[DRAFT] [GF: Phase 1] Edge Wallet - (Integration of Optimism + Velodrome LP Staking / Swaps + Tarot LP Staking)

Project name: Edge Wallet - (Integration of Optimism + Velodrome LP Staking / Swaps + Tarot LP Staking)

Author name and contact info (please provide a reliable point of contact for the project):
RJ Raljoseph Ricasata rj@edge.app

I understand that I will be required to provide additional KYC information to the Optimism Foundation to receive this grant: Yes

L2 recipient address: 0xf473edfaaef8cb2e5cdd246b7d5b285e4f56f721

Which Voting Cycle are you applying for?: Governance Fund Phase 1

Grant category: DeFi

Is this proposal applicable to a specific committee? (If so, please link to committee): No

Project description (please explain how your project works):

Our project is an integration of Optimism, Velodrome and Tarot in Edge, a self custody platform, where key management and DeFi are simplified. Our platform can provide a frictionless UI/UX for users to utilize Optimism, Velodrome, and LP staking on Tarot, in a secure, and simplified platform. We can replace the many steps and difficulties that are in most DeFi apps/websites, and provide access to the Optimism ecosystem in a familiar way, and comparable to what users are used to with TradFi and CeFi, but in a private and secure way. To accomplish this, Edge can perform all the necessary steps on the backend for functionalities such as LP staking, instead of the user. No waiting times for users, or switching products, just a simple demand, and Edge takes care of the rest.

Project links:

Additional team member info (please link):

CEO - Paul Puey

Chief Architect - William Swanson

Head of QA - RJ Raljoseph Ricasata

Please link to any previous projects the team has meaningfully contributed to:

A few accomplishments:

  1. ZEC integration - https://edge.app/blog/company-news/edge-adds-support-for-zcash/
  2. Monero/XRP integration - https://bravenewcoin.com/insights/edge-mobile-wallet-adds-ripple-and-monero
  3. TOMB Swap/Staking integration on FTM - https://edge.app/blog/company-news/edge-adds-support-for-tomb-staking/?af=edge-app
  4. AAVE Loan integration - Edge Adds Support for DeFi Crypto Loans via Aave
  5. FIO Name and Staking integration - https://edge.app/blog/company-news/edge-adds-support-for-fio-staking/
  6. Thorchain DEX Swap - https://edge.app/blog/company-news/edge-adds-support-for-thorchain-swaps/?af=edge-app

Relevant usage metrics (TVL, transactions, volume, unique addresses, etc. Optimism metrics preferred; please link to public sources such as Dune Analytics, etc.):

  1. One Million+ Users in Edge app, 3+ million accounts on SDK
  2. 60k-160k MAU (Monthly active users) in Edge app

Competitors, peers, or similar projects (please link):

  1. Exodus Wallet - ​​https://www.exodus.com/
  2. Coinomi Wallet - Coinomi: The blockchain wallet trusted by millions.
  3. Breadwallet - https://brd.com/
  4. Crypto.com Wallet - Crypto.com DeFi Wallet: A non-custodial crypto wallet boasting multiple features

Is/will this project be open sourced? Yes, already open sourced since 2014

Optimism native?: Yes

Date of deployment/expected deployment on Optimism: Q4 2022 / Q1 2023

Ecosystem Value Proposition:

  • What is the problem statement this proposal hopes to solve for the Optimism ecosystem?
    • Cryptocurrency is difficult for many people to navigate, and it can hinder the potential success of projects and blockchains, especially in self-custody solutions. The UX is generally full of friction points requiring multiple applications and steps, to complete many functionalities. Switching applications, multiple waiting times in between transactions, and general unfamiliarity creates too many negative points in a single process, prompting users to give up, or switch to a risky custodial platform where comfortability masks the dangers of institutional dependency.
  • How does your proposal offer a value proposition solving the above problem?
    • All the friction points in the process of self sovereign opportunities are necessary, but can be hidden in a hard working, private, and secure application. In Edge, users will be able to directly purchase Optimism with one of our integrated exchange partners, Utilize Velodrom to swap with any of Velodrome’s supported assets, and stake LP tokens on Tarot. All of these massively productive actions for Optimism’s ecosystem will be done in a sleek UI, and minimal step process that feels familiar to users, because Edge is taking care of all the steps and processes behind the scenes. Users will actually be able to easily skip the multiple apps and waiting times, and finish their transaction, while Edge completes all the steps for them. Our solution provides users with the frictionless curtain that people are used to with centralized solutions, while maintaining their privacy and custody on a secure and simplified platform.
  • Why will this solution be a source of growth for the Optimism ecosystem?
    • Edge would also provide growth of users that are not already technical or that would normally dive into DeFi due to the complexity with the current wallets and platforms out there.
    • Edge with buy/sell/swap functionality would also increase the potential volume of Optimism and also allow for more liquidity with the ability for users to easily stake assets either on Velodrome or Tarot.
    • Users would also gain access to all the tokens available on Optimism that is support for swaps or staking on Velodrome and Tarot

Has your project previously applied for an OP grant? If successful, please link to your previous grant proposal and provide a brief update on milestones achieved with the grant. If unsuccessful, and this is a resubmission, please specify how you have incorporated significant changes in accordance with feedback.

No, Edge has never applied for an OP grant.

Number of OP tokens requested: 100,000

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? (not required but recommended, when applicable):

Edge does not have a token so we cannot immediately match. However, we will provide ongoing maintenance and support. Edge is the only self-custody, open source, privacy-focused wallet that has had phone support where you can talk with a human being since 2014. We will continue to provide this high level of support once Optimism is supported along with Velodrome Swap/Staking and Tarot Staking. Any new changes or upgrades done on those will be supported by Edge to make sure new features and updates are implemented to give the best user experience.

Proposal for token distribution:

  • How will the OP tokens be distributed? (please include % allocated to different initiatives such as user rewards/marketing/liquidity mining. Please also include a justification as to why each of these initiatives align with the problem statement this proposal is solving.)

    • Engineering - 65%
    • QA/Support - 25%
    • Marketing - 10%
  • Over what period of time will the tokens be distributed for each initiative? Shorter timelines are preferable to longer timelines. Shorter timelines (on the order of weeks) allow teams to quickly demonstrate achievement of milestones, better facilitating additional grants via subsequent proposals.

    • Milestone 1: Week 3-4: Mainnet Optimism along with tokens supported. Able to send/receive and store OP and tokens on Edge + swap into using CeFi swap exchange partners
    • Milestone 2: Week 4-6: Velodrome Swap functionality
    • Milestone 3: Week 6-9: Velodrome and Tarot LP Staking functionality
  • 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.

    • We currently do not have the ability to track volume on DEXs in Edge. We could incorporate that into Milestone 2 with enough funding.
  • Why will incentivized users and liquidity on Optimism remain after incentives dry up?

    • Users and liquidity will continue to remain even after incentives dry up as users will have a use case to continue to use the swap functionality to exchange into other assets and also to continue to earn by providing liquidity through staking.
1 Like

Thanks for the proposal! Wanted to flag that Token House delegates are currently in a Reflection Period, which will be followed by 2 Special Voting Cycles.

This means that the next opportunity for grant proposals to be reviewed will be at the start of Season 3, which is set to begin on January 19th.

We appreciate your patience as we’re taking this time to work through some changes that we hope will improve the proposer experience in Season 3.

@lavande thank you for your response. We will patiently wait and look forward to the review! Please let me know if there is anything else we need to take care of or if you have any suggestions.

Thank you!