OP grants through Season 2: where has the OP gone?

Cycle 1: Projects that haven’t yet gotten or used their OP

These are the Phase 0 proposals that were voted in as a batch on June 22.
The full slate is below. Asterisks denote proposals that have not yet gotten or used their granted OP.
These proposals amount to a total of 4.1mm OP in grant funds that have not been deployed as of this writing (11/19).

Uniswap V3
1inch
Celer
Aave*
Chainlink*
Polynomial Protocol
0x*
Aelin
Slingshot
Wepiggy
Thales
Pika Protocol
Layer2dao
Synthetix
Clipper
Zipswap*
Kwenta
Hop Protocol
Synapse*
Connext*
Rubicon
Gelato*
Stargate Finance
Lyra V1
Perpetual Protocol

Aave

Proposal

200k OP for builder grants
100k OP for Optimism-focused events:

Distribution

8/3 Foundation sends 300k OP to multisig 0xcd150D9CFDb39D287D69B9b1bb7111E58414aCA8


Chainlink

Proposal

1mm OP for “NOPs and other ecosystem participants over time in order to support and encourage building on Optimism”

Distribution

8/3 Foundation sends 1mm OP to multisig 0x7EE753e87f20eb3262967c2Fc54762b0B4Ff4D75


0x

Proposal

300k OP to the 0x Grants program for ecosystem builders

Distribution

7/8 Foundation sends 300k OP to multisig 0xba9493f97BEF07a272998139A268398b80AB9Dd5
8/12 0xba9 sends to another multisig, 0x1d702651ed22736eEb261aC9E2B72E7F79Ed9EA9


Zipswap

Proposal

  • 630k OP for gas fee rebates
  • 270k OP liquidity incentivization around planned tokenomics overhaul

Distribution

OP never distributed from Foundation; information and directions were never provided by team.

It appears that this grant won’t be distributed; Zipswap recently announced plans to cease operations as a team.


Synapse

Proposal

  • 150k OP for builder grants
  • 450k OP for liquidity mining, particularly on stablecoin pool (USDC,DAI,USDT,nUSD)
  • 400k OP for liquidity mining on proposed SYN/Stable Curve pool

Distribution

No distribution has been made by the Foundation to the planned multisig 0x2431CBdc0792F5485c4cb0a9bEf06C4f21541D52.


Connext

Proposal

  • 250k OP for liquidity mining on stable pools
  • 50k OP for gas rebates

Distribution

No distribution has been made by the Foundation to the planned multisig 0x3576aafaffe4c07f894447265b391856377157db.


Gelato

Proposal

250k OP for fee rebates

50k OP for builder bounties

Distribution

7/8 Foundation sends 300k OP to multisig 0x01ea687Be2937D4Bfd9e302b8dbD3be8d9bDb14e.


Observations

  1. This is a lot of undeployed OP (and this is only for one phase), and it’s worth checking in with these projects to see what has held them up, whether it’s operational issues, market conditions, changes in plans, lack of demand for builder grants, etc.
  2. It could be worth coordinating the release of these lingering incentives at a planned date.
  3. It could also be interesting to see whether these projects’ outlooks or strategies have changed in any way and explore potential changes in scope.
  4. Past a point there’s got to be something like a deadline to start these grants; are we going to honor them if projects don’t claim funds by a year from now, for example?
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