[Review][GF Phase 1 Proposal] Optimism 🌈 Rainbow

ARCHIVED & OLD Missions Governance Fund: Phase 1
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Rainbow response

1. Presentation

We are an officially recognized Tooling Governance Committee, responsible for assessing proposals related to tooling and infrastructure (wallets, bridges etc.).

2. About the project

Rainbow is a highly popular mobile wallet with support for Ethereum and several scaling solutions such as Optimism, Arbitrum, Polygon and Gnosis chain.

External links:

Similar OP Governance proposals:

3. About the following

The proposal was detailed and the authors responded to several questions raised around implementation details.

4. About the proposal valuation

  • Added value (good to bad): very good. A mobile wallet offering native support for Optimism is paramount for Optimism adoption. Rainbow invested heavily into Optimism beyond simply displaying wallet balances, displaying Optimism NFTs, allowing in-app swaps and soon integrated bridging.
  • Impact or expected usage (high to low): high. Rainbow has a large existing userbase that will be compelled to try out L2 networks by seeing call-to-actions in the Rainbow wallet.
  • Current Status [Development stage/Open Source?] (early to ready): mostly ready. The wallet itself has been live for several years and Optimism support has been live for a few months now. The only feature which is not live yet but will be soon is the in-app bridging. The wallet is open-source and so is the router contract for swapping.
  • Expenditure plan and distribution (appropriate to inappropriate): somewhat appropriate. They intend to distribute 100% of the $OP grant to end-users who perform swaps on Optimism and bridge into Optimism. They request 30% of the grant upfront and 70% once certain KPI’s are hit (namely: $100,000 vol or 500 bridges/trades for two weeks). We really like tying the second grant tranche to KPI’s but think they could be set a bit higher.
  • Amount requested (high to low): medium. The requested amount is high but seems appropriate given the amount of work the Rainbow team has invested into Optimism. However, we do recommend more ambitious KPI’s for the second grant tranche.

5. KPIs and impact tracking

To track the success of the campaign it would make sense to track:

  • #swaps
  • #users bridging

The team has already set-up an excellent dashboard: https://dune.com/rainbowwallet/rainbow-router-network-stats

6. FINAL RECOMMENDATION: Yes

We think Rainbow provides a lot of value to Optimism and recommend to vote yes. We hope the Rainbow team will agree to tie the second tranche of the grant to a more ambitious set of KPI’s.

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