We’re pleased to share the final results of Cycle 34, marking the successful completion of the second cycle under Season 7.
Key Outcomes
- Applications Approved: 5
- Applications Deferred to Cycle 34: 8
- Applications Declined on Final step: 9
- Approved Audit Applications: pending
Funding Overview
- Total OP Granted for TVL Growth: 1,364,000 OP
- Total OP Granted for Audits: pending
- Remaining Budget for future cycles: 3,285,070 OP
Many applications were pushed to the next cycle due to missing answers or the need for projects to adapt to interoperability requirements.
Cycle 35 Outlook
- 28 new applications for TVL Growth submitted
- 4 new Audit Requests submitted (so far)
Process & Improvements
As always thanks to the Developer Advisory Board (DAB) for their insights on all Final Review applications.
We made iterations to the rubric by changing a “Discretionary Factor” to “Application Readiness”. This score signals if the reviewers see the application ready to pass, pending information, or if it’s not aligned with the Grants Council objective and so declined.
We added 2 more questions to the form:
- Are you going to support SuperchainERC20?
- How much Superchain TVL do you have today?
We also made it mandatory for applicants with projects deployed on chains marked as orange in the registry to provide co-incentives.
We want to congratulate Immunefi and Certora for joining the whitelisted Auditing Service Providers, welcome to the Superchain team!
Futarchy Experiment
These are the projects selected by the Grants Council for the Futarchy experiment being run by the Foundation. The list is ordered by priority rank:
| Rank | Project |
|---|---|
| 1 | Extra Finance (ExtraFi/ Francium) |
| 2 | Rocket Pool |
| 3 | SuperForm |
| 4 | Gyroscope Protocol |
| 5 | Reservoir Protocol |
| 6 | Balancer & Beets |
| 7 | QiDAO |
| 8 | Silo |
| 9 | HAI Protocol (Reflexer) |
| 10 | SynFutures |
Retrofunding Algorithm
After extensive exploration, we have not found a suitable algorithm to evaluate individual Grants Council member performance. Every approach considered could introduce biases or create possible incentives for unhealthy behaviors potentially leading to gaming the performance metrics.
As a result, we have decided that the best resolution is to tie the Grants Council Retro Budget (50,000 OP) to the TVL KPI proposed in the Grants Council budget: 10,000,000 OP, estimated conservatively at $5.5 per OP, which equates to $55,000,000 in TVL.
- If 50% of the TVL objective is met, we will evenly distribute 50% of the retro budget among Grants Council members.
- If 100% of the TVL objective is achieved, we will evenly distribute 100% of the retro budget.
This approach ensures alignment with ecosystem growth while maintaining fairness in rewards distribution.
We appreciate the efforts of all applicants, reviewers, and stakeholders in Cycle 34 and look forward to refining and scaling the process in Cycle 35! 
Here is the final list of Cycle 34:
| Nr | Title | OP requested | Result |
|---|---|---|---|
| 1 | Fluid DEX on Base | 500,000 | Passed |
| 2 | Morpho Co-Incentives (World Chain) | 464,000 | Passed |
| 3 | Sake Finance | 250,000 | Passed |
| 4 | Mode DeFAI Application | 100,000 | Passed |
| 5 | WOOFi Superchain grant application | 50,000 | Passed |
| 6 | Euler Finance - Season 7 | 500,000 | Pushed to Cycle 35 |
| 7 | Mountain Protocol (USDM) - Grant Application | 130,000 | Pushed to Cycle 35 |
| 8 | Extrafi S7 Grant Application | 150,000 | Pushed to Cycle 35 |
| 9 | f(x) Protocol deployment on Base | 100,000 | Pushed to Cycle 35 |
| 10 | iETH | 50,000 | Pushed to Cycle 35 |
| 11 | Morpho Incentives | 700,000 | Pushed to Cycle 35 |
| 12 | Neemo Finance application | 100,000 | Pushed to Cycle 35 |
| 13 | Pendle x Ethena: Bootstrapping USDe/sUSDe TVL on Base | 500,000 | Pushed to Cycle 35 |
| 14 | Arcadia Finance | 164,000 | Declined |
| 15 | BMX Grant | 225,000 | Declined |
| 16 | Sonus Exchange S7 Incentives Application | 50,000 | Declined |
| 17 | Anzen - RWA backed stablecoin | 500,000 | Declined |
| 18 | Bedrock’s LRT Growth Plan | 500,000 | Declined |
| 19 | Stargate Finance Grant Application | 500,000 | Declined |
| 20 | Uniswap on Superchain | 600,000 | Declined |
| 21 | Compound SuperChain Expansion - OP, Base, Unichain | 600,000 | Declined |
| 22 | LRT Rewards on SwellChain : KING Protocol | 200,000 | Declined |