Dune Dashboard

Does your team agree to provide bi-weekly program updates on the GMX Forum thread?: [Please describe your strategy and capabilities for data/reporting]

We will report bi-weekly on feature development progress until the feature is completely developed and released to users.

During the fee-rebates event as well as competition, we will report data through Dune Dashboard, as well as transparent data about the fee-rebates funds used. Other insight data comes from the Copin system.

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

2

Hey @Anol, Thanks for submitting your grant application.

1 Like
3

Hey @Saurabh

I am very happy to apply for GMX’s Grant program again. I hope Copin will match GMX’s development.

If there is any information that is unclear, or needs to be adjusted accordingly, I would love to receive comments from the community.
Thanks,

5

I want to update the milestone timeline as follows:

  • Milestone 1: V2 live and Audit: 15K ARB - July 15, 2024
  • Milestone 2 : Trading Volume 25 million 250 users 15K ARB - Aug 12, 2024
  • Milestone 3 : Trading Volume 50 million 500 users 20K ARB - Aug 26, 2024

In particular, the DCP competition through gmx v2 is expected to take place within 5 weeks, from July 22 - August 26.

6

You’ve done a good job building out the Copin platform, but the issue I see is that it isn’t driving volume to DEX’s. Rather, it’s mainly driving traders to copy good DEX traders on CEX’s. Isn’t that the case?

1 Like
7

Hey @Jonezee Thank you for your question, it gives me the opportunity to clarify my proposal more.

Currently, Copin has integrated copy-trade from good DEX traders on CEX’s such as BingX, Bitget, OKX, Bybit, Gate, … ; With the purpose of easier access to existing users of CEXs, as a bridge to help them better understand the concepts and activities on perpDEXs.

The DEXs space is still very potential, and Copin is still spending a lot of resources to learn, exploit and develop, especially Decentralized Copy-Trading (DCP) recently; to solve the problem of driving volumes to PerpDEXs in an efficient way, with the most processing speed and optimal copier performance. From there, Copin wishes to become a leading web3 platform on Decentralized copy-trading narivative.

Returning to the framework of the GMX grant proposal. Copin hopes to receive grant support from GMX to jointly promote and create motivation, thereby attracting users to participate in Copy-Trading and drive volume through GMX v2. Using GMX v2 as liquidity pool for copy-trading.

  • All funds from the grant are applied to rebate fees and copy-trading competition for user drive volumes through GMX v2.
  • Copin will also promote the fee rebates and competitions program in the most optimal way on Copin site & social: Adding banners to the homepage, as well as notifications displayed on the site helps users easily grasp information about this program.

This is also the first time Copin has launched, applying copy-trading through a perp DEXs, so it will certainly not avoid initial shortcomings. That is also the reason why we want to apply to this grant program to receive support from you, to together create an effective copy-trading program through GMX v2 and achieve the set goals.