RabbitHole Grant Bi-Weekly Update #4

GMX Grants Reports
1

Rabbithole Grant Bi-Weekly Update #4

Date: January 24, 2023

I. Executive Summary:

Rabbithole was funded with 100K ARB to develop the infrastructure and deploy Quests on behalf of GMX.

RabbitHole received its initial 25K ARB grant from the GMX Grant multisig on December 11, 2023.

To date, Rabbithole has created 16 quests on behalf of GMX’s STIP grant and 1 quest with an NFT Reward for RabbitHole’s Holiday Quest. RabbitHole has driven significant traffic to Arbitrum using quests. RabbitHole network performance has performed dramatically, including the protocol as one of Arbitrum’s top contracts in January

a) Roadmap Progress

  • Development of the GMX plugin (I.e. GMX integration on Rabbithole) was completed prior to receiving the grant, in the weeks leading up to December 12, 2023.
  • December 12, 2023: Rabbithole received 25K/100K ARB from GMX.
  • December 12, 2023: Began development of a Dune Dashboard for the GMX community to use in tracking the effectiveness of the granted ARB.
  • December 12, 2023: RabbitHole announces first Quests on Twitter.
  • January 20, 2024: RabbitHole launches support for GMX V2 Perpetual Swaps.

RabbitHole has continued to refine its GMX quests to support GMX V2 exclusive quests, in addition to further development towards perpetual swap plugin support and “Open Position” action types.

  • Our analysts have launched Open Position quests allowing for consistent quest completion rates around 1.5 ARB per quest reward. We will continue to adapt our reward rate according to market conditions.

Week 7

Transition to daily Perpetual Quests.

  • Quests:
    • Open Position on GMX
      • Total Allocation: 1,125 ARB.
      • Maximum Claimers: 750 ARB.
      • ARB per Claimer: 1.5 ARB.

Week 6

The Quest breakdown for the sixth week of GMX Quests is as follows:

  • Quests:

    • Trade on GMX V2

      • Allow List: Historical GMX Users.
      • Total Allocation: 1,125 ARB.
      • Maximum Claimers: 750.
      • ARB per Claimer: 1.5.

    • Trade on GMX V2

      • Allow List: New Users.
      • Total Allocation: 900 ARB.
      • Maximum Claimers: 750.
      • ARB per Claimer: 1.2.

    • Open Position on GMX V2

      • Allow List: New Users.
      • Total Allocation: 300 ARB.
      • Maximum Claimers: 100.
      • ARB per Claimer: 3.

    • Open Position on GMX V2

      • Allow List: New Users.
      • Total Allocation: 300 ARB.
      • Maximum Claimers: 100.
      • ARB per Claimer: 3.

Week 5

The Quest breakdown for the fifth week of GMX Quests is as follows:

  • Quests:

    • Trade on GMX V2

      • Allow List: Historical GMX Users.
      • Total Allocation: 1,125 ARB.
      • Maximum Claimers: 750.
      • ARB per Claimer: 1.5.

    • Trade on GMX V2

      • Allow List: New Users.
      • Total Allocation 3,000 ARB.
      • Maximum Claimers: 2,500
      • ARB per Claimer: 1.2.

Week 4

The Quest breakdown for the fourth week of GMX Quests is as follows:

  • Quests:

    • Trade on GMX V2

      • Allow List: New Users.
      • Total Allocation: 1,500 ARB.
      • Maximum Claimers: 1,000
      • ARB per Claimer: 1.5.

    • Trade on GMX V2

      • Allow List: New Users.
      • Total Allocation 3,600 ARB.
      • Maximum Claimers: 3,000
      • ARB per Claimer: 1.2.

Week 3

The Quest breakdown for the third week of GMX Quests is as follows:

  • Quests:

    • Trade on GMX V2

      • Allow List: New Users.
      • Total Allocation: 2,250 ARB.
      • Maximum Claimers: 1500.
      • ARB per Claimer: 1.5.

    • Trade on GMX V2

      • Allow List: New Users.
      • Total Allocation: 4,800 ARB.
      • Maximum Claimers: 4000.
      • ARB per Claimer: 1.2.

Week 2

The Quest breakdown for the second week of GMX Quests is as follows:

  • Quests:

    • Trade on GMX V2

      • Allow List: Historical Users.
      • Total Allocation: 3,000 ARB.
      • Maximum Claimers: 2,000.
      • ARB per Claimer: 1.5.

    • Trade on GMX V2

      • Allow List: Historical Users.
      • Total Allocation: 4,800 ARB.
      • Maximum Claimers: 4,000.
      • ARB per Claimer: 1.2.

Week 1

Rabbithole has agreed to release the ARB granted in the form of weekly quests. The Quest breakdown for the first week of GMX Quests is as follows:

  • Quests:

    • Trade on GMX V2

      • Allow List: New GMX users (excludes current GMX users)…
      • Total Allocation: 250 ARB.
      • Maximum Claimers: 250.
      • ARB per Claimer: 1.

    • Trade on GMX (New + Existing Users)

      • Allow List: New & existing GMX users.
      • Total Allocation: 4,000 ARB
      • Maximum Claimers: 5,000
      • ARB per Claimer: 0.8

    • Trade on GMX (New Traders)

      • Allow List: New GMX users (excludes current GMX users).
      • Total Allocation: 2,500 ARB
      • Maximum Claimers: 2,500.
      • ARB per Claimer: 1.0

b) Milestone/KPI Achievements

Target Objectives

Objective Description KPI
Objective #1 Drive new users to GMX and create sustainable ecosystem growth. We’ll use allowlist targeting functionality such as whitelist/blacklist to accomplish this objective. 7,500 new wallets
Objective #2 Drive incremental usage to GMX by engaging existing users and reactivating dormant ones. 27,500 monthly unique wallets, 8,500 re-engaged wallets, 85,000 transactions driven to GMX
Objective #3 Provide GMX a detailed CPA (cost per action) & fees generated for each quest as well as the overall program to measure efficacy of the effort. Dune Dashboard
Objective #4 Create a GMX Plugin to deploy quests to specify minimum amounts and specific tokens, which can be used by anyone in GMX community GMX Plugin for Quest Protocol

Target KPIs (Adjusted)

Phase 1 (Experiment) Phase 2 (Iterate) Phase 3 (Scale)
KPI Month 1 Month 2 Month 3
Transactions or Actions Driven 15,000 10,000 20,000
Monthly Unique Addresses 5,000 3,333 6,667
New GMX Addresses 1,333 889 1,778
Reactivated Users 1,500 1,000 2,000
Grant Distributed 25,000 25,000 50,000

Performance To Date

phase start_date end_date target_actions actual_monthly_total_actions target_addresses actual_monthly_unique_addresses target_new_addresses target_reactivated_addresses target_avg_cpa_arb average_monthly_cpa total_network_fees_usd target_arb_distributed total_rewards_claimed_arb
1 2023-12-12 2024-01-12 17500 8083 5000 4666 1500 1750 0.50 6.1 5153.6 25000 8185.4
2 2024-01-13 2024-02-13 22500 2100 7500 1572 2000 2250 0.33 8.96 3209.7 25000 3137.5
3 2024-02-14 2024-03-14 45000 15000 4000 4500 0.33 50000

Performance details available on Dune here.

c) Dune Dashboards

The Rabbithole community dashboard is available [here]([ https://dune.com/rabbithole/quest-protocol-gmx-quests).

The RabbitHole STIP dashboard is available here: https://dune.com/rabbithole/stip.

II. Current Progress:

start_time end_time total_claims_allowed reward_per_claim_arb unique_questors num_claims total_claim_fees_eth total_claim_fees_usd total_claim_tx_fees_eth total_claim_tx_fees_usd total_action_tx_fees_eth total_action_tx_fees_usd total_network_fees_eth total_network_fees_usd total_fees_eth total_fees_usd total_rewards_claimed_arb completion_percentage
Open position on GMX V 2 on Arbitrum 2024-01-19 2024-01-21 250 1.25 250 250 0.01875 46.6573365 0.0334057521 83.11874005 0.0631485351 157.0936991 0.0965542872 240.2124392 0.1153042872 286.8697757 312.5 1
Open position on GMX V 2 on Arbitrum 2024-01-19 2024-01-21 250 2 250 250 0.01875 46.63745175 0.039383539 97.95901134 0.0641369919 159.5311913 0.1035205309 257.4902026 0.1222705309 304.1276544 500 1
Open position on GMX V 2 on Arbitrum 2024-01-19 2024-01-21 100 3 100 100 0.0075 18.67154775 0.0195412002 48.65460602 0.0345169685 85.95333331 0.0540581687 134.6079393 0.0615581687 153.2794871 300 1
Trade on GMX V2 2024-01-17 2024-01-23 750 1.2 750 750 0.05625 141.2636985 0.1521001667 382.9018612 0.2668975038 672.2061543 0.4189976704 1055.108015 0.4752476704 1196.371714 900 1
Trade on GMX V2 2024-01-16 2024-01-23 750 1.5 750 750 0.05625 141.709173 0.1584551693 399.193765 0.2468002958 621.7614939 0.4052554651 1020.955259 0.4615054651 1162.664432 1125 1
Trade on GMX V2 2024-01-10 2024-01-16 00 2500 1.2 2071 2071 0.155325 394.8152768 0.351463514 890.9726459 0.6152231088 1558.696221 0.9666866228 2449.668867 1.122011623 2844.484144 2485.2 0.8284
Trade on GMX V2 2024-01-09 2024-01-16 750 1.5 750 750 0.05625 141.9142178 0.1359400833 343.4463855 0.229879402 579.6753279 0.3658194852 923.1217133 0.4220694852 1065.035931 1125 1
Trade on GMX V2 2024-01-03 2024-01-09 3000 1.2 600 600 0.045 101.8570575 0.1083896174 244.6515313 0.2052067186 463.3870797 0.313596336 708.0386109 0.358596336 809.8956684 720 0.2
Trade on GMX V2 2024-01-02 2024-01-09 1000 1.5 169 169 0.012675 28.611426 0.03368249215 76.10560281 0.06263933617 141.5758014 0.09632182832 217.6814042 0.1089968283 246.2928302 253.5 0.169
Trade on GMX V2 2023-12-27 2024-01-02 4000 1.2 522 522 0.03915 90.77039925 0.09648517952 224.4835554 0.1812718634 421.6100623 0.2777570429 646.0936177 0.3169070429 736.8640169 626.4 0.1305
Trade on GMX V2 2023-12-26 2024-01-02 1500 1.5 196 196 0.0147 33.8243295 0.0313358755 72.23472049 0.05933768321 136.7639754 0.09067355871 208.9986959 0.1053735587 242.8230254 294 0.1306666667
Trade on GMX V2 2023-12-19 2023-12-26 2000 1.5 201 201 0.015075 33.995943 0.1023166953 229.2636347 0.1020073115 228.6628002 0.2043240068 457.9264349 0.2193990068 491.9223779 301.5 0.1005
Trade on GMX V2 2023-12-19 2023-12-26 4000 1.2 750 750 0.05625 126.6077048 0.404380851 905.2771687 0.3988581379 892.9680646 0.8032389889 1798.245233 0.8594889889 1924.852938 900 0.1875
Swap on GMX V2 on Arbitrum 2023-12-15 2023-12-19 250 1 250 250 0.01875 42.07262325 0.1576066467 353.7599077 0.1491809866 334.8108574 0.3067876333 688.5707651 0.3255376333 730.6433883 250 1

III. Community Engagement:

Twitter Post: 4
Email Promotions: 1

IV. Partnerships and Collaborations:

  • RabbitHole included GMX in its Holiday Quests to drive an additional 935 Questors to GMX.