[Mission Request] Targeted extension of Superfest

[jackanorak]

Delegate Mission Request Summary:

Speaking anecodtally, Superfest had several implementation issues but was effective in encouraging projects to migrate onto Superchain. Provisioning host Superchain defi protocols with means of continuing to stimulate project migration onto Superchain remains pound-for-pound one of the best ways to achieve Intent 3a.

This Mission Request will be similar in structure to previous Growth Experiments grants or Builder grants but will have a particular DeFi focus.

S6 Intent 42: Intent 3a

Proposing Delegate/Citizen: Jack Anorak

Total grant amount: 350k OP

Should this Mission be fulfilled by one or multiple applicants: Multiple

How will this Mission Request help accomplish the above Intent?

Providing DeFi projects a home to compose and attract, potentially with an eye toward creating their own Superchains in the future.

What is required to execute this Mission Request?

• Applicants must be either OP Mainnet-native DeFi projects or new projects
• Existing DeFi projects must:
  • Have a track record of onboarding new DeFi protocols onto Superchain OR a credible plan that would specifically encourage more DeFi builders to come to Superchain
• New DeFi projects must:
  • Provide a theory of growth that encourages others building on Superchain
  • Offer a reasonably sourced expectation of user growth and impact
  • Present a product that has a meaningful opportunity to add something new and valuable to Optimism DeFi

How should governance participants measure impact upon completion of this Mission?

• Metrics:
  • TVL halfway into incentive program
  • TVL 6 weeks after end of incentive program
  • (If new): number of first-time wallets onboarding meaningful capital into Superchain
  • For the purpose of the standardized metrics: TVL in the grantee’s protocol
• Impact:
  • Number of new DeFi projects attracted by this grant
  • These DeFi projects’ incremental TVL attributable to this grant

Has anyone other than the proposer contributed to this Mission Request? No

[MattL]

agreed that this extension, with a proper rebuild of the dashboards showing opportunities, yield potential would draw a large amount of value, etc

@Michael is going to love this, but taking inspiration from this page (and having protocols build out adapters showing the opportunities for TVL) would be great

also - for non-TVL focused protocols (say synthetix, kwenta, tlx, toros/dhedge) would/could there be a separate stream to drive users to structured products, basis trades, leveraged tokens, and just overall trading as well?

[Gonna.eth]

For the metrics team to be able to compare multiple approved applicant’s success in this mission request we need you to propose only one metric from this table as the Northstar:

1. Number of addresses voting for the first time
2. Number of addresses delegating for the first time
3. Total amount of OP delegated from new addresses using the grantee’s protocol
4. TVL in the grantee’s protocol
5. Number of transactions emitting event logs
6. Number of active addresses interacting with grantee’s contracts
7. Total amount of gas fees generated from grantee’s contracts
8. Percentage of retained active addresses interacting with grantee’s contracts
9. DAA/MAA ratio
10. Number of testnet transactions emitting event logs
11. Number of active developer addresses interacting with grantee’s contracts

[jackanorak]

yeah i think that should def be in scope - though we may want to increase the budget given that, depending on how much room there is

[0xmark]

Hey I’m Mark and I work at the Foundation, I’m speaking on my own behalf.

100% that the proposal should include a sizable budget for reporting. This is seriously lacking and is critical to any incentives campaign.

For instance, there is not enough reporting at the pool level–tracking deposits, withdrawals, APRs, supply/borrow caps (for lending protocols), trading volume, etc.

[LuukDAO]

Hi @jackanorak,

I find it hard to evaluate the relevancy of this MR without any Superfest insights attached to this thread. Can you please link any data?

Extending without analyzing and incorporating learning seems counterproductive.

Especially with @0xmark’s comment, it seems more reasonable to ensure we have a proper data pipeline before extending!

I managed to find a Dune Dashboard by Jumper - but that only covers bridging volume.

[jackanorak]

@LuukDAO We’re standing by for some official data from Optimism – i"ve nudged the Foundation to get something out for this.

Anecdotally I can say that although there were hangups in the program’s UX and messaging (stuff we’d avoid here being focused on OP Mainnet), it was certainly successful in onboarding a ton of staked ETH across Mode, OP Mainnet, and Base—etherfi was a major beneficiary here, for instance. There were also wholesale migrations of protocols, including several that could act as alternatives to Pendle (which arguably singlehandedly handed Arbitrum the defi advantage over the past year).

The difference here is that a lot of this growth we saw on Base – but what I want is a more Superchain-agnostic breed of protocols that would start right here on OP Mainnet.

I view this MR as more or less an extension of not just Superfest but the Growth Experiments types of grants we had success with earlier. The objective here is officially TVL but in my view it’s beside the point – what we want are more defi protocols coming onto Superchain, making it a valuable place to do business here. Same stuff I’ve been trying to push for since day one.

Without a general-purpose Mission Request like we had with Growth Experiments in previous seasons, this is the best chance we have to onboard DeFi protocols.