[READY] [GF: Phase 1 Proposal] Kromatika [OLD]

happy to support this.

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This is an exciting project. I like how the limit orders are actually limit orders unlike what is offered in the DEX space currently. Why should CEX users have all the fun lol!

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Hi @Kromatika reviewing the proposal, I consider that the amount for influencers is not very reasonable from our perspective. I would suggest reducing that amount and including other features that benefit the end user, such as allocating 50% refunds on gas fees to users, for example. This idea can be discussed with another delegate if they so wish in the next few hours.

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Voting against. Influencer marketing, however well intentioned or well executed it may be, is not a proper use of Phase 1 incentives in my view.

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Will Vote: Yes

This is one of its kind proposal as its mostly focusing on marketing which I believe could help us onboard user and grow OP ecosystem.

I have couple of suggestion, during marketing focus on OP chain too and dont just put OP logo be done with that, I wold like to see mention of Bedrock, vision of OP gov, impact=profit, how can a user participate in OP ecosystem.
Dont just focus on your project, my request would be to find a balance and if possible track the spending and its impact.

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I see an overwhelming majority who voted against this project. I assume they were turned off by the influencer marketing allocation but I am not sure if they read the intention and reason why Kromatika has chosen to dedicate 50% toward raising awareness.

I would like to see fair launched projects such as Kromatika to win this grant simply because they have created a brilliant product that brings a solution to DEX trading. And they have done this with zero VC or external funds. Not even an ICO.

Now that they are requesting for a grant, i think they should be supported in this venture. I believe in the project and their intentions.

I wonder if they are allowed to change their proposal or re-submit it though.

Perhaps reduce the allocation for marketing so that the other delegates will reconsider and support this project.

2 Likes

thanks for all the feedback you provide - that’s for that reason that we love this section : hear your feedback to come with the best proposal for our community.
Kromatika is a project started from a fair launch, built stone by stone with the help of the community.
So, based on your valuable feedback, we would like to adjust

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We will be voting against this proposal as delegates.

While we appreciate novel uses of OP rewards for staking, we are skeptical of the efficacy of a referral program and influencer marketing, even more so at 50% of the distribution.

It seems to be well-intentioned however it is rarely the case:

Influencers - and public personas - have historically been selling pressure for most projects and tokens.

The benefit does not seem to outweigh risking the same fate for $OP.

We encourage a revised proposal with smaller rewards allocated for marketing.

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Hi @fig , do you think that @Kromatika can re-work their proposal since it has already been submitted?
The team seems eager to work on feedback received here.

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Good job for formalization, but imho I’ll vote against, sorry(

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I will be voting against this proposal due to the heavy focus on influencer marketing and referral program.

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While “influencer marketing” is off-putting at first glance, looking through the responses - I’ll vote For this proposal. The requested amount is reasonable, and the marketing strategy seems to be well thought out - something that’s very much missing from Optimism and projects on Optimism. I’m skeptical that it’s as reflexive as you expect, but happy to give it the benefit of doubt at this early stage, and keen to revisit and see if it leads to sustained adoption.

3 Likes

I will be voting NO, because 50% of the proposal seems to be for incentives from airdrop, liquidity, staking rewards and referral program, which is way to much. Then the other 50% is for influencer marketing which benefits both you and OP, although OP could do that by its self without needing to do mutual marketing.

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Hello, I would like to ask how the time node of early user rewards is defined?

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I am not a delegate, but I am an active member of the DefiLATAM and OptimismESP community.

The value proposition of the protocol is very good although the funds requested are quite high. They should request 50%.
It does not seem reasonable to me to allocate 50% to MKT (influencer), as it is difficult to evaluate the content generated with a criteria, I think that amount of funds could be used in a better way.

Hi @SEED_LATAM_Joxes
Thank you for taking the time to go through our proposal. We appreciate your feedback.

The end goal of our entire proposal is to onboard as many new users to the Optimism Network because we are big Layer 2 fans. It is not restricted to Kromatika dApp itself.

However, we understand your concerns with influencer marketing. Still, as a startup with zero external funding to be utilized for marketing campaigns, press releases, speaker events etc, we do feel like our voice is unheard by the hundreds of traders out there who’d surely benefit from our one-of-a-kind solution platform in the DEX space. And, this is why we went with a 50% allocation for influencers. Basically in our thought process, anybody with a decent following who can produce educational threads, youtube videos etc qualifies for an “influencer”. We don’t work with coin shillers per se.

We really value your input, and if we don’t get through this round of grant approval, we will re-work our proposal after gathering all the delegate inputs here.

Perhaps we will reduce the allocation for influencer marketing (and/or hire a PR agency and not having to deal with influencers), and increase the gas refunds allocation.
On that note, I am curious if you have any thoughts toward hiring a PR agency instead of influencers. Would love to hear from you.

Please do keep us in mind, and go through our proposal if we re-submit it.

Cheers!

Hi @solarcurve,

Thank you for taking time to go through our proposal and thank you for your comment.

Apart from the influencer marketing part, were you ok with the other parts of our proposal?

Also, what would you suggest for a startup with no external funding that needs help in raising awareness for a product that is definitely making its mark in the DEX space? In terms of marketing, other than influencers, would you suggest that we hire a PR agency instead?

Or what if, we reduced the allocation for marketing, increased the allocation for gas refunds, and then re-submitted our proposal? Would you vote for our proposal then?

We really love Layer 2, and hence Optimism. In fact we ran our dapp on the beta version of Optimism last year. So our end goal after winning the grant would be to onboard new users onto Optimism and not just Kromatika.

Thank you in advance for your comments :slight_smile:
Look forward to hearing from you.

Hi @polynya.eth,

Thank you so much for taking the time to go through our proposal and all of our responses to understand the intent behind it all. We are so grateful that you see it. We are also grateful that you support our proposal.

However, it looks like we may not win the grant at this stage judging from the For vs Against votes.

If we have to re-submit our proposal, we will reduce the allocation for marketing and increase allocation toward gas refunds since that’s what seems to be the voice of the majority of the delegates who have voted.

Would love for you to keep an eye out for us, in case we do resubmit our proposal. :slightly_smiling_face:

Thank you again for your energy and support!!

Cheers!

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I’m voting no on this specific proposal with a similar reason to other delegates that I don’t feel the 50% towards influencer marketing is the best use of funds. I’m happy to re-review the proposal if you end up resubmitting it as you mentioned.

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Vote: No

We echo some of the comments made in regards to reducing marketing incentives and focusing it more in on refunds, educational content or other activities that simplify adoption for users. We are more than happy to consider an updated proposal for the next cycle!

1 Like