Synonym Finance LTIPP Council Recommended Proposal

Link to Application

https://forum.arbitrum.foundation/t/synonym-finance-ltipp-application-draft/21585

Council - 3/3 Yes Votes

Feedback

Wintermute Feedback)

Synonym Finance’s application was good and scored well across a range of criteria. They provided thorough explanations regarding their KPIs, milestones, and goals, with supporting calculations. Considering their age, their protocol has been able to establish a solid uptick in activity and TVL, however, this has declined notably since their application. Their target TVL is pretty ambitious and therefore, their requested grant size is on the large end. However, they provided a solid execution strategy. In their execution strategy, we appreciate that they are focusing on important markets relevant to Arbitrum and the DeFi ecosystem. Their locking mechanism and long-term emission schedule is a nice addition that should help incentivise stickiness. We will be supporting this application.

GFX Feedback) While the request is large and the project relatively new, the applicant did a good job utilizing data from recent grants for similar projects to justify both the sizing and execution strategy. We recommend this grant be approved.

GMX Feedback) The protocol has experienced significant growth with its current incentives program and has garnered promising early traction. The proposal is well-defined, with clear milestones that outline the project's trajectory. Overall, it's a well-written proposal that provides comprehensive data on the protocol, and the incentive strategy appears sound. We are inclined to support this proposal.Synonym is a cross-chain lending platform, akin to Silo and Dolimite. While they have received funding from the foundation, it's not intended for use as incentives. This grant of 400k aims to stimulate borrowing and depositing on their platform. By funding this application, users will gain access to another lending/borrowing protocol with a proven track record, thereby enhancing the overall Arbitrum TVL and benefiting the ecosystem. Though the milestones may seem ambitious, they plan to use their token to incentivize users.