[READY] [GF: Phase 1 Proposal] Socket

[sraim]

1 - What do you think will happen after the subsidy ends? Is the amount of tokens requested based on any metric?

Running calculations on the historical txns for the users we onboarded we found that on average a user coming into Optimism spends $4 in gas + bridge fee

We are requesting 1M tokens with 60% allocated to onboarding = 600K $OP or roughly $600K based on average $OP prices
So with $600K we aim to onboard 150K users (4$ for 1 user) over 6-8 months which we think is a reasonable target since we have onboarded 30K+ users in just the last 2 months with zero incentives!

2 - In the case of bridges such as Hop Protocol, which have incentives in $OP tokens; How would the double incentive of this interaction play out?

Currently Socket supports the following bridges to Optimism, and here are our plans for each:

Optimism Native bridge - No $OP grant. Hence Socket OP incentives will apply

Hop - Have already committed in their proposal that they won’t consider bridge aggregators. Hence Socket OP incentives will apply

@cwhinfrey

Only direct interactions with the Hop Contracts should be considered for $OP rewards. Interactions that go through wrapper contracts, such as those deployed by bridge aggregators, add a ~20% gas premium vs using Hop directly, which works against the goals of this proposal.

Across - Use a combination of referrals to know wallets to reward & also mentioned they are strongly against farming. We plan to request Across to blacklist Socket contracts, so no rewards are received. Hence Socket OP incentives will apply

@britt

We also recognize that there will be external factors that may lead to farming as well. In such an event, we would expect to adjust the OP rewards distribution in a way that reduces this farming potential. Our goal is not to allow users to farm and sell $OP to bank a profit and not use the optimism ecosystem. We will keep the optimism delegates aware of any such actions, should they ever be necessary. We would like to be the bridge of choice for any user that ever needs to move tokens to Optimism as more and more assets migrate to Optimism.

Biconomy - Their incentives are towards builders and LPs. Hence Socket OP incentives will apply

Multichain - No $OP grant. Hence Socket OP incentives will apply

Celer - Has plans to use incentives for onboarding. We are in touch with Celer team and can ensure we get blacklisted here too. Socket OP incentives will apply after we do this.

3 -

@Jadmat

Do you mean any tool / service that can be considered a public good for Optimism? Could you elaborate a little more on this?

Could you clarify this question, unable to get you?