[OPEN GRANT APPLICATION] GMX <> Layer3

Grants
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SECTION 1: APPLICANT INFORMATION

  • Applicant Name or Alias: limes.eth (Dylan Brodeur)

  • Project Name: Layer3

  • Project Description: Layer3 helps consumers navigate the world of crypto through bite-sized lessons, called quests. We serve top-tier teams like Base and Uniswap to educate and engage the users that matter to them.

  • Team Members and Qualifications:

    Since 2021 we’ve worked with teams like Coinbase, Uniswap, Slingshot, and Stargate to develop engagement programs to acquire and activate target users. Most recently, we began powering engagement for Base’s Onchain Daily campaign.

  • Project Links:

  • Grant Type: Open Grant

  • Contact Information:

SECTION 2: GRANT INFORMATION

  • Requested Grant Size: 100,000 ARB
  • Grant Matching: Layer3 does not have a token
  • Grant Breakdown:
    • 100% of funds will go to users participating in onchain GMX V2 quests on Layer3, aiming to boost activity and liquidity on GMX.
    • Layer3 will create a collection of quests and streaks aimed at onboarding, engaging, and retaining users in GMX V2, together called GMX Academy.
    • These quests will guide users through the entire user journey and feature set specifically on GMX V2, beginning with easier activities and moving to more advanced ones
    • To supplement our goal, the Layer3 team will create an educational onboarding module to onboard users to GMX V2. This portion will not have ARB incentives.
    • After grant funds are exhausted, the quests will stay live on Layer3 until December 1st 2024, ensuring GMX is able to capitalize on an uptick in user inflows and contribute to its long-term sustainability.
  • Funding Address: 0xB3E365212E44BbD1edDA89397f71Aa7b49c4f3aF
  • Funding Address Characteristics: This address is a 2/3 Arbitrum Gnosis Safe managed by core team members, with our private keys stored safely.
  • Distribution Contract Address: 0x1796A56B5446A4D7D32914aa645Ba1d3730aE81D
  • Incentivised Contract Address: GMX V2 Deployments:
    https://gmxio.gitbook.io/gmx/contracts

SECTION 3: GRANT OBJECTIVES AND EXECUTION

Layer3 will use 100% of the grant to engage users onchain through the entire feature set of GMX V2: Swapping, staking GMX, liquidity provisioning, longing, shorting. To supplement this goal, the Layer3 team will create an educational onboarding module to onboard users to GMX V2: Understanding GMX V2 features, $GMX, $GLP, $GM. Quests will stay live until December 1st, 2024, even after ARB incentives are exhausted.

Layer3 is uniquely capable of driving full-funnel growth and enhancing user engagement in the GMX ecosystem. Quests are divided into 3 stages, representing our objectives: Onboard, Engage, and Retain. Our methodology is proven through our work serving teams like Uniswap, Base, and Slingshot.

In the Engage and Retain stages, users completing onchain quests will earn $ARB tokens, both new and reactivated users are eligible. These rewards are specifically for activities like swapping, staking, longing, and shorting on GMX, in line with STIP guidelines. Layer3 quest design is focused on driving both initial engagement through quests and long-term user retention through streaks, ensuring that our approach goes beyond encouraging single, isolated transactions to foster a more comprehensive and sustained interaction within the GMX ecosystem.

Objectives:

Objective Description KPI User Incentive Note
Onboard Onboard beginner and intermediate users to GMX through a comprehensive set of quests. Topics include GMX’s uniqueness, feature set, and tokenomics of GM, GLP, GMX. This section serves educational goals for GMX. 18,000 unique participants Layer3 platform XP & achievements This includes off-chain educational quests. Grant funds will not be used for this section.
Engage Engage users in opening positions, making swaps, and providing liquidity on GMX. 60,000 transactions $ARB
Retain Drive weekly interaction with GMX through Layer3 Streaks, promoting continuous learning and usage. Example: Swap on GMX for 4 weeks in a row. 2,500 four-week GMX V2 streaks = 10,000 transactions $ARB Layer3 Streaks are punch-card style loyalty quests. Ex. Swap on GMX for 4 weeks in a row

Key Performance Indicators (KPIs): 18,000 participants, 70,000 total transactions. A milestone breakdown is available in the “Fund Streaming” section.

All progress and KPIs will be reported via dashboards in this thread, including but not limited to data such as tx’s hashes, fees generated, CPA.

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

  • Layer3 will create a comprehensive collection of quests to onboard, engage, and retain users. This collection will distribute incentives to users for a period of ≤ 12 weeks.
  • In addition, this collection will remain live on Layer3 (incentives will be Layer3 XP and achievements) until December 1st, 2024. As Layer3 usage grows, GMX onboarding grows along with it.
  • This system ensures anyone who enters Layer3 in 2024 will be able to effectively understand and engage with GMX V2.

Justification for the size of the grant:

  • We aim to use this 100K ARB as incentives to create long-term empowered and aligned users for the GMX ecosystem.
  • We have long cultivated a dedicated userbase of GMX users through Layer3 and aim to refresh our engagement offerings through the use of this incentive program.
  • We have demonstrated ourselves as a top-tier partner for several incredible teams and will continue to drive massive impact for GMX after these incentives are exhausted.

Execution Strategy:

100% of funds will be rewarded to users for onchain GMX V2 quests. We will include an additional education module to supplement this program, which will not have any token incentives. Quests will be developed and iterated on with the GMX grants team in week one and published thereafter for the remainder of 2024. Layer3 will cover all costs associated with this campaign.

Grant Timeline:

Layer3 will deploy these quests and incentives over the course of 12 weeks. Quests will remain live after incentives are distributed until December 1st, 2024 at no cost to GMX.

Fund Streaming:

Milestones Description Estimated Users Cumulative Transactions % of Funds
Milestone 1 Initial onboarding & engagement quests. 6,000 15,000 33%
Milestone 2 Deepening usage via additional engagement quests and weekly GMX streaks. 12,000 40,000 33%
Milestone 3 Create additional re-enagement quests & new GMX streaks. 18,000 70,000 34%

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

SECTION 4: PROTOCOL DETAILS

  • Build Date on GMX: June 2022
  • Protocol Performance: Since introducing our users to GMX in June 2022, Layer3 has successfully run quests such as ‘Trading on GMX’, ‘Learn how to trade on GMX’, and ‘GMX on Avalanche’, demonstrating our commitment and effectiveness in enhancing user engagement on GMX.
  • We ran a self-funded GMX Campaign from June 2022 to engage our users during the early days of GMX. The graph below showcases Layer3’s impact on enhancing user interaction and supporting the platform’s growth over an extended period from across multiple unique quests. Quest 6 was one of the largest quests in Layer3 history, and drove over 100K swaps on GMX Arbitrum between Sept/Oct/Nov ‘22.
  • A selection of which are included below.
  • This data is available at the bottom of this Flipside dashboard here.

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  • Of these 119.4k wallets in the “Planet Swap” quest, 94.9% were new to swapping on GMX, showcasing our reach as a platform to engage new audiences
  • Protocol Roadmap: Visible Here

SECTION 5: DATA AND REPORTING

Our team of Dune Wizards have demonstrated their skills in creating insightful dashboards, offering full transparency and superior analytics. Their work can be seen here.

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

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Thank you for submitting your application to the GMX DAO Grants. We will review your application and get back to you.

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Hello Layer3 Team,

We want to thank you for applying to the GMX grants program. The window for applications has recently closed. In the interest of clarity, and to ensure continued lines of collaboration, we want to notify that your grant did not muster full support from the community to move on to approval. Such developments tied only to the STIP grant program are not the end of GMX working with you all. We understand that the opportunity presented by the grants program might have left you in the middle of some developments - we are more than happy to find other ways outside the grants program to see these developments through to a productive end, or to adjust scope accordingly in the interest of such ends.