[READY] [GF: Phase 1 Proposal ] Kromatika

Thank you, so can i say that 70% is towards marketing(i am also counting 20% that you will use to build this feature), 20% to LPer and 10% early users ?

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How does staking KROM and paying OP to people to dump a good idea?

Or using OP to pay influencers to dump onto the market a good idea?

Everything here, from the airdrop to marketing and LPing is a bad move for OP token price.

Yes you could say that. We decided to spend upto 70% (including 20% build cost) on marketing because we want to help onboard new users to Optimism using Kromatika.

Our real mission is to make DEX trading simple, accessible and affordable. We want to help transition CEX traders to DEX traders.
The crowds will come in once they discover that DEX trading does not have to be a ridiculously costly affair.
And, we believe that Kromatika is the solution to the current issues in the DEX space.

But, it is quite difficult to do this without a dedicated awareness campaign especially because we don’t have any VCs or big names promoting our product. Hence the focus on marketing (including the building of the referral tool).

Once the new users onboard, they will stay because of the security (decentralized), benefits (Kromatika trading platform benefits), and the network efficiency/speed (Optimism) that enables all of this to happen.

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Thank you, what you have said make sense. One last question, I promise, will you be keeping a ledger of your fund distribution and willing to share with OP team when asked for it? Reason being, I think , its a unique experiment and I want to support this but I also want to see the flow of token and its impact on users.

It would be great if you could share with all of us but I think this wont be possible because of privacy reason. What you think ?

Am I understanding it correctly that you are asking for OP tokens to pay to influencers to market your product in optimism? And then some of it on a referral program?

The way tokens are used is described and can be followed on-chain. The Provided address in the grant is a gnosis safe wallet on OP having the same signers as the team wallet.

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This is the one thing that we have no control over.
We are hoping the users hold the OP token, but ultimately, it is a grant paid in OP tokens that must be put to use.
We have tried our best to bring about good value for both Optimism and Kromatika in the long run.
If you do have a better idea, we’d be open to hear it though.

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This makes sense. Thank you for sharing these details.

Hi, thank you for your question.

The only payment an influencer gets is to promote our “Optimism only offers”:
a) three free swaps on Optimism
b) $OP airdrop for Liquidity Provider participant on the Optimism Blockchain
c) Liquidity providing and solo staking on kromatika finance

Additionally, we will be vetting the influencers to ensure they are not coin shillers but rather have some good educational content. That way there is quality and we are not throwing $OP tokens into the wind.

The 20% for referral program is for the development of the referral program. This idea was not part of our official roadmap, but since we are applying for a grant, it will enable us to dedicate funds (if we receive the grant) to pay salaries of the dev team in order to build this feature. We believe this program will help promote new user acquisition.

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Based on the discussion going on and clarification made, as an OP holder and delegate with more than 0.0005% of voting power ( 0xdbaabc182e5fcebf216c353a3ebe32cdb7390094 ), I support his Proposal.

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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.

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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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