[DRAFT] [GF: Phase 1] Utopia Labs

Project Name: Utopia Labs

Author Name: Kaito Cunningham

Number of OP tokens requested: 100,000 OP

L2 Recipient Address: 0x7f1df3eba7cB16Cc7A09ACBf2E1FaaD37DEa6BC0

Relevant Usage Metrics:

  • Cumulative Payment Volume: 100m+
  • Wallets/Accounts on Utopia: 5k+
  • Number of Payments Conducted: 30K+

Grant category: Governance Fund Phase 1

Is this proposal applicable to a specific committee? Yes. This proposal falls under the Tooling/Infrastructure committee. At the time of writing, the formation of this committee is being voted on. And the relevant information about this committee can be found here:

[DRAFT] S02 Committee Proposal: Tooling Governance Committee :classical_building: Governance

Optimism alignment (up to 200-word explanation):

Utopia’s vision is to become the foundation for a better internet economy; we see the blockchain as a facet to achieve that. In particular, we’re excited about the potential of communities powered by decentralised governance to foster collective agency and abundance.

We’re aligned with Optimism in our mission to promote sustainability among these communities. We want to help OP build collaborative incentive systems and public goods funding models by being the cornerstone for helping these organisations achieve excellent financial operations.

Proposal for token distribution (under 1000 words):

A common pain point for DAOs and crypto-native organisations is managing their financial back-office (such as payments, invoices, expenses, payroll, part-time contributor payments, bookkeeping, etc.) entirely on-chain.

This is where we come in. Utopia helps any organisation with a Gnosis SAFE execute and contextualise complex financial workflows. Today this is done through payment request links, supporting the automation and batching of recurring payments and helping improve organisation-wide transparency via our history page, which allows you to access any type of metadata to any kind of payment.

We’re looking to help kickstart the adoption of Optimism for DAOs as their primary chain for payment operations.

How will the OP tokens be distributed?

We plan on using the token distribution plan with the following:

  • 80% Gas Cost Subsidies: OP tokens will subsidise multi-sig gas costs whenever Utopia’s signing interface is used for payment execution.
    • Requirements for gas subsidy:
      • The Gnosis SAFE that is on OP must have a minimum of $1K worth of assets in the SAFE.
  • 20% Future Ecosystem Grants + Partnerships: OP tokens will be distributed as grants to users and developers, building tools and partnerships to help Utopia Labs grow its presence on Optimism. The grants will be paid out directly in OP.

How will this distribution incentivize usage and liquidity on Optimism?

This distribution incentivizes usage and liquidity of OP because it does the following:

  1. Brings more DAOs to Optimism as their primary chain of transacting + settling value.
  2. Brings contributors to OP without needing to bridge assets - the second order of effect of bringing DAOs to OP is that contributors get paid straight to their OP wallet, opening up opportunities for contributors/individuals to explore the OP ecosystem.

Why will the incentivized users and liquidity remain after incentives dry up?

We believe that a DAO’s treasury currently on L1’s will eventually transition to L2’s as their primary operating chain, where Utopia serves to be a catalyst for accelerating that transition.

Users + liquidity will remain as Utopia serves to be a primary software tool to help manage a DAO’s back office operations, alongside the high costs of switching chains/tools.

Over what period will the tokens be distributed?

Tokens will be distributed until the OP incentives run out, where we’re expecting to distribute this around a 9-15 month period.

How much will your project match in co-incentives?

We will not be able to provide co-incentives as Utopia Labs does not have a token.

4 Likes

Well put together. We have an updated proposal template you should use now with modified/additional questions here: Grant Proposal Template

Most notably is the addition of the two below:

Grant category:

Is this proposal applicable to a specific committee? [y/n, link to committee]

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Awesome - just updated!

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Please update the proposal with this template for evaluation.

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In strong support of an OP grant for Utopia. I’ve worked with the team while at Notional to handle all of our grant and contributor payments and have always been impressed with their product and overall strategic direction. Adding the OP incentives to Utopia’s offerings makes a transition for existing DAO treasury management operations onto Optimism a no brainer.