Rigoblock Protocol - Growth Experiments - Cycle 11

[MattL]

Hello and thank you for your proposal! Throughout the application process, this forum thread will be one of the official means of communication. Please be sure to monitor it for updates over the course of the review period.

At this stage, applications are mainly being reviewed for completeness, and nothing at this stage should be construed as support or opposition by any members of the Grants Council.

@gab

What are you building?: Rigoblock is a fully open source and free to use smart contracts protocol that facilitates the interaction with DeFi applications and the organization of tokens and group of token holders in smart wallets. It is aimed at making interaction with DeFi applications simpler (by abstracting token allowances) and safer (by efficiently removing token allowances when not necessary). Rigoblock is multi-chain, live on Optimism since November 2022.

Hey Gab! Just to be 100% clear here - I really don’t know what Rigoblock is based on this info, and going to the dapp shows me a Uniswap V2 fork-esque protocol without any usable pools to play around with.

Could you summarize some of the improvements of Rigoblock compared to similar protocols and also how you’d come to the conclusion that safe.global / enzyme finance are competitors? Just having a bit of a hard time understanding what Rigo does here.

@gab

P tokens will be distributed to Rigoblock pools based on their GRG staking rewards, augmenting the pools’ rewards. Allocated tokens will be split by epoch (each Rigoblock epoch is 2 weeks long) and distributed to the pools on top of their GRG staking reward. We will distribute the allocated OP pro-rata to each smart pool based on the GRG staking rewards.

Over what period of time will the tokens be distributed for each initiative?: Shorter timelines are preferable to longer timelines. Shorter timelines (on the order of weeks) allow teams to quickly demonstrate achievement of milestones, better facilitating additional grants via subsequent proposals: 12 weeks. Each Rigoblock epoch is 2 weeks long. Therefore, 1/6th of the total amount will be distributed each week, exhausting the amount after approximately 3 months. The same amount of OP will be allocated to each epoch, with individual pool APY expected to decrease as the aggregate pools’ TVL grows.

Please provide more information on the distribution and how much is allocated to each. 100% is fine if that’s the proposal. Though it’s important to provide more details on the exact calculation of OP rewards and how liquidity will be sourced to support these Rigoblock pools.

@gab

Please provide benchmark milestones for this project. These milestones should guide the Optimism community on the progress of your project throughout your work on the project. Do not use distribution of the grant itself as a milestone:
The program will start after the Rigoblock epoch following the one when grant is received. All systems are deployed and in use currently, so we can start at any time. Each Rigoblock epoch is 14 days long. Therefore, as the grant is received during Epoch 0, the distribution will start at the beginning of Epoch 3. The last epoch of the program will be Epoch 7.

• Milestone #1 - 100 new smart pools created by 100 different pool operators on Optimism by the end of Epoch 2
• Milestone #2 - 100K USD additional TVL on Optimism by the end of Epoch 3
• Milestone #3 - 1MM USD additional TVL on Optimism by the end of Epoch 5;
• Milestone #4 - 1MM USD in AMM liquidity on Optimism by the end of Epoch 6.
• Milestone #5 - Retain at least 50% of end-of-program-TVL 1 month after the end of Epoch 7. This metric will exclude TVL acquired after the program and will be used as a benchmark to assess the viability of a similar program in the future.

Please define critical milestones for this project. Critical milestones are meant to show good-faith efforts to accomplish the project. Non-completion of these milestones could lead to revocation of remaining grant rewards. Do not use distribution of the grant itself as a milestone:

• Milestone #1 - Display public onchain TVL metrics, through an independent source like DeFi Llama (or viable alternative) by the 15th of May 2023;
• Milestone #2 - Create a staking section on the platform to display pools APY by 15th of April 2023;
• Milestone #3 - Provide public data on OP distribution and pools’ APYs, either on the portal or on a public doc as OP distribution progresses by the start of the distribution. Data will be updated as new data become available.

The provided metrics lack specificity and are not tied to clear timeframes. Without specific target dates, it is difficult to assess progress and hold the project accountable. Additionally, the critical milestones mentioned seem to be unrelated (and less critical) milestones. Please revise the milestones to provide clearer and more measurable targets. Review the milestone assessment doc for more information.

@gab

Does your project solve a problem for the Optimism ecosystem? If so how?:

1. Users looking for a solution to run strategies for themselves and their partners, with real time allocation of token participation in a pool
2. Users looking to minimize Dapp smart contract risk
3. Users looking to generate yield on their portfolio
4. Users looking to bootstrap their own track record for launching a professional asset management service.
5. Users looking to launch smart wallets without writing smart contracts
6. Users looking to deploy highly efficient smart wallets, as Rigoblock launches an effective transparent upgradable proxy pattern. In this context, the protocol uses an abstract approach to storage, which prevents storage collision by design (this is a huge problem if an upgradable proxy is not developed with care for storage collision).
7. As a consequence of point 6., a publicly available framework for abstract storage upgradable smart wallet proxies, which can be used for an Optimism dev under the Apache2.0 License term

Yet again, it’s very unclear to me on what RigoBlock does (based on the available UI, and other information) and how it would solve a core problem on Optimism.