[READY] [GF: Phase 1 Proposal] Candide Wallet

Hi @Cryptoz and thank you for your feedback. To answer your concerns:

To clarify, 20% of allocations are set aside for fiat-on-ramp incentives

Indeed, the current wallet space is dominated by a single large player and we think that should change. We believe that Optimism should fund Candide because funding open source accessible wallets fosters a collaborative culture that will make Ethereum Layer 2 accessible for all. Candide is an opportunity to deliver a wallet built on openness through its product, culture, code, and community.

A the current stage, larges companies are offering wallets that are heavily replied on centralized API services that connects to Ethereum, although of the premise of Ethereum is decentralized. We are already seeing issues in the wallet space; where several instance of Public RPCs going down for millions of users. Encouraging independent small players to enter the space is not only healthy for competition but also will move us closer to properly authenticated decentralized wallets.

Your wallet idea sounds cool, though the name is terrible – it sounds like candida infection (sorry).
I think the L2 wallet idea is good. I’ll be following this.

hey @William, excited that you would be following our journey!

As part for the our wallet’s name, it comes from the work of the French 18th century writer and philosopher Voltaire. From his legendary novel CANDIDE, which means Optimism.

We have a good story to tell, and I am glad you will stick around to know it. For now, I will leave you with this twitter thread :slight_smile:

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Hey @marc

Thank you for this proposal.

Since most of the funds are requested for the development purposes of the wallet which is opensource software could you maybe add a budget proposal?

160k OP ~= $86k USD.

How do you plan to spend those? How many people will be paid and for how long? What salaries etc.?

Hi @lefterisjp and thank you for your feedback. The initial draft wasn’t clear enough in the budget spending and I will attempt to breakdown the budget proposal that Candide is requesting.

Candide works as a collective of individuals that cares about building accessible Layer2s wallets. For this grant, we will setup a program to invite contributors who would like to collaborate on working on new features, design and communication. We estimate that a single contributor that we will onboard will be paid for his time around 3k a month, averaging between a developer, a designer and a content creator.

Budget Category Description & Assumptions Amt USD
Fundamentals Build fundamental wallet components to properly support Rollups like Optimism $20,000
Ecosystem integration Add wallet integrations that augments and encourage the use of the network $20,000
Interface Design and implement accessible interfaces that are designed for Layer2s $20,000
Educational Create a space to learn about Ethereum scaling solutions and self-custodial wallets $10,000
Incentives Subsidie fiat-on-ramp fees that are deposited to Optimism $15,000
New Beta Experiment with interfaces on top of Account Abstraction $4,000

Total Budget: $89,000

At current price of ~$0.468 per OP at the time of writing this proposal, this amounts to ~190k OP.

We estimate that we would be spending this amount in a time frame of 8 months, averaging ~$11k per month.

To breakdown further some of the tasks in each category:

  • Fundamentals: this includes to the basic features that are supported in mainstream wallets. Examples includes displaying account balances and estimating gas on contract interactions.
  • Ecosystem integration: this includes integrations that are vital for users to deposit and interact with Optimism network. Examples are fiat-on-ramp integration and in-app bridging support.
  • Interface: this includes studies on how to properly design easy to use wallets that are native to Optimism and Layer2s and that includes design interfaces and front-end work.
  • Educational: this will be considered our marketing strategy, fostering not only an awareness of Candide but also Ethereum’s decentralized values and Layer2s purposes. Example includes blog posts community engagement.
  • Incentives: Candide plans to offset the fees required to deposit to on-ramp operators; making it essential free to get on-boarded Optimism without going through Layer 1.
  • New Beta: As the tech mature, Candide would like to experiment with Account Abstractions that is directly built on top of Layer2s. We would use that budget specifically to research around that topic.

Note: I have added a denomination in dollar amount to be prioritized in this budget proposal over OP – as the the spot price assumed at the time of posting was much higher. If this price changes between then and when the budget gets proposed on-chain, the OP amount will be readjusted to reflect the dollar amount above. OP are rounded values.

I will be updating the current draft with the new detailed changes.

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Thank you for this, with proper funding allocation, you proposal is more clear.

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Have to echo @Cryptoz here, I’m not seeing any real benefit of this proposal to OP holders

Thank you marc. This is helpful.

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Thanks for putting this together @marc and for updating the proposal based on community feedback.

Excited to see that ETHGlobal was able to be part of your journey and both the value proposition for Optimism and proposal budget makes sense in my mind.

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i an happy to hear the news that you, candide wallet takes part in op eco.
i support you

It’s an interesting idea, and any project which will help onboard more users to Optimism in simpler ways is a welcome addition.
I know this does not affect the tech, but the name sounds like candida, the yeast that causes infections. Branding is very important to the success of a project, so please consider this feedback.

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I’m voting Yes - wallet UX definitely has tons of room for improvement, and I like your rollup-centric approach, though I’m skeptical about adoption as you haven’t highlighted a convincing plan to gain users from well-established incumbents like MM. Would definitely like to see account abstraction on Optimism asap. Another thing I’d like to see is support for BLS signatures in your wallet, this has long been a bottleneck for rollups.

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Voted: Yes

Pros:

  1. Open source i.e public good
  2. Excellent fund distribution plan
  3. Amount of token requested is reasonable
  4. POC exist
  5. Have seen a working demo of the project

Cons:

  1. Wallet market is crowded, bringing users to use the wallet will be a challenge

Now, Its your time to provide feedback, I request you to share your view on these two of my idea/suggestion.

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Congrats on convincing two of the ‘delegate whales’ @marc :smiley: That’s great news for you, and hopefully (or eventually) the OP Community! It’s uplifting seeing a new(ish) project take a strong lead in the voting count.
…Now I’d get onto replying to @OPUser’s requests for feedback, pronto! :rofl:
Cheers!

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thank you for your support! @jacob @jjlee710 @polynya @0x000 @OPUser @Axel_T

OPUser, Thanks for being active in governance. I have given feedback on both of your proposals that you have come forward with.

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This proposal fits into Gov Fund Phase 1 but the value-add to Optimism is small: Voting No

Value-add: Short-term little. Long-term potentially interesting
Amount: Reasonable
Op distribution: Okayish - building the product
Co-incentives: none

We see this funding round’s goal primarily in increasing liquidity and users on Optimism. The project vision sounds interesting but has a very long way to go until it can potentially add something to this goal. You listed a couple of interesting features and incentives that we’d like to see from bigger wallets with existing user bases. Maybe it would be a good idea to raise some funds for your venture, to collaborate with existing wallets or focus on tools that others can implement too (Which could be eligible for funding too). Definitely hope to see you around & look forward to your product.

not heard of candide wallet before so cant really give my opinion but i dont think funding your project to launch is what the goal of these funding rounds are

So marc I wanted to provide some more feedback.

I am a big fan of opensource and public goods and believe development work should be funded and new projects, like Candide should be given a chance to thrive.

The funding amount ask is very reasonable imo.

I want to see your project succeed and thrive and I believe it has potential to help the optimism ecosystem so I will be voting yes.

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Hello @ScaleWeb3, thank you for the consideration and your thoughtful feedback. We do recognize that the project is its early form, but we are well aligned with Optimism two houses’ mission as they are tasked with balancing long-term vision with short-term incentives.

We see value in the common good, and that’s why we don’t want to raise venture fund. We are pursing open source for a sustainable future and an open internet, and we see Optimism as mechanism in rewarding public goods a step towards that future.

Thank you again for your well though feedback and I look forward in seeing you around as well.

Hello @lefterisjp, thank you again for your initial feedback early on as it helped formulate the initial draft. We appreciate your voice in advocating for open source as public goods. Thank you for your support.