my suggestion is to do whatever is most likely to add the most incremental value to the ecosystem, regardless of what the protocol may have received from governance. it could be, for instance, that they received a grant for something entirely separate from what you’d be offering them.
2 Likes
hello @cshg and you for your proposal. LiFi brings value to Optimism through its bridge aggregation widget tool and this proposal fits well with the goal of incentivizing usage on Optimism. You have adjusted to feedback that was given, so I believe your proposal is strong enough and ready for review.
2 Likes
thanks @marc for your feedback and encouragement. Changed the status to [REVIEW].
1 Like
I’m abstaining from this proposal since my fund Scalar Capital is an investor in LI.FI.
1 Like
LIKE li.fi , ui is more beauty, do more to make better.
Voted For
Number to token requested, its distribution plan and KPI defined are aligned with user on-boarding and protocol integration.
1 Like
1. Presentation
We are an officially recognized Tooling Governance Committee, responsible for assessing proposals related to tooling and infrastructure (wallets, bridges etc.).
To begin with, for this proposal we identified a possible conflict of interest between our team member (@cryptotesters involved in Hop protocol) and thus that individual was excluded from assessing this proposal.
2. About the project
There is plethora of bridges of various designs out there**.** There is also vast amount of tokens, some with native cheap bridging solutions. Bridge aggregators try to find the best path to move (and possible exchange) tokens from one chain to another and are important primitive.
In a nutshell, LiFi works in a way that a centralized backend provides routing information that is fed to and executed by decentralized smart contract system. LiFi itself doesn’t operate a bridge but rather aggregates already existing solutions.
LiFi supports Optimism for a while now. As far as we can tell, there are no plans for LiFi token.
Similar OP Governance proposals:
- Socket Protocol - 500k OP
- Hop Protocol - 1M OP
- Across Protocol - 750k OP
3. About the following
Proposal was posted back in August and recently updated to fit new template. LiFi team was quick to answer any additional questions asked by community members.
4. About the proposal valuation
In this part, we focus on the following aspects:
- Added value (good to bad): good. Bridge aggregators are the best products to use for many types of users.
- Impact or expected usage (high to low): medium. Aggregators are important but it’s a crowded space with many competing solutions.
- Current Status [Development stage/¿Open Source?] (early to ready): ready.
- Expenditure plan and distribution (appropriate to inappropriate): standard. Funds will be used to subsidize product usage as well as fund more integrations. This is quite in line with similar proposals.
- Amount requested (high to low): low/medium
5. KPIs and impact tracking
We suggest tracking following KPIs:
- Users bridged
- Users who bridged and stayed active
Same KPIs should apply to subsidised integrations. Further more, gas stipends should be monitored to detect any sybil-like behaviour.
6. FINAL RECOMMENDATION: Yes
We apologize for the delays during this cycle. Our work was mostly done on time but we had delays with the final confirmation from each member to properly publish our recommendations with the proper consensus (this was due to devcon week, but we recognize this is not an excuse). We promise that this situation will not happen again and we will carry out the respective improvements of the process and we will share our learnings received during this cycle.
Thank you for patience.
2 Likes
Voted yes - Following the Tooling Committee recommendation, this is also a reasonable amount requested and well written proposal with solid KPIs.
1 Like
Voting YES following the recommendation we published with the tooling committee of which I am a member.
Snapshot vote - passed
@cshg can you provide a Telegram handle or other contact method so the Optimism team can get in touch about paying out this grant! Feel free to DM or email palash@optimism.io
What are the changes?
Currently, 50% of our OP grant is allocated to ‘incentivize transfers to Optimism by providing initial gas for all bridges.’ We want to extend these incentives to other OP stack chains as well and broaden the scope to the wider Superchain ecosystem. Our goal is to onboard more users to chains like OP Mainnet, Base, Mode, Fraxtal, and other OP chains.
Additionally, we want to adjust the remaining 50% of our OP grant to be dedicated towards user incentives who engage with our Jumper Loyalty Pass. This will enable us to reward power users to bridge to various OP chains and explore different applications in the Superchain ecosystem.,.
Objective and Incentive Activities
Many users are attracted to our protocol because of our concerted effort to put users first and every decision we make is on the basis of making Jumper an easy and enjoyable protocol to interact with. As a result, the chains on our platform gain new users as bridges are at the top of the user acquisition funnel.
In line with our mission, we would use the remaining 50% of the grant to implement user acquisition strategies that entice users to explore the Superchain through the implementation of engaging marketing campaigns.
For example, we want to implement fun NFT raffles that encourage community building on online forums that when paired with gas rebates encourages our community to explore the Superchain ecosystem. By encouraging users to demonstrate their enthusiasm for the Superchain ecosystem, this elevates the Superchain’s brand awareness among the fiercely competitive Layer-2 market.
We have conducted similar activities in the past with great success. For example, earlier this year, we held an NFT raffle to incentivize users to bridge to Base via Jumper. In just 8 days, approximately 22.5k unique wallets interacted with Jumper for the campaign. The campaign cost was the NFT, which cost us $1k, resulting in a new wallet acquisition cost of $0.0444 per wallet.
We believe this creates a positive situation for all stakeholders in the Superchain ecosystem and creates a positive feedback loop:
- Attract new and unique users to the Superchain.
- More users lead to increased activity across applications on Superchain.
- Increased activity attracts developers and projects, leading to more applications.
- More applications attract even more users!
How will OP rebates be distributed?
Users who participate in our campaigns and onboard to the Superchain will be eligible for OP rewards. These rewards will be distributed exclusively to users through the familiar Jumper UI
Any questions?
Please reach out to @zord4n on Telegram.
1 Like
@katie re-pinging for the proposal amendmen 