Protocol name: ParaSwap
Name of protocol representative(s) that will serve as delegate(s): Oxytocin
Is your protocol OP Native?: No, ParaSwap is Multichain protocol.
Was your protocol active in Optimism governance prior to 12/5/22?: Our protocol applied for Phase 1 funding , but due to a focus for our complete revamp of the protocol tokenomics, we could not be clear on how we could be further involved until recently.
If so, please link to voting history (ie. Snapshot profile, delegate communication thread, twitter threads, etc.): The links above currently summarise the protocol’s current link to Optimism Goverance.
Why do you want to participate in this program?:
From a personal point of view, this initiative allows me to be able to represent the DAO that I currently spend most of my time on while at the same time contributing the growth of Optimism. After getting involved with the ParaSwap DAO already for a little over a year now, I believe I have acquired some knowledge from my niche of DeFi DAO Governance that could contribute the growth of the Optimism Ecosystem.
For the protocol I am representing, Optimism is the most recent network that we have recently expanded to, and would like to get ourselves more closely aligned in. After our Phase I grant got approved, the DAO underwent months of research to completely alter our tokenomics and emissions policy, resulting in the creation of the PSP 2.0 proposal. Now, the DAO is voting on not only deploying PSP to Optimism to utilise the Grant, but also assist the development of the Optimism ecosystem through development grants, such as the development of dApps on the Optimism ecosystem, or research into the Social Escrow system, which in my opinion aligns well with the Optimistic Vision, as I will explain in the next section.
Why do you believe your protocol would be a good steward of the Optimism ecosystem?:
ParaSwap is a middleware and aggregator. Thus, it is essential for us to maintain good communication with all of the protocols that we connect to, as well as the ones that decide to integrate us for their aggregation options. This places ParaSwap in a position where not only do we wish to acquaint ourselves with all major DeFi protocols of the space, but also where the success of these protocols and the Optimism system in general also directly benefits the protocol, leading to a positive sum situation where the protocol is incentivised to ensure the sustainable growth of the Optimism ecosystem.
However, I think that our greatest alignment with the optimism ecosystem extends further than just being an aggregator, and more also into the core principles that are more unique to ParaSwap. In a similar vein to Optimism, ParaSwap has built itself with the long-term vision of being a public good middleware which facilitates access to the web3 space.
We believe that ParaSwap not only serves as a public good which assists with the access to the decentralised world, but also helps maintain things decentralised. A good example of this is liquidity pools, where rather than having to concentrate all capital into a recognisable pool, ParaSwap allows pools to be decentralised and be able to compete with each other to provide the best final rates for the users, using whichever innovative approach they decide.
One major example of our commitment to become a socially-aligned public goodcan be seen in the recently passed PSP 2.0 proposal from our DAO. In it, we not only decide to allocate 80% of accrued fees to our staked users, but we also experiment with the introduction of a new system in the DeFi space of Social Escrow. The idea of social escrow is to allocate the fees to users that contribute the most positive externalities to the protocol.
Do you agree to abide by the delegate code of conduct: Yes
Please list any anticipated conflicts of interest: Other than my current affiliations for the protocol I am representing on the behalf of, I cannot think of any.