Symbiosis LTIPP Council Recommended Proposal

Link to Application

https://forum.arbitrum.foundation/t/symbiosis-ltipp-application/21748

Council - 3/3 Yes Votes

Feedback

Wintermute Feedback) This application was clear and concise in describing their objectives, KPIs, and milestones. While the protocol does not necessarily bring anything new to Arbitrum, it is one of the more reasonable grant requests for bridging protocols. Furthermore, we appreciate the marketing efforts with Galxe to increase awareness and funnel users to Arbitrum. Not sure if it was implied under cross-chain swaps, but it would’ve been good to see Symbiosis incentivize cross-chain swaps into DeFi protocols on Arbitrum. We will be supporting this application. GFX Feedback) This grant plan focuses directly on lowering the cost to bridge onto Arbitrum One or Arbitrum Nova by subsidizing the gas costs to bridge in. While a 100% rebate may offer some niche griefing attack by someone seeking to drain the grant funds, they probably would not have a profit motive to do so. The request is reasonable in size, the plan easy to measure, and directly targets increasing the number of assets and users on Arbitrum. We recommend this grant be approved.

GMX Feedback) I’m generally supportive of the Symbiosis application on the basis of the sector they’re involved with. Bridge and crosschain development can only benefit a network. The grant was straightforward and it seems Symbiosis is cognizant of the space they’re operating within and their place in it. The proposal from Symbiosis presents a comprehensive strategy to drive liquidity and user engagement within the Arbitrum ecosystem. By offering gas fee refunds for cross-chain swaps, Symbiosis aims to incentivize users and attract significant trading volume to both Arbitrum One and Nova. The clear objectives, well-defined milestones, and commitment to transparent reporting demonstrate a thoughtful approach to achieving measurable outcomes. Furthermore, the integration of incentives with Galxe for wider outreach enhances the potential impact of the initiative. Overall, this proposal aligns with the goals of aiming growth and innovation within the Arbitrum ecosystem, making it a worthy candidate for support.