[READY] [GF: Phase 1 Proposal] Ooki Protocol

The amount asked for the size of the project seems to be quite substantial. It looks like 100% is to be used on incentives which wont provide value after incentives dry up.

This proposal lacks a fair amount of detail to make an informed decision so we are going to have to vote no. Disregarding that Ooki has little traction, the product isn’t on Optimism yet. It would be easier to demonstrate a working product on Optimism then ask for x amount of OP tokens. We recommend applying again in future rounds.

Ooki is already deployed on Optimism. The UI on the front end dapp at ooki.com is being updated to allow users to connect to Optimism. There is a slight delay because there is no sushi / uni v2 AMM on Optimism. It is currently possible to trade, lend and borrow but there are some “small things” that need fixing like estimation of profit and liquidation price.

Ooki DAO has discussed matching OOKI to OP rewards in the Ooki governance forum. Ooki grant Op proposal, matching incentives - Ooki Improvement Proposals - Ooki

The consensus following these discussion is that due to the OOKI treasury there are not enough funds available to match rewards.

To everyone saying that the requested OP grant is too large and matching funds would be better. Would you all be willing to support if Ooki matched funds at a smaller ratio, for example 10:1 and if the OP grant was reduced from 700k OP to a smaller amount, for example 400k OP tokens instead ?

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It sounds good to me however I understand part of the scepticism from people (Ooki has big potential but it’s in development) but I keep considering Ooki proposal as a good one for Optimism.
Good discussion in Ooki DAO btw, I recommend visit it, there is good information.

Echoing other delegates above I will also vote NO.

  1. The amount is very big.
  2. Protocol not yet deployed on optimism.
  3. Amount will be used to attract mercenary users to get the incentives and I am not convinced that they will stay.
  4. Protocols asks for tokens but is not willing to match them as incentives.

As I’m understanding it:
1- they are shaping to OP DAO interests
2- Ooki is close to do it on its platform but it is already deployed: DefiLlama - Ooki
3- ? I’m not agree with this (OokiDAO explained it in one of its replays)
4- they made a proposal about that, keep in mind Ooki is a low MC and they need be careful about their treasury

  1. We posted previously that we would be willing to adjust the grant amount if the community thinks it is too large.
  2. Ooki is currently deployed on Optimism.
  3. The OOKI DAO community is willing to match a reduced amount because the OOKI treasury can’t afford to match 1 to 1.
  4. The grants are used to kickstart trading volume and incentivize sticky liquidity. See details above about how these rewards are structured to achieve this, not attracting mercenary users.

We would love to have your support for this grant and are willing to work with you to get your approval by adjusting grant parameters to address concerns.

Snapshot vote - Not passed