[READY][GF: Phase 1 Proposal] Mean Finance

Hey kyros! Thanks. Although we’ve already submitted the proposal I’d love to have your feedback, even in our discord so the community can comment too, or wherever.
I think most proposals aim to do liquidity mining incentives, which we do not still have, and also we do not have a token (at least yet), so matching incentives (which is something really important to signal commitment) could not be done.

Hopefully we can prove this (and us, Mean Finance) add positive value to the Optimism Network, which I think we will through different public goods, infrastructure and tooling deployment.

Have taken a quick look and I’m unsure about the value of this in the current environment. Would like to see more traction or a lower ask amount given relative TVL

Hi @0xged and community. As a representative of DeFi LATAM and communities in the region, the majority spanish-speaking, Mean Finance is quite a popular protocol and even a reference when talking about Optimism here. It’s natural because the community follow its progress from its very early stages, as mentioned in the proposal. As DCA protocol is a very genuine and convenient case at this stage. In fact, I shared some ideas with team before the publication of the proposal, such as subsidies, understanding that this would arouse even more interest, knowing the needs of the users.

Then, I’m OK with supporting the proposal, I agree with the feedback that others exposed and improvements made to it, optimistic that it will attract another class of user not only interested in DeFi, but ppl also thinking of acquiring long-term exposure in their favorite assets, through this and future (?) other strategies.

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Mean Finance has a different value proposition compared to other protocols (Dexes, Lending, metaverse, etc). Mean can attract many retail users, just look at the number of positions they have built in OP. This is not necessarily related to TVL.

And most do not exceed $1K, it is a low risk tool ideal for non degen users, no whales with big bags. Mean Finance users are another target and I include myself, I usually put together monthly (when I get paid) a small position to buy ETH as savings.

On the other hand the team is totally aligned with Optimisim’s vision. Look at the contribution they have made to the Optimisim ecosystem, surely many protocols will benefit from it.

To conclude I think it is a great project that can capture a market that the cryptodegen ecosystem has not been able to do yet.

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Voted: Yes

Number of token request are reasonable. I do see that giving subsidies to DCAer would help bring liquidity as the asset will be locked in the chain. 45% is little t much but that also distributed between swap fee and DCAers .

Rest 70% is well distributed.

Will be watching this closely.

Now, I am requesting your feedback on these of my ideas. Feedback is two-way approach, you help us and we help you.

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This proposal fits into Gov Fund Phase 1 and adds value to Optimism: Voting Yes

Value-add: Good
Amount: Reasonable
Op distribution: Good
Co-incentives: None

Mean Finance is well-aligned with Optimism and we see good value in the proposal, generally in DCA in a low-transaction-cost environment, and the specific adoption of it throughout the Optimism ecosystem. There are no monetary co-incentives but the project’s initial steps on Optimism as well as the overall incentive distribution and marketing will be beneficial to Optimism growth. Looking forward to additional projects building(-in) DCA &or on top of Mean Finance.

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Thanks for the proposal. I like that you are enabling easy dollar cost averaging for users but I don’t think the metrics (e.g. TVL, trading volume) are at a place where it would be the best use of funds for Optimism at this stage especially relative to the amount requested.

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Hey linda! Thanks for taking the time to read our proposal. The only comment I’ll make is (and not directed only at you, but all delegatoorrrrs): Please, try to look a bit further and not only into metrics. Look into novel protocols, dedicated teams that are going to hustle their way and become a key part on Optimism.
Having said that, although you are probably going to pass on our proposal I appreciate your work! I’ll keep being Optimistic :nerd_face::red_circle:

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Mean Finance is a good project for DCA :heart:

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Cheap ways to DCA with on-chain security is an interesting usecase. Happy to support the proposal, but I’d suggest that the main challenge here would be to on-board CEX users.

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Yeap. For sure. We do have on our roadmap adding some fiat-on ramp like mtpelerin, but also know that CEX users will “only” join if UX is top notch, since probably they are not savvy DeFi users.
We hope that also our new upcoming products help on decentralizing trading tools, improving our capital efficiency (let your assets gain yield while dcaing) and more stuff coming soon.
Thank you for your support polynya, and also for your work!

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Very good project, I have used it a few times, and I feel that it is of great use to many people who invest

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I have a similar vision, DCA protocol seems to me a very attractive area (and more so these days), it would be good for Optimism to become the home of this new type of user.

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I feel a lot of responsibility here as my vote seems to probably be defining the end result as one of the big delegates who has not yet voted.

I am a bit torn but I am leaning towards and will vote YES.

PROS

  • Very good match for optimism. I have not used mean finance myself but after reading the proposal I would like to give it a try. I believe DCA is one of the most effective strategies and do it myself outside of crypto too and I find it cool to see a crypto project geared towards it. And agree that DCA + L2 like optimism are a match made in heaven.
  • Good distribution
  • The team seems to be open to feedback, judging by what I read in this post, and adjusted the proposal already. This generally gives me a very positive feeling that they will be able to work with us and improve optimism.

CONS

  • Low usage/metrics
  • Not keen on the early adopters part of the allocation.
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Hey @lefterisjp,
Thank you for trusting us and the value we might add to the Optimism ecosystem. We will do our best to execute this responsibly, and to the best of our abilities. We also hope to keep bringing public goods, quality and tools for all developers that might want to join.

After doing another review of this proposal (in response to CryptoChica’s tweet that Mean Finance “is a very well-known and used protocol in Latam”), I updated my vote from no to yes.

While the metrics/usage is early, I want to support Optimism’s ecosystem growth in Latam (it’s not a region for crypto adoption I have expertise on) and I recognize the early set of users might be retail and not necessarily higher volume.

As I commented above, I am a fan of enabling easy dollar cost averaging for users so this positive use case plus considering further adoption of Optimism in Latam and a reasonable token amount requested is something I can get comfortable with.

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Linda,
We’ve already thank you through twitter - but again: Thank you. We feel double the responsibility on your votes (changing a no for a yes, publicly, it takes courage), plus you are voicing a lot of delegated votes also.
We will do our best to make the best of it, and improve the Optimism ecosystem as much as we can.

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I’ll vote YES :white_check_mark: (but I am not 100% convinced)

Project quality: Mid - DCA is important primitive but it’s not exactly ground breaking. Low TVL. Can’t wait to see what else team has in store.
Team quality: ? - Hard to asses, I think it’s mostly anon but GH is very active
Amount requested: Reasonable-High
OP distribution: So, so. Most OP spent on LM.

I am voting no on this proposal. The heavy use of $OP for subsidies is likely to create a market distortion that is unsustainable.

This is a lot of words and abbreviations.

Seems as if you deployed on Optimism at first in December and have migrated to full deployment with 18 pairs. Am I right in that understanding?

Sounds like you were close to hitting the Phase 0 requirements but were a bit below due to TVL.

Using this criteria projects with $1,000,000 TVL were entitled to 300,000 OP.

Mean’s TVL seems to be around half of this - $590,042 as of 7/7.

Would it be fair to use this initial-phase framework to better understand a fair amount of OP? If so, it seems a more appropriate and proportional ask would be 177,000 OP.

This is 59% of the 1,000,000 TVL allocation.