{"signature": "0xc420876bc819a8fc7d1abd13388a47c5123645cabbb5f5536ba2c3f16c76663f23cd52a7a969f32c1f182f0593e0e18f0d1ae74d9aa2ecf7e2c090139baa28f91b", "application": {"round": "0x523d76f39f6e6c7dd6a6707ed3b4490a386434a2", "answers": [{"type": "email", "hidden": true, "question": "Email Address", "questionId": 0, "encryptedAnswer": {"ciphertext": "k4D65nqawMLirPmXgT7vn6G9PMFlNsvUn8amX2yQvLXckTPUhiMSq1+oc3tNdCQH", "encryptedSymmetricKey": "a6ab7c896aabf809f4e40f036411f7f3729c7582d8133c5040ecb88edfb040dcc8f3c92db2c2355328c2e4e9d255bc06e0e6f93f0af7ef8eb01578de2a7e6c40b775381cd9d512eddcecfc6db006e9d626a4d472d011538802b0f1df213bccb5e6bb61e743540a23f44ae72f833ca21f51a6bcc55fb7c45056d4b0116bfcdce90000000000000020cdc824534721cce8be93ac15f7ae26573ff7beb8a1c8f14958ad875d4fb1336434f5c27733e3c27053d7551f6406dfab"}}, {"type": "multiple-choice", "answer": "Building - Deployment of RWAs", "hidden": false, "question": "Which of the following RWAIG funding categories does your project fall under? ", "questionId": 1}, {"type": "number", "answer": "30000", "hidden": false, "question": "Funding Request ($USD) ", "questionId": 2}, {"type": "paragraph", "answer": "Tokenized financial assets often have compliance requirements which make them unable to be traded in permissionless lending markets (e.g. only non-US investors can hold the asset). In addition to this, RWAs often see multiple tokens representing the same underlying asset, which fragments liquidity for the whole asset class (e.g. there are over 10 US Treasuries tokens on Mainnet alone). ", "hidden": false, "question": "What problem is your project solving in the RWA space?", "questionId": 3}, {"type": "paragraph", "answer": "Mystic is building a lending market fit for RWAs, where users can lend and borrow using their tokenized RWAs as collateral. We set compliance requirements at the asset level, to maximize permissionless exposure whilst remaining compliant with all relevant AML regulations. Mystic also enables supplying liquidity to entire asset classes, which maximizes liquidity per market and boosts supply APR.\n\nThere are no lending protocols in the market with a modular KYC structure like ours, let alone with the RWA-focused liquidity balancing structure we've put in place. Worth also adding that the whole protocol is being developed \"inside\" a regulated custodian. This means that, any time an asset is in a pool, it is being kept with a regulated custodian. This combination makes Mystic the obvious lending choice for compliance-minded institutions and RWA holders and issuers alike.\n\nOur ability to let RWA holders leverage their positions has the power to dramatically increase RWA TVL on Arbitrum and have a very positive impact on the ecosystem, as protocols like Aave have proven to do for chains all across the space in the past.", "hidden": false, "question": "Explain how your project is different from others and will bring value to the RWA ecosystem on Arbitrum. ", "questionId": 4}, {"type": "paragraph", "answer": "In terms of development, we have completed our MVP and are currently live on Plume Testnet. We need to finish Oracle integrations and setup our liquidations bot to be able to go live on Mainnet.\n\nIn terms of traction, we have partnered with 25 projects thus far, amongst which several STEP applicants and winners like Mountain Protocol, Dinari, Centrifuge, PV01 and many more. We have the ability to make lending markets for their assets and leverage their TVL in a way no one else can, which is very attractive for RWA token issuers. We are now focusing on finding LP's for the protocol, of which we have 2 interested parties already.", "hidden": true, "question": "[Answer this if you have chosen Building - Deployment of RWAs, otherwise type N/A] What stage of development is your project currently in?", "questionId": 5}, {"type": "paragraph", "answer": "NA", "hidden": true, "question": "[Answer this if you have chosen Building - Strengthening Analytics, otherwise type N/A] How many Arbitrum users or projects (rough estimate) would benefit from the analytics you are providing?", "questionId": 6}, {"type": "paragraph", "answer": "NA", "hidden": true, "question": "[Answer this if you have chosen Building - RWA Token Standards, otherwise type N/A] How will the standard make it smoother to deploy RWAs onto Arbitrum?", "questionId": 7}, {"type": "paragraph", "answer": "NA", "hidden": true, "question": "[Answer this if you have chosen Research, otherwise type N/A] Describe how your research will lead to reduced costs for projects aiming to deploy RWAs on Arbitrum.", "questionId": 8}, {"type": "paragraph", "answer": "NA", "hidden": true, "question": "[Answer this if you have chosen Awareness, otherwise type N/A] Describe your awareness content piece and outline its structure in detail.", "questionId": 9}, {"type": "short-answer", "answer": "Web3-native institutions (e.g. liquid funds, trading firms, VCs, market makers, foundations, DAOs) and high-net-worth individuals (capable of $100k minimum investments). We target the ones already holding RWAs as borrowers and the ones looking for non-correlated yield opportunities as lenders.  Our GTM strategy is simple: we close partnerships with RWA issuers (like the STEP applicants) to make lending markets for their assets. They then inform us of borrower demand, make intros and incentivize borrowers to use the protocol. Once we know there's demand and have a sense for what terms we can expect, we present terms to lenders until we have one open to make a market. Once we do, we execute the first loan and start the market.  This strategy has proven quite effective thus far, as we are progressing well in generating borrow-side demand and are now in the stage of presenting our yield opportunities to prospective lenders. Once those are closed, we will start our markets and increase outreach to holders of the partner's token, to increase TVL.", "hidden": true, "question": "What is the target audience for this project? ", "questionId": 10}, {"type": "paragraph", "answer": "The Mystic team has been building products in web3 for 2.5 years now. We've grown with the space, going from working on an OTC Desk for NFTs in 2022, to a marketplace-generator platform in 2023, to now RWA lending in 2024. With the increasing adoption of RWAs by institutions and a team with proven resilience and background in executing bold projects, we believe we have what it takes to make the most of this opportunity. Our team:\n\nJoão Moreira, CEO\n7+ years of experience in building software products and previously enterprise sales at Microsoft. Second-time founder and former SaaS General Manager who doubled company revenue over a 2-year period. Founder of Mysticswap, an OTC Desk for NFTs with thousands of transactions.\nLI: https://www.linkedin.com/in/joaomiguelmoreira/\nX: https://x.com/itsKelmat\nDiscord: kelmat\n\nJohn Agbanusi, CTO\n4+ years of experience in blockchain and fullstack development. Previously founder of a portfolio tracking startup and also the core engineer behind GooseFX, a $700 million volume DeFi protocol on Solana. John is a proven blockchain engineer and one of the main contributors to one of Solana's largest DeFi protocols.\nLI: https://www.linkedin.com/in/john-a-74a396b8/\nX: https://x.com/agbanusijohn\nDiscord: john_femi\n\nUgnius Neimantas, CMO\n5+ years of experience in web2 and web3 marketing. Previously CMO of Divine Anarchy, where he achieved 50k Twitter followers and minted out their NFT collection in under 2 hours. Ugnius has experience working with both enterprise clients and web3-native protocols, making him the perfect fit for Mystic.\nLI: https://www.linkedin.com/in/ugniusnmt/\nX: https://x.com/ugniusnmt\nDiscord: sui1984\n\nFernando Enoch - Fullstack Software Engineer\nFernando is a self-thought software engineer with 2 years of experience in software development and 4 years of experience in law practice. He fell in love with software and blockchain midway through his career, which prompted a career change for which Mystic was the perfect choice.\nLI: https://www.linkedin.com/in/ferenoch/\nDiscord: ferenoch", "hidden": true, "question": "What are the roles and experiences of project team members?", "questionId": 11}, {"type": "paragraph", "answer": "We have won a $160k grant from the government of Portugal. Other that, we've been bootstrapping the project since inception.", "hidden": true, "question": "How much funding has your project raised already?", "questionId": 12}, {"type": "short-answer", "answer": "Besides the above grant, we won a $15k Arbitrum Questbook grant during our previous iteration. However, because we pivoted to RWA lending midway through its execution, we haven't received any of it.", "hidden": true, "question": "Is this project already funded by other grant programs? If funded by any Arbitrum-related programs, please specify.", "questionId": 13}], "project": {"id": "0x5081074ec3a68549ab0865a51ef8eb99676101c834431dc11cbe8a045b079084", "title": "Mystic Finance", "logoImg": "bafkreico6kv6u444q5ircjmls3wdldef4cnt7burechpnipb4zkay5y7mu", "metaPtr": {"pointer": "bafkreigbceox6umoy253lvb7jd6oeezv3fuf2pxk5lyk3s4u2ckz3s5pde", "protocol": "undefined"}, "website": "https://mysticfinance.xyz/", "bannerImg": "bafkreihgx735exlcliv234ho5bcw4ieajkyrenyoji7w2amo3hay5fipru", "createdAt": 1720167776106, "userGithub": "Kelmat-ai", "credentials": {}, "description": "Mystic is a lending market for RWAs, which enables borrowers to borrow stablecoins using their RWAs as collateral and investors to grow their portfolio by supplying to the protocol.", "lastUpdated": 0, "projectGithub": "", "projectTwitter": "mystic_finance"}, "recipient": "0x7F87E876e32df1AE482AE35780747bca338eaC9c"}}