Applicant Name or Alias: Odysseus
Project Name: GMLP by Trove Protocol
Project Description: GMLP is the first tokenized vault that is already live for GMX v2.
Team Members and Qualifications:
Arthur: Smart Contract Developer
Great Ape: Developer
Hisoka: Smart Contract and Frontend Developer
Poetry Shell: Frontend Developer
Requested Grant Size: 250,000 ARB that will be 100% spent on growing GMLP
Grant Matching: 500,000 TROVE
150000 ARB (GMLP staking)
50000 ARB (GMLP/ETH on Trader Joe)
50000 ARB (GMLP/USDC on Trader Joe)
Funding Address: 0x72f9b18f1091b1F8A0981Afe44aD0123Ae32524A (On Arbitrum)
Funding Address Characteristics: 3/6 Multisig with 4 external members
Distribution Contract Address: 0x3445CDda432EEe0189dC97F7a59e67b26800287b
Incentivised Contract Addresses:
Objectives: Grow GMLP liquidity and TVL, to enable easier access to providing liquidity for GM pools, and allow DeFi composability and capital efficiency of liquidity providers of GMX v2.
Key Performance Indicators (KPIs):
- Total volume locked
- Holder count of GMLP
- Total liquidity
- APY from swap fees
How will receiving a grant enable you to foster growth or innovation within the GMX ecosystem?:
Receiving a grant will allow us to enable a reflexive flywheel for GM TVL, as the higher yield for GMLP pairs incentivizes larger GMLP deposits and higher liquidity, which leads to easier access to GMLP and further GM TVL growth, making GMX a more competitive platform for large sized trades, which leads to higher volume and higher fees for GMLP holders.
Justification for the size of the grant:
100% of the grant is used to incentivize users of GMLP. GMLP product is already and has achieved decent traction (more than $900k TVL). 100% of the incentives will be used to directly grow Arbitrum, GMX and GMLP TVL, which improves GMX as a trading platform.
All of the GMLP development and audit cost have already been paid by the Nitro Cartel team.
The 150,000 ARB allocated to GMLP staking will be distributed linearly on the staking page of GMLP.
The 50,000 ARB allocated to the GMLP/ETH and GMLP/USDC pools respectively will be distributed to stakers of the Trader Joe v1 GMLP/ETH and GMLP/USDC LP token.
To minimize potential risks, we will use a deposit limit per block to prevent price manipulation, and we will use battle tested smart contracts for the ARB distribution.
The ARB will be distributed in a 3 month timeline linearly.
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?] Yes
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?:
ALP, our Arbitrove Blue Chip Index Token, has featured GMX as the biggest Arbitrum Ecosystem Protocol holding since the very beginning on June 8th, 2023.
GMLP is officially launched on October 21st, 2023.
Protocol Performance: We have achieved $1,480,000 TVL across ALP and GMLP. Out of our protocol TVL, more than 70% is either providing liquidity to GMX v2, or directly holding the $GMX token.
Protocol Roadmap: [Describe relevant roadmap details for your protocol or relevant products to your grant application.]
Audit History (if any):
Provide details on how your team is equipped to provide data and reporting on the grant distribution.
We will provide thorough reporting on GMLP metrics, including TVL, holder count, APY, liquidity
Is your team prepared to create Dune Spells and/or Dashboards for your incentive program?: Yes
Does your team agree to provide bi-weekly program updates on the GMX Forum thread?: Yes
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.