{"signature": "0x0c2978871e40f42afb392fca2c2c3abd795f68cb8d49879f7358122743592d722fe8f3032fa5ae3ee882f56788b993b694952a106e1c81a83b8118881630abe41c", "application": {"round": "0x23b136ed9b30323b9c6ece32f60e11acb5480010", "answers": [{"type": "email", "hidden": true, "question": "Email Address", "questionId": 0, "encryptedAnswer": {"ciphertext": "2acXV4Dp3s7gSLKpeeI5r/sKvzXIh83Msate3rIm8WSt7KKeP34KhWV8Ce14WbBu", "encryptedSymmetricKey": "a5e22d20a7523f6e5088c4b0951b00319cf556b3703faa1ee5202183cef8fbe41376aa485a299b48c9191f303564260c20713d9ebd67162e390d2ee40c5c9d4a016ee10c5dc32d547e39096e1b1af7c2cd835138fc6544583c0cfb83155843aee8a3db4d1d940effd1ee6fd3e8f059fc03d260f7ed1f86eb4386a0678ef054c90000000000000020f8e12d0d8f6a54c6b2e82a7822b5c4124138204af316ef2f3050a92d4856a54438c8482d83d51a98f26752b983f81498"}}, {"type": "paragraph", "answer": "Umami GMX V2 GM Vaults Incentives: To be dynamically adjusted throughout the Grant lifecycle", "hidden": false, "question": "Application detail", "questionId": 1}, {"type": "number", "answer": "100000", "hidden": true, "question": "Amount requested", "questionId": 2}, {"type": "dropdown", "answer": "ARB", "hidden": true, "question": "Payout token", "questionId": 3}, {"type": "paragraph", "answer": "January 21st -  Vaults are audited / beta tested and ready for public launch\nFeb 1st -  $2M TVL \nFeb 15th - $5m TVL", "hidden": false, "question": "Milestones", "questionId": 4}, {"type": "paragraph", "answer": "Toki: Solidity Developer\nOxDapper: Solidity Developer\nGreypixel: Frontend Developer\nClonesCody: Webstack Developer\nSteven T: Treasury Manager \nEdis: Social Media & Marketing\nNick Westlake: Business Development ", "hidden": false, "question": "Team Members and Qualifications: [List team members and their qualifications, roles, and responsibilities]", "questionId": 5}, {"type": "number", "answer": "7", "hidden": false, "question": "Team Size", "questionId": 6}, {"type": "short-answer", "answer": "0", "hidden": true, "question": "Grant Matching:", "questionId": 7}, {"type": "paragraph", "answer": "25,000 ARB \nVault Incentives to begin as the GM Vaults are launched and begin to scale.\n30,000 ARB - $2M TVL\n45,000 ARB - $5M TVL\nVault Incentives to be dynamically adjusted throughout the Grant lifecycle.", "hidden": true, "question": "Grant Breakdown", "questionId": 8}, {"type": "short-answer", "answer": "3/7 Gnosis Multisig", "hidden": true, "question": "Funding Address Characteristics: [Enter details on the status of the address; eligible address must be an MPC wallet or 2/3 multisig with private keys securely stored]", "questionId": 9}, {"type": "short-answer", "answer": "0x8e52ca5a7a9249431f03d60d79dda5eab4930178", "hidden": true, "question": "Distribution Contract Address: [Enter any specific address that will be used to disburse funds for grant recipients]", "questionId": 10}, {"type": "short-answer", "answer": "N/A, Contracts are not deployed", "hidden": true, "question": "Incentivised Contract Addresses: [Enter any specific contract addresses that will be incentivised in your program (Pool addresses, contracts, etc.)]", "questionId": 11}, {"type": "paragraph", "answer": "Objective #1: Finalizing Development, Pre Audit (Scheduled for early December with Guardian)\nDeliverables:\n1- Finalize smart contracts \n2- Finalize off chain components  \n3- Begin testing in production\nEstimated time until completion: 3-4 weeks ( 1/2/24 - 1/9/24)\nKPI’s for Objective #1:\nCodebase finalized for Audit with Guardian  & adjust code based on findings \nFinalize off chain components for Umami’s proprietary internal netting systems \nObjective #2: Post Audit Beta & Public Launches\n\t1- Audit Complete\n\t2- Beta testing commencement \n\t3- Incentive campaign to commence\nKPI’s for Objective #2:\nAudit complete via Guardian & all findings are finalized & remedied \nRamp up marketing campaigns during Beta & Public Launch periods\nFront End Release & Stats pages updated\nObjective #3: Vault Incentivization \t1- Scale vaults appropriately in regards to demand & security \nKPI’s for Objective #3:\n$250,000 TVL\n$750,000 TVL\n$2m TVL\nUp to $5M & beyond as we scale", "hidden": true, "question": "Objectives: [Clearly state the primary objectives of the grant and what you intend to achieve]", "questionId": 12}, {"type": "paragraph", "answer": "KPI’s\n$250,000 TVL\n$750,000 TVL\n$2m TVL\nUp to $5M & beyond as we scale vaults appropriately in regards to demand & security \n", "hidden": true, "question": "Key Performance Indicators (KPIs): [Specify the KPIs, including but not limited to total value locked, transaction volume, and number of users that will be used to measure success in achieving the grant objectives]", "questionId": 13}, {"type": "paragraph", "answer": "Before diving into the V2 GM Vaults, allow us to take a moment & reflect on the GLP Vaults released earlier this year. While meticulous in our scaling approach, the Umami DAO has been able to achieve a record $5M TVL across all GLP Vaults while not jeopardizing on yield. Most notably the BTC & LINK Vaults\n\nWith the DeFi landscape ever expanding & iterating comes the rise of UmamiDAO’s new product: the GMX V2 GM Vaults. GMX V2 GM Vaults are emerging as a pivotal component in the Arbitrum DeFi landscape. These vaults offer a distinctive opportunity for investors seeking single-sided exposure to premier assets such as $USDC and $ETH, with plans to expand support to a full spectrum of assets in the future.  We expect that by offering this alternative simplified and more predictable approach to GM liquidity provision, we will be able attract depositors from the full spectrum of DeFi users, from retail investors to managed funds, who may otherwise be overwhelmed by the broad range of options and dynamic exposure that GMX v2 presents. We also foresee a future where Umami’s GM vault tokens can be used as collateral within money markets for borrowing and leveraged products, and can become one of the staple DeFi assets on Arbitrum and beyond.\nRisk-Adjusted Index\nThe initial ETH and USDC Vaults will have exposure to 4 markets:\nETH-USDC\nXRP-USDC\nDOGE-USDC\nLTC-USDC\nThis approach allows the vaults to maximize revenue by gathering liquidation fees, swap fees, and PnL from all four pairs, ensuring a balanced risk-adjusted return across these ETH and USDC backed markets while increasing GMX GM TVL. When a user deposits ETH, they become the counterparty to traders involved in trading those pairs. However, our underlying infrastructure, composed of Internal Netting and a sophisticated & proprietary External Trader Router, ensures that users receive the delta of ETH in the ETH GM Vault while maintaining delta neutrality for USDC. Token allocations dynamically rebalance based on asset volatility and returns within the index, optimizing returns and offering diversification to reduce risk.   \n\nIn essence, Internal Netting in GM Vaults not only ensures desired single-sided exposure for depositors but also offers a more intelligent and cost-effective hedging strategy while increasing TVL into the GMX V2 Platform. This results in depositors enjoying higher yields than they would typically achieve through manual hedging. Our approach is tailored to optimize operations, minimize expenses, and position our GM Vaults a step ahead of our competitors.\n\nThe withdrawal & deposits fees will also be calculated on execution - meaning these calculations are dynamic  based on the weight of the withdrawal asset in the index and the weight of the GM tokens in the index. In other words, the end user can potentially expect a rebate on these fees due to the nascent architecture of GMX GM.", "hidden": true, "question": "How will receiving a grant enable you to foster growth or innovation within the GMX ecosystem?: [Provide details]", "questionId": 14}, {"type": "paragraph", "answer": "Umami has operated, since inception, as an independently funded protocol & DAO with $0 of outside investor money & with all tokens in circulation. Additionally, UmamiDAO is closely aligned with the Arbitrum Network being the only blockchain it is deployed on & will be for the foreseeable future. This has allowed us to be community focused, building real products for the end users of the Arbitrum Network. This Grant will allow us to continue that vision of building great products with a community focused approach", "hidden": true, "question": "Justification for the size of the grant: [Enter explanation]", "questionId": 15}, {"type": "paragraph", "answer": "To execute this strategy we are finalizing development / Pre Audit with Guardian which will be finished by early Jan. Followed by post audit Beta testing, we will then be ready for public launches. Once the public launch is successful we will monitor growth and increase ARB incentives as TVL scales. The incentivized vault products will be ETH, XRP, DOGE, LTC built on top of GMX V2 GM pools. Based on current GMX stats the current weight of ARB distribution will be 0.221, 0.283, 0.275, 0.221 respectively. \n  ", "hidden": true, "question": "Execution Strategy: [Describe the execution plan, including resources, products, use of funds, and risk management. This includes allocations for specific pools, eligible assets, products, etc.]", "questionId": 16}, {"type": "paragraph", "answer": "First (Jan 21) 25,000k ARB to be released after the vaults are audited and ready for public launch.\nSecond (Feb 1) 30,000 ARB to be released upon $2M TVL \nThird & final (Feb 15) 45,000 ARB to be released upon $5m TVL", "hidden": true, "question": "Grant Timeline and Milestones: [Describe the timeline for the grant and milestones.]", "questionId": 17}, {"type": "paragraph", "answer": "Yes", "hidden": true, "question": "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?] ", "questionId": 18}, {"type": "short-answer", "answer": "07/01/2023", "hidden": true, "question": "What date did you build on GMX?: [Date of deployment]", "questionId": 19}, {"type": "paragraph", "answer": "Umami's GLP Vaults are an epitome of innovative DeFi strategies, built around the foundational $GLP token. This token comprises a mix of key assets: USDC, BTC, ETH, LINK, and UNI. These vaults were released July 1st, 2023 with over a year in development. Umami has been an Arbitrum OG as one of the earliest DeFi builders, and we are committed to the long term growth of the network. \n\nTo date, UmamiDAO GLP Vaults have attracted over $5m in TVL. While this may seem low - we have been very meticulous as to how we scale the product, and have continued to see our TVL grow even as GLP as a whole has been shrinking as we see the market shifting to a more bullish sentiment. Additionally, UmamiDAO has $3.2m TVL in its Compounding & Marinate products providing steady yield to end users alongside the GLP Vaults. ", "hidden": true, "question": "Protocol Performance: [Detail the past performance of the protocol and relevance, including any key metrics or achievements, dashboards, etc.]", "questionId": 20}, {"type": "paragraph", "answer": "December 2023\nV2 GM Vaults code finalization \nGuardian Audit\nJanuary - February 2024\nBeta & Public release of GM Vaults\nIncreasing caps as we scale overall protocol TVL to $10+ million\nMarch - June 2024\nBegin Research & Development of new structured products\nAdditional integration with partner Arbitrum protocols", "hidden": true, "question": "Protocol Roadmap: [Describe relevant roadmap details for your protocol or relevant products to your grant application.]", "questionId": 21}, {"type": "paragraph", "answer": "GLP Vault Audit (Zokyo) https://2316168122-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FMxcGyx5kIW5oBPBlyRqM%2Fuploads%2FBBYm4TbSjsNSCVFacoEm%2FUmami_GLP_Vaults_Zokyo_audit_report_June16_2023.pdf?alt=media&token=a9404fa0-dee2-4110-8ebf-71f8327da29a\nUmami DAO Token (Zokyo) https://2316168122-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FMxcGyx5kIW5oBPBlyRqM%2Fuploads%2Fwpi8lo0iYzlsGyFzSXsR%2FUmami%20DAO%20-%20mUMAMI%20(Zokyo).pdf?alt=media&token=c2d1256c-3660-48cb-95ae-ab38728c9c75\nmUmami (Marinate Product) (Zokyo) https://2316168122-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FMxcGyx5kIW5oBPBlyRqM%2Fuploads%2Fwpi8lo0iYzlsGyFzSXsR%2FUmami%20DAO%20-%20mUMAMI%20(Zokyo).pdf?alt=media&token=c2d1256c-3660-48cb-95ae-ab38728c9c75", "hidden": true, "question": "Audit History (if any): [Provide historic audits and audit results]", "questionId": 22}, {"type": "short-answer", "answer": "Yes. We have qualified team members to create Dune Dashboards.", "hidden": true, "question": "Is your team prepared to create Dune Spells and/or Dashboards for your incentive program?: [Please describe your answer]", "questionId": 23}, {"type": "short-answer", "answer": "Yes. We are familiar with the data reporting with the STIP and can make similar reports.", "hidden": true, "question": "Does your team agree to provide bi-weekly program updates on the GMX Forum thread?: [Please describe your strategy and capabilities for data/reporting]", "questionId": 24}, {"type": "short-answer", "answer": "Yes", "hidden": true, "question": "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?: [Y/N]", "questionId": 25}], "project": {"id": "42161:0x73AB205af1476Dc22104A6B8b3d4c273B58C6E27:402", "title": "Umami Finance", "logoImg": "bafkreia26c4oczvocz3nnv2zzt4fgwi2mke6oexben5tdxxjyv3aa2jtgq", "metaPtr": {"pointer": "bafkreic7lgkxs7tlkg545uefnfvl5bzlf4bhndsabawjyembpw7s6zx27m", "protocol": "1"}, "website": "https://Umami.Finance", "bannerImg": "bafkreicsvdq24z4uexuu5kvsnxpjh32mx7lps5hdghywjcze3y4dtdgmla", "createdAt": 1702510615581, "userGithub": "NeoTokyoCat", "credentials": {"github": {"type": ["VerifiableCredential"], "proof": {"jws": "eyJhbGciOiJFZERTQSIsImNyaXQiOlsiYjY0Il0sImI2NCI6ZmFsc2V9..zhebAAmZJCw4URydFMbW_nzTLfBFQuPC3LQjthZU0frHrFsIhVAr7dntFrqjj7qy_HnnysdbvpbfsXTrwP4bCQ", "type": "Ed25519Signature2018", "created": "2023-12-13T23:32:38.759Z", "proofPurpose": "assertionMethod", "verificationMethod": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC#z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC"}, "issuer": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC", "@context": ["https://www.w3.org/2018/credentials/v1"], "issuanceDate": "2023-12-13T23:32:38.759Z", "expirationDate": "2024-03-12T23:32:38.759Z", "credentialSubject": {"id": "did:pkh:eip155:1:0x005c93D07F898ad7ed74ca753eb0b295f7a5Ef1c", "hash": "v0.0.0:yMX4DcOKAo+lcoPuXBMcbSdXgFGDl2ePEg2lT+nA3lc=", "@context": [{"hash": "https://schema.org/Text", "provider": "https://schema.org/Text"}], "provider": "ClearTextGithubOrg#UmamiDAO#153776595"}}}, "description": "Umami is leading the way in promoting the widespread adoption of DeFi by developing non-custodial, top-tier yield products for core Crypto assets such as $USDC, $BTC, and $ETH. Our primary objective is to create and introduce to the market a range of revenue-generating DeFi yield products that channel fees back to $UMAMI token holders.", "lastUpdated": 0, "projectGithub": "UmamiDAO", "projectTwitter": "UmamiDAO"}, "recipient": "0x8e52ca5a7a9249431f03d60d79dda5eab4930178"}}