metadata: {"signature": "0xf72c5f454677172e634a0cf77ad2d7e582b044535bfb9e46bfa94950289e17626660daf220ef93e15de66cc8a13a5b92813f244cfa40f959f5534170b88187661b", "application": {"round": "0x23b136ed9b30323b9c6ece32f60e11acb5480010", "answers": [{"type": "email", "hidden": true, "question": "Email Address", "questionId": 0, "encryptedAnswer": {"ciphertext": "6alGgnxiHnBtb2wBvYnBd0l0ew2kUb2LAC7e2noJSMOuZryG8rW+lcEq2WZzQvqY", "encryptedSymmetricKey": "9a50ef64ac1bf5e05c7291cfe261cc450cac292daff2735e0a00e53e8d27270f605f45f364726601fc562e757cea3016a037af9577eb4d543cc769d201323dc599ab2311c195c91fc8be7e5cc830f62e64ea5e461262d4f4efcbb3d12c77a9847796be25c96aa06df97cf7e51c55333d46bab4e0f5574390fe19698d36ac00270000000000000020b647484867b3790e4572103f57ada26de10843bd480b15d9a89f66aceb2db272b19812edbfb6a272beb3d5e84ddc4aa0"}}, {"type": "paragraph", "answer": "Pear Protocol", "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": "Milestone 1: Launch v2 contracts and Trading competition ($40k ARB) - Jan 30th 2024\n\nMilestone 2: Cumulative Target volume $25m, 50 unique wallets ($20k ARB) - February 15th 2024\n\nMilestone 3: Cumulative Target volume $50m+, 100 unique wallets ($40k ARB) - February 28th 2024", "hidden": false, "question": "Milestones", "questionId": 4}, {"type": "paragraph", "answer": "Huf : Founder (Telegram)\n11 Years in Trading and Investment Banking. Directly advised CIOs at some of the largest asset Managers and family offices in the world.\n\nBob: COO (Telegram)\nWorked in finance for over 10+ years in London for one of the UK\u2019s largest brokerage firms. Extensive management and operations experience having worked and advised multiple companies.\n\nAngel: CTO & Product Lead\n\nExpert in development and design for Web3 startups with a focus on creating DeFi dApps. Many years of experience owning and managing own agency, providing a well-rounded understanding of diverse operational landscapes.\n\nMarvel: Lead Developer\n\nExtensive full stack experience in the crypto space & building projects cutting across DeFi, NFT & Crypto tooling. Skilled in Web2 & Web3 software development with focus in user interface, smart contract development & security.\n\n", "hidden": false, "question": "Team Members and Qualifications: [List team members and their qualifications, roles, and responsibilities]", "questionId": 5}, {"type": "number", "answer": "11", "hidden": false, "question": "Team Size", "questionId": 6}, {"type": "short-answer", "answer": "N/A", "hidden": true, "question": "Grant Matching:", "questionId": 7}, {"type": "paragraph", "answer": "Trading Incentives: 100,000 $ARB\nThe primary use of the grant will be for trading incentives to incentivise users to make pair trades on our Isolated Margin product. We will distribute these at a rate of $33k / month for the 3 months once we go live with our fully audited platform (January 2024).", "hidden": true, "question": "Grant Breakdown", "questionId": 8}, {"type": "short-answer", "answer": "Fireblocks MPC", "hidden": true, "question": "Funding Address Characteristics: [Enter details on the status of the address; eligible address must be an MPC wallet\u00a0or 2/3 multisig with private keys securely stored]", "questionId": 9}, {"type": "short-answer", "answer": "0x56eCA7280Dd0AcBcBFf11dE3ddd31094641c9021", "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": "0x56eCA7280Dd0AcBcBFf11dE3ddd31094641c9021", "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": "Pear Protocol is the first and only pair trading platform on-chain, where users can long one asset and short another simultaneously (e.g. SOL/ETH). We have currently built on top of the GMX v1 (since June 2023) contracts and are in closed beta on Arbitrum Mainnet. \n\nWe intend to migrate our smart contracts to GMX v2 since the majority of liquidity will be housed in those GM pools. The intention is for users to have access to deep liquidity and as many assets as possible in a truly decentralised and permissionless manner.\n\nThe ideal partnership looks like this - a narrative is starting to form (say long $DOGE), and they think it will outperform something like $BTC. Users can come to Pear Protocol, open a long $DOGE / short $BTC (market-neutral) trade, with the liquidity and execution venue being GMX v2.", "hidden": true, "question": "Objectives: [Clearly state the primary objectives of the grant and what you intend to achieve]", "questionId": 12}, {"type": "paragraph", "answer": "Key Performance Indicators (KPIs):\n\nDeliver over $100mm of traded volume to GMX by March 2024, routed through the v2 GM Pools.\n\nBring at least 100 unique new wallets that route their pair trading flow through the v2 GM Pools (e.g. ETH/BTC , SOL/ETH etc).\n\nGenerate at least $101k in GMX v2 fees, thus making the grant proposal a positive ROI.", "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": "We have built a novel use case for GMX, which will diversify its user base and create a dynamic where even if the market is going up, down or sideways we can attract consistent volume to GMX since pair trading works in any market scenario. In particular, we will gather significant volume when there is a narrative to hijack on Twitter (e.g. long $SOL / short $ETH), for which we can work with KOLs to drive volumes to our shared smart contracts.", "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": "We believe that with sufficient trading incentives ($100k $ARB), we can generate a positive ROI for GMX stakeholders.\n\nThe calculations below assume a modest $100m of total traded volume over the next 3 months. The fees generated are based on current GMX v2 fees. The calculations are publicly available here:\n\nhttps://docs.google.com/spreadsheets/d/1FoWHGOfEk5st1ZTPmHO7gZHyu0TKWLXq7FhUikK1Wio/edit?usp=sharing\n\nUnder these conservative assumptions, this grant proposal would bring $173,480 to GMX in fees.", "hidden": true, "question": "Justification for the size of the grant: [Enter explanation]", "questionId": 15}, {"type": "paragraph", "answer": "$100,000 - The primary use of the grant will be for trading incentives to incentivise users to make pair trades on our Isolated Margin product. We will distribute these at a rate of $33k / month for the 3 months once we go live with our fully audited platform (January 2024)", "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": "Milestone 1: Launch v2 contracts and Trading competition ($40k ARB) - Jan 30th 2024\n\nMilestone 2: Cumulative Target volume $25m, 50 unique wallets ($20k ARB) - February 15th 2024\n\nMilestone 3: Cumulative Target volume $50m+, 100 unique wallets ($40k ARB) - February 28th 2024", "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": "We began smart contract work in April 2023, and deployed on September 8th 2024", "hidden": true, "question": "What date did you build on GMX?: [Date of deployment]", "questionId": 19}, {"type": "paragraph", "answer": "https://dune.com/frijoles/pear-protocol", "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": "Q1 2024: Full public launch of audited Pear Protocol\nQ2 2024: Roll out position NFTs, enabling NFTFi\nQ3 2024: Achieve $500m of traded volume", "hidden": true, "question": "Protocol Roadmap: [Describe relevant roadmap details for your protocol or relevant products to your grant application.]", "questionId": 21}, {"type": "paragraph", "answer": "Currently running private audit with Shieldify. Sherlock for public audit", "hidden": true, "question": "Audit History (if any): [Provide historic audits and audit results]", "questionId": 22}, {"type": "short-answer", "answer": "Yes", "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", "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": "42161:0x73AB205af1476Dc22104A6B8b3d4c273B58C6E27:420", "title": "Pear Protocol", "logoImg": "bafkreic6spuxxjbfqv2lfd6qgqw7jh6ava5fcrj4b7lq5n4jlzufidum4u", "metaPtr": {"pointer": "bafkreicqg7hfccqd33wqwc3f47jw7hntyn43cy2g3l63qsjxamytbeuspu", "protocol": "1"}, "website": "https://beta.pear.garden", "bannerImg": "bafkreibpohy2zc4lufp6k7hb6vjxa4iuh62h6gvlfjq6yqf5hnjxbmfy3a", "createdAt": 1704217633630, "userGithub": "hufhaus2", "credentials": {}, "description": "SECTION 1: APPLICANT INFORMATION\n\nPear Protocol has built an innovative trading dApp, which is live on Arbitrum Mainnet. Users are able to trade long-short \u2018pair-trades\u2019 e.g. Long $BTC / short $ETH with leverage in a seamless, capital efficient, and composable way.\n\nTeam Members and Contact Information:\n\nHuf : Founder\n11 Years in Trading and Investment Banking. Directly advised CIOs at some of the largest asset Managers and family offices in the world.\n\nBob: COO \nWorked in finance for over 10+ years in London for one of the UK\u2019s largest brokerage firms. Extensive management and operations experience having worked and advised multiple companies.\n\nAngel: CTO & Product Lead\n\nExpert in development and design for Web3 startups with a focus on creating DeFi dApps. Many years of experience owning and managing own agency, providing a well-rounded understanding of diverse operational landscapes.\n\nMarvel: Lead Developer\n\nExtensive full stack experience in the crypto space & building projects cutting across DeFi, NFT & Crypto tooling. Skilled in Web2 & Web3 software development with focus in user interface, smart contract development & security.\n\n\nSECTION 2: GRANT INFORMATION\n\nRequested Grant Size: 100k $ARB\n\nGrant Matching: N/A\n\nGrant Breakdown:\n\nTrading Incentives: 100,000 $ARB\n\nThe primary use of the grant will be for trading incentives to incentivise users to make pair trades on our Isolated Margin product. We will distribute these at a rate of $33k / month for the 3 months once we go live with our fully audited platform (January 2024).\n\nTotal: 100,000 $ARB\n\nFunding Address: 0x88103C9fA3cE4FF45e4C1Ea3688F40d1DfdA6B02\n\nFunding Address Characteristics: Fireblocks MPC Wallet\n\nSECTION 3: GRANT OBJECTIVES AND EXECUTION\n\nObjectives:\n\nPear Protocol is the first and only pair trading platform on-chain, where users can long one asset and short another simultaneously (e.g. SOL/ETH). We have currently built on top of the GMX v1 (since June 2023) contracts and are in closed beta on Arbitrum Mainnet. The data and analytics for the closed beta is available \n\nWe intend to migrate our smart contracts to GMX v2 since the majority of liquidity will be housed in those GM pools. The intention is for users to have access to deep liquidity and as many assets as possible in a truly decentralised and permissionless manner.\n\nThe ideal partnership looks like this - a narrative is starting to form (say long $DOGE), and they think it will outperform something like $BTC. Users can come to Pear Protocol, open a long $DOGE / short $BTC (market-neutral) trade, with the liquidity and execution venue being GMX v2.\n\nKey Performance Indicators (KPIs):\n\nDeliver over $100mm of traded volume to GMX by March 2024, routed through the v2 GM Pools.\n\nBring at least 100 unique new wallets that route their pair trading flow through the v2 GM Pools (e.g. ETH/BTC , SOL/ETH etc).\n\nGenerate at least $101k in GMX v2 fees, thus making the grant proposal a positive ROI.\n\nHow will receiving a grant enable you to foster growth or innovation within the GMX ecosystem?:\n\nWe have built a novel use case for GMX, which will diversify its user base and create a dynamic where even if the market is going up, down or sideways we can attract consistent volume to GMX since pair trading works in any market scenario. In particular, we will gather significant volume when there is a narrative to hijack on Twitter (e.g. long $SOL / short $ETH), for which we can work with KOLs to drive volumes to our shared smart contracts.\n\nJustification for the size of the grant:\n\nWe believe that with sufficient trading incentives ($100k $ARB), we can generate a positive ROI for GMX stakeholders.\n\nThe calculations below assume a modest $100m of total traded volume over the next 3 months. The fees generated are based on current GMX v2 fees. \n\nExecution Strategy:\n\n$100,000 - The primary use of the grant will be for trading incentives to incentivise users to make pair trades on our Isolated Margin product. We will distribute these at a rate of $33k / month for the 3 months once we go live with our fully audited platform (January 2024)\n\nGrant Timeline:\n\nMilestone 1: Launch v2 contracts and Trading competition ($40k ARB) - Jan 30th 2024\n\nMilestone 2: Cumulative Target volume $25m, 50 unique wallets ($20k ARB) - February 15th 2024\n\nMilestone 3: Cumulative Target volume $50m+, 100 unique wallets ($40k ARB) - February 28th 2024\n\nFund Streaming: Yes\n\nSECTION 4: PROTOCOL DETAILS\n\nWhat date did you build on GMX?: \n\nWe began smart contract work in April 2023, and deployed on September 8th 2024\n\nProtocol Roadmap:\n\nQ1 2024: Full public launch of audited Pear Protocol\nQ2 2024: Roll out position NFTs, enabling NFTFi\nQ3 2024: Achieve $500m of traded volume\n\nAudit History (if any): We will be working with Sherlock\n\nSECTION 5: Data and Reporting\n\nIs your team prepared to create Dune Spells and/or Dashboards for your incentive program?: \n\nYes, at present we are building out a Dune Dashboard.\n\nDoes your team agree to provide bi-weekly program updates on the GMX Forum thread?: \n\nYes, we are able to provide a high level overview and update on the GMX Forum Thread.\n\nDoes your team acknowledge that failure to comply with any of the above requests can result in the halting of the program\u2019s funding stream?: \n\nYes, acknowledged.\n\nPlease note: Labs and the Grants Committee retain the right to approve, disapprove, or subsequently disqualify any grant from the programs they are administering at their sole discretion.", "lastUpdated": 0, "projectGithub": "pear-protocol", "projectTwitter": "pear_protocol"}, "recipient": "0x56eCA7280Dd0AcBcBFf11dE3ddd31094641c9021"}}