Symbiosis LTIPP Council Recommended Proposal
AI summary
This proposal asks the Arbitrum DAO to approve a grant for Symbiosis, a cross-chain swap protocol. Symbiosis plans to use the grant to incentivize users to bridge assets onto Arbitrum One and Arbitrum Nova by refunding gas fees for cross-chain swaps. They also aim to increase user engagement through marketing efforts, including campaigns with Galxe.
If passed, Arbitrum's treasury will fund Symbiosis to attract more users and liquidity to the Arbitrum ecosystem by making it cheaper to move assets onto the network. This benefits Arbitrum by potentially increasing its activity and user base, and benefits Symbiosis by providing funding for its growth initiatives. The specific dollar amount of the grant is not mentioned in the provided text, so the exact financial impact on the treasury cannot be determined.
Voting results
🐳 Whale votes
0 votes > 5% VPFull 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 Symbio…