[READY] [GF: Phase 1 Proposal] Byte Mason Product Suite

Project Name: Byte Masons Product Suite (Granary.finance, Lrn.fi, Reaper.farm, and Reliquary)

Author Name: @Crypto_A_S - Byte Masons Business Development

Number of OP tokens requested: 490,000 to be matched 1:1 (dollar for dollar) with $OATH emissions

L2 Recipient Address: 0x4Cf7D024c8EAbDE0DFC5aCb4e627Fe5d4393c859

Intentions: We plan on using $OP incentives over the next 9 months to match dollar for dollar with $OATH (additional $GRAIN emissions to boost yields once it goes live) & drive sustained adoption of Optimism using strong horizontal integrations, which we will describe further below.

Product Summary and Relevant Usage Metrics:

Our team specializes in security, accessibility, and design for consumer-facing financial applications, with 35 team members including 20 experienced web3 engineers. We offer four products that will rapidly kickstart a DeFi ecosystem:

Granary.finance is a user-focused money market that supports multi-token reward emissions. Our data-driven approach to risk and incentive distribution enables Granary to deliver better LTV ratios and yield to users.

Granary is currently the only lending protocol to have a market for $OP – meaning you can lend, borrow, and use $OP as collateral. Our upcoming $GRAIN token launch will drive significant usership to the network and facilitate the adoption of Optimism.

Usage Metrics:

  • Live on Optimism, Fantom, Avalanche, ETH, and Harmony
  • With no token, we’ve been able to attract 1300 users and over $10,000,000 TVL

Reaper.farm is a security framework designed to automate DeFi investment strategies. We currently boast industry-leading technology in the form of custom multi-strategy vaults and advanced optimization bots which analyze the health, yield, and security of our systems. Reaper is live on Fantom and Optimism, currently supports BeethovenX and multistrategy crypts, with more to follow (Velodrome and Tarot). Our team is also hard at work developing convex-style functionality to $VELO.

Usage Metrics:

  • Total Unique Users: 66,728
  • Current TVL: $16,697,813

Reliquary is a novel fNFT-powered incentive management system designed to mitigate the effects of mercenary liquidity and deliver maximum capital efficiency to users, developers, and ecosystems. This is accomplished by distributing rewards across several maturity tranches, which prevents the dilution of long-time depositors. With our unique NFT assets, users are also able to leverage their farming positions and trade them on any market to capture their maturity premium.

Reliquary will also set a new standard for UI/UX in DeFi and deliver industry-leading yields in a single click with its simple, gamified front-end. We are excited to bring its strong network-boosting effects to Optimism.

  • Reliquary is currently undergoing its 3rd audit with Certik and has been extensively tested by Byte Masons’ own senior security engineers. It is currently being production tested and we expect to launch on Optimism in the near future.

Lrn.Fi: A next-generation educational platform. Lrn leverages the collective knowledge of DeFi communities by tapping directly into a diverse range of DeFi scholars from all walks of life, in order to create the most comprehensive, unique body of knowledge in all of crypto. Whether you’re a DeFi novice or an experienced degen, you’ll always be able to learn something new on Lrn.fi.

· Total Unique Users: 8,500

· Total Articles Produced to date: 61

· Total Contributors: 20+

Optimism alignment (up to 200 word explanation):

The ethos of Optimism, to provide a technological backbone that enables sustainable & scalable public goods, aligns strongly with our mission to improve access to cutting-edge financial tools for the people. We seek to set standards for safety, security, transparency, and ethics in the DeFi industry and believe Optimism is the best place to engage with this work.

We believe that the technological innovations of the Optimism Foundation will be an important catalyst in driving the widespread adoption of open financial software due to the high scalability and low transaction costs. DeFi benefits enormously from this technology and drives serious value to networks. Our DeFi suite will supplement the existing ecosystem and position Optimism to quickly and ethically capture this value.

For these reasons, we see Optimism as the optimal place to build our highly-secure, highly-accessible, and high-yielding DeFi software.

Proposal for token distribution (under 1000 words):

How will the OP tokens be distributed?

95% (465,000) of the $OP tokens will be distributed to users via Granary Finance and the Reliquary, with a majority through Reliquary alongside $OATH and $GRAIN (launch TBD).

5% (25,000) of the allocated $OP will be used to compensate $OP educators who contribute writing and/or other content to the lrn.fi platform.

How will this distribution incentivize usage and liquidity on Optimism?

Our focus will be on delivering yields high enough that they offset the effort, liability, and technical risks associated with bridging assets to Optimism.

  • Granary will create opportunities for $OP holders to borrow stablecoins at phenomenal rates and deliver excellent single-sided yield through Reaper. We plan on using $OP tokens to attract stablecoin liquidity to the network and incentivize single-sided staking of $OP tokens.
  • Reliquary will be our primary means of incentive distribution, driving liquidity through both Reaper and Granary to deliver $3 of TVL per dollar deposited. This will enable us to efficiently bootstrap Optimism’s DeFi ecosystem and give liquidity providers excellent sources of single-sided yield.

Why will the incentivized users and liquidity remain after incentives dry up?

Our incentivization research is focused totally on sustainability, with long timescales and a focus on generating real revenue and growth. Our products are designed to deliver industry-leading yields in their own right, so with just a small amount of token emissions, we can make Optimism a highly desirable place for yield seekers.

Over what period of time will the tokens be distributed?

The distribution of incentives is to take place over the next 9 months and will be regulated based on TVL flow and competing interest rates.

How much will your project match in co-incentives?

Byte Masons pledge to match the dollar value of $OP incentives 1:1 with $OATH and eventually $GRAIN at the time of emission. Any tokens moved into an incentives controller will be accounted for as a debt to the Optimism community, to be matched within 6 months by native token emissions. In the next 2-5 years, we will likely emit native tokens that far exceed the 1:1 matching depending on Optimism’s adoption.

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Woohoo! I’m super excited for this!
Byte Mason is a top and trusted name for me!
So LFG

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Great experience using Granary Finance

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This is probably the best news in this bear market, hopped onto optimism, waiting for the reaper

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I can definitevely approve this move from Byte Mason team. They are one of the Top 3 yield optimizers on Fantom Blockchain, but in addition, they are bringing educational content related to Defi. As we all know that DEFI is the cornerstone of a blockchain, having a educated public is key to make sure people don’t end up in investing in scams or tomb fork type projects.

Finally, knowing them deeply, i can emphasize that goal matches public good philosophy, as they want to grow thanks to their business cases (B to B) and not using token-Ponzi-nomics abusing from their users.

Glad to see them here!

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Could you please provide some more info here, what percentage would go to each platform also how are you planning to distribute them. As a user, how will I get the reward, what action do i need to perform on each project.

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any expected time line here ?

The ByteMasons are great people who put users and the safety of their funds first. Being active on the Fantom blockchain since its DeFi-inception, I can safely say that they are aiming for sustainable & safe systems. This leads me to believe that the $OP incentives would be in good hands and are being used for a long-term plan.

Also, having Reliquary on Optimism would greatly benefit the ecosystem because other projects may want to make use of this novel system and by that further accelerate usage of the L2.

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I’ve used Granary and Reaper. Both fantastic. I participated in the $Oath LGE and LBP; both solid experiences. I will use these platforms on Optimism. I am future whale.

Seems like a whole package the ByteMasons is offering. I use their products for half a year now and learned a lot about their team and work ethics. I’m impressed with them.

I fully support this proposal.

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Had a Great and splendid experience while using the Granary platform … It’ll be great if thier request is granted, I believe they’ve a whole lot of positive contribution to make in the space

I use all of the Byte Masons tech. Reaper.Farm, Granary and will use Reliquary when available (not to mention the $OATH purchases and Clown NFTs I own). I read Lrn.Fi religiously and watch @0xBebis_ every week on Fantom Unchained. Byte Masons have extensively tested their trust with the community… in the good times and the bad.

I will follow them to Optimism when available (besides Granary which I am already using on Optimism).

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Hey OPUser,

We’re going to roughly target 35% Granary and 65% Reliquary, but we’ll be adjusting interest rates on a weekly or bi-weekly basis in response to demand and user inflows/outflows. Our goal is to drive liquidity where it’s needed without over-emitting tokens.

We have a lengthy research paper coming out in the next month or so on the subject, but in the meantime you can check out this Learn column and the spreadsheet at the bottom to get a good idea of how we think about incentive distribution:
Incentives Article Lrn.Fi

If you’re interested in our technical emission strategy, read further. Don’t mean to be pedantic, just thorough :laughing:

Emissions through Granary are designed to ensure the market stays efficient, and will be distributed on the borrow side for key assets such as OP and USDC/DAI. Interest rates rise for borrowers as they utilize a greater % of the assets supplied to the market, so we will emit tokens in an attempt to drive utilization toward an optimal rate of ~70%, which will ensure lenders are able to receive real APR in the range of 6-12%. This means lenders are getting competitive interest rates without the need for emissions and borrowers have a much better experience. Because we’re earning real revenue, the cost of emissions is subsidized and we can do it for longer.

Emissions through Reliquary are designed to incentivize Reaper crypts, which are automated investment strategies. Its purpose is to give long term liquidity providers the best deal possible compared to their mercenary counterparts and be the “path of least resistance” for yield seekers, with a ton of unique features and zappers. The nice thing about Reaper is that it behaves optimally in all conditions, so it allows our markets to be much more predictable, which is extremely valuable when trying to model incentive strategies (hence why we prefer to emit through Reliquary).

Reliquary, Reaper, and Granary yield will all layer together, so incentives on one of them is, to a certain extent, incentives for all 3. I hope this was useful and thank you for the question.

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Hey again OPUser,

We’re doing production testing and will be moving to closed beta within the next 2 weeks. We have extremely high quality standards so a lot of boxes need to be ticked before we’re live across our ecosystem, but as a user I’d expect to see something toward the end of this month.

Software estimates are hard but I’m being very conservative here. At this point the product is fully baked and we’re polishing up UX.

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Big fan of Byte Mason’s work on Fantom! I would love for them to launch on Optimism! I am so hyped for these products. These guys build for the long-term, and I expect more products would follow knowing these guys. Seems like a win-win for the ecosystem!

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I knew and used Reaper from fantom. I liked it.
Just knew Granary Finance and tried. Very smooth. Recommended

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Hey @bebis, Thank you for the explanation and the link.

I see 900K is quite a lot but you are seeking the funding for two projects, approx 600K for one rest for others which is still a big number but again you are matching dollar value of OP as a co-incentives with your token that does support your proposal.

My suggestion would be wait until your project is live on OP chain and update the proposal to show the matrices on OP chain.

I have had the pleasure of getting to know this team through the avenue of different products they have created. Every Byte Mason product has been crafted with passion to help foster a more secure, safe, and educated world for DeFi.

I believe that any ecosystem will benefit hugely from having this team residing in the network; not only are they pioneering the future of DeFi through their innovative technology, but they are also placing a fundamental focus on educating the masses.

The Byte Masons are the whole package, I believe that Optimism’s ethos will perfectly align with this team’s goals, and personally look forward to using their products in the ecosystem.

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Love the byte masons. I have a ton of funds on reaper (ftm) and granary (ftm & OP) and would definitely use all their future projects on OP

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Byte Masons is the team that I trust the most. I will always follow them! Time to join Optimism by their side.

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