[READY] [GF: Phase 1 Cycle 3 Proposal] Infinity Wallet

ARCHIVED & OLD Missions Governance Fund: Phase 1
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Project Name:
Infinity Wallet

Author Name:
Aaron

Number of OP tokens requested:
500,000

L2 Recipient Address:
0x57CEBcEA3eEC6Ad7d75963AA8dF07e1dE8c94389

Relevant Usage Metrics: (TVL, transactions, volume, unique addresses, etc.)

  • 150,000+ users
  • 600,000+ transactions
  • $400,000,000+ secured

Some recent Metrics/evidence of Infinity Wallets success

Optimism alignment (up to 200 word explanation):
Infinity Wallet is the first non-browser extension, all-in-one cross-chain wallet ecosystem to provide seamless access to the entire world of DeFi & Web3 directly in the wallet. Fulfilling all a user’s needs in a one-stop hub with a full spectrum of features and services, and a premium user experience. We are streamlining accessibility and lowering the barrier to entry, to allow for easier adoption globally of DeFi & Web3.

  • As a decentralized non-custodial wallet, Ethereum transaction fees are one of the larger challenges our users face. We are happy to have integrated support for Optimism, to provide a cheaper and faster Ethereum transaction layer to users, which importantly does not sacrifice on security.

  • We look to increase adoption and ease of use of Web3 & DApps, through supporting the Optimism ecosystem directly within the Infinity Wallet. Our latest unique feature “Browser-less DApps” solves some of the hurdles seen today within the space on desktop, while driving awareness and usage of the Optimism ecosystem (“DApps”) and providing a wide range of advantages to both DApps & users alike. Liberating Optimism users from needing to use unintuitive browser extension wallets, which typically lack UX & functionality.

We are an entirely self-funded team with almost a decade of experience within the crypto space, providing free to use infrastructure and wallet ecosystem. As a team our goal is to enhance the user experience and lower the barrier to entry for easier adoption of decentralized finance, DApps and web 3.0 globally. Providing a world-class user experience, a seamless user interface and a wide range of innovative and unique features/services. Making adoption and usage of DeFi and Web3 as easy as possible, of which is widely lacking within the wallet space.

Wallets are the core foundation for DeFi & Web3, however today act mainly just as a transaction signing layer, without providing much additional functionality and generally lacking in basic UX. We are actively changing this and working with top projects (DApps, Chains, Tokens and others) in the cryptocurrency, DeFi and Web3 space to find ways to bring further value for all and drive real adoption globally.

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How will the OP tokens be distributed?

  • 15% for Optimism awareness/incentives (eg. airdrop to users and rewards for bridging to Optimism) in direct benefit of the Optimism ecosystem. We see this as a great potential opportunity to bring new users to Optimism, which should have a low overlap with other Optimism airdrops since our users did not previously have access to Optimism within the Infinity Wallet. Additionally, due to being a multi chain wallet, it could attract users that may have never looked into or been incentivized to try Optimism before. From Web3 uninitiated Bitcoin holders, to Web3 veterans actively using other chain’s DApps in the wallet;

  • 45% for developers that deploy on Optimism and work with Infinity Wallet to receive a reward, incentivizing additional DApp development on Optimism. We propose to release an article detailing the rewards to be available for Optimism DApp developers, based on their individual platform usage and TVL. With a bonus for DApps that have not yet deployed on Optimism, after their successful deployment;

  • 40% for ongoing Optimism support into new features/services and continued DApp integrations. Thereby directly benefitting Optimism DApps by allowing us to waive our usual fee for Optimism DApp integrations. In addition to working with our partners to provide support for Optimism to be as easy as possible to onboard to, as it is for our other supported chains;

How will this distribution incentivize usage and liquidity on Optimism?
By providing incentives, airdropping and working with Optimism DApp developers, it will bring increased awareness of Optimism to our existing and constant new users, attracting them to explore and use the Optimism ecosystem. While providing a seamless access point to interact with and onboard to Optimism and the ability to discover, as well as improve ease of use of Optimism DApps.

Additionally we look to expand support for Optimism and work with our partners, to make it easier than ever for potential users to onboard to the chain (such as one-click cross-chain onboarding to/from OETH and OP) and access all their needs directly within the Infinity Wallet.

Why will the incentivized users and liquidity remain after incentives dry up?
We are looking to directly improve the fundamental use of the Optimism ecosystem and increase its awareness and adoption. This will create lasting exposure and use of Optimism and its DApps long after the incentives are distributed.

Over what period of time will the tokens be distributed?
Token distribution period is expected to be around 6-12 months.

How much will your project match in co-incentives?
We won’t be able to provide co-incentives at the moment, however in the future we look to airdrop a % of our token to Optimism holders.

Resources:

Website: https://infinitywallet.io/
Information Deck: https://infinitywallet.io/docs/Infinity%20Wallet%20Deck.pdf
Browser-less DApps & Web3 video: Browser-less DApps with Infinity Wallet (Access all DApps at a click of a button) - YouTube
Documentation: https://docs.infinitywallet.io/

Improvements for this cycles proposal:

  • We have completed the development and launched live our Optimism support and have begun to collaborate with Optimism projects. We welcome everyone to try it for themselves!;

  • Added provable metrics/evidence of success;

  • Further elaborated our Optimism alignment;

  • Provided additional detail on the OP token distribution, including incentives for bridging to Optimism and made clearer how the funds usage is to directly benefit Optimism;

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Hi. Is there any chance that you can provide more specific details about the 20% marketing portion? What would be “other marketing initiatives”? And specifically what activities would you want to reward?

The Phase 1 token allocations are intended to incentivize usage and liquidity. Can you explain how allocating to developers would incentivize usage and liquidity on Optimism? Is there a causal relationship or is it indirect?

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Sorry! Close but no cigar! No matching funds? More airdrops? The 20/40/40 split needs more pacific details before it gets my vote. Sorry I should be called pessimist, but there has been to many bumps on the road with this project for me (OP). We need a proposal that knocks it out of the ball park and adds real value and users to both parties.

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you are seeking 60% for product development (marketing is also part of product development), please provide more information on how this will help OP ecosystem. In the current form, it looks like you will use this fund to build/improve your wallet.

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This actually seems to be one of the few proposals that could bring value in terms of adoption and usage to Optimism.

More of these proposals should be about supporting Optimism to drive usage and working with Optimism, half of them seem to be about liquidity proposals that bring no long term value. At least wallets and other infrastructure projects grow chains and provide long term adoption and awareness at the primary stage of a users life cycle in the space.

My main question would be when you mention on point 2 of the distribution “integrate with Infinity Wallet” do DApp developers have to pay to integrate or will this be covered by this proposal?

Other then that I can’t find anything wrong with this proposal and its possibly one of the best here that could provide value.

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Sure, so regarding the marketing it would be split up into 2 core parts:

  • Wallet Airdrops to active users, providing awareness and exposure of Optimism;

  • Activities such as buying x amount of Optimism and receiving a bonus, or interacting with integrated Optimism DApps to receive a reward. Driving further awareness, usage and adoption of Optimism;

Regarding how incentives for Optimism DApp developers will attract lasting use of Optimism, I think it was mostly explained above, however to explore it a little deeper on both points:

  • DApp developers that deploy on Optimism and work with Infinity Wallet would receive a reward, incentivizing additional DApp development on Optimism. Additionally as part of this proposal our team would support these Optimism DApps for free in the Infinity Wallet. Providing the Optimism ecosystem with a wide range of benefits and driving further adoption and awareness to users.

  • As a multi-chain infrastructure project/wallet ecosystem, Infinity Wallet is one of the core elements for usage and access to the crypto ecosystem. As such this makes Infinity Wallet one of the fundamental points for awareness and onboarding to Optimism. With the more features and developments that support Optimism, the more opportunities it can bring to the overall ecosystem, leading to long term adoption.

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We appreciate your input dogstartaylor.

As with your last comment “We need a proposal that knocks it out of the ball park and adds real value and users to both parties.”, this is exactly what we are looking to provide to the Optimism ecosystem! I will try to provide some more clarity regarding your comments below.

As a multi-chain infrastructure wallet ecosystem, Infinity Wallet is one of the core elements for usage and access to the entire crypto ecosystem. As such this makes Infinity Wallet one of the fundamental points for awareness and onboarding to Optimism. Also, as we look to further develop out features and services we will support Optimism as we do with all chains we actively collaborate with, from BNB, MATIC, ONE and many others, providing constant new value. Along with this, we look to support and collaborate with the Optimism ecosystem to drive further adoption of DApps on Optimism, bringing both real value and usage to the overall Optimism ecosystem.

Regarding the lack of initial matching funds, this proposal primarily benefits the Optimism ecosystem, as we seek to provide awareness, usage and overall adoption of Optimism. We are currently working on completing our initial contribution to this proposal in good faith, which is the integration of Optimism in the next Infinity Wallet major release. And will look to see if we can provide an airdrop to Optimism holders in the future as mentioned in the proposal.

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Infinity Wallet is a fully developed and established platform looking to expand support for Optimism. So the focus of the proposal is entirely on supporting the Optimism ecosystem in the Infinity Wallet, working with Optimism DApps and developers on integrating their projects into the Infinity Wallet, and providing overall exposure, usage and adoption of Optimism.

The token usage would be split into the proportions below, which are all targeted on raising awareness and ease of use of the Optimism ecosystem:

  • 20% for Optimism marketing campaigns, which primarily benefit Optimism by distributing the Optimism token to new holders from over 150,000 Infinity Wallet users, via various airdrops and activities;

  • 40% for DApp developers that deploy on Optimism and work with Infinity Wallet to receive a reward, incentivizing additional DApp development on Optimism.

  • 40% for ongoing Optimism support and continued DApp integrations. Thereby directly benefitting Optimism DApps by allowing us to waive our usual fee for Optimism DApp integrations. In addition to working with our partners to provide support for Optimism to be as easy as possible to onboard to, as it is for our other supported chains;

As a multi-chain infrastructure project / wallet ecosystem, Infinity Wallet is one of the core elements for usage and access to the crypto ecosystem. As such this makes Infinity Wallet one of the fundamental points for the potential awareness, onboarding and usage of Optimism as detailed in this proposal.

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Optimism DApp developers would not have to pay anything as part of this proposal. Instead developers who build on Optimism would receive a reward in OP tokens and a free integration into the Infinity Wallet, incentivizing them to work with us in providing the foundations for streamlined use of the Optimism ecosystem. To attract additional adoption, liquidity and volume.

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Thank you, @InfinityWallet , and I appreciate you taking time to answer each comment queries. I will sleep on your comment and circle back in 1-2days if i have more comment and my final thoughts.

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Thanks for the reply. The proposal overall looks like it would bring some value to OP!

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Thank you for taking your time to answer all the comments.

Few points:-

  1. are you already live on OP chain?
  2. Number of addresses mentioned is total address combined from all supported chains ?
  3. Will you be able to provide a quarterly/monthly report on distribution of the funds, verifiable on chain ?
  4. can you share past wallet volume metric, monthly/yearly
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Hello OPUser, to answer your points:

1- We have already begun integration of Optimism and it will be available in our next major update. We have also begun to collaborate with some DApps deployed on Optimism, that are pending our Optimism support for integration such as Perpetual Protocol.

2- The 150,000+ users mentioned are the individuals using the wallet. Each user can have multiple wallets/addresses across multiple chains.

3- The proposal address has been provided publicly, allowing all to see the recipients of any airdrops or integration rewards. Every Optimism DApp integrated will be publicly announced to bring additional awareness, and allowing anyone to follow the progress.

4- I am not quite sure what you mean by wallet volume, however there is over $400,000,000 held by users as of May.

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Thank you again for providing a detailed feedback.
Point 2 and 4 is an awesome number.

Obviously, I can check the address as its public and see where its going but from your proposal,

  • 40% for Optimism DApp developers who build on Optimism and integrate with Infinity Wallet;
  • 40% for ongoing development support of Optimism into new features/services and continued DApp integrations;

Those 80% will not be distributed daily, those will be given out to App integration and Dev which will be monthly or fortnight event, second even if the data is there on the chain, how would i know which is going to dev/airdrop/integration.

I am not asking you to document distribution of rewards(20% Optimism marketing campaigns) as its too much of work but I do believe documentation rest 80% is quite easy and wont take much of your time.

Again, this is not requirement from OP gov, this is from my side and I respect your decision if you decline this.

Overall a good proposal.

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Thank you for going over the proposal.

Regarding your last point, it may make sense to split the amounts for the different purposes between 3 different wallets, to be able to distinguish where they are going to between “dev/airdrop/integration”.

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nah…three address will make things complicated and it wont help either because on the transaction I can only see how much token was transferred.
Let say, for discussion, you are giving 1000, 5000 and 7000OP from integration funding to three project A. B and C, now on-chain i see those transaction but how would i know which address belong to A, B and C.

I think integration and dev distribution would be easy to track as i dont see number of integration going beyond 100 during first quarter, which means you need to maintain a record of only 100 transaction.

i know its an added work but i would recommend you do, if you are not planning on making this public, nonetheless.

For airdrop, I wont recommend doing so as there number of transaction might go beyond 100K.

Again, just a suggestion and its up to you, I will bring this to OP Team so that may we can make this mandatory from next phase. I read that they are planning to do chain analysis on all the passed proposal, to see where the funds are going, from their side but I am not how detailed it would be and if they will make this public or not.

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We would be keeping internal records of all distributions. However, I don’t think identifying who owns what addresses publicly would be welcomed, instead we could share with the OP team if required.

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I was so focused on accountability of funds that I forgot the privacy part. You are right, that is indeed not a valid suggestion but I am glad that at least you, as a team, is planning on keeping a ledger. I will try to work on chain analysis then :wink:

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We appreciate everyone’s feedback/suggestions on the proposal. Does anyone else have any questions or suggestions before we set the proposal to ready?

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I downloaded your app yesterday to try it and I really like how you have dapps in your wallet to make the experience so much better on the pc. Will definitely be using you guys full time and ditching MM when your supporting OP and dapps

Overall your proposal looks good!

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