Basic Details
Project name: Infinity Wallet
Author name and forum name:
Aaron / Email - aron@infinitywallet.io / Telegram - Telegram: Contact @aron_infinity
L2 recipient address: 0x15D645E363c6A2c83Bb3c55325C1Ca9E6936492E
Which Voting Cycle are you applying for?: Cycle 11 - Growth Experiments
I understand that Growth Experiments grants are subject to a “no sale rule,” as explained in this post 4, and I have read the terms of the rule: Yes
Project Details
What are you building?:
Infinity Wallet is the first all-in-one non-custodial wallet ecosystem and Web3 browser of its kind on desktop (“a Wallet Super App”), launched in 2019, and supporting hundreds of thousands of users. Not a browser extension, but a complete standalone desktop application providing a one-stop solution for seamless access and usability of DeFi, NFTs and cross-border payments, with a gateway to the world of Web3/DApps via the first desktop Web3 browser and Dapp store. Fulfilling all a user’s decentralized needs in a single platform, while removing the complexities of decentralized finance and Web3, enabling economic freedom for everyone globally!
Infinity Wallet was created to finally enable mass adoption, as a single access point to the entire decentralized world. We have focused on providing the best possible user experience, to lower the barrier to entry and allow for streamlined and secure adoption of DeFi and Web3. Providing a world-class user experience with a seamless user interface, and a full spectrum of constantly growing in-wallet features and services as a one-stop hub. Making Infinity Wallet the complete solution for all crypto users’ needs, while making adoption and usage of cross-border payments, DeFi, NFTs and Web3 easier than ever before for mainstream adoption.
Infinity Wallet is not just a unique one-stop wallet built for the masses, it is also the first desktop platform to provide users with access to the entire Web3 and DApp space without needing to leave their wallet, with the first Web3 browser and DApp store on desktop as a standalone App. Finally removing the need to use unintuitive, unfriendly and feature-lacking browser extension wallets ever again! Providing a far superior, safer and more natural user experience, with a range of unique advantages for users, DApps, and chains alike, enabling easier usage and adoption.
Below are some of the many infrastructure and features/services of the Infinity Wallet:
- Portfolio and Analytics Monitoring/Dashboard -
- One-stop DeFi Wallet Solution with a strong focus on user experience -
- First desktop Web3 Browser (One-click connect and transact with Web3 DApps, with utmost discoverability and use of a chains’ ecosystem) This removes the need for unfriendly and feature-lacking browser extensions to access Web3 and decentralized applications on desktop -
- Web3 DApp Store (Enables easier DApp & ecosystem discoverability, adoption and usage) -
- Cross-chain swap & bridge (Swap/Bridge between multiple supported chains) -
- In-wallet decentralized exchange aggregator -
- NFT support and Gallery to manage (view, send and receive) and easily trade NFTs -
- Fiat on/off Ramp (enabling easy and direct onboarding into crypto and supported chains) -
- Complete Transaction History for all transaction types with DApp resolving and balance/performance tracking -
- Custom Token Importing (Allowing any token to be imported on any supported chain) -
- Live user and chain support, with a focus on delivering the best possible user experience to make onboarding for users as easy and seamless as possible
For a detailed look over our many other features/services and future development roadmap please see our information deck available at https://infinitywallet.io/docs/Infinity%20Wallet%20Deck.pdf, or our docs at Features & Notable Advancements - Infinity Wallet (detailing further information on core features/services and secondary features).
We also look to launch our highly anticipated mobile release later this year on Android and iOS, a sneak peak can be found below.
Date of deployment on Optimism:
We developed out and integrated support for Optimism close to a year ago (6/2/2022)
Why do you believe what you are building is going to succeed?:
As a well established platform supporting 46,000 MAU and over $600,000,000 TVH, with hundreds of thousands of users, Infinity Wallet has already seen good success even without providing incentives. We hope to see further success as we continue to build and redefine the wallet, DeFi and Web3 experience, as a complete one-stop solution made for the masses.
How many users does your project have currently? Please include how you arrived at this estimate:
Around 200k unique users (rolling 12 months of unique users that transacted via Infinity Wallet)
How will receiving a grant enable you to further the mission of maximizing the number of users interacting with Optimism? Please include a step-by-step flow of how you imagine this grant can lead to a greater number of user interactions with Optimism:
We look to boost user adoption in both the short and long-term, through the multiple grant distribution methods and the many advantages we provide, bringing long-term value to the Optimism ecosystem long after completion of the distributions:
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Step 1 - Optimism awareness through awareness and learning campaigns/activities;
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Step 2 - Incentivize users to bridge to Optimism to give it a try;
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Step 3 - Incentivize users to try swapping on Optimism and see the benefits of lower gas costs and faster execution;
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Step 4 - Bring awareness and ease of use to many Optimism Web3 projects on an ongoing basis, through our unique Web3 browser and DApp store. Which users would be ready to learn and interact with these OP projects after having already onboarded to Optimism. Aiming to create long-term user adoption of Optimism, through all the combined advantages of Infinity Wallet, Optimism, and integrated DApps!
Tell us about the users you plan to target with this grant. Include any defining characteristics that will help you identify and target them.:
We look to primarily target and incentivize current and future Infinity Wallet users to learn about and try Optimism and Optimism DApps/Web3 projects for themselves. As we focus on providing a unique platform for ease of use and with many advanced features, this would include both developers and less tech-savvy users.
How would these users interact with Optimism? For how long?:
The users would bridge to Optimism and have complete access to the Optimism ecosystem from within the Infinity Wallet (payments, Web3 browsing, portfolio management, NFTs, swapping etc.). As well as gain awareness of Optimism DApps/Web3 projects, which they can instantly interact with to try within their wallet. Through working with and attracting quality developers and DApps to integrate with Optimism and the Infinity Wallet, we hope to provide lasting value for users to remain indefinitely.
Provide us with links to any of the following for the project:
- Website: https://infinitywallet.io/
- Twitter: https://twitter.com/InfinityWallet
- Technical/Economic Documentation: https://infinitywallet.io/docs/Infinity%20Wallet%20Deck.pdf
Do you have any metrics on the project currently? (TVL, transactions, volume, unique addresses, etc. Optimism metrics preferred; please link to public sources such as Dune Analytics, etc.):
- 46,000 MAU;
- $600,000,000+ TVH;
- 100,000+ users subscribed to be notified of mobile release;
- Most used chain is ETH;
Some metrics/evidence of Infinity Wallet’s success:
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Infinity Wallet desktop download activity Github Release Stats
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Around 110,000 monthly website visits (https://www.similarweb.com/website/infinitywallet.io/)
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BNB MVB IV selected project, and tweeted about multiple times by Binance and BNBChain twitter accounts (https://twitter.com/BNBCHAIN/status/1524199862702551040 and https://twitter.com/BNBCHAIN/status/1514270664978575365);
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Top 10 voted project on KCC (https://twitter.com/KCCOfficialTW/status/152515227027848396);
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Supported as a top 4 desktop connection option on Wallet Connect;
Who are your competitors, and are they on Optimism?:
In the crypto and non-crypto space our current competitors are far from ideal for users. We are one of very few in the space redefining the wallet experience, creating a complete one-stop DeFi and Web3 solution focused on delivering a new and enhanced experience for less tech savvy users. A few general competitors can be found below:
Partial competitors with accepted OP Proposal:
- Tally Ho ([REVIEW][GF Phase 1 Proposal] Optimism
Tally Ho - 400,000 OP) - A general browser extension wallet with limited functionality and UX, that has significantly less traction/users; - Rainbow ([Review][GF Phase 1 Proposal] Optimism
Rainbow - 420,069 OP) - A general mobile wallet with limited functionality; - EdgeWallet ([GF: Phase 1 Proposal] Edge Wallet - (Integration of Optimism + Velodrome LP Staking / Swaps + Tarot LP Staking) - 50,000 OP Builders Grant) - A general mobile wallet with an old and hard to use interface with limited UX;
Other competitors in the space could include a range of platforms from wallets, payment apps, portfolio/DeFi dashboards, NFTs, exchanges, bridges, staking platforms and much more.
- Metamask (in terms of Web3/DApp access)
- Trust Wallet (in terms of mobile and Web3/DApp access)
- Exodus (in terms of UX, as like us they are focused on end users that are less tech-savvy)
Browser-extension wallets (competitors in access to Web3 & DApps) - These generally lack accessibility/usability, limited features/services, high fees, limited chain types, lack a standalone web3 browser, no live user support, and have an overall poor user experience. They act more as an interface than a wallet, with us finding that many of our users happily moved from other browser extension-wallets to the Infinity Wallet when they learned of us;
Desktop wallets - These generally have no open access to DApps and Web3, poor user interface, high fees, lack a one-stop solution, provide few features/services, and have limited token support
What differentiates you from your competitors?:
Infinity Wallet provides a unique wallet and the first Web3 browser solution on desktop, with a mobile version also in the works that will redefine the Crypto, DeFi & Web3 experience on mobile. Bringing a wide range of advantages, such as:
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A unique platform in the space providing a complete experience in a standalone desktop app, rather than a browser extension. Delivering a high quality, one-stop user focused experience required for mass adoption;
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The first desktop Web3 browser & DApp store. Finally freeing desktop users from having to use unintuitive and feature-lacking browser extension wallets to access Web3 and DApps. While providing a simpler, easy to use medium to access Web3 and discover DApps;
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The Infinity Wallet enables users to directly connect to a DApp on the web, but also to connect with DApps that require connecting via their own downloadable software/app rather than a domain. Making Infinity Wallet the only desktop wallet to support true unlimited access to all of Web3;
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An encompassing approach to provide an all-in-one multi-chain platform, supporting all chain types (EVM and non-EVM, L1 and L2) across the Infinity ecosystem. Enabling seamless use of all chains within a single platform, for easier interoperability between chains and removing the need for multiple wallets;
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We are delivering a more curated in-wallet experience, with a focus on providing a far superior and seamless user experience, as a one-stop solution for all a user’s DeFi, Web3, NFT, Crypto and Payment needs. With all features, services and protocols directly accessible within a single platform, and working with users on constant new developments to meet their demands;
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We are actively solving issues within the space today. Such as, the need to learn and use multiple platforms, lack of live user DeFi & Web3 support to help users learn and onboard, lack of new innovation and limited features/services (limiting the user experience, along with user accessibility/usage), high fees, bad user experience and unprofessional user interfaces. With most other platforms built with a focus more on developers rather than less tech savvy end users;
Team
Who are your founders?:
Our team is made up from individuals that have extensive experience in the space, with a complete crypto experience from Smart Contracts, DeFi/Web3 projects, DApp development, Wallet and more. Additionally, we have a general background in software development and UI/UX, as an already established ecosystem;
Information on the core/founding team members can be found at the following link Infinity Wallet Core Team Information - Google Docs
What makes your team well-suited to carry out the project described in this proposal?
We are an already established project supporting hundreds of thousands of users globally. Built from the ground up as a complete self funded project, providing free to use infrastructure and a one-stop wallet/Web3 ecosystem.
Additionally, our team members have between 5-10 years of experience within the space (as investors, miners and developers), so we have a vast amount of experience and understanding of major shortcomings in the market, along with what is needed to enable mass adoption.
Is this your first Web3 project?: No
Grant Request
What is the size of the grant request? 220,000 OP
How do you justify the size of the grant?:
The allocation requested corresponds to the number of users, volume and overall adoption we plan to bring to Optimism, both from our existing community and through hundreds of thousands of new users that we onboard to the Infinity Wallet yearly.
Roadmap and Distribution Plan
Describe in discrete steps how you will successfully implement your grant plan:
Once the growth grant is accepted we will allocate the required resources and begin the execution and launch of the Optimism incentives proposed. We expect that the incentives will go live within 4 weeks from grant acceptance.
For the duration (4-6 months) of the grant incentives we will dedicate 2 team members to oversee the execution and management of the grant incentives.
Additionally, on incentives going live we will have ongoing marketing campaigns and announcements to bring awareness to the incentives and Optimism.
A breakdown of the specific activities that will be completed to drive awareness, growth and adoption of Optimism and the Optimism ecosystem can be found under the following question.
How will the OP tokens be distributed?
We propose to distribute OP to incentivize and drive growth within the Optimism ecosystem, through user incentives and DApp awareness, to drive sustainable ecosystem usage and adoption of Optimism:
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Bridge & Swap Incentives (50%, over 6 months) -
OP will be distributed as an incentive for users to bridge funds onto Optimism through the Infinity Wallet. This would help to offset users’ costs for bridging assets to Optimism, which the gas fees to bridge from ETH especially can be quite prohibitive for the average user. This will allow more users to onboard to and discover the Optimism ecosystem, leading to further usage and liquidity.
OP will also be distributed as an incentive to users that swap on or on-ramp to Optimism inside Infinity Wallet, increasing volume across the chain and liquidity demand for DEXs.
Users would have to meet certain requirements and there would be limits per user to ensure there are no sybil attacks.
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Awareness/Usage Campaign (10%, over 3 months) -
We will create a campaign in which we will reward OP to users that complete certain Optimism related activities (off and on-chain), to help drive awareness and entice new users to learn about and take part in the ecosystem.
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DApp Developer Support & Adoption (40%, over 6 months) -
Through integrating with OP DApps for use in the Infinity Wallet Web3 Browser & DApp store, and rewarding OP DApps that integrate with the Infinity Wallet. Providing developers on Optimism with significant advantages in discoverability and awareness to their projects via the Infinity DApp store, while making their project easier than ever to onboard to and use with the Infinity Web3 Browser.
We will also launch awareness/marketing campaigns to make users aware of each DApp as part of this incentive. Helping to further drive user growth and awareness to the projects, Optimism, and the overall OP ecosystem, with NFT drops and other activities.
Over what period of time will the tokens be distributed for each initiative?:
- Bridge & Swap Incentives = 6 months
- Awareness/Usage Campaign = 3 months
- DApp Developer Support & Adoption = 6 months
Please provide benchmark milestones for this project.
The milestones below will give a generalistic idea of the benchmarks that we look to achieve with the complete distribution for each initiative:
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Swap & bridge incentives (50%):
- Milestone KPI: $10,000,000+ in volume with limits per user (minimum of 3,000 unique users);
- Milestone amount: 110,000 OP;
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Awareness Campaign (10%):
- Milestone KPI: 6,000+ participants;
- Milestone amount: 22,000 OP;
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Developer DApp Support & Adoption (40%):
- Milestone KPI: 40+ OP DApps (with $200,000+ TVL or 500+ MAU)
- Milestone amount: 88,000 OP;
Please define critical milestones for this project.
We would suggest 40% upfront with milestones based on specific KPIs when around 30% of the distribution method is complete, to unlock the remaining 60% for each distribution method.
Initial amount: 88,000 OP (40%)
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Swap & bridge incentives (50%):
- Initial amount: 44,000 OP;
- Milestone KPI: $3,000,000+ in volume (1,000+ users);
- Milestone unlock amount: 66,000 OP;
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Awareness Campaign (10%):
- Initial amount: 8,800 OP;
- Milestone KPI: 2,000 participants;
- Milestone unlock amount: 13,200 OP;
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Developer DApp Support & Adoption (40%):
- Initial amount: 35,200 OP;
- Milestone KPI: 12 OP DApps (with $200,000+ TVL or 500+ MAU)
- Milestone unlock amount: 52,800 OP;
The milestone KPIs suggested would be achieved before their initial 40% allocation has been distributed, to ensure no break in the campaign distributions. The above critical milestone KPIs are based on around 75% of the initial OP (88,000 OP) being distributed (~30% of the total).
If the OP tokens are for direct distribution to users, why will incentivized users and liquidity on Optimism remain after incentives dry up?:
Infinity Wallet provides a unique, high quality user experience, making Optimism seamless to access and easy to use. Enabling users to onboard, interact and access all their needs on Optimism via a single point of access.
We expect that once users discover and bridge to Optimism they will be happy to stay, due to the wealth of Optimism features and DApps easily accessible in their Infinity Wallet, and the problems that Optimism solves. Similarly to how our users enjoy using Infinity Wallet on an ongoing basis even though we offer no usage incentives, due to the real problems we solve in the crypto space on an ongoing basis.
Please provide any additional information that will facilitate accountability (smart contracts addresses relevant to the proposal, relevant organizational wallet addresses, etc.):
OP Wallet Address - 0x15D645E363c6A2c83Bb3c55325C1Ca9E6936492E
Optimism Relationship
Does your project solve a problem for the Optimism ecosystem? If so how?:
Wallets are the most fundamental component required for usage and adoption of DeFi, Web3, crypto payments, a chain and its ecosystem, however they are one of the least well developed applications in the crypto ecosystem.
Today, wallets act mainly as an interface, serving primarily as a transaction signing layer, with very limited functionality or in-wallet features, requiring use of multiple platforms, and are generally lacking in basic UX, while providing very unprofessional, hard to use and aesthetically poor user interfaces, with most platforms built for developers rather than end users. This has been sufficient for the early adopters in crypto, however, for the next billion users to onboard, a more curated, frictionless and high quality user experience is required!
Desktop Web3 wallet options are limited in particular, delivering very little in terms of new innovation, or solving today’s issues, while requiring the user to install a browser extension, which is not the natural flow. Overall delivering an unintuitive and feature-lacking user experience, with limited or no native support for OP and its ecosystem/DApps, greatly restricting the possibility for discoverability and adoption.
For Optimism to compete and attract users and developers, it needs a one-stop wallet super app providing a seamless user experience, to enable users to onboard and adopt Optimism, and discover the OP ecosystem as their home.
Why will this solution be a source of growth for the Optimism ecosystem?:
Wallets are the core component required for any chain, enabling users to interact and onboard to Optimism, and access the OP ecosystem (DApps, DeFi, Web3, NFTs and much more). Making wallets the defining factor for usage and adoption of a chain and its entire ecosystem.
As a top desktop wallet redefining the wallet experience, while already supporting hundreds of thousands of users, we can provide significant exposure and growth to Optimism from our current and constantly growing user base. Introducing Optimism to our users through incentives to drive growth and awareness to the overall Optimism ecosystem. Enticing new users to onboard and learn/explore the Optimism ecosystem, which is vital for Optimisms growth!
A seamless, user-friendly and one-stop wallet experience is necessary to enable onboarding of new users directly to Optimism, and for users to continue to explore the ecosystem to drive continuous on-going usage, adoption and discoverability.
By incentivizing users and enabling discoverability of Optimism DApps/developers, it will bring increased awareness and adoption of Optimism to a previously untapped user base, attracting them to explore and use the Optimism ecosystem. While providing a seamless access point to interact with and onboard to Optimism, and enhancing the ability to discover, as well as improving ease of use of Optimism DApps for developers and users alike.
Is your project Optimism Native?:
Yes, we provide default support for Optimism as a native chain, allowing users to start using Optimism straight away.
Confirmations
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