As a TLDR for those who don’t know us: Mean Finance aims to become the go-to hub for accessing decentralized finance by abstracting the inherited complexity of decentralized tools of investment. Our first product enables users to dollar cost average from any ERC20 into any ERC20 with their preferred period frequency without the user having to pay gas costs for each trade, while still being decentralized, open and traceable.
Mean Finance proposal to get a total of 300,000.00 OP tokens for incentivizing subsidies, builders, growth and early adopters was passed at July 6th, 2022 through this snapshot vote. Funds were sent on October 19th, 2022. which can be seen in this transaction.
This post aims to updates Optimism governance on how those tokens have been used and the results seen so far.
Usage of $OP & Results:
Builders: We’ve paid out a grant of 2,136.75 OP tokens for Murathan, a member of our community that built a dune dashboard where you can look up the amount of depositors, positions created, total volume transacted, which pairs are the most used, etc. You can view the payment transaction here and access the dashboard here.
Growth strategies and community engagement: A campaign was created through Layer3 that allowed users to earn 1 OP token when finishing up their quests. Quests consisted in creating a DCA position to buy daily ETH while earning yield on AaveV3, and withdrawing swapped funds some days later. If you want to check the impact that this quest had on Mean Finance, you can check Layer3’s report, here.
Looking Forward:
The community has expressed interest in Subsidies and Early Adopters airdrop through our discord server (so we know everyone is waiting for it) and we are excited to deliver on these requests. Necessary user interfaces have been designed and implemented, and we are in the process of completing the coding of a smart contract that will enable us to perform the retroactive airdrop of Optimism tokens, as well as start offering subsidies and other exciting features.
Finishing thoughts:
Although this update may be brief, we believe it is important for all projects to be accountable to the community. We would like to extend a special thanks to @Leighton, who recently posted a Pool Together grant update, and to @netrim and @lavande for requesting an update from us.
New Update - Summary
Until recently we have not moved or used any more $OP tokens. Currently we’ve been working on a yield related feature for Balmy (fka Mean Finance) that will allow us to finally make use of the $OP that the community has given us back in 2022 to incentivize more TVL and a more direct usage than just a gas reimbursement.
Additionally this $OP will be used to enhance the security features and onboard new partners to that product. We believe this will add a lot of value to the product and thus the Superchain ecosystem.
As always, we will report how these $OP will be used.
Optimism Alignement
Our early access launch will be Superchain-only. Featuring a campaign that we’ve branded Superchain Supersafe. We will be able to speak more about it once we unveil the product
RFC (Request for Comments)
Balmy’s mission closely relates to getting crypto and our decentralized home banking experience to as many users as possible, and it’s because of that and the belief that Optimism is moving to primarily support the use of Superchains / the OP-stack (instead of Optimism chain per se) that we are looking to bridge (some part) of the received $OP to Base. By bridging the $OP into a Superchain we aim to keep the value inside Optimism’s scope.
Although straight-forward in technical terms, this obviously represents a pretty strong assumptions in terms of risk with assets that have been granted to us by the Collective, so we’d rather request for comments instead of going full force into this.
ETA
Early Access on the Superchain will be live some-time January 2025
We’ve initiated the deployment of allocated OP tokens to launch, promote, and strengthen our Earn Guardian product. The product is currently running an Early Access program focused on the Superchain (Base and Optimism networks, with Mode pending due to coordination challenges with yield protocols).
Token Allocation & Usage
Security & Auditing: 17,800 OP allocated to partially cover Cantina’s comprehensive protocol audit
Guardian Incentives: ~28,500 OP dedicated to incentivize security guardians
Community Engagement: 2,500 OP invested in our Early Access launch event, which attracted over 100 LATAM participants and featured:
Wonderland’s Superchain 101 educational session
Product demonstration and walkthrough
Earn Guardian keynote presentation focusing on Superchain integration
Active Incentive Programs We’ve bridged OP to Base to kickstart incentives on selected vaults:
Aave’s $cbBTC
Gauntlet’s Prime USDC on Morpho
Moonwell’s Flagship ETH on Morpho
Each vault features two incentive tiers:
Tier 2: 6,666 OP per vault (3-month duration)
Tier 3: 16,666 OP per vault (3-month duration)
The initial deployment of these incentives has started for 1 month to test the system out, with plans to extend for the full three-month period as outlined.
