Profile of sraim in Optimism

Posts by sraim

• Voting Cycle #8: Roundup by sraim - No Role
  Posted on: Oct. 22, 2022, 1:29 p.m.
  Content: Proposal: Socket Proposal: [REVIEW] [GF: Phase 1 Proposal] Socket 15 Committee to Review: Tooling Delegate Approval 1 : [REVIEW] [GF: Phase 1 Proposal] Socket - # 3 by krzkaczor 6 Delegate Approval 2 : [REVIEW] [GF: Phase 1 Proposal] Socket - # 4 by Exosphere 1
  Likes: 2 Replies: 0
  Likers: mhluongo, forrest
  No replies yet.
• Voting Cycle #8: Roundup by sraim - No Role
  Posted on: Oct. 22, 2022, 9:29 a.m.
  Content: Proposal: Socket Proposal: [REVIEW] [GF: Phase 1 Proposal] Socket Committee to Review: Tooling Delegate Approval 1 : [REVIEW] [GF: Phase 1 Proposal] Socket - # 3 by krzkaczor Delegate Approval 2 : [REVIEW] [GF: Phase 1 Proposal] Socket - # 4 by Exosphere
  Likes: 2 Replies: 0
  Likers: mhluongo, forrest
  No replies yet.
• Voting Cycle #8: Roundup by sraim - No Role
  Posted on: Oct. 22, 2022, 9:29 a.m.
  Content: Proposal: Socket Proposal: [REVIEW] [GF: Phase 1 Proposal] Socket 16 Committee to Review: Tooling Delegate Approval 1 : [REVIEW] [GF: Phase 1 Proposal] Socket - # 3 by krzkaczor 6 Delegate Approval 2 : [REVIEW] [GF: Phase 1 Proposal] Socket - # 4 by Exosphere 1
  Likes: 2 Replies: 0
  Likers: mhluongo, forrest
  No replies yet.
• [REVIEW] [GF: Phase 1 Proposal] Socket by sraim - No Role
  Posted on: Oct. 5, 2022, 2:03 p.m.
  Content: Our proposal was part of voting cycle- 6 1 and we had feedback from delegates and the tooling committee. Here is the summary from the report: The committee and delegates were supportive of our plan to solve onboarding painpoints for Optimism protocols and supercharge their growth [READY] [GF: Phase 1 Proposal] Socket Added value (good to bad): good. Through the Socket, users and dApps could potentially benefit from their crosschain services in the same way that DEX aggregators are often the basis within the interactions of multiple DeFi applications. The committee recommended we reduce our token allocation since similar proposals had been funded [READY] [GF: Phase 1 Proposal] Socket we believe that the amount requested may be excessive given the expected usage, so we don’t want to lead to a saturation of grants and waste of resources. We have addressed the committee’s reflection for reduction & cut down the requested token amount by half to 500 K and plan to disburse it in 3 - 5 months. Socket brings a unique value proposition to Optimism highlighted by the impact we have already achieved across Optimism: sraim: Relevant usage metrics: Total Volume Processed: $ 683 mn Total Txns Processed: 529 k Volume Onboarded to Optimism: $ 189 mn Wallets Onboarded to Optimism: 51 k 30 + Projects Leverage Socket for a Smoother Bridging Experience. Projects on Optimism include: Synthetix Ecosystem: Synthetix, dHedge & Polynomial Web 3 exploration app Zapper & Smart, Social Wallet Zerion DeFi dApps: Rubicon, Premia & Brahma Fi Wallets & Portfolio Mgmt Apps: One Key, Plasma Finance, Choise, Ambire Wallet, Sequence Wallet & imToken SoonTM- biggest Optimism dApps, wallets & portfolio management apps We feel the current requested number will cater to the committee’s reflection and also reasonable based on our current growth numbers: [READY] [GF: Phase 1 Proposal] Socket 1 - What do you think will happen after the subsidy ends? Is the amount of tokens requested based on any metric? Running calculations on the historical txns for the users we onboarded we found that on average a user coming into Optimism spends $ 4 in gas + bridge fee We are requesting 1 M tokens with 60 % allocated to onboarding = 600 K $OP or roughly $ 600 K based on average $OP prices So with $ 600 K we aim to onboard 150 K users ( 4 $ for 1 user) over 6 - 8 months which we think is a reasonable target since we have onboarded 30 K+ users in just the last 2 months with zero incentives! Looking forward to delegates support and happy to answer any other questions from the community!
  Likes: 0 Replies: 0
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  No replies yet.
• [REVIEW] [GF: Phase 1 Proposal] Socket by sraim - No Role
  Posted on: Oct. 5, 2022, 2:03 p.m.
  Content: Our proposal was part of voting cycle- 6 1 and we had feedback from delegates and the tooling committee. Here is the summary from the report: The committee and delegates were supportive of our plan to solve onboarding painpoints for Optimism protocols and supercharge their growth [READY] [GF: Phase 1 Proposal] Socket Added value (good to bad): good. Through the Socket, users and dApps could potentially benefit from their crosschain services in the same way that DEX aggregators are often the basis within the interactions of multiple DeFi applications. The committee recommended we reduce our token allocation since similar proposals had been funded [READY] [GF: Phase 1 Proposal] Socket we believe that the amount requested may be excessive given the expected usage, so we don’t want to lead to a saturation of grants and waste of resources. We have addressed the committee’s reflection for reduction & cut down the requested token amount by half to 500 K and plan to disburse it in 3 - 5 months. Socket brings a unique value proposition to Optimism highlighted by the impact we have already achieved across Optimism: sraim: Relevant usage metrics: Total Volume Processed: $ 683 mn Total Txns Processed: 529 k Volume Onboarded to Optimism: $ 189 mn Wallets Onboarded to Optimism: 51 k 30 + Projects Leverage Socket for a Smoother Bridging Experience. Projects on Optimism include: Synthetix Ecosystem: Synthetix, dHedge & Polynomial Web 3 exploration app Zapper & Smart, Social Wallet Zerion DeFi dApps: Rubicon, Premia & Brahma Fi Wallets & Portfolio Mgmt Apps: One Key, Plasma Finance, Choise, Ambire Wallet, Sequence Wallet & imToken SoonTM- biggest Optimism dApps, wallets & portfolio management apps We feel the current requested number will cater to the committee’s reflection and also reasonable based on our current growth numbers: [READY] [GF: Phase 1 Proposal] Socket 1 - What do you think will happen after the subsidy ends? Is the amount of tokens requested based on any metric? Running calculations on the historical txns for the users we onboarded we found that on average a user coming into Optimism spends $ 4 in gas + bridge fee We are requesting 1 M tokens with 60 % allocated to onboarding = 600 K $OP or roughly $ 600 K based on average $OP prices So with $ 600 K we aim to onboard 150 K users ( 4 $ for 1 user) over 6 - 8 months which we think is a reasonable target since we have onboarded 30 K+ users in just the last 2 months with zero incentives! Looking forward to delegates support and happy to answer any other questions from the community!
  Likes: 0 Replies: 0
  No likes yet.
  No replies yet.
• [REVIEW] [GF: Phase 1 Proposal] Socket by sraim - No Role
  Posted on: Oct. 5, 2022, 1:51 p.m.
  Content: Project name: Socket Author name and contact info: Rishabh Khurana Telegram: khuranarishabh Discord: Rishabh Khurana# 3779 I understand that I will be required to provide additional KYC information to the Optimism Foundation to receive this grant: Yes L 2 recipient address 0 x 803 CE 4 f 6 A 0 e 064 a 01 C 56 f 7 Ca 21223 a 7 b 65 e 4 b 869 Which Voting Cycle are you applying for? Phase 1 , Cycle 8 Grant category: Governance Fund, Phase 1 Is this proposal applicable to a specific committee? Tooling Project description: Socket is an interoperability protocol for secure & efficient data and asset transfers across chains. Apps can simply plug in Socket in their apps to get access to liquidity & state of all chains. Asset transfers are live today, with data transfers launching soon. How Asset Transfers Work: We aggregate all bridges & DEXs across chains for efficient asset transfers. The result is ultra-efficient cross chain swaps powered by an advanced routing mechanism that dynamically selects the best bridge/route & optimizes for developer preferences like cost, latency or security. Top wallets, DeFi & portfolio management apps like Zerion, Zapper, Synthetix & Lyra use Socket for a seamless bridging experience in their apps. Some places to try out Socket asset transfers in action: Bungee (Single txn): https://www.bungee.exchange/ 3 13 Bungee (Multi txn): https://multitx.bungee.exchange/ 2 3 Zapper: https://zapper.fi/bridge 1 8 Zerion: https://app.zerion.io/bridge 6 Project Links Website: https://socket.tech/ 6 16 Docs: https://docs.socket.tech/ 1 Twitter: https://twitter.com/SocketDotTech 4 Additional team member info The Socket team includes super coders with deep engineering & research experience; and seasoned business operators. Some of our team members: Vaibhav Chellani 1 1 (Cofounder & CEO): First developer at Polygon; built first ever zkRollup & most scalable Optimistic rollup; Early core contributor at Flashbots. Rishabh Khurana 1 1 (Cofounder): 4 +yrs of experience launching web 2 products (scaled one from 0 to $ 40 mn ARR at India’s first Unicorn). Arth Patel 1 2 (Head of Engineering): Early developer at Polygon, built Polygon PoS bridge, ex-developer at Union Protcol, advisor & fren to DeFi projects Varun Bhalla (Product Manager): ex-founder. Last startup had $ 10 mn+ ARR before it got acquired Please link to any previous projects the team has meaningfully contributed to Our team has prior contributions across Polygon, Flashbots, Ethereum Foundation, Union Protocol, Index Coop, UMA, Harvest Finance, dOrg & other projects. Relevant usage metrics: Total Volume Processed: $ 683 mn Total Txns Processed: 529 k Volume Onboarded to Optimism: $ 189 mn Wallets Onboarded to Optimism: 51 k 30 + Projects Leverage Socket for a Smoother Bridging Experience. Projects on Optimism include: Synthetix Ecosystem: Synthetix, dHedge & Polynomial Web 3 exploration app Zapper & Smart, Social Wallet Zerion DeFi dApps: Rubicon, Premia & Brahma Fi Wallets & Portfolio Mgmt Apps: One Key, Plasma Finance, Choise, Ambire Wallet, Sequence Wallet & imToken SoonTM- biggest Optimism dApps, wallets & portfolio management apps Is/will this project be open sourced? All our contracts are openly available & verified on Etherscan. Our Optimism contract addresses can be viewed here 3 3 Competitors, peers, or similar projects Our peers are all bridging projects/protocols. Some of them include Across, Hop, Stargate, Synapse, Celer, Multichain, Li.Fi 3 & Rango Exchange. Optimism native? No (as a bridging provider, we’re deployed on 9 chains as of today) Date of deployment/expected deployment on Optimism: Dec 2021 Ecosystem Value Proposition What is the problem statement this proposal hopes to solve for the Optimism ecosystem? We share the Optimism Foundation’s vision that the next billion users should be empowered to experience web 3 through the security of L 2 s. We’re working towards solving one of the key pieces to enable this- seamless user onboarding. Here’s a quick example of what an Avalanche user with AVAX, who wants to stake sETH on Synthetix on Optimism needed to go through: Leave Synthetix app to find the most cost-effective bridge from Avalanche to Optimism Swap AVAX into USDC/some bridge supported token (fee) Bridge to Optimism (fee) Get ETH from CEXs/Optimism Gateway Swap to sETH (fee) This is a ton of friction! For users & liquidity to migrate into Optimism at scale, this experience needs to be a lot simpler & affordable. How does your proposal offer a value proposition solving the above problem? There are 2 major problems for users as seen in the above example: High onboarding cost for user The friction associated with the whole onboarding journey filled with multiple steps (above process requires 20 + steps/clicks) Socket will use the allocated $OP tokens to solve both these problems for users by using the allocated tokens to: Reduce the net cost for users to onboard to Optimism Encourage app developers to provide a smoother in-app onboarding experience such that users on other chains can migrate their liquidity to Optimism & start using their app. This would mean an amazing experience for users which allows them to come from any chain, get any token they want, along with GAS (oETH) to start transacting on Optimism easily & quickly! Here are some ways apps on Optimism are already leveraging Socket to make this happen: DeFi projects like Synthetix, Premia & dHedge use Socket to allow users to come from different chains and start transacting on their apps easily Web 3 exploration apps like Zapper, social wallets like Zerion & more allow users to bridge over (via Socket) & participate in the Optimism ecosystem easily Polynomial, Brahma Fi & more are powering the next generation of multichain apps to get liquidity on Optimism with Socket: Polynomial is introducing chain-agnostic deposits into its vaults powered by Socket Brahma provides multichain yield with Socket. Deposit into Brahma vaults on any chain, & Brahma earns yield for you on Optimism! Why will this solution be a source of growth for the Optimism ecosystem? The objective of the token distribution is to supercharge our existing efforts of liquidity migration and user onboarding into Optimism. The token distribution eliminates one of the biggest problems hindering user onboarding & protocol adoption to create an accessible & prosperous Optimism ecosystem. Has your project previously applied for an OP grant? No Did the project apply for or receive OP tokens through the Foundation Partner Fund? No Number of OP tokens requested: 500 , 000 How much will your project match in co-incentives? Socket doesn’t have a token and hence can’t match with token co-incentives. However, we plan to allocate significant marketing efforts & resources with our partners to attract users & liquidity. To achieve these we will be conducting marketing campaigns, tutorials, guides & more! We also plan to allocate significant developer efforts & resources to help our partners build great onboarding experiences, or truly multichain apps, along with 24 * 7 user & developer support. Lastly, we will continue to educate users & community about bridging with things like bridge risk framework 1 , which we launched in collaboration with L 2 Beats. Proposal for token distribution How will the OP tokens be distributed? $OP tokens will be distributed to developers building on Optimism & users bridging to Optimism using Socket Users ( 60 %) Every user that onboards to Optimism via Socket (from partner apps) will have 90 % of their total onboarding fees refunded in $OP. Total onboarding fee includes the total GAS spent + the bridging fee from the underlying bridges Note: We plan to keep a max cap per user per transaction & minimum bridging amount Builders ( 40 %) We put a strong focus on incentivizing builders on Optimism to encourage great onboarding experiences & migration of liquidity into Optimism. We propose the following allocation strategies for builders leveraging Socket to onboard users onto Optimism: Developers who integrate Socket as a part of their UX ( 20 %): Teams that integrate Socket as a part of their user experience using our APIs/SDK/Plugin would receive $OP over 6 months pro-rata based on the nominal USD value that their integration has transferred to Optimism. Grants ( 20 %): Teams building dApps with Socket that makes onboarding & using Optimism easier by building capabilities that allow users on other chains to directly interact with/migrate liquidity into Optimism based dApps with one-click UX. We aim to provide micro-grants to assist 4 - 5 teams that aim to create massive impact for Optimism and will also keep the governance community updated on the disbursement in periodic reports. Examples include: Chain Agnostic Deposits: Allow users to deposit into vaults native to Optimism, from any chain & with any token Uniswap LP Migration: Allow users to migrate their LP position on Ethereum to LP position on Optimism in 1 click Note: Bungee is an app built on Socket, by the Socket team. Hence, Bungee developers (Socket Team) will not be applicable for the developer rewards Over what period of time will the tokens be distributed for each initiative? Overall, we expect the distribution will take 3 - 5 months. It will vary based on the price of $OP & other factors such as gas markets on various supported networks, prices of native tokens of supported networks & developer adoption. Please list the milestones/KPIs you expect to achieve for each initiative, considering how each relates to incentivizing sustainable usage and liquidity on Optimism. Please keep in mind that progress towards these milestones/KPIs should be trackable. Key KPIs: Number of wallets onboarded onto Optimism Liquidity onboarded into Optimism Why will incentivized users and liquidity on Optimism remain after incentives dry up? The incentives will help bring users to onboard to Optimism & start using their favourite apps easily. Once users get a taste of Optimism, they will want to stay for cheap & fast transactions, seamless user experience & the rich ecosystem of dapps. Please provide any additional information that will facilitate accountability:(smart contracts addresses relevant to the proposal, relevant organizational wallet addresses, etc.) All smart contract addresses are available in our docs here 1
  Likes: 1 Replies: 1
  Likers: pelon_es
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  • sraim: Our proposal was part of voting cycle-6 and we had feedback from delegates and the tooling committee. Here is the summary from the report: The committee and delegates were supportive of our plan to solve onboarding painpoints for Optimism protocols and supercharge their growth [READY] [GF: Phase 1 Proposal] Socket Added value (good to bad): good. Through the Socket, users and dApps could potentially benefit from their crosschain services in the same way that DEX aggregators are often the basis within the interactions of multiple DeFi applications. The committee recommended we reduce our token allocation since similar proposals had been funded [READY] [GF: Phase 1 Proposal] Socket we believe that the amount requested may be excessive given the expected usage, so we don’t want to lead to a saturation of grants and waste of resources. We have addressed the committee’s reflection for reduction & cut down the requested token amount by half to 500K and plan to disburse it in 3-5 months. Socket brings a unique value proposition to Optimism highlighted by the impact we have already achieved across Optimism: sraim: Relevant usage metrics: Total Volume Processed: $683mn Total Txns Processed: 529k Volume Onboarded to Optimism: $189mn Wallets Onboarded to Optimism: 51k 30+ Projects Leverage Socket for a Smoother Bridging Experience. Projects on Optimism include: Synthetix Ecosystem: Synthetix, dHedge & Polynomial Web3 exploration app Zapper & Smart, Social Wallet Zerion DeFi dApps: Rubicon, Premia & Brahma Fi Wallets & Portfolio Mgmt Apps: One Key, Plasma Finance, Choise, Ambire Wallet, Sequence Wallet & imToken SoonTM- biggest Optimism dApps, wallets & portfolio management apps We feel the current requested number will cater to the committee’s reflection and also reasonable based on our current growth numbers: [READY] [GF: Phase 1 Proposal] Socket 1 - What do you think will happen after the subsidy ends? Is the amount of tokens requested based on any metric? Running calculations on the historical txns for the users we onboarded we found that on average a user coming into Optimism spends $4 in gas + bridge fee We are requesting 1M tokens with 60% allocated to onboarding = 600K $OP or roughly $600K based on average $OP prices So with $600K we aim to onboard 150K users (4$ for 1 user) over 6-8 months which we think is a reasonable target since we have onboarded 30K+ users in just the last 2 months with zero incentives! Looking forward to delegates support and happy to answer any other questions from the community!
• [REVIEW] [GF: Phase 1 Proposal] Socket by sraim - No Role
  Posted on: Oct. 5, 2022, 10:03 a.m.
  Content: Our proposal was part of voting cycle- 6 and we had feedback from delegates and the tooling committee. Here is the summary from the report: The committee and delegates were supportive of our plan to solve onboarding painpoints for Optimism protocols and supercharge their growth [READY] [GF: Phase 1 Proposal] Socket Added value (good to bad): good. Through the Socket, users and dApps could potentially benefit from their crosschain services in the same way that DEX aggregators are often the basis within the interactions of multiple DeFi applications. The committee recommended we reduce our token allocation since similar proposals had been funded [READY] [GF: Phase 1 Proposal] Socket we believe that the amount requested may be excessive given the expected usage, so we don’t want to lead to a saturation of grants and waste of resources. We have addressed the committee’s reflection for reduction & cut down the requested token amount by half to 500 K and plan to disburse it in 3 - 5 months. Socket brings a unique value proposition to Optimism highlighted by the impact we have already achieved across Optimism: sraim: Relevant usage metrics: Total Volume Processed: $ 683 mn Total Txns Processed: 529 k Volume Onboarded to Optimism: $ 189 mn Wallets Onboarded to Optimism: 51 k 30 + Projects Leverage Socket for a Smoother Bridging Experience. Projects on Optimism include: Synthetix Ecosystem: Synthetix, dHedge & Polynomial Web 3 exploration app Zapper & Smart, Social Wallet Zerion DeFi dApps: Rubicon, Premia & Brahma Fi Wallets & Portfolio Mgmt Apps: One Key, Plasma Finance, Choise, Ambire Wallet, Sequence Wallet & imToken SoonTM- biggest Optimism dApps, wallets & portfolio management apps We feel the current requested number will cater to the committee’s reflection and also reasonable based on our current growth numbers: [READY] [GF: Phase 1 Proposal] Socket 1 - What do you think will happen after the subsidy ends? Is the amount of tokens requested based on any metric? Running calculations on the historical txns for the users we onboarded we found that on average a user coming into Optimism spends $ 4 in gas + bridge fee We are requesting 1 M tokens with 60 % allocated to onboarding = 600 K $OP or roughly $ 600 K based on average $OP prices So with $ 600 K we aim to onboard 150 K users ( 4 $ for 1 user) over 6 - 8 months which we think is a reasonable target since we have onboarded 30 K+ users in just the last 2 months with zero incentives! Looking forward to delegates support and happy to answer any other questions from the community!
  Likes: 0 Replies: 0
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• [REVIEW] [GF: Phase 1 Proposal] Socket by sraim - No Role
  Posted on: Oct. 5, 2022, 9:51 a.m.
  Content: Project name: Socket Author name and contact info: Rishabh Khurana Telegram: khuranarishabh Discord: Rishabh Khurana# 3779 I understand that I will be required to provide additional KYC information to the Optimism Foundation to receive this grant: Yes L 2 recipient address 0 x 803 CE 4 f 6 A 0 e 064 a 01 C 56 f 7 Ca 21223 a 7 b 65 e 4 b 869 Which Voting Cycle are you applying for? Phase 1 , Cycle 8 Grant category: Governance Fund, Phase 1 Is this proposal applicable to a specific committee? Tooling Project description: Socket is an interoperability protocol for secure & efficient data and asset transfers across chains. Apps can simply plug in Socket in their apps to get access to liquidity & state of all chains. Asset transfers are live today, with data transfers launching soon. How Asset Transfers Work: We aggregate all bridges & DEXs across chains for efficient asset transfers. The result is ultra-efficient cross chain swaps powered by an advanced routing mechanism that dynamically selects the best bridge/route & optimizes for developer preferences like cost, latency or security. Top wallets, DeFi & portfolio management apps like Zerion, Zapper, Synthetix & Lyra use Socket for a seamless bridging experience in their apps. Some places to try out Socket asset transfers in action: Bungee (Single txn): https://www.bungee.exchange/ 3 Bungee (Multi txn): https://multitx.bungee.exchange/ 2 Zapper: https://zapper.fi/bridge 1 Zerion: https://app.zerion.io/bridge Project Links Website: https://socket.tech/ 6 Docs: https://docs.socket.tech/ Twitter: https://twitter.com/SocketDotTech Additional team member info The Socket team includes super coders with deep engineering & research experience; and seasoned business operators. Some of our team members: Vaibhav Chellani 1 (Cofounder & CEO): First developer at Polygon; built first ever zkRollup & most scalable Optimistic rollup; Early core contributor at Flashbots. Rishabh Khurana 1 (Cofounder): 4 +yrs of experience launching web 2 products (scaled one from 0 to $ 40 mn ARR at India’s first Unicorn). Arth Patel 1 (Head of Engineering): Early developer at Polygon, built Polygon PoS bridge, ex-developer at Union Protcol, advisor & fren to DeFi projects Varun Bhalla (Product Manager): ex-founder. Last startup had $ 10 mn+ ARR before it got acquired Please link to any previous projects the team has meaningfully contributed to Our team has prior contributions across Polygon, Flashbots, Ethereum Foundation, Union Protocol, Index Coop, UMA, Harvest Finance, dOrg & other projects. Relevant usage metrics: Total Volume Processed: $ 683 mn Total Txns Processed: 529 k Volume Onboarded to Optimism: $ 189 mn Wallets Onboarded to Optimism: 51 k 30 + Projects Leverage Socket for a Smoother Bridging Experience. Projects on Optimism include: Synthetix Ecosystem: Synthetix, dHedge & Polynomial Web 3 exploration app Zapper & Smart, Social Wallet Zerion DeFi dApps: Rubicon, Premia & Brahma Fi Wallets & Portfolio Mgmt Apps: One Key, Plasma Finance, Choise, Ambire Wallet, Sequence Wallet & imToken SoonTM- biggest Optimism dApps, wallets & portfolio management apps Is/will this project be open sourced? All our contracts are openly available & verified on Etherscan. Our Optimism contract addresses can be viewed here 3 Competitors, peers, or similar projects Our peers are all bridging projects/protocols. Some of them include Across, Hop, Stargate, Synapse, Celer, Multichain, Li.Fi & Rango Exchange. Optimism native? No (as a bridging provider, we’re deployed on 9 chains as of today) Date of deployment/expected deployment on Optimism: Dec 2021 Ecosystem Value Proposition What is the problem statement this proposal hopes to solve for the Optimism ecosystem? We share the Optimism Foundation’s vision that the next billion users should be empowered to experience web 3 through the security of L 2 s. We’re working towards solving one of the key pieces to enable this- seamless user onboarding. Here’s a quick example of what an Avalanche user with AVAX, who wants to stake sETH on Synthetix on Optimism needed to go through: Leave Synthetix app to find the most cost-effective bridge from Avalanche to Optimism Swap AVAX into USDC/some bridge supported token (fee) Bridge to Optimism (fee) Get ETH from CEXs/Optimism Gateway Swap to sETH (fee) This is a ton of friction! For users & liquidity to migrate into Optimism at scale, this experience needs to be a lot simpler & affordable. How does your proposal offer a value proposition solving the above problem? There are 2 major problems for users as seen in the above example: High onboarding cost for user The friction associated with the whole onboarding journey filled with multiple steps (above process requires 20 + steps/clicks) Socket will use the allocated $OP tokens to solve both these problems for users by using the allocated tokens to: Reduce the net cost for users to onboard to Optimism Encourage app developers to provide a smoother in-app onboarding experience such that users on other chains can migrate their liquidity to Optimism & start using their app. This would mean an amazing experience for users which allows them to come from any chain, get any token they want, along with GAS (oETH) to start transacting on Optimism easily & quickly! Here are some ways apps on Optimism are already leveraging Socket to make this happen: DeFi projects like Synthetix, Premia & dHedge use Socket to allow users to come from different chains and start transacting on their apps easily Web 3 exploration apps like Zapper, social wallets like Zerion & more allow users to bridge over (via Socket) & participate in the Optimism ecosystem easily Polynomial, Brahma Fi & more are powering the next generation of multichain apps to get liquidity on Optimism with Socket: Polynomial is introducing chain-agnostic deposits into its vaults powered by Socket Brahma provides multichain yield with Socket. Deposit into Brahma vaults on any chain, & Brahma earns yield for you on Optimism! Why will this solution be a source of growth for the Optimism ecosystem? The objective of the token distribution is to supercharge our existing efforts of liquidity migration and user onboarding into Optimism. The token distribution eliminates one of the biggest problems hindering user onboarding & protocol adoption to create an accessible & prosperous Optimism ecosystem. Has your project previously applied for an OP grant? No Did the project apply for or receive OP tokens through the Foundation Partner Fund? No Number of OP tokens requested: 500 , 000 How much will your project match in co-incentives? Socket doesn’t have a token and hence can’t match with token co-incentives. However, we plan to allocate significant marketing efforts & resources with our partners to attract users & liquidity. To achieve these we will be conducting marketing campaigns, tutorials, guides & more! We also plan to allocate significant developer efforts & resources to help our partners build great onboarding experiences, or truly multichain apps, along with 24 * 7 user & developer support. Lastly, we will continue to educate users & community about bridging with things like bridge risk framework 1 , which we launched in collaboration with L 2 Beats. Proposal for token distribution How will the OP tokens be distributed? $OP tokens will be distributed to developers building on Optimism & users bridging to Optimism using Socket Users ( 60 %) Every user that onboards to Optimism via Socket (from partner apps) will have 90 % of their total onboarding fees refunded in $OP. Total onboarding fee includes the total GAS spent + the bridging fee from the underlying bridges Note: We plan to keep a max cap per user per transaction & minimum bridging amount Builders ( 40 %) We put a strong focus on incentivizing builders on Optimism to encourage great onboarding experiences & migration of liquidity into Optimism. We propose the following allocation strategies for builders leveraging Socket to onboard users onto Optimism: Developers who integrate Socket as a part of their UX ( 20 %): Teams that integrate Socket as a part of their user experience using our APIs/SDK/Plugin would receive $OP over 6 months pro-rata based on the nominal USD value that their integration has transferred to Optimism. Grants ( 20 %): Teams building dApps with Socket that makes onboarding & using Optimism easier by building capabilities that allow users on other chains to directly interact with/migrate liquidity into Optimism based dApps with one-click UX. We aim to provide micro-grants to assist 4 - 5 teams that aim to create massive impact for Optimism and will also keep the governance community updated on the disbursement in periodic reports. Examples include: Chain Agnostic Deposits: Allow users to deposit into vaults native to Optimism, from any chain & with any token Uniswap LP Migration: Allow users to migrate their LP position on Ethereum to LP position on Optimism in 1 click Note: Bungee is an app built on Socket, by the Socket team. Hence, Bungee developers (Socket Team) will not be applicable for the developer rewards Over what period of time will the tokens be distributed for each initiative? Overall, we expect the distribution will take 3 - 5 months. It will vary based on the price of $OP & other factors such as gas markets on various supported networks, prices of native tokens of supported networks & developer adoption. Please list the milestones/KPIs you expect to achieve for each initiative, considering how each relates to incentivizing sustainable usage and liquidity on Optimism. Please keep in mind that progress towards these milestones/KPIs should be trackable. Key KPIs: Number of wallets onboarded onto Optimism Liquidity onboarded into Optimism Why will incentivized users and liquidity on Optimism remain after incentives dry up? The incentives will help bring users to onboard to Optimism & start using their favourite apps easily. Once users get a taste of Optimism, they will want to stay for cheap & fast transactions, seamless user experience & the rich ecosystem of dapps. Please provide any additional information that will facilitate accountability:(smart contracts addresses relevant to the proposal, relevant organizational wallet addresses, etc.) All smart contract addresses are available in our docs here
  Likes: 1 Replies: 1
  Likers: Pelon_ES
  Replies:

  • sraim: Our proposal was part of voting cycle-6 and we had feedback from delegates and the tooling committee. Here is the summary from the report: The committee and delegates were supportive of our plan to solve onboarding painpoints for Optimism protocols and supercharge their growth [READY] [GF: Phase 1 Proposal] Socket Added value (good to bad): good. Through the Socket, users and dApps could potentially benefit from their crosschain services in the same way that DEX aggregators are often the basis within the interactions of multiple DeFi applications. The committee recommended we reduce our token allocation since similar proposals had been funded [READY] [GF: Phase 1 Proposal] Socket we believe that the amount requested may be excessive given the expected usage, so we don’t want to lead to a saturation of grants and waste of resources. We have addressed the committee’s reflection for reduction & cut down the requested token amount by half to 500K and plan to disburse it in 3-5 months. Socket brings a unique value proposition to Optimism highlighted by the impact we have already achieved across Optimism: sraim: Relevant usage metrics: Total Volume Processed: $683mn Total Txns Processed: 529k Volume Onboarded to Optimism: $189mn Wallets Onboarded to Optimism: 51k 30+ Projects Leverage Socket for a Smoother Bridging Experience. Projects on Optimism include: Synthetix Ecosystem: Synthetix, dHedge & Polynomial Web3 exploration app Zapper & Smart, Social Wallet Zerion DeFi dApps: Rubicon, Premia & Brahma Fi Wallets & Portfolio Mgmt Apps: One Key, Plasma Finance, Choise, Ambire Wallet, Sequence Wallet & imToken SoonTM- biggest Optimism dApps, wallets & portfolio management apps We feel the current requested number will cater to the committee’s reflection and also reasonable based on our current growth numbers: [READY] [GF: Phase 1 Proposal] Socket 1 - What do you think will happen after the subsidy ends? Is the amount of tokens requested based on any metric? Running calculations on the historical txns for the users we onboarded we found that on average a user coming into Optimism spends $4 in gas + bridge fee We are requesting 1M tokens with 60% allocated to onboarding = 600K $OP or roughly $600K based on average $OP prices So with $600K we aim to onboard 150K users (4$ for 1 user) over 6-8 months which we think is a reasonable target since we have onboarded 30K+ users in just the last 2 months with zero incentives! Looking forward to delegates support and happy to answer any other questions from the community!
• [READY] [GF: Phase 1 Proposal] Socket by sraim - No Role
  Posted on: Sept. 27, 2022, 10:17 a.m.
  Content: Hey thanks for recco tooling committee, we based the amounts based on similar bridges like Hop, Stargate who had received the same with similar metrics & impact. Since the recommendation, doesn’t find specific issues apart from the token amount & specifically since we have received it really late into voting stage, we have no room to modify it even though we understand and accept the committee’s reasoning. Since we have already reached quorum & wanting to ensure we don’t burden the voters again for a minor modification involving a reduction: We propose that we are ready to accept the suggestion of reducing the requested token by 60 % for this voting cycle & receiving the requested rest based on milestones we produce(i.e go from receiving 1 M upfront → staggered milestone-based distribution) If this is possible from the governance side, would love the committee’s and delegates support in the current voting round!
  Likes: 1 Replies: 0
  Likers: scaleweb3
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• [READY] [GF: Phase 1 Proposal] Socket by sraim - No Role
  Posted on: Sept. 26, 2022, 10:15 a.m.
  Content: What we’re building would be beneficial for all protocols & the broad Optimism ecosystem as a whole. Here are a few examples of how different apps use Socket & how it’s already benefiting the broader ecosystem: Wallet & Portfolio Management apps (Zapper, Zerion, One Key, Sequence Wallet, Ambire Wallet & more): Use Socket to allow web 3 users to seamlessly bridge into Optimism & interact with the ecosystem. Thus bringing Optimism within reach of users right from their wallets. DeFi apps (Synthetix, Lyra, dHedge, Thales & more): Use Socket to make it easier for users on non-Optimism chains to start using their app immediately by seamless onboarding into Optimism. This ensures users get a great first onboarding experience to Optimism, and get to try out the secure, fast & cheap Optimism experience, which encourages them to explore the broader ecosystem There are also apps like Bungee (built by Socket team itself), Via & more using Socket to provide an excellent bridging experience & also solve major pain points like being stuck without gas. These apps enable cross-chain swaps, so users can go from a token on any chain to the required token for the Optimism app in one transaction! Across all these examples, by enabling a great onboarding experience & narrowing the gap for a non-Optimism user to interact with an app, we have continuously strived to reduce the major problems hindering web 3 users from participating with the broad Optimism ecosystem!
  Likes: 2 Replies: 0
  Likers: jadmat, theenlightened
  No replies yet.