I’m endorsing Sonne for their responsiveness to list SNX and sUSD, plus their innovative integration with Balancer/Beets and Reaper Farm for their Balancer pool which combined lending and LP together in one nice package.
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I would love to support this proposal!
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Using OP incentives to borrow and lend just like AAVE…I think it’s not a good idea.
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With much respect, the key difference from AAVE is our co-incentives. The sudden drop of TVL of AAVE happened because they had nothing to incentivize or develop on Optimism after the OP incentivization ends. We already grew our TVL and usage of our platform without OP grant while other competitors are not able to reach our level of utilization even with the grant.
And even after the OP incentives end, Sonne is looking to incentivize activity for almost 3 more years.
Incentivization on a native protocol is more different than incentivization on a protocol that working on many chains. We care about both for our protocol and Optimism’s success.
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If you guys haven’t yet, go ahead and apply using the Google Form mentioned in this tweet.
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Helllo @mastermojo !
@lavande said that we are all set, and we don’t need to reapply. We also asked about it in Optimism Discord Governance tab, Diomedes also confirmed that we don’t need to reapply there as well.
So we tend to believe that we are all set for the grant process, but if you know more information, we would be happy to be enlightened.
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Very good project on Optimism!
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Good project that is starting to gain good organic growth. I think they would be great for a grant.
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Hello @SonneFinance and thank you for you proposal. Can you please complete the information below to complete your application? It looks like you were using an old grant template, here is the updated template as a reference: https://docs.google.com/forms/d/1-ZJBxUm9_uLVnFUC4xvM_KgI9g-FkUMSXUptyZhzl40/prefill
Please clearly define the milestones you expect to achieve in order to receive milestone based installments. Please consider how each milestone relates to incentivizing sustainable usage and liquidity on Optimism. Progress towards each milestone must be trackable:
Please provide any additional information that will facilitate accountability:
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Hello @katie , we can’t read/write to docs as we don’t have access to it. We were told in OP discord that we don’t need to do anything further as @lavande and Diomedes said, but this is the second time that a delegate is saying that, so we will fill the new proposal template.
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You don’t need to fill out a new template, you can just provide the missing information regarding milestones and accountability above
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We already had the additional information part, but for ease of readability, we edited it to be bold.
We edited the milestones more clearly, but we have a question about it. If we’ll get 40% of grant upfront, and 60% based on milestones, and thinking that our midway is 3 months and we are distributing the grant linearly, how can we reach our 3-months milestones without having 50% of the tokens?
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This is one of the great projects in DeFi.
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Hello again, @katie !
We got informed in our discord by our community members that the message above seems unpolite, and if it sounds that way, we are sorry for that, and wanted you to know that it was not the intention of ours ma’am.
The only intention of ours to improve/fix our proposal related to your suggestions!
Have a great day!
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You didn’t come across as unpolite at all but thank you for following up and also modifying your proposal!
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Hello @SonneFinance I wanted to share with you the Milestone Assessment Guidance and let you know that you have the option to make any changes to your current proposal based on the new milestone information, until Monday. After that your proposal will move to final review from the grant council members. Thank you!
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Hello @katie !
We updated the milestones, but not sure if that’s the correct way.
Can you kindly confirm that it’s how it’s supposed to be? Or should we make further changes?
Thanks in advance!
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I use a variety of blockchains and Sonne is the protocol I’m most bullish on that I consistently recommend to other people across other blockchains to use when they come to Optimism,
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Hi @SonneFinance! Can you provide a Telegram handle or other contact method so the Optimism team can get in touch about paying out this grant! Feel free to DM or email lavande@optimism.io
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Update Following the Successful Audit and Initiation of OP Token Distribution
Dear Optimism Community,
We are delighted to announce that following the successful audit of our smart contracts, we initiated the distribution of the OP tokens just six days ago, in line with our proposal approved by the Optimism governance in March 2023.
The audit has confirmed the safety and security of our contracts, which gives us additional confidence in the robustness of our protocol. We didn’t want to start the distribution of OP without seeing the result of the audit. Now, as we embark on this journey, we want to keep you updated on the milestones we are targeting for Sonne Finance over the next six months.
- Total Value Locked (TVL): With the increased engagement we are seeing on our platform, we aim to achieve substantial growth in our TVL. Our targets are as follows:
- $40M TVL within one month, by around July 20, 2023.
- $70M TVL within three months.
- $100M TVL within six months.
- Number of Wallets Staking SONNE: We aimed to stimulate increased staking of SONNE tokens in individual wallets. The milestones we were targeting are already reached:
- 2,000 wallets staking SONNE within one month. ✓
- 4,000 wallets staking SONNE within three months.✓
- 8,000 wallets staking SONNE within six months.
- Total Borrowing Activity: Our objective is to maintain Sonne Finance as the top protocol for total borrowing activity on the Optimism network. We’ve set the following targets for ourselves:
- $100M total borrows within one month, by around July 20, 2023.
- $130M total borrows within three months.
- $160M total borrows within six months.
- Liquidity of SONNE on Velodrome: In our effort to reduce slippage, we aim to enhance the liquidity of SONNE on Velodrome. Our aims are:
- $1.2M within one month by around July 20, 2023.
- $1.5M within three months.
- $1.8M within six months.
We’d like to take this opportunity to thank the Optimism community for the ongoing support. As the first and only native liquidity market on Optimism, we are committed to contributing to the network’s success and we are excited to share our journey with you. Your feedback and participation are greatly appreciated.
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