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 email@example.com
I understand that I will be required to provide additional KYC information to the Optimism Foundation to receive this grant: Yes
I understand that I will be expected to following the public grant reporting requirements outlined here: Yes
L2 recipient address: 0xf473edfaaef8cb2e5cdd246b7d5b285e4f56f721
Which Voting Cycle are you applying for?: Season 3 Cycle 10
Which sub-committee should review your proposal? Builders
Is this proposal applicable to a specific committee? (If so, please link to committee): Yes, Builders - https://foul-porch-0eb.notion.site/Builders-Sub-Committee-02ba9da5b4534fbf955e6e4c8fcf1aa3
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.
- Website: https://edge.app/
- Deck: Example of current staking project recently add in Edge
- Twitter: https://twitter.com/EdgeWallet
Please include all other relevant links below:
- Github: Edge (formerly Airbitz) · GitHub
Additional team member info (please link):
CEO - Paul Puey
Paul is a UC Berkeley Electrical Engineering and Computer Science graduate with technical expertise in 3D graphics systems engineering and custom web CMS development. He was a lead engineer at Nvidia and focuses on designing projects for maintainability and scalability. In addition to his technical background, Paul has experience combining technology and business by connecting the complexity of Bitcoin with the needs of the general public. He is also a strong advocate of Bitcoin and leads educational meetups and presentations.
Chief Architect - William Swanson
William Swanson has been writing software since he was 11 years old. He has a degree in Electrical Engineering from Cal Poly San Luis Obispo. William is also known for winning the 2014 Bitcoin hackathon at the Bitcoin Expo conference along with team members Amir Taaki and Damian Cutillo.
Head of QA - RJ Raljoseph Ricasata
- RJ has been with Edge for over 9 years and has had an incredible journey with a front-row seat in crypto since 2012. He is a Certified Project Management Professional (PMP) with a background in Accounting and an MBA who has held roles in Support/QA/Accounting at Edge. He is also a volunteer and is a committee member at C4, a non-profit, with goals of creating better standards in cryptocurrency education.
Please link to any previous projects the team has meaningfully contributed to:
Accomplishments: Projects completed
- ZEC integration - Edge Adds Support for Zcash (ZEC)
- Monero/XRP integration - Brave New Coin
- TOMB Swap/Staking integration on FTM - Edge Adds Support For Tomb Staking - Edge
- AAVE Loan integration - Edge Adds Support for DeFi Crypto Loans via Aave
- FIO Name and Staking integration - Edge Adds Support for FIO Staking
- Thorchain DEX Swap - Edge Adds Support For THORChain Swaps - Edge
- Thorchain Vault Savers - Edge Rolls out THORchain Savers and Dex Aggregator - Edge
Edge is dedicated and confident in being able to complete and deliver.
Relevant usage metrics (TVL, transactions, volume, unique addresses, etc. Optimism metrics preferred; please link to public sources such as Dune Analytics, etc.):
- One Million+ Users in Edge app, 3+ million accounts on SDK
- 60k-160k MAU (Monthly active users) in Edge app
Competitors, peers, or similar projects (please link):
- Exodus Wallet - https://www.exodus.com
- Coinomi Wallet - https://www.coinomi.com
- Breadwallet - https://brd.com/
- Crypto.com Wallet - https://crypto.com
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: 50,000
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.)
As outlined in the eligibility criteria for the Builders grant, Edge is committed in holding OP for a period of 1 year. After a period of 1 year or after unlocked, Edge hopes to cover costs associated in the areas below in completing this project:
- Engineering - 65%
- QA/Support - 25%
- Marketing - 10%
Note, if after 1 year held and OP is higher than it is today, Edge plans to utilize the excess amounts after covering costs to continue to build on Optimism. We would be happy to report back here and would likely allocate resources for additional marketing or new features or dApps on Optimism to integrate.
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
Benchmark Milestones Updated
- Benchmark Milestone 1 - A downloadable APK version of Edge with the functionality of Optimism and tokens supported with the ability to store, send, receive, and swap with existing swap partners but may have bugs - March 15, 2023
- Benchmark Milestone 2 - A downloadable APK version of Edge with the functionality of Velodrome swaps but may have bugs - April 15, 2023
- Benchmark Milestone 3 - A downloadable APK version of Edge with the functionality of LP Staking on Optimism in Edge but may have bugs - May 15, 2023
New Milestones Format Updated - Critical Milestones
- Critical Milestone 1 - Edge will deploy main net Optimism with tokens supported with full functionality where users will be able to store, send, receive, and swap with existing swap partners on Edge on or before March 31st, 2023 or end of Q1. This functionality will be live on the Playstore and AppStore.
- Critical Milestone 2 - Edge will deploy Velodrome built inside Edge with full functionality of Velodrome Swap functionality where users can swap Optimism and tokens into other assets on Optimism on or before June 30th, 2023 or end of Q2. This functionality will be live on the Playstore and AppStore.
- Critical Milestone 3 - Edge will deploy LP Staking functionality for both Velodrome and Tarot where users will be able to stake a pair of assets and earn from them on or before June 30th, 2023 or end of Q2. This functionality will be live on the Playstore and AppStore.
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.
Confirm you have read and agree to the Eligibility Restrictions (here): Yes, I confirm that I have read the Eligibility Restrictions and agree to abide by their conditions.