Profile of timmmy in Optimism
Posts by timmmy
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Rainbow OP Grant Update
by timmmy - No Role
Posted on: March 27, 2023, 6:45 p.m.
Content: Summary: Rainbow received 420 , 069 OP tokens on November 3 rd 2022 to help bring users to Optimism. In our initial proposal 7 , we requested 126 , 019 ( 30 % of total grant) OP for round 1 and an additional 294 , 050 (remaining 70 % of grant) OP if we surpassed Milestone 1 : “$ 200 , 000 vol on Optimism or 500 bridges/trades per week.” This post updates Optimism governance on how those tokens have been used and the results seen thus far. We plan to continue our analysis and deliver a follow up update to OP governance with our future plans to offer incentives. Round 1 Usage of $OP & Results: For Round 1 of Rainbow’s OP rewards, we looked to bring traders to Rainbow by specifically highlighting our Swap and Bridging features. Our program centered around two incentives: An OP token rebate of 0 . 425 % on Swaps and 0 . 125 % on Bridges - to make transacting on Optimism the most affordable chain in Rainbow A Swap/ Bridging Leaderboard - to get traders’ attention and generate volume. At the conclusion of round 1 , Rainbow distributed 114 , 908 . 5 OP tokens over 3 weeks to 1 , 285 unique wallet addresses who swapped or bridged on Optimism in the Rainbow mobile app. There are 305 , 160 . 5 OP tokens remaining in our multisig. The program was incredibly successful at boosting OP trading volume and moderately successful at getting traders to use Rainbow. The lasting impact of these results are encouraging and more users are now certainly aware of Rainbow’s swapping and bridging features. Takeaways: Rainbow succeeded in driving high volumes to Optimism. The average daily volume on Optimism through Rainbow Router increased by 72 , 150 % during the OP rewards program - from 2 . 2 k per day (pre-incentives) to 1 . 59 m per day (during incentives). Since the rewards ended, Rainbow has continued to see higher volumes than before the incentive program. The average daily volume on Optimism through Rainbow Router has increased by 417 %, from 2 . 2 k per day (pre-incentives) to 11 . 37 k per day (post-incentives). Prior to the rewards program, Optimism represented only 9 . 67 % of weekly transactions on Rainbow Router. In the two weeks after the rewards ended, Optimism has represented 18 . 6 % of total transactions, a 94 % gain. Weekly active mobile app users with assets on Optimism increased by 200 % during the promotion period and continue to increase even after the program ended. Although positive, we hope to see more widespread engagement in future rounds. The program mostly appealed to high-wallet-value accounts and users who believed they could place on the leaderboard. Even with an OP token rebate that made Optimism the cheapest chain to use on Rainbow, we believe that regular users lacked clear actions to take on Optimism. :sparkles:To make the program more appealing for everyday users, we want to guide users to take achievable actions within the Optimism ecosystem so they can earn incentives. In the next round, we are considering adding multipliers for connecting to partnered dapps as well as possible quests. Swap volume was more than 30 x higher than bridging volume even though they were both subsidized. :sparkles: In general, we want to prioritize bridging to Optimism over Swaps to minimize wash trading and encourage more volume for the Optimism network. About the participants: Total participating wallets (Dune): 1 , 285 52 % iOS ( 558 ) 48 % Android ( 515 ) 90 . 3 % have NFTs ( 969 ) 51 % have ENS names ( 547 ) Existing Rainbow users: 581 ( 54 %) 64 . 7 % iOS ( 376 ) 35 . 3 % Android ( 205 ) 98 % have NFTs ( 569 ) 65 . 7 % have ENS names ( 382 ) 88 . 8 % opened the app since rewards ended ( 516 ) 56 . 3 % swapped before rewards started ( 327 ) 25 . 8 % swapped since rewards ended ( 199 ) New Rainbow users: 492 ( 46 %) 37 % iOS ( 182 ) 63 % Android ( 310 ) 81 . 3 % have NFTs ( 400 ) 33 . 5 % have ENS names ( 165 ) 60 % opened the app since rewards ended ( 298 ) 15 . 8 % swapped since rewards ended ( 78 ) General results Each week we allotted 28 k tokens for transaction rebates, but not all of these rebates were used. The 11 , 110 . 5 OP tokens that weren’t utilized in round 1 will remain in the multisig. In total, there remain 305 , 160 . 5 un-utilized OP tokens in our multisig for future rounds. The most popular trades were in between stables — USDC, DAI, USDT. OP Ether and OP tokens were the next most popular trades. ~$ 38 m total volume on Optimism 13 , 310 transactions 881 Bridges 13 , 179 Swaps 1285 unique wallet addresses Pre and post Cumulative tx and Volume #s OP Rewards Dash Untitled ( 7 ) 1107 × 688 66 . 3 KB Transaction % per Network Untitled ( 8 ) 1680 × 770 59 KB Looking Forward: We see a lot of room to improve in the next rounds of incentives. With more than 2 / 3 s of our total OP tokens remaining, we plan to iterate towards an OP incentive program that succeeds at… Driving deeper engagement with the Optimism ecosystem Onboarding more active Ethereum users to Optimism on Rainbow Retaining users in Rainbow Generating volume from more users KPIs we are considering for Season 2 : TVL on Optimism Rainbow MAUs Referrals to download Rainbow Fiat-to-Crypto transactions in Rainbow General areas to improve: Clarify rules and communications People might have gotten confused and thought the leaderboard rewards were paid out per week vs at the end of three week People were learning about our swap fees as they were charged for them, some were surprised Incentivize more users to participate - be a portal for new and intermediate users to Optimism Prioritize volume from many vs a few high-wallet-value users Next Steps: Rainbow is in the midst of designing Season 2 and plans to announce its plans to OP- Governance in the coming weeks. We would love to hear the community’s ideas for Round 2 . If you have any suggestions for how Rainbow should structure this next round please leave feedback below or email partnerships@rainbow.me. Additional Resources: Transactions: https://dune.com/rainbowwallet/rainbow-optimism-rewards-leaderboard/ 9 b 0 b 3 daf- 45 e 9 - 4 a 98 - 9 f 62 -bc 650 aae 53 a 3 3 Public Dashboard- https://dune.com/rainbowwallet/rainbow-router-network-stats Leaderboard: https://dune.com/rainbowwallet/op-rewards-round- 1 -leaderboard
Likes: 6
Replies: 0
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Rainbow OP Grant Update
by timmmy - No Role
Posted on: March 27, 2023, 6:45 p.m.
Content: Summary: Rainbow received 420 , 069 OP tokens on November 3 rd 2022 to help bring users to Optimism. In our initial proposal 9 , we requested 126 , 019 ( 30 % of total grant) OP for round 1 and an additional 294 , 050 (remaining 70 % of grant) OP if we surpassed Milestone 1 : “$ 200 , 000 vol on Optimism or 500 bridges/trades per week.” This post updates Optimism governance on how those tokens have been used and the results seen thus far. We plan to continue our analysis and deliver a follow up update to OP governance with our future plans to offer incentives. Round 1 Usage of $OP & Results: For Round 1 of Rainbow’s OP rewards, we looked to bring traders to Rainbow by specifically highlighting our Swap and Bridging features. Our program centered around two incentives: An OP token rebate of 0 . 425 % on Swaps and 0 . 125 % on Bridges - to make transacting on Optimism the most affordable chain in Rainbow A Swap/ Bridging Leaderboard - to get traders’ attention and generate volume. At the conclusion of round 1 , Rainbow distributed 114 , 908 . 5 OP tokens over 3 weeks to 1 , 285 unique wallet addresses 3 who swapped or bridged on Optimism in the Rainbow mobile app. There are 305 , 160 . 5 OP tokens remaining in our multisig. The program was incredibly successful at boosting OP trading volume and moderately successful at getting traders to use Rainbow. The lasting impact of these results are encouraging and more users are now certainly aware of Rainbow’s swapping and bridging features. Takeaways: Rainbow succeeded in driving high volumes to Optimism. The average daily volume on Optimism through Rainbow Router increased by 72 , 150 % during the OP rewards program - from 2 . 2 k per day (pre-incentives) to 1 . 59 m per day (during incentives). Since the rewards ended, Rainbow has continued to see higher volumes than before the incentive program. The average daily volume on Optimism through Rainbow Router has increased by 417 %, from 2 . 2 k per day (pre-incentives) to 11 . 37 k per day (post-incentives). Prior to the rewards program, Optimism represented only 9 . 67 % of weekly transactions on Rainbow Router. In the two weeks after the rewards ended, Optimism has represented 18 . 6 % of total transactions, a 94 % gain. Weekly active mobile app users with assets on Optimism increased by 200 % during the promotion period and continue to increase even after the program ended. Although positive, we hope to see more widespread engagement in future rounds. The program mostly appealed to high-wallet-value accounts and users who believed they could place on the leaderboard. Even with an OP token rebate that made Optimism the cheapest chain to use on Rainbow, we believe that regular users lacked clear actions to take on Optimism. :sparkles:To make the program more appealing for everyday users, we want to guide users to take achievable actions within the Optimism ecosystem so they can earn incentives. In the next round, we are considering adding multipliers for connecting to partnered dapps as well as possible quests. Swap volume was more than 30 x higher than bridging volume even though they were both subsidized. :sparkles: In general, we want to prioritize bridging to Optimism over Swaps to minimize wash trading and encourage more volume for the Optimism network. About the participants: Total participating wallets (Dune): 1 , 285 52 % iOS ( 558 ) 48 % Android ( 515 ) 90 . 3 % have NFTs ( 969 ) 51 % have ENS names ( 547 ) Existing Rainbow users: 581 ( 54 %) 64 . 7 % iOS ( 376 ) 35 . 3 % Android ( 205 ) 98 % have NFTs ( 569 ) 65 . 7 % have ENS names ( 382 ) 88 . 8 % opened the app since rewards ended ( 516 ) 56 . 3 % swapped before rewards started ( 327 ) 25 . 8 % swapped since rewards ended ( 199 ) New Rainbow users: 492 ( 46 %) 37 % iOS ( 182 ) 63 % Android ( 310 ) 81 . 3 % have NFTs ( 400 ) 33 . 5 % have ENS names ( 165 ) 60 % opened the app since rewards ended ( 298 ) 15 . 8 % swapped since rewards ended ( 78 ) General results Each week we allotted 28 k tokens for transaction rebates, but not all of these rebates were used. The 11 , 110 . 5 OP tokens that weren’t utilized in round 1 will remain in the multisig. In total, there remain 305 , 160 . 5 3 un-utilized OP tokens in our multisig for future rounds. The most popular trades were in between stables — USDC, DAI, USDT. OP Ether and OP tokens were the next most popular trades. ~$ 38 m total volume on Optimism 13 , 310 transactions 881 Bridges 13 , 179 Swaps 1285 unique wallet addresses Pre and post Cumulative tx and Volume #s OP Rewards Dash Untitled ( 7 ) 1107 × 688 66 . 3 KB Transaction % per Network Untitled ( 8 ) 1680 × 770 59 KB Looking Forward: We see a lot of room to improve in the next rounds of incentives. With more than 2 / 3 s of our total OP tokens remaining, we plan to iterate towards an OP incentive program that succeeds at… Driving deeper engagement with the Optimism ecosystem Onboarding more active Ethereum users to Optimism on Rainbow Retaining users in Rainbow Generating volume from more users KPIs we are considering for Season 2 : TVL on Optimism Rainbow MAUs Referrals to download Rainbow Fiat-to-Crypto transactions in Rainbow General areas to improve: Clarify rules and communications People might have gotten confused and thought the leaderboard rewards were paid out per week vs at the end of three week People were learning about our swap fees as they were charged for them, some were surprised Incentivize more users to participate - be a portal for new and intermediate users to Optimism Prioritize volume from many vs a few high-wallet-value users Next Steps: Rainbow is in the midst of designing Season 2 and plans to announce its plans to OP- Governance in the coming weeks. We would love to hear the community’s ideas for Round 2 . If you have any suggestions for how Rainbow should structure this next round please leave feedback below or email partnerships@rainbow.me. Additional Resources: Transactions: https://dune.com/rainbowwallet/rainbow-optimism-rewards-leaderboard/ 9 b 0 b 3 daf- 45 e 9 - 4 a 98 - 9 f 62 -bc 650 aae 53 a 3 5 Public Dashboard- https://dune.com/rainbowwallet/rainbow-router-network-stats 2 Leaderboard: https://dune.com/rainbowwallet/op-rewards-round- 1 -leaderboard 3
Likes: 6
Replies: 0
No replies yet.
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Rainbow OP Grant Update
by timmmy - No Role
Posted on: March 27, 2023, 2:45 p.m.
Content:
Summary:
Rainbow received 420 , 069 OP tokens on November 3 rd 2022 to help bring users to Optimism. In our initial proposal, we requested 126 , 019 ( 30 % of total grant) OP for round 1 and an additional 294 , 050 (remaining 70 % of grant) OP if we surpassed Milestone 1 : “$ 200 , 000 vol on Optimism or 500 bridges/trades per week.”
This post updates Optimism governance on how those tokens have been used and the results seen thus far. We plan to continue our analysis and deliver a follow up update to OP governance with our future plans to offer incentives.
Round 1 Usage of $OP & Results:
For Round 1 of Rainbow’s OP rewards, we looked to bring traders to Rainbow by specifically highlighting our Swap and Bridging features.
Our program centered around two incentives:
An OP token rebate of 0 . 425 % on Swaps and 0 . 125 % on Bridges - to make transacting on Optimism the most affordable chain in Rainbow
A Swap/ Bridging Leaderboard - to get traders’ attention and generate volume.
At the conclusion of round 1 , Rainbow distributed 114 , 908 . 5 OP tokens over 3 weeks to 1 , 285 unique wallet addresses who swapped or bridged on Optimism in the Rainbow mobile app. There are 305 , 160 . 5 OP tokens remaining in our multisig.
The program was incredibly successful at boosting OP trading volume and moderately successful at getting traders to use Rainbow. The lasting impact of these results are encouraging and more users are now certainly aware of Rainbow’s swapping and bridging features.
Takeaways:
Rainbow succeeded in driving high volumes to Optimism. The average daily volume on Optimism through Rainbow Router increased by 72 , 150 % during the OP rewards program - from 2 . 2 k per day (pre-incentives) to 1 . 59 m per day (during incentives).
Since the rewards ended, Rainbow has continued to see higher volumes than before the incentive program. The average daily volume on Optimism through Rainbow Router has increased by 417 %, from 2 . 2 k per day (pre-incentives) to 11 . 37 k per day (post-incentives).
Prior to the rewards program, Optimism represented only 9 . 67 % of weekly transactions on Rainbow Router. In the two weeks after the rewards ended, Optimism has represented 18 . 6 % of total transactions, a 94 % gain.
Weekly active mobile app users with assets on Optimism increased by 200 % during the promotion period and continue to increase even after the program ended. Although positive, we hope to see more widespread engagement in future rounds.
The program mostly appealed to high-wallet-value accounts and users who believed they could place on the leaderboard. Even with an OP token rebate that made Optimism the cheapest chain to use on Rainbow, we believe that regular users lacked clear actions to take on Optimism.
:sparkles:To make the program more appealing for everyday users, we want to guide users to take achievable actions within the Optimism ecosystem so they can earn incentives. In the next round, we are considering adding multipliers for connecting to partnered dapps as well as possible quests.
Swap volume was more than 30 x higher than bridging volume even though they were both subsidized.
:sparkles: In general, we want to prioritize bridging to Optimism over Swaps to minimize wash trading and encourage more volume for the Optimism network.
About the participants:
Total participating wallets (Dune): 1 , 285
52 % iOS ( 558 )
48 % Android ( 515 )
90 . 3 % have NFTs ( 969 )
51 % have ENS names ( 547 )
Existing Rainbow users: 581 ( 54 %)
64 . 7 % iOS ( 376 )
35 . 3 % Android ( 205 )
98 % have NFTs ( 569 )
65 . 7 % have ENS names ( 382 )
88 . 8 % opened the app since rewards ended ( 516 )
56 . 3 % swapped before rewards started ( 327 )
25 . 8 % swapped since rewards ended ( 199 )
New Rainbow users: 492 ( 46 %)
37 % iOS ( 182 )
63 % Android ( 310 )
81 . 3 % have NFTs ( 400 )
33 . 5 % have ENS names ( 165 )
60 % opened the app since rewards ended ( 298 )
15 . 8 % swapped since rewards ended ( 78 )
General results
Each week we allotted 28 k tokens for transaction rebates, but not all of these rebates were used. The 11 , 110 . 5 OP tokens that weren’t utilized in round 1 will remain in the multisig. In total, there remain 305 , 160 . 5 un-utilized OP tokens in our multisig for future rounds.
The most popular trades were in between stables — USDC, DAI, USDT.
OP Ether and OP tokens were the next most popular trades.
~$ 38 m total volume on Optimism
13 , 310 transactions
881 Bridges
13 , 179 Swaps
1285 unique wallet addresses
Pre and post Cumulative tx and Volume #s
OP Rewards Dash
Untitled ( 7 ) 1107 × 688 66 . 3 KB
Transaction % per Network
Untitled ( 8 ) 1680 × 770 59 KB
Looking Forward:
We see a lot of room to improve in the next rounds of incentives. With more than 2 / 3 s of our total OP tokens remaining, we plan to iterate towards an OP incentive program that succeeds at…
Driving deeper engagement with the Optimism ecosystem
Onboarding more active Ethereum users to Optimism on Rainbow
Retaining users in Rainbow
Generating volume from more users
KPIs we are considering for Season 2 :
TVL on Optimism
Rainbow MAUs
Referrals to download Rainbow
Fiat-to-Crypto transactions in Rainbow
General areas to improve:
Clarify rules and communications
People might have gotten confused and thought the leaderboard rewards were paid out per week vs at the end of three week
People were learning about our swap fees as they were charged for them, some were surprised
Incentivize more users to participate - be a portal for new and intermediate users to Optimism
Prioritize volume from many vs a few high-wallet-value users
Next Steps:
Rainbow is in the midst of designing Season 2 and plans to announce its plans to OP- Governance in the coming weeks.
We would love to hear the community’s ideas for Round 2 . If you have any suggestions for how Rainbow should structure this next round please leave feedback below or email partnerships@rainbow.me.
Additional Resources:
Transactions: https://dune.com/rainbowwallet/rainbow-optimism-rewards-leaderboard/ 9 b 0 b 3 daf- 45 e 9 - 4 a 98 - 9 f 62 -bc 650 aae 53 a 3
Public Dashboard- https://dune.com/rainbowwallet/rainbow-router-network-stats
Leaderboard: https://dune.com/rainbowwallet/op-rewards-round- 1 -leaderboard
Likes: 6
Replies: 0
No replies yet.
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[Review][GF Phase 1 Proposal] Optimism Rainbow
by timmmy - No Role
Posted on: Sept. 27, 2022, 1:03 a.m.
Content: :rainbow: Optimistic Rainbow OP Incentive Proposal :rainbow: Project Name: Rainbow Wallet Author Name: Mike Demarais, Imhiring.eth on Twitter 15 , GitHub 7 Contact Info: Grant Wright, grant@rainbow.me, grunt.eth, Twitter 5 , Forum profile Mike m.demarais@gmail.com - Imhiring.eth (Twitter 15 , GitHub 7 ), christianbaroni.eth (Twitter 1 , GitHub 1 ) 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: oeth: 0 x 9 d 62 e 3 f 4 f 5 a 2 ef 4 F 446 dA 692 B 07860 F 3 C 78 CEAa 4 Which Voting Cycle are you applying for?: Voting Cycle 7 Grant Category: Governance Fund Phase 1 Is this proposal applicable to a specific committee?: Yes. The Optimism Tooling/Infrastructure Committee - [DRAFT] S 02 Committee Proposal: Tooling Governance Committee 14 Governance Project Overview Project Description: Rainbow has two core products: RainbowKit and Rainbow Wallet (mobile), with more in development :shushing_face: Rainbow Wallet is the most fun, simple, & secure way to explore Web 3 , NFTs, & Ethereum. RainbowKit is the best way for users to connect their wallet. It’s designed for everyone and built for developers. It was released to the community as a public good in 2022 . Since its release in February 2022 , RainbowKit has been downloaded almost a quarter of a million times, and integrated by countless Web 3 and DeFi DApps across EVM chains. Across all our efforts, Rainbow aims to make the Ethereum ecosystem fun and accessible for all users through unparalleled user-experience design and deep understanding of DeFi and Web 3 . This includes open-sourcing our products and building public goods. Our Approach to L 2 s: In early 2019 , while deeply embedded in the DeFi community, Rainbow became the first wallet to not only support NFTs, but also treat them as first class citizens. At the time the crypto community largely didn’t understand this move, but Rainbow saw the cultural potential of NFTs and Web 3 beyond DeFi. Rainbow viewed NFT adoption as somewhat of a chicken and egg issue: As long as there was no great interface to showcase and interact with one’s NFTs, most users would fail to see their value. We see the same issue with L 2 adoption. Who will build the tools necessary for scaling Ethereum without the demand? It’s our belief that mass adoption of L 2 s will not be possible until L 2 s are fully empowered and easily accessible from the consumer’s primary touchpoint, their wallet. Rainbow treats L 2 networks as first class citizens. Phoneop-phone 21920 × 1440 97 . 6 KB Rainbow already offers complete feature parity for L 2 s as it does for mainnet. This means Optimism and other L 2 users enjoy the same great experience as Mainnet Ethereum users: L 2 tokens and NFTs are displayed in-line with Mainnet assets Users can swap between nearly any token on our supported networks without leaving the app Soon Rainbow will integrate seamless bridging and cross-chain swaps to make traversing Mainnet and L 2 s frictionless. For our users it is all one unified Ethereum ecosystem. We have also already teamed up with Optimism for promotions related to NFT launches and offered special features to L 2 users in-app. Rainbow is one of the best user experiences for Optimism available today. We want to incentive more people to try using OP. We believe that the inherent benefits of the network combined with our exceptional user experience will keep people in the Optimism ecosystem for the long term! Current Highlight Features: In-app swaps - Rainbow’s custom router contract aggregates all of the most trusted liquidity sources ( 0 x, 1 inch, etc) to let users swap tokens on Optimism, Ethereum, Arbitrum, and Polygon networks at the best exchange price. More tokens & exchanges are added each day. Best in class NFT showcasing and support - Rainbow supports all media formats for NFTs on Optimism, Ethereum, Arbitrum and Polygon. Rainbow also supports POAPs currently on Gnosis Chain. Intuitive crypto portfolio - Rainbow automatically discovers Optimism tokens, portfolio value, and has native Optimism support built in without any extra settings or additional effort for the end user. RainbowKit - provides a fast, easy and highly customizable way for developers to add a great wallet experience to their application. We handle the hard stuff so developers and teams can focus on building amazing products and communities for their users. Add Cash - Fiat on-ramp to Ethereum Mainnet ENS profiles - Claim ENS handles, extend ENS registrations, and customize your ENS profile all in Rainbow. We also support sending to ENS addresses on all networks available in Rainbow. Our story: Rainbow founders Christian Baroni, Mike Demarais, and Jin Chung came together with a mission to make navigating Ethereum simpler for the average consumer. Baroni used to contract design for Microsoft while he was at high school and became Stripe’s 4 th designer at the age of 17 . Demarais immersed himself in computer design and website creation from a young age, dropping out of college to work as an engineer at several user-focused start-ups. Chung majored in computer science engineering at UPenn and later wrote trading tools for equity derivatives and algorithms for eBay’s recommendation systems. Project links: Wallet - iOS 3 , Android 8 Rainbow Wallet Website: rainbow.me 17 RainbowKit Website: RainbowKit.com 4 Twitter: twitter.com/rainbowdotme 5 GitHub: https://github.com/rainbow-me/ Rainbow Wallet GitHub: https://github.com/rainbow-me/rainbow/ Rainbow Wallet FAQ: https://learn.rainbow.me/ 2 RainbowKit GitHub: https://github.com/rainbow-me/rainbowkit RainbowKit Documentation: https://www.rainbowkit.com/docs/introduction 1 Rainbow Swaps GitHub: https://github.com/rainbow-me/swaps 2 Rainbow Swaps OptimismScan: https://optimistic.etherscan.io/address/ 0 x 00000000009726632680 fb 29 d 3 f 7 a 9734 e 3010 e 2 20 Additional team member info (please link): The whole Rainbow team can be found here! https://twitter.com/rainbowdotme/following 6 Please link to any previous projects the team has meaningfully contributed to: Rainbow team members have worked at or on some of these projects: MetaMask 7 Wagmi 3 Shopthru Wallet Connect 2 Vanilla-extract 2 Stripe 1 Facebook Messenger Discord Relevant Usage Metrics: Rainbow Router is deployed on Mainnet 3 , Optimism 20 , Arbitrum, and Polygon 1 . https://dune.com/rainbowwallet/rainbow-router-network-stats 20 - on-chain data for users of our in-app swaps Untitled 1104 × 697 59 . 3 KB Competitors, peers, or similar projects MetaMask 1 , Coinbase Wallet 1 , Candide 1 (proposal link 2 ), Tally Ho 1 (proposal link 3 ) Is/will this project be open sourced?: Yes. Rainbow’s code base is open source on GitHub, Rainbow Wallet is open source licensed with GPLv 3 (link). RainbowKit uses the MIT license (link). Rainbow Router is also GPLv 3 (link) code is deployed on Mainnet 3 , Optimism 20 , Arbitrum, and Polygon 1 . The contract code and the audit are also available on GitHub 2 . Optimism native?: Ethereum Native, our goal is Optimism feature parity Rainbow was an early mover to support Optimism. We were the first wallet to support Optimism NFTs! How do you add Optimism to Rainbow Wallet? You don’t! It’s already there! :blush: https://help.optimism.io/hc/en-us/articles/ 4417258511131 -How-do-I-use-Optimism-with-Rainbow-Wallet- 5 Rainbow currently supports on-chain swaps on Optimism in-app Rainbow will soon integrate cross-chain bridging and cross-chain swaps. Rainbow is working to add L 2 fiat on-ramps Optimism Deployment date: August 2021 https://twitter.com/rainbowdotme/status/ 1427304535450660867 https://twitter.com/rainbowdotme/status/ 1427304535450660867 3 Screen Shot 2022 - 09 - 26 at 5 . 59 . 30 PM 1184 × 1578 111 KB Ecosystem Value Proposition: What is the problem statement this proposal hopes to solve for the Optimism ecosystem? Feature parity, lagging UX, bridging, swapping, adding NFTs manually, buying tokens with fiat—these are all pain points for L 1 s, and the technical expertise demanded of an L 2 user is even higher. To put it simply: using an open source & self-custody wallet is often harder than it has to be. Furthermore, the benefits of using an L 2 like Optimism aren’t always easily understood. Many users do things the way they’ve always done them—on mainnet—and carry the perception there are high switching costs (like extra steps, time, complexity) to using L 2 s. How does your proposal offer a value proposition solving the above problem? Rainbow is an open source and cross-chain wallet that is working towards feature parity for Optimism. We make using Optimism easy, no matter what your level of experience. An Optimism grant will enable Rainbow to offer OP token rewards to users using Optimism. This initiative will incentivize users to experience the benefits of Optimism first hand. Rainbow already made a large investment to support and offer feature parity for Optimism, and we are in midst of further enhancing this experience for Optimism users. Specifically, Rainbow is building cross-chain swaps and bridging to completely abstract the process of bridging. Without the friction of bridging funds to L 2 s, users have no reason not trade and interact on Optimism where transactions are just as secure and exponentially more affordable. There’s no risk, extra effort, or new steps to learn to use Optimism on Rainbow. Why will this solution be a source of growth for the Optimism ecosystem? The Optimism ecosystem will benefit from a strong association with the Rainbow brand. Rainbow is well-known for being friendly, approachable, and a top tier wallet choice for both newbies and pros. Rainbow can help expand the market for Optimism beyond experts and degens. With our unique and aesthetic style, Rainbow will advertise the incentive program and new opportunities to use Optimism and be able to reach thousands of users directly in their wallets. optimism_icon 1920 × 1440 56 . 5 KB IMG_BBE 85073 A 39 D- 11170 × 700 55 . 5 KB Has your project previously applied for an OP grant? No Token Distribution Number of OP tokens requested: 420 , 069 OP Did the project apply for or receive OP tokens through the Foundation Partner Fund?: No If OP tokens were requested from the Foundation Partner Fund, what was the amount?: N/A How much will your project match in co-incentives?: Rainbow is not committing to purchase OP for incentives programs. We have no plans to match at this time, but wish we could :kissing_heart: Proposal for token distribution: How will tokens be allocated 100 % of $OP will be distributed as an incentive for users to make swaps on Optimism within Rainbow, or to bridge assets to Optimism within Rainbow. Milestone Unlocks 126 , 019 tokens for the initial grant and then rest once proof-of-concept achieved. OP Granted KPI (key performance indicator) Initial Grant 126 , 019 ( 30 %) Milestone 1 294 , 050 ( 70 %) $ 200 , 000 vol on Optimism or 500 bridges/trades per week Total 420 , 069 OP awarded KPIs: trading volume and total number of trades per week Rainbow and Optimism would work collaboratively to determine the best way to award incentives over the course of the program to best hit each milestone. Additional context for draft reviewers - Our initial thoughts would be to reward Rainbow Swap users on Optimism and Ethereum, which would introduce our Ethereum users to the Optimism token and network. We welcome input on the optimal distribution methods and tokenomics to improve user retention on Optimism and limit the sale of Optimism tokens. Why will users continue using Optimism after incentives are gone? Rainbow makes Optimism easy and fun to use. The incentives will entice new users to try Optimism risk-free, and Rainbow’s ease of use plus the obvious value of Optimism (security, speed, affordability) will keep them coming back. Trackable Milestones / KPIs Total swaps made from the Rainbow app on our supported networks Unique addresses using Rainbow swaps on Optimism Swap volume from Rainbow swaps on Optimism Additional information to facilitate accountability: Rainbow Router address on all deployed chains: 0 x 00000000009726632680 fb 29 d 3 f 7 a 9734 e 3010 e 2 20
Likes: 5
Replies: 0
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[Review][GF Phase 1 Proposal] Optimism Rainbow
by timmmy - No Role
Posted on: Sept. 27, 2022, 1:03 a.m.
Content: :rainbow: Optimistic Rainbow OP Incentive Proposal :rainbow: Project Name: Rainbow Wallet Author Name: Mike Demarais, Imhiring.eth on Twitter 18 , GitHub 10 Contact Info: Grant Wright, grant@rainbow.me, grunt.eth, Twitter 6 , Forum profile Mike m.demarais@gmail.com - Imhiring.eth (Twitter 18 , GitHub 10 ), christianbaroni.eth (Twitter 2 , GitHub 1 ) 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: oeth: 0 x 9 d 62 e 3 f 4 f 5 a 2 ef 4 F 446 dA 692 B 07860 F 3 C 78 CEAa 4 Which Voting Cycle are you applying for?: Voting Cycle 7 Grant Category: Governance Fund Phase 1 Is this proposal applicable to a specific committee?: Yes. The Optimism Tooling/Infrastructure Committee - [DRAFT] S 02 Committee Proposal: Tooling Governance Committee 20 Governance 2 Project Overview Project Description: Rainbow has two core products: RainbowKit and Rainbow Wallet (mobile), with more in development :shushing_face: Rainbow Wallet is the most fun, simple, & secure way to explore Web 3 , NFTs, & Ethereum. RainbowKit is the best way for users to connect their wallet. It’s designed for everyone and built for developers. It was released to the community as a public good in 2022 . Since its release in February 2022 , RainbowKit has been downloaded almost a quarter of a million times, and integrated by countless Web 3 and DeFi DApps across EVM chains. Across all our efforts, Rainbow aims to make the Ethereum ecosystem fun and accessible for all users through unparalleled user-experience design and deep understanding of DeFi and Web 3 . This includes open-sourcing our products and building public goods. Our Approach to L 2 s: In early 2019 , while deeply embedded in the DeFi community, Rainbow became the first wallet to not only support NFTs, but also treat them as first class citizens. At the time the crypto community largely didn’t understand this move, but Rainbow saw the cultural potential of NFTs and Web 3 beyond DeFi. Rainbow viewed NFT adoption as somewhat of a chicken and egg issue: As long as there was no great interface to showcase and interact with one’s NFTs, most users would fail to see their value. We see the same issue with L 2 adoption. Who will build the tools necessary for scaling Ethereum without the demand? It’s our belief that mass adoption of L 2 s will not be possible until L 2 s are fully empowered and easily accessible from the consumer’s primary touchpoint, their wallet. Rainbow treats L 2 networks as first class citizens. Phoneop-phone 21920 × 1440 97 . 6 KB Rainbow already offers complete feature parity for L 2 s as it does for mainnet. This means Optimism and other L 2 users enjoy the same great experience as Mainnet Ethereum users: L 2 tokens and NFTs are displayed in-line with Mainnet assets Users can swap between nearly any token on our supported networks without leaving the app Soon Rainbow will integrate seamless bridging and cross-chain swaps to make traversing Mainnet and L 2 s frictionless. For our users it is all one unified Ethereum ecosystem. We have also already teamed up with Optimism for promotions related to NFT launches and offered special features to L 2 users in-app. Rainbow is one of the best user experiences for Optimism available today. We want to incentive more people to try using OP. We believe that the inherent benefits of the network combined with our exceptional user experience will keep people in the Optimism ecosystem for the long term! Current Highlight Features: In-app swaps - Rainbow’s custom router contract aggregates all of the most trusted liquidity sources ( 0 x, 1 inch, etc) to let users swap tokens on Optimism, Ethereum, Arbitrum, and Polygon networks at the best exchange price. More tokens & exchanges are added each day. Best in class NFT showcasing and support - Rainbow supports all media formats for NFTs on Optimism, Ethereum, Arbitrum and Polygon. Rainbow also supports POAPs currently on Gnosis Chain. Intuitive crypto portfolio - Rainbow automatically discovers Optimism tokens, portfolio value, and has native Optimism support built in without any extra settings or additional effort for the end user. RainbowKit - provides a fast, easy and highly customizable way for developers to add a great wallet experience to their application. We handle the hard stuff so developers and teams can focus on building amazing products and communities for their users. Add Cash - Fiat on-ramp to Ethereum Mainnet ENS profiles - Claim ENS handles, extend ENS registrations, and customize your ENS profile all in Rainbow. We also support sending to ENS addresses on all networks available in Rainbow. Our story: Rainbow founders Christian Baroni, Mike Demarais, and Jin Chung came together with a mission to make navigating Ethereum simpler for the average consumer. Baroni used to contract design for Microsoft while he was at high school and became Stripe’s 4 th designer at the age of 17 . Demarais immersed himself in computer design and website creation from a young age, dropping out of college to work as an engineer at several user-focused start-ups. Chung majored in computer science engineering at UPenn and later wrote trading tools for equity derivatives and algorithms for eBay’s recommendation systems. Project links: Wallet - iOS 4 , Android 11 Rainbow Wallet Website: rainbow.me 18 RainbowKit Website: RainbowKit.com 7 Twitter: twitter.com/rainbowdotme 5 GitHub: https://github.com/rainbow-me/ 1 Rainbow Wallet GitHub: https://github.com/rainbow-me/rainbow/ 2 Rainbow Wallet FAQ: https://learn.rainbow.me/ 3 RainbowKit GitHub: https://github.com/rainbow-me/rainbowkit RainbowKit Documentation: https://www.rainbowkit.com/docs/introduction 1 Rainbow Swaps GitHub: https://github.com/rainbow-me/swaps 2 Rainbow Swaps OptimismScan: https://optimistic.etherscan.io/address/ 0 x 00000000009726632680 fb 29 d 3 f 7 a 9734 e 3010 e 2 35 Additional team member info (please link): The whole Rainbow team can be found here! https://twitter.com/rainbowdotme/following 7 Please link to any previous projects the team has meaningfully contributed to: Rainbow team members have worked at or on some of these projects: MetaMask 7 Wagmi 4 Shopthru Wallet Connect 6 Vanilla-extract 2 Stripe 1 Facebook Messenger Discord 1 Relevant Usage Metrics: Rainbow Router is deployed on Mainnet 4 , Optimism 35 , Arbitrum, and Polygon 1 . https://dune.com/rainbowwallet/rainbow-router-network-stats 24 - on-chain data for users of our in-app swaps Untitled 1104 × 697 59 . 3 KB Competitors, peers, or similar projects MetaMask 1 , Coinbase Wallet 1 , Candide 1 (proposal link 2 ), Tally Ho 1 (proposal link 4 ) Is/will this project be open sourced?: Yes. Rainbow’s code base is open source on GitHub 1 , Rainbow Wallet is open source licensed with GPLv 3 (link 1 ). RainbowKit uses the MIT license (link). Rainbow Router is also GPLv 3 (link 1 ) code is deployed on Mainnet 4 , Optimism 35 , Arbitrum, and Polygon 1 . The contract code and the audit are also available on GitHub 2 . Optimism native?: Ethereum Native, our goal is Optimism feature parity Rainbow was an early mover to support Optimism. We were the first wallet to support Optimism NFTs! How do you add Optimism to Rainbow Wallet? You don’t! It’s already there! :blush: https://help.optimism.io/hc/en-us/articles/ 4417258511131 -How-do-I-use-Optimism-with-Rainbow-Wallet- 7 Rainbow currently supports on-chain swaps on Optimism in-app Rainbow will soon integrate cross-chain bridging and cross-chain swaps. Rainbow is working to add L 2 fiat on-ramps Optimism Deployment date: August 2021 https://twitter.com/rainbowdotme/status/ 1427304535450660867 1 https://twitter.com/rainbowdotme/status/ 1427304535450660867 4 Screen Shot 2022 - 09 - 26 at 5 . 59 . 30 PM 1184 × 1578 111 KB Ecosystem Value Proposition: What is the problem statement this proposal hopes to solve for the Optimism ecosystem? Feature parity, lagging UX, bridging, swapping, adding NFTs manually, buying tokens with fiat—these are all pain points for L 1 s, and the technical expertise demanded of an L 2 user is even higher. To put it simply: using an open source & self-custody wallet is often harder than it has to be. Furthermore, the benefits of using an L 2 like Optimism aren’t always easily understood. Many users do things the way they’ve always done them—on mainnet—and carry the perception there are high switching costs (like extra steps, time, complexity) to using L 2 s. How does your proposal offer a value proposition solving the above problem? Rainbow is an open source and cross-chain wallet that is working towards feature parity for Optimism. We make using Optimism easy, no matter what your level of experience. An Optimism grant will enable Rainbow to offer OP token rewards to users using Optimism. This initiative will incentivize users to experience the benefits of Optimism first hand. Rainbow already made a large investment to support and offer feature parity for Optimism, and we are in midst of further enhancing this experience for Optimism users. Specifically, Rainbow is building cross-chain swaps and bridging to completely abstract the process of bridging. Without the friction of bridging funds to L 2 s, users have no reason not trade and interact on Optimism where transactions are just as secure and exponentially more affordable. There’s no risk, extra effort, or new steps to learn to use Optimism on Rainbow. Why will this solution be a source of growth for the Optimism ecosystem? The Optimism ecosystem will benefit from a strong association with the Rainbow brand. Rainbow is well-known for being friendly, approachable, and a top tier wallet choice for both newbies and pros. Rainbow can help expand the market for Optimism beyond experts and degens. With our unique and aesthetic style, Rainbow will advertise the incentive program and new opportunities to use Optimism and be able to reach thousands of users directly in their wallets. optimism_icon 1920 × 1440 56 . 5 KB IMG_BBE 85073 A 39 D- 11170 × 700 55 . 5 KB Has your project previously applied for an OP grant? No Token Distribution Number of OP tokens requested: 420 , 069 OP Did the project apply for or receive OP tokens through the Foundation Partner Fund?: No If OP tokens were requested from the Foundation Partner Fund, what was the amount?: N/A How much will your project match in co-incentives?: Rainbow is not committing to purchase OP for incentives programs. We have no plans to match at this time, but wish we could :kissing_heart: Proposal for token distribution: How will tokens be allocated 100 % of $OP will be distributed as an incentive for users to make swaps on Optimism within Rainbow, or to bridge assets to Optimism within Rainbow. Milestone Unlocks 126 , 019 tokens for the initial grant and then rest once proof-of-concept achieved. OP Granted KPI (key performance indicator) Initial Grant 126 , 019 ( 30 %) Milestone 1 294 , 050 ( 70 %) $ 200 , 000 vol on Optimism or 500 bridges/trades per week Total 420 , 069 OP awarded KPIs: trading volume and total number of trades per week Rainbow and Optimism would work collaboratively to determine the best way to award incentives over the course of the program to best hit each milestone. Additional context for draft reviewers - Our initial thoughts would be to reward Rainbow Swap users on Optimism and Ethereum, which would introduce our Ethereum users to the Optimism token and network. We welcome input on the optimal distribution methods and tokenomics to improve user retention on Optimism and limit the sale of Optimism tokens. Why will users continue using Optimism after incentives are gone? Rainbow makes Optimism easy and fun to use. The incentives will entice new users to try Optimism risk-free, and Rainbow’s ease of use plus the obvious value of Optimism (security, speed, affordability) will keep them coming back. Trackable Milestones / KPIs Total swaps made from the Rainbow app on our supported networks Unique addresses using Rainbow swaps on Optimism Swap volume from Rainbow swaps on Optimism Additional information to facilitate accountability: Rainbow Router address on all deployed chains: 0 x 00000000009726632680 fb 29 d 3 f 7 a 9734 e 3010 e 2 35
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[Review][GF Phase 1 Proposal] Optimism Rainbow
by timmmy - No Role
Posted on: Sept. 26, 2022, 9:03 p.m.
Content:
:rainbow: Optimistic Rainbow OP Incentive Proposal :rainbow:
Project Name: Rainbow Wallet
Author Name: Mike Demarais, Imhiring.eth on Twitter, GitHub
Contact Info: Grant Wright, grant@rainbow.me, grunt.eth, Twitter, Forum profile
Mike m.demarais@gmail.com - Imhiring.eth (Twitter, GitHub), christianbaroni.eth (Twitter, GitHub)
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: oeth: 0 x 9 d 62 e 3 f 4 f 5 a 2 ef 4 F 446 dA 692 B 07860 F 3 C 78 CEAa 4
Which Voting Cycle are you applying for?: Voting Cycle 7
Grant Category: Governance Fund Phase 1
Is this proposal applicable to a specific committee?: Yes. The Optimism Tooling/Infrastructure Committee - [DRAFT] S 02 Committee Proposal: Tooling Governance Committee
Governance
Project Overview
Project Description:
Rainbow has two core products: RainbowKit and Rainbow Wallet (mobile), with more in development :shushing_face:
Rainbow Wallet is the most fun, simple, & secure way to explore Web 3 , NFTs, & Ethereum.
RainbowKit is the best way for users to connect their wallet. It’s designed for everyone and built for developers. It was released to the community as a public good in 2022 . Since its release in February 2022 , RainbowKit has been downloaded almost a quarter of a million times, and integrated by countless Web 3 and DeFi DApps across EVM chains.
Across all our efforts, Rainbow aims to make the Ethereum ecosystem fun and accessible for all users through unparalleled user-experience design and deep understanding of DeFi and Web 3 . This includes open-sourcing our products and building public goods.
Our Approach to L 2 s:
In early 2019 , while deeply embedded in the DeFi community, Rainbow became the first wallet to not only support NFTs, but also treat them as first class citizens. At the time the crypto community largely didn’t understand this move, but Rainbow saw the cultural potential of NFTs and Web 3 beyond DeFi. Rainbow viewed NFT adoption as somewhat of a chicken and egg issue: As long as there was no great interface to showcase and interact with one’s NFTs, most users would fail to see their value.
We see the same issue with L 2 adoption. Who will build the tools necessary for scaling Ethereum without the demand? It’s our belief that mass adoption of L 2 s will not be possible until L 2 s are fully empowered and easily accessible from the consumer’s primary touchpoint, their wallet.
Rainbow treats L 2 networks as first class citizens.
Phoneop-phone 21920 × 1440 97 . 6 KB
Rainbow already offers complete feature parity for L 2 s as it does for mainnet. This means Optimism and other L 2 users enjoy the same great experience as Mainnet Ethereum users:
L 2 tokens and NFTs are displayed in-line with Mainnet assets
Users can swap between nearly any token on our supported networks without leaving the app
Soon Rainbow will integrate seamless bridging and cross-chain swaps to make traversing Mainnet and L 2 s frictionless. For our users it is all one unified Ethereum ecosystem.
We have also already teamed up with Optimism for promotions related to NFT launches and offered special features to L 2 users in-app.
Rainbow is one of the best user experiences for Optimism available today. We want to incentive more people to try using OP. We believe that the inherent benefits of the network combined with our exceptional user experience will keep people in the Optimism ecosystem for the long term!
Current Highlight Features:
In-app swaps - Rainbow’s custom router contract aggregates all of the most trusted liquidity sources ( 0 x, 1 inch, etc) to let users swap tokens on Optimism, Ethereum, Arbitrum, and Polygon networks at the best exchange price. More tokens & exchanges are added each day.
Best in class NFT showcasing and support - Rainbow supports all media formats for NFTs on Optimism, Ethereum, Arbitrum and Polygon. Rainbow also supports POAPs currently on Gnosis Chain.
Intuitive crypto portfolio - Rainbow automatically discovers Optimism tokens, portfolio value, and has native Optimism support built in without any extra settings or additional effort for the end user.
RainbowKit - provides a fast, easy and highly customizable way for developers to add a great wallet experience to their application. We handle the hard stuff so developers and teams can focus on building amazing products and communities for their users.
Add Cash - Fiat on-ramp to Ethereum Mainnet
ENS profiles - Claim ENS handles, extend ENS registrations, and customize your ENS profile all in Rainbow. We also support sending to ENS addresses on all networks available in Rainbow.
Our story:
Rainbow founders Christian Baroni, Mike Demarais, and Jin Chung came together with a mission to make navigating Ethereum simpler for the average consumer. Baroni used to contract design for Microsoft while he was at high school and became Stripe’s 4 th designer at the age of 17 . Demarais immersed himself in computer design and website creation from a young age, dropping out of college to work as an engineer at several user-focused start-ups. Chung majored in computer science engineering at UPenn and later wrote trading tools for equity derivatives and algorithms for eBay’s recommendation systems.
Project links:
Wallet - iOS, Android
Rainbow Wallet Website: rainbow.me
RainbowKit Website: RainbowKit.com
Twitter: twitter.com/rainbowdotme
GitHub: https://github.com/rainbow-me/
Rainbow Wallet GitHub: https://github.com/rainbow-me/rainbow/
Rainbow Wallet FAQ: https://learn.rainbow.me/
RainbowKit GitHub: https://github.com/rainbow-me/rainbowkit
RainbowKit Documentation: https://www.rainbowkit.com/docs/introduction
Rainbow Swaps GitHub: https://github.com/rainbow-me/swaps
Rainbow Swaps OptimismScan: https://optimistic.etherscan.io/address/ 0 x 00000000009726632680 fb 29 d 3 f 7 a 9734 e 3010 e 2
Additional team member info (please link):
The whole Rainbow team can be found here! https://twitter.com/rainbowdotme/following
Please link to any previous projects the team has meaningfully contributed to:
Rainbow team members have worked at or on some of these projects:
MetaMask
Wagmi
Shopthru
Wallet Connect
Vanilla-extract
Stripe
Facebook Messenger
Discord
Relevant Usage Metrics:
Rainbow Router is deployed on Mainnet, Optimism, Arbitrum, and Polygon.
https://dune.com/rainbowwallet/rainbow-router-network-stats - on-chain data for users of our in-app swaps
Untitled 1104 × 697 59 . 3 KB
Competitors, peers, or similar projects
MetaMask, Coinbase Wallet, Candide (proposal link), Tally Ho (proposal link)
Is/will this project be open sourced?: Yes.
Rainbow’s code base is open source on GitHub, Rainbow Wallet is open source licensed with GPLv 3 (link). RainbowKit uses the MIT license (link).
Rainbow Router is also GPLv 3 (link) code is deployed on Mainnet, Optimism, Arbitrum, and Polygon. The contract code and the audit are also available on GitHub.
Optimism native?: Ethereum Native, our goal is Optimism feature parity
Rainbow was an early mover to support Optimism. We were the first wallet to support Optimism NFTs!
How do you add Optimism to Rainbow Wallet? You don’t! It’s already there! :blush:
https://help.optimism.io/hc/en-us/articles/ 4417258511131 -How-do-I-use-Optimism-with-Rainbow-Wallet-
Rainbow currently supports on-chain swaps on Optimism in-app
Rainbow will soon integrate cross-chain bridging and cross-chain swaps.
Rainbow is working to add L 2 fiat on-ramps
Optimism Deployment date:
August 2021 https://twitter.com/rainbowdotme/status/ 1427304535450660867
https://twitter.com/rainbowdotme/status/ 1427304535450660867
Screen Shot 2022 - 09 - 26 at 5 . 59 . 30 PM 1184 × 1578 111 KB
Ecosystem Value Proposition:
What is the problem statement this proposal hopes to solve for the Optimism ecosystem?
Feature parity, lagging UX, bridging, swapping, adding NFTs manually, buying tokens with fiat—these are all pain points for L 1 s, and the technical expertise demanded of an L 2 user is even higher. To put it simply: using an open source & self-custody wallet is often harder than it has to be.
Furthermore, the benefits of using an L 2 like Optimism aren’t always easily understood. Many users do things the way they’ve always done them—on mainnet—and carry the perception there are high switching costs (like extra steps, time, complexity) to using L 2 s.
How does your proposal offer a value proposition solving the above problem?
Rainbow is an open source and cross-chain wallet that is working towards feature parity for Optimism. We make using Optimism easy, no matter what your level of experience. An Optimism grant will enable Rainbow to offer OP token rewards to users using Optimism. This initiative will incentivize users to experience the benefits of Optimism first hand.
Rainbow already made a large investment to support and offer feature parity for Optimism, and we are in midst of further enhancing this experience for Optimism users. Specifically, Rainbow is building cross-chain swaps and bridging to completely abstract the process of bridging.
Without the friction of bridging funds to L 2 s, users have no reason not trade and interact on Optimism where transactions are just as secure and exponentially more affordable. There’s no risk, extra effort, or new steps to learn to use Optimism on Rainbow.
Why will this solution be a source of growth for the Optimism ecosystem?
The Optimism ecosystem will benefit from a strong association with the Rainbow brand. Rainbow is well-known for being friendly, approachable, and a top tier wallet choice for both newbies and pros. Rainbow can help expand the market for Optimism beyond experts and degens.
With our unique and aesthetic style, Rainbow will advertise the incentive program and new opportunities to use Optimism and be able to reach thousands of users directly in their wallets.
optimism_icon 1920 × 1440 56 . 5 KB
IMG_BBE 85073 A 39 D- 11170 × 700 55 . 5 KB
Has your project previously applied for an OP grant? No
Token Distribution
Number of OP tokens requested: 420 , 069 OP
Did the project apply for or receive OP tokens through the Foundation Partner Fund?: No
If OP tokens were requested from the Foundation Partner Fund, what was the amount?: N/A
How much will your project match in co-incentives?: Rainbow is not committing to purchase OP for incentives programs. We have no plans to match at this time, but wish we could :kissing_heart:
Proposal for token distribution:
How will tokens be allocated
100 % of $OP will be distributed as an incentive for users to make swaps on Optimism within Rainbow, or to bridge assets to Optimism within Rainbow.
Milestone Unlocks
126 , 019 tokens for the initial grant and then rest once proof-of-concept achieved.
OP Granted
KPI (key performance indicator)
Initial Grant
126 , 019 ( 30 %)
Milestone 1
294 , 050 ( 70 %)
$ 200 , 000 vol on Optimism or 500 bridges/trades per week
Total
420 , 069 OP awarded
KPIs: trading volume and total number of trades per week
Rainbow and Optimism would work collaboratively to determine the best way to award incentives over the course of the program to best hit each milestone.
Additional context for draft reviewers - Our initial thoughts would be to reward Rainbow Swap users on Optimism and Ethereum, which would introduce our Ethereum users to the Optimism token and network. We welcome input on the optimal distribution methods and tokenomics to improve user retention on Optimism and limit the sale of Optimism tokens.
Why will users continue using Optimism after incentives are gone?
Rainbow makes Optimism easy and fun to use. The incentives will entice new users to try Optimism risk-free, and Rainbow’s ease of use plus the obvious value of Optimism (security, speed, affordability) will keep them coming back.
Trackable Milestones / KPIs
Total swaps made from the Rainbow app on our supported networks
Unique addresses using Rainbow swaps on Optimism
Swap volume from Rainbow swaps on Optimism
Additional information to facilitate accountability:
Rainbow Router address on all deployed chains: 0 x 00000000009726632680 fb 29 d 3 f 7 a 9734 e 3010 e 2
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Replies: 0
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