[open grant application] gmx <> fluid

Grants
1

GMX GRANT PROPOSAL

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SECTION 1:

APPLICANT INFORMATION

Applicant Name or Alias:

Jesse

Project Name:

Fluid

Project Description:

Fluid is enhancing cryptocurrency trading efficiency through our Integration of GMX on social networks such as Telegram. Fluid aims to streamline the trading process, reduce financial risks, and foster community engagement by integrating with GMX, a leading decentralized trading platform.

This integration seeks to address the inefficiencies of traditional crypto trading interfaces. Our first product is a Telegram based trading bot that has integrated GMX V2 to reach over 700 million Telegram users worldwide. We are the first to integrate V2 liquidity into an easy to use TG bot.

A few of the already implemented features include:

  • Quick Trades
    • Create and save trades for later use, great for times when every second counts
    • Quick trades can be executed in under 15 seconds
  • Market and Limit order execution
    • Easily open a new position directly from the bot under 30 seconds
  • SL/TP
    • Easily set a stop loss and / or take profit for each open position
  • Order and Liquidation Notifications
    • Get notifications when orders and liquidations have been triggered
  • PnL Referral Cards
    • Each open position can be shared via our PnL cards that users can generate for each of their positions

Team Members and Qualifications:

Liquid Legend - Development - Co-founder

Backend developer specializing in smart contracts and Python, with over seven years in the crypto space and six years in blockchain development. Has effectively advised multiple projects, invested in various blockchain startups, and built an extensive network of industry experts.

Alpha Perpetua - Development - Co-founder

Experienced business manager with 8 years in the field, coupled with 7 years of expertise in crypto and blockchain development. Has a track record of providing valuable guidance to numerous projects, investing in blockchain startups, and establishing a wide-ranging network of industry experts.

Jay - Business Development - Co-founder

Has a decade of experience in the cryptocurrency industry, with a track record of being an early-round investor at the venture firm level. Over the past six years, he has served as an advisor to multiple projects, specializing in business development and market growth. Bringing a wealth of knowledge and insights to the table.

Uosof Ahmadi - Marketing Manager - Core Contributor

Marketing expert with over 10 years experience that has worked with over 30 global brands as a self titled creator exceeding a billion views across all platforms. Held CMO/BD/Advisory positions for over 6 years in the crypto space working with dozens of startups and crypto unicorns.

Jesse - Marketing Manager - Core Contributor

Marketing Manager with a strong background in software lifecycle management, business analysis, and BPR. With 3 years of subject matter expertise and 6 years of experience in reengineering processes, he has successfully collaborated with global clients in sales, HR, and client delivery and advisory on multiple software projects.

Project Links:

Contact Information:

  • Twitter: @fluidtoken
  • Email: support@fluid.trade

SECTION 2:

GRANT INFORMATION

Requested Grant Size:

100,000 ARB

Grant Matching:

  • Supplementing Trading Contests:
    • We will run monthly trading contests and will match ARB rewards with ETH from our own treasury.

Grant Breakdown:

  • Supplementing Trading Contests and Fee Reimbursement: 60k Arbitrum
    • We will run monthly trading contests and will match ARB rewards with ETH from our own treasury. We plan to analyze the viability of tracking and reimbursement of trading fees to our users. Research is still ongoing atm for fee reimbursement.
  • Development: 15k Arbitrum
    • These funds will go to further develop our initial product which is live and already sending volume to GMX V2.
  • Marketing / User Acquisition: 15k Arbitrum
    • We will be using this to fund marketing strategies to promote greater adoption of our GMX V2 based trading bot. They will range from more traditional Web2 marketing strategies to purely Web3 focused marketing.
  • Security / Audits / Testing: 10k Arbitrum
    • These funds will be used to help pay for any necessary audits going forward as well as ongoing research into more complex security methods such as Account Abstraction.

Funding Address:

0x0A57fBf4c2Cf58440b61BeAee3Abd90D44A5617F

Funding Address Characteristics:

2/3 gnosis safe multisig via hardware wallets from 3 core team members in 3 different geographic locations.

Distribution Contract Address:

N/A

Incentivized Contract Addresses:

N/A

SECTION 3:

GRANT OBJECTIVES AND EXECUTION

Objectives:

GMX Integration and Fluid’s Strategic Focus:

Streamlining the Trading Process

  • Objective: Enhance user experience by making trading more intuitive, efficient, and responsive.
    • Implement cutting-edge technologies and user-friendly interfaces to simplify trading actions.

Incentivizing Community Engagement

  • Objective: Foster a dynamic and involved community around our platform.
    • Implement engagement programs such as rewards, trading contests, interactive forums, and feedback channels to keep the community active and invested.

Enhancing Accessibility through GMX Integration

  • Objective: Make our trading platform more accessible and user-friendly.
    • Integrate seamlessly with GMX, offering an intuitive interface and streamlined trading experience.

Directing Volume to GMX V2 Pools

  • Goal: Channel significant trading volume into GMX V2 pools.
    • Creation of Fees: The increased volume in V2 pools generates more fees.
    • Reinvestment for Growth: These fees are reinvested to spur growth within the GMX ecosystem.
    • Value to GMX: This strategy provides direct value to GMX by ensuring consistent trading volume.

Key Performance Indicators (KPIs):

  1. Month 1 Targets:
  • Weekly Average Volume: Achieve a weekly average volume of $5 million to $10 million.
  • User Engagement: Attract and engage a significant number of users in the initial month.
    • Target: 500 total users
  • Explanation: In the first month, our focus is on establishing a strong foundation for our project by achieving a substantial weekly average volume of financial activity. Additionally, we aim to attract a substantial user base to the platform.
  1. Month 2 Targets:
  • Weekly Average Volume: Increase the weekly average volume to a range of $10 million to $20 million.
  • User Growth: Expand the user base significantly.
    • Target: 500-2500 total users
  • Explanation: In the second month, we aim to build upon the initial success by doubling the weekly average volume while continuing to attract more users to our platform.
  1. Month 3 Targets:
  • Weekly Average Volume: Exceed $20 million in weekly average volume.
  • User Expansion: Continue the growth trend and achieve a substantial increase in the number of users.
    • Target: 2500-5000 total users

Summary of KPIs:

By the third month, our goal is to surpass the $20 million weekly average volume mark, demonstrating sustained growth and stability. Concurrently, we will actively work on expanding our user base.

These KPIs provide a clear picture of our project’s progress and growth over the next three months. They are concise, measurable, and align with the objectives of the grant proposal.

Justification for the size of the grant:

The full 100k ARB grant is justified based on the development, testing, and marketing needs for successful integration and addition of new features.

Execution Strategy:

Please refer to the Objective, KPIs and Roadmap sections.

Grant Timeline:

Our intuitives are planned to extend the full length of the STIP program (Jan 31st or longer if STIP program is extended).

Fund Streaming:

We accept the funding of our grant to be streamed linearly for the duration of the grant proposal.

SECTION 4:

PROTOCOL DETAILS

Testnet Launch on GMX:

October 16th, 2023

Mainnet Launch on GMX:

November 15th, 2023

Protocol Performance:

Since the launch of the Mainnet product, we have generated over $1.5 mil in volume towards GMX V2. That has been within less than a week as of time of this writing.

Protocol Roadmap:

  • Q3-Q4 2023 Achievements: Successfully completed all KPIs for this period. Key developments include:

    • Launch of the Telegram GMX V2 Perpetuals Bot, marking our emergence from stealth mode.
    • Initiation of fundraising and affiliate partner programs, laying the groundwork for future growth.
    • Seamless Quick Trades Feature: A revolutionary feature allowing users to execute leveraged trades within seconds through Telegram. This ensures real-time market responsiveness, a critical advantage in volatile trading environments.
    • Enhanced Security Features: Implemented advanced security protocols to safeguard user accounts, transactions and data.
    • Revenue-Sharing Plan: Introducing a revenue-sharing model to incentivize and reward our user community.

  • Q1-Q3 2024 Roadmap:

    • Trading Options Expansion: Broadening our trading services to all supported pairs and swaps.
    • Marketing Push: Implementing a comprehensive marketing strategy to enhance visibility and user acquisition.
    • Advanced Community Engagement: Engaging more deeply with our user base to foster community growth.
    • DeFi Integrations: Incorporating decentralized finance elements to enhance our service offerings.

Upcoming Developments

  • Integration of V2 Liquidity Stats: To provide users with enhanced insights into liquidity metrics.
  • Integration of V2 Open Interest (OI) Stats: Offering detailed open interest statistics for better trading decision-making.
  • User Profit and Loss (PnL) History Stats Integration: Enabling users to track their trading performance over time.
  • Addition of Remaining V2 Pools: Expanding our pool offerings to include all V2 pools.
  • V2 Pool Swaps Addition: Introducing the ability to swap between different V2 pools for greater flexibility.
  • Integration of GMX V2 leaderboard (Fluid bot and native GMX positions)

Audit History (if any):

We are currently utilizing GMX’s audited smart contracts to ensure immediate security and compliance. We are committed to conducting further audits for significant future updates to maintain high security standards. This approach reflects our dedication to user safety and platform integrity within the DeFi ecosystem.

SECTION 5:

DATA AND REPORTING

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

Supporting Links:
Docs: https://fluid-4.gitbook.io/fluid-documentation/
Website: https://fluid.trade/
Twitter: https://twitter.com/FluidToken
Telegram: Telegram: Contact @FluidTradingPortal

12 Likes
2

Hey @Jesse, Thanks for applying for the GMX grants the team will shortly start reviewing your application.

2 Likes
3

Fluid has been a fantastic tool that I’ve have added to my trading arsenal. The conscience, speed and layout makes trading perps so much easier and way faster for time sensitive situations. Team has done a great job at building a product that will appeal to the masses.

3 Likes
4

Enthusiastically looking forward to what lies ahead with Fluid! The platform currently boasts 550+ million users on Telegram and has strategic plans for integration with Discord, which boasts a whopping 500+ million users. The team’s evident competence and vision add a layer of assurance to the prospects. A potential long-term grant from GMX holds promise for mutual benefit, indicating substantial gains for GMX in this collaboration users wise.

Furthermore, the prospect of GMX providing the right tools to enhance Fluid’s capabilities is an exciting dimension. Such collaboration in tooling can undoubtedly contribute to elevating the overall performance and success of Fluid, making this even more promising.

Definitely will be keeping an eye out for this one!

2 Likes
5

Efficiency in modern times requires modern tools; Fluid bot is working smoothly.

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2 Likes
6

Efficient, hardworking and honest team. I love their idea to integrate Discord also which will bring many users. Please look into their work.

2 Likes
7

Impressive proposal with clear goals for GMX and Fluid integration. Strong focus on user experience and community engagement. Excited to see its impact on the GMX ecosystem! #GMX #FluidIntegration #DeFiInnovation

2 Likes
8

I have used the product and found it to be a great product. I can open orders very quickly and keep up with market fluctuations. Therefore, with the project’s KPI given. They can and are capable of achieving it

2 Likes
9

Fluid has been nothing short of top notch. Delivered a fully functioning flawless product on time (a rarity in the space). Well deserving of any grants. Big things for Fluid and the team! Onward and upward!

2 Likes
10

Fluid’s ecosystem, anchored by the GMX Bot, revolutionizes cryptocurrency trading with an extraordinary 50% revenue-sharing model. Meticulously developed, this innovative platform ensures rapid transactions and introduces unique PnL cards for enhanced tracking. The GMX Bot, a standout feature within the Fluid ecosystem, not only elevates efficiency but also showcases a commitment to innovation in cryptocurrency trading. With a substantial volume already achieved and ongoing developments, Fluid’s GMX Bot integration sets a new standard. The incredibly skilled and professional team consistently delivers on promises, ensuring success and wishing them continued achievements in their endeavors.

Congrat for the team!

1 Like
11

Fluid’s GMX Bot is a crypto-trading powerhouse—lightning-fast and reliable on Telegram, packed with features that redefine efficiency. As they venture into a new platform, the team’s dedication to innovation shines through. Get ready for a game-changing trading experience!

Fantastic real project with 50 % revenue sharing model. Fluid future is bright!

12

Trading perps on-chain straight from telegram is plain awesome. Fluid is the first to pull it off and they have a very smooth product. It could pull some serious volume for the decentralised perps market. I’m looking forward to how the product is developed further.

13

FLUID is by fare the best community i have ever been with, developers are always present, working hard to update and to create new products. FLUID is my new trading style, it is fast and clean for my trades. Thank you FLUID Team!!

14

Amendments to the previously submitted grant proposal for clarification and improved structure.

Grant Breakdown:

Supplementing Trading Contests and Fee Reimbursement: 90k Arbitrum
We will run monthly trading contests and will match ARB rewards with ETH from our own treasury. We plan to analyze the viability of tracking and reimbursement of trading fees to our users.

Audits / Security: 10k Arbitrum
These funds will be used to help pay for any necessary audits.

KPI:

First Milestone: We propose defining the first milestone as direct trading volume exceeding 2 million. The allocated budget for this milestone is 30,000 ARB.

Second Milestone: We propose defining the second milestone as direct trading volume exceeding 5 million. The allocated budget for this milestone is 30,000 ARB.

Third Milestone: We propose defining the third milestone as direct trading volume exceeding 11 million. The allocated budget for this milestone is 40,000 ARB.

The usage of funds for all 3 milestones will be for Trading incentives and Audits.

The Fluid Team

1 Like
15

Had a great time using Fluid tg bot to trade on GMX. This is definately the way moving forward to replace Cex. Future of this product and team is bright

16

Further Amendments to the previously submitted grant proposal for clarification and improved structure:

See Alpha Perpetua’s previous amendment to avoid any confusion.

Milestone Update:

As of the time of this writing, since the launch of the Mainnet product, we have generated over $2 million in volume towards GMX V2.

We would like to change the milestones.

Milestone 1: 2 million to 3.
Milestone 2: 5 million to 6.
Milestone 3: 11 million to 12.

Fluid Team

17

one thing im concerned about with this grant is the fact that fluid seems to already have a large amount of funding, and is ongoing a $25K trading competition.

i think it would be best to fund projects that currently lack funding, instead of giving more money to projects that can already handle everything and already host incentives themselves. it just comes off as a little bit greedy imho.

also, this post seems blasted with bots.

18

Thank you for your perspective, Eqdegen.

To give you a clearer picture, Fluid raised only 250 ETH, with 200 ETH (80%) invested directly into liquidity. This left us with 50 ETH for development and other expenses. Our focus has been on driving as much volume to GMX as possible.

So a significant portion of our resources goes towards trading incentives, which have been effective. Since launching on Mainnet our Bot has generated over $2.4 million in volume for GMX V2 in 12 days.

We’re not just supporting GMX theoretically; we’re delivering tangible results. Our approach aligns with GMX’s core objectives of increasing liquidity, volume, and user base.

Unlike other projects focused on analytics or reward pools, Fluid directly enhances GMX V2’s trading activity. This is similar to how GMX’s substantial ARB funding was justified by their contribution to volume on Arbitrum.

Our platform, currently has features like real-time positions, open interest data, and PnL analysis, is already a step ahead, mirroring functionalities that other projects are still planning to implement. We have a robust community of over 15,000 across social media, which explains the active engagement and support for our project.

In essence, Fluid is not just building alongside GMX; we are directly contributing to its ecosystem, a critical aspect that sets us apart from many other grant applicants.

We’re always open for further discussion and happy to provide more insights into our operations and impact.

1 Like
19

hi, Fred here from BD; not with the grants committee in explicit capacity, but assisting to make sure grant application/governance goes smoothly

generally, further review will be conducted by contributors explicitly in the grant committee capacities

as others have rightly noted, one thing the GMX grants would like to function as is help give resources and attention to other projects in the Arbitrum ecosystem space which might not have attained the level of attention they might deserve - which is how GMX has always operated, especially in the beginning when all of the Arbitrum ecosystem was out to prove itself

as others have noted, and as past posts from grant committee contributors indicate, there are some concerns about how far a grant can go in the hands of an admittedly already accomplished project team with an already robust product offering (which is a testament to the great work of the Fluid team thus far)

some advice:

  • the willingness for Fluid to match ETH to ARB for trading competitions is compelling; a more intentional laying out of the competition program would do favors in accruing confidence in this grant application. for instance, commitment to host X number of GMX V2 trading competitions, boasting a prize size of Y for each competition, would provide a timeline for the degree to which Fluid intends to support integration into the GMX ecosystem. ex: if Fluid is willing to match rewards and is insistent on 100k ARB, it could be interesting to see Fluid propose four dedicated GMX trading competitions, with total prizes of 12.5k $ARB + equivalent ETH (so total of ~$25k rewards, to use the current running competition as a benchmark of sorts)

in this way, Fluid will set itself apart from other bot applications and give confidence to the idea that a Fluid integration has long term interest alignment with GMX and its ecosystem; additionally, it could indicate the dedication of a lager project team to intentionally squeeze more out of a grant

1 Like
20

Hey @Jesse, after implementing the changes in the milestone we are excited to share with you that the grants committee is accepting your application.