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op-grant.txt
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LINK
https://app.charmverse.io/op-grants/mountain-protocol-6319306937100639
WHY IS YOUR APPLICATION NOVEL?
USDM is the first permissionless and regulated yield-bearing stablecoin backed by U.S. Treasuries. Its unique rebasing capability allows USDM to differentiate from other assets, by making the rewarding system automatic and as simple as possible for users. Mountain Protocol's regulatory, compliance and financial configuration add layers of security and trust for users, aligning with the general goal of bringing more people to the blockchain space.
COMPETITORS?
Our direct competitors are: Ondo (USDY), Hashnote (USYC), MatrixDock (STBT), Backed (BIB01), OpenEden (TBILL). None of them are deployed on Optimism.
ABOUT USDM
USDM is the only permissionless and regulated yield-bearing stablecoin, backed by U.S. Treasuries. The USDM token is pegged 1:1 to the US dollar and is redeemable by primary users on the Mountain Protocol platform. USDM rebases daily, allowing users to receive rewards. Yield bearing USD stables have a similar impact to Ethereum Liquid Staking tokens, allowing more of the value of the assets to stay within the ecosystem.
Mountain Protocol
Details
Welcome!
Please do not post this form to the Governance Forum.
You are responsible for checking updates to the Home Page, comments to your application, and general updates to Optimism Governance.
The Grants Council will post the results of the Preliminary and Final reviews on the Home Page and the Forum. Proposer conduct and etiquette will be taken into account in assigning final scores.
Until Feb 15th this submission will be considered an Indication of Interest for missions that are approved to move to a Token House vote; however, if the Mission does not pass the Token House vote on February 14th, those submissions will not be considered.
By proceeding with this proposal, you acknowledge that no actions create an entitlement to be named a grant finalist. You acknowledge that the Grants Council does not make any representation as to the substance, effectiveness, or quality of a project by reviewing a project or naming a grant finalist. You agree to hold the participants in the grants process harmless for any matters related to your participation. You acknowledge that the conferral of a grant will be subject to further conditions if your project is named a finalist.
The details about this mission request are here
Project Name*
Mountain Protocol
Team Lead:*
Martin Carrica
Trust Tier:*
Trust tiers link
Ember
Please verify that you meet the qualifications for submitting at the above Tier:*
link
Verified
Contact info: *
Please specify the best point of contact (email preferred)
Twitter handle:*
https://twitter.com/MountainUSDM
Website:*
https://mountainprotocol.com/
Discord/Discourse/Community:*
N/A
Github:*
https://github.com/mountainprotocol
Demo:*
https://curve.fi/#/optimism/pools/factory-stable-ng-7/swap
Other:*
https://www.linkedin.com/company/mountain-protocol/
L2 recipient address:*
0xAC7324426BE45849b1186BC1FBbA02dEa24832Ee
What is the size of your grant request?*
250k OP max; above 150k requires full Council vote
50000
Has the proposing group or organization received a grant from Optimism previously?*
If so please provide a link and a report of critical and benchmark milestones completion
No
Tell us about your project, please cover:*
Why is what you are going to build going to succeed?
How is this project going to satisfy the goals of the mission request you are applying for?
How many users does your project currently have? Please include how you arrived at this estimate
How will receiving a grant will maximize the number of users interacting with your aplications? Please include a step-by-step flow of how you imagine this grant can lead to a more significant number of user interactions with Optimism
Tell us about the users you plan to target with this grant. Include any defining characteristics that will help you identify and target them
How would these users interact with Optimism? For how long?
Do you have any metrics on the project currently? (TVL, transactions, volume, unique addresses, etc. Optimism metrics preferred; please link to public sources such as Dune Analytics, etc.)
Who are your competitors, and are they on Optimism?
Why is your application novel?
USDM is the only permissionless and regulated yield-bearing stablecoin, backed by U.S. Treasuries. The USDM token is pegged 1:1 to the US dollar and is redeemable by primary users on the Mountain Protocol platform. USDM rebases daily, allowing users to receive rewards. Yield bearing USD stables have a similar impact to Ethereum Liquid Staking tokens, allowing more of the value of the assets to stay within the ecosystem.
USDM currently has +$150M in TVL and more than 13,000 holders across different chains.
USDM is issued by Mountain Protocol Limited, a prudentially regulated financial institution under the Bermuda Monetary Authority, a leading crypto regulator and established financial regulator, representing over 1/3rd of the global re-insurance market.
Why is what you are going to build going to succeed?
Ensuring there is enough USDM liquidity on the chain is crucial for maximizing its usefulness. With USDM's native yield (currently at a 5% APY) outperforming stablecoins like USDC or USDT, which don't offer yield on the same blockchain, users and protocols should recognize the benefit of holding a yield-bearing asset like USDM over non-yielding stablecoins, considering the similar (or lower) risk. A grant of 50K OP would help attract liquidity providers to these pools, kickstarting USDM liquidity on the chain.
How is this project going to satisfy the goals of the mission request you are applying for?
This project will help achieve Intent #2 by using USDM's native yield to attract users to the Optimism blockchain. On the one hand, some users will be drawn by USDM yield and swap their non-yielding stables for USDM. On the other hand, this native yield gives OP an edge over other chains, making it convenient to include USDM in different financial applications to offer the highest yields (e.g., as collateral for lending), expanding the uses cases within the ecosystem.
How many users does your project currently have? Please include how you arrived at this estimate
As of today, there are 13,111 holders of USDM or wUSDM. This can be verified on each blockchain explorer (including bridges such as Manta)
How will receiving a grant will maximize the number of users interacting with your applications? Please include a step-by-step flow of how you imagine this grant can lead to a more significant number of user interactions with Optimism
Receiving a grant will maximize the number of users interacting with our applications by allowing us to incentivize liquidity providers to swap stablecoins for USDM, attracting users seeking higher yields. This will increase the overall liquidity on Optimism, making it more attractive for users and protocols to interact with Optimism's applications. Once there is enough liquidity, it would be easier for other protocols to include USDM in their financial applications, expanding the use cases and attracting more users.
Tell us about the users you plan to target with this grant. Include any defining characteristics that will help you identify and target them
The users we plan to target with this grant are those interested in maximizing their yield on stablecoins or using USDM as collateral for financial applications. We will make an announcement of being native on Optimism, we will market the rewards available in the pools, and we will co-market any partnerships that we engage with within the ecosystem.
How would these users interact with Optimism? For how long?
USDM holders are mostly long-term holders. They might whether be looking for yielding a risk-free rate on their assets, or maximizing their efficiency using USDM as collateral for financial applications such as lending. Once the holders are familiarized with the coin, they would interact regularly by increasing their USDM holdings on the chain. In addition, many of USDM holders are institutional players, which have a higher degree of stickiness once they deploy their investing strategies.
Do you have any metrics on the project currently? (TVL, transactions, volume, unique addresses, etc. Optimism metrics preferred; please link to public sources such as Dune Analytics, etc.)
https://dune.com/steakhouse/tokenized-securities
https://defillama.com/stablecoin/usdm
https://www.coingecko.com/en/coins/usdm
Who are your competitors, and are they on Optimism?
Our direct competitors are: Ondo (USDY), Hashnote (USYC), MatrixDock (STBT), Backed (BIB01), OpenEden (TBILL). None of them are deployed on Optimism.
Why is your application novel?
USDM is the first permissionless and regulated yield-bearing stablecoin backed by U.S. Treasuries. Its unique rebasing capability allows USDM to differentiate from other assets, by making the rewarding system automatic and as simple as possible for users. Mountain Protocol's regulatory, compliance and financial configuration add layers of security and trust for users, aligning with the general goal of bringing more people to the blockchain space.
Please link to code audits (if any):*
https://github.com/mountainprotocol/audits
Team
Tell us about your team, you should cover:*
Who are your founders?
What makes your founders well-positioned to accomplish your goals with this project (1-2 sentences on each)?
Tell us about the rest of your team (if there are more teammates).
What else have you built? (Share links, Github repository, or any other helpful information).
Is your project funded? If so, provide an estimate of how many months of funding runway your project has.
Do you have references for past work?
Who are your founders?
Martin Carrica
Founder and CEO of the Company. Experienced finance leader, launching new banking products across geographies (Latam & USA) in both Retail and Commercial verticals, as part of McKinsey and in personal capacity. Extensive experience on banking risk including conceptual Basel III implementations and practical bank receiverships.
Matias Caricato
Founder and CTO of the Company. Experienced tech leader with 10+ years in the software industry. Extensive CeFi experience, most recently building and scaling, in the role of CTO, the largest CeFi exchange in Argentina with 1M+ users and 100M+ in TVL.
What makes your founders well-positioned to accomplish your goals with this project (1-2 sentences on each)?
Their combined expertise in finance, technology, and risk management positions them well to lead Mountain Protocol to success.
Tell us about the rest of your team (if there are more teammates).
The team is comprised by Firas Habach (Board Member and Advisor), Erika Gonzalez (Chief Compliance and Risk Officer), Jason Mindlin (Chief Of Staff), Albana Rodriguez (Head of Business Partnerships), along with other contributors who integrate the Compliance, Tech, Commercial, and Marketing departments.
Is your project funded? If so, provide an estimate of how many months of funding runway your project has.
The project is funded by New Form Capital, Coinbase Ventures, among others. The founding amount cannot be disclosed. Current Runway is 18+ months
Roadmap and Distribution Plan
How do you justify the size of the request?*
higher grant size requests will receive greater scrutiny
We request 50,000 OP for this mission to distribute as a growth experiment grant to bootstrap liquidity on Optimism by providing incentives to liquidity providers in some specific liquidity pools. Given the market conditions, the greater the size of the grant, the more successful in attracting and retaining users it would be.
Describe in discrete steps your plan for accomplishing your project:*
Define the AMM pools to add the rewards
Main candidate: USDM-USDC pool on Curve(*), already deployed. Contract: 0xb52c9213d318956bfa26df2656b161e3cacbb64d
Other options: USDM-USDT, USDM-wstETH, USDM-sDAI
Define the initial reward mechanism
For the USDM-USDC pool, on a 50/50 basis it yields 2.5% APY. Adding the rewards with a target 15% APY for 12 weeks implies: it will
50,000 OP x 3.89 USD/OP x 52 weeks/year / 12 weeks / 0.125 APY = ~6.7 M TVL
Market the launch of USDM natively on Optimism and mention the availability of rewards on the pool.
If necessary, look for interested parties to bootstrap initial liquidity on the pool
Monitor pool activity and adjust rates, timelines and even pairs depending on performance and market conditions.
Continue the process of integrations within the ecosystem to add more use cases, reinforce marketing, and increase demand.
(*) Unlike most AMM protocols, Curve supports rebasing tokens. This avoids the use of wUSDM. Poolside is another option that supports rebasing.
How will the OP tokens be distributed?*
please include % allocated to different initiatives such as user rewards/marketing/liquidity mining. Please also justify why each of these initiatives aligns with the problem statement this proposal is solving. Distribution should not include the sale of any tokens by the grantee or the use of tokens for compensation, protocol expenses, etc. See the no-sale rule here. Please note that the no-sale rule is an absolute requirement that is not within the scope of the Grants Council to change. Please direct any questions to the #governance in Discord
100% of the OP requested will be distributed as rewards to liquidity providers of AMM pools.
Over what period will the tokens be distributed for each initiative?*
We are thinking of a 12-week reward period, but it could be adapted following market conditions (lower market rates would allow us to reduce rewards, hence allowing for longer rewarding periods).
If the OP tokens are for direct distribution to users, why will incentivized users and liquidity on Optimism remain after incentives dry up?*
Bootstrapping liquidity is an initial step for growing the use of USDM on the Optimism chain. Leveraging on that, Mountain Protocol will seek for integrations with protocols within the ecosystem, looking for expanding the use cases. Marketing activities would increase awareness and attract more users into OP and USDM.
Please provide any additional information that will facilitate accountability: *
smart contract addresses relevant to the proposal, relevant organizational wallet addresses, etc.
USDM contract on Optimism
USDM-USDC pool on Curve
Optimism Relationship
Tell us about your relationship with optimism, you should cover:*
Does your project solve a problem for the Optimism ecosystem?
Why will this solution be a source of growth for the Optimism ecosystem?
The Optimism ecosystem currently lacks a liquid and reliable yield-bearing stablecoin. Other chains offer better yields, partly by leveraging current 5% APY risk-free rates. There's an opportunity for Optimism to enhance its financial offerings by creating more efficient financial applications. Once liquidity is bootstrapped, USDM is well-positioned to fulfill this role. This should be part of a broader goal to bring Real World Assets (RWA) on-chain, with USDM serving as the reference for short-term US treasury bill rates.
Is your project (a) deployed on Optimism exclusively; (b) deployed on Optimism and other networks; (c) not yet deployed on Optimism but deployed on other networks; or (d) not yet deployed on Optimism or elsewhere?*
(b) deployed on Optimism and other networks.
USDM is also deployed on Ethereum Mainnet, Polyon POS, Arbitrum, and Base
Have you engaged a Grant-as-a-service provider for this proposal?*
If your answer above was "Yes", please disclose the details of this arrangement, to the extent possible:
Has anyone contributed to this application that isn’t listed on the team?*
If your answer above was "Yes", who, and what parts of this application did they complete?
I confirm that my grant will be subject to clawback and/or discontinued delivery for failure to execute on critical milestones*
Builders grants are awarded in OP, locked for one year. Growth experiments grants are subject to the no-sale rule. I confirm that I have read and understand the grant policies:*
Collective Grant Policies link
I understand that I will be required to provide additional KYC information to the Optimism Foundation to receive this grant:*
Collective Grant Policies link
I understand that I will be required as a condition of receiving this grant to certify that I will distribute the tokens in a legally compliant manner, including in compliance with relevant sanctions laws, or other such conditions as required.*
I understand that I will be expected to following the public grant reporting requirements outlined here:*
Public Reporting Requirements for Grantees link
Milestones
Please define your milestone(s)
Critical milestones should be a measure of whether you’ve made the best efforts to execute what is outlined in this proposal or not. If you fail to achieve your pre-defined critical milestones, your grant may be clawed back and/or declined for subsequent delivery, as outlined in the Operating Manual.
Milestone
Sort
latest
Aug 21, 2024
We have reached our milestone, check on USDM issuance:
https://optimistic.etherscan.io/token/0x59D9356E565Ab3A36dD77763Fc0d87fEaf85508C
0
Reply
Replaced with user id: deb7a88f-9621-4173-a7b9-ec729fca32f1
Aug 6, 2024
Hey @[email protected] ! I'm reaching out from bleu with an opportunity that could benefit your work on this project at no cost to you.
As part of our "Tech Partner of OP Native Projects" grant approved in Season 5, bleu is offering completely free technical support to Optimism grantees. We've taken note of your project and believe we could provide valuable assistance without any financial burden on your end.
Our team can offer the following support services, all at zero cost:
UI/UX design
Backend development
Frontend implementation
Data analysis
If you’d like to explore how this complimentary support could benefit your project, we’d be glad to schedule a conversation to discuss further details and potential collaboration. Please contact us at @rpunktj (Telegram) or [email protected], or directly schedule a call with José using this link.
0
Reply
Apr 23, 2024
We have been assigned as one of your preliminary reviewers. Please make sure that the Critical Milestones do not use distribution of the granted tokens themselves as a milestone. You may need to provide more details or change "Deploy OP Rewards". Also please see the earlier reminder to include a source of truth for milestones.
1
Reply
Apr 24, 2024
Thank you @[email protected]. I've just made the corrections
0
Reply
Apr 3, 2024
Thank you for your application. We have been assigned for the initial intake review. This is ONLY intended to check for incompleteness and noncompliance with Grants Council policies.
As we remind all applicants, be sure that your Critical Milestones are clear, unambiguous, and include a designated "source of truth" that can be checked to confirm completion of a milestone. This could be a Dune query, a custom dashboard, a public record like blockchain activity, or even documentation provided by the grantee. Please check that you are satisfied with your Critical Milestones.
Details
Author
We are clearing this for initial intake. This is not an endorsement of the merits of this proposal. Please continue to monitor this page as the grants review process proceeds.
Define the AMM pools to add the rewards
Main candidate: USDM-USDC pool on Curve(*), already deployed. Contract: 0xb52c9213d318956bfa26df2656b161e3cacbb64d
Other options: USDM-USDT, USDM-wstETH, USDM-sDAI
Define the initial reward mechanism
For the USDM-USDC pool, on a 50/50 basis it yields 2.5% APY. Adding the rewards with a target 15% APY for 12 weeks implies: it will
50,000 OP x 3.89 USD/OP x 52 weeks/year / 12 weeks / 0.125 APY = ~6.7 M TVL
Market the launch of USDM natively on Optimism and mention the availability of rewards on the pool.
If necessary, look for interested parties to bootstrap initial liquidity on the pool
Monitor pool activity and adjust rates, timelines and even pairs depending on performance and market conditions.
Continue the process of integrations within the ecosystem to add more use cases, reinforce marketing, and increase demand.
(*) Unlike most AMM protocols, Curve supports rebasing tokens. This avoids the use of wUSDM. Poolside is another option that supports rebasing.