Initial Cryptex v2 Incentive Program

Proposals
1

DAO contributors are grateful for the invaluable input and active participation from Cryptex community members and protocol delegates. Your feedback has been essential in shaping the direction of our platform. In response to recent discussions surrounding the initial v2 incentive program, contributors have taken into account the community’s suggestions and concerns. This new proposal aims to refine the incentives in a way that emphasizes decentralization, empowering users, and supporting the long-term growth of the Cryptex ecosystem.

Building upon the previous proposal (https://forum.cryptex.finance/t/utilizing-arb-token-allocation-to-incentivize-and-empower-the-cryptex-community/360/3), we have come up with a revised plan for the v2 incentive program. This proposal has been tailored to address the community’s feedback and prioritize the alignment of incentives for both the platform and its users.

The revised v2 incentive program proposes the following:

  1. $50,000 CTX for v2 Liquidity Incentives: To encourage participation and increase liquidity within the Cryptex ecosystem, we will allocate $50,000 worth of CTX tokens as incentives for liquidity providers. This incentive will be distributed over a three-month period.
  2. $50,000 ARB for v2 Trading Rebates: Acknowledging the importance of activity on our platform, we will dedicate $50,000 worth of ARB tokens from the DAO treasury to usage rebates. This initiative will be active until ARB is exhausted, with a daily cap of $555.55 (calculated as $50,000/90) to ensure fair distribution and sustained engagement.

By incentivizing liquidity provision and trading activities with a balanced approach, we aim to create a thriving environment where users feel empowered and motivated to contribute to the growth of the Cryptex platform. Through this proposal, we envision a more vital and more vibrant community that benefits from the shared success of our decentralized ecosystem.

Please vote on snapshot: 1. Snapshot

2

The proposal is currently live for an on-chain vote on Tally | Cryptex Proposal.

Some additional details worth mentioning for the ones that weren’t on our community call, this is our first L2 vote from mainnet, which might raise some questions on the execution script.

TLDR: Transfers ARB tokens from Arbitrum treasury to the team’s multi-sig contract so we can start the incentive program for v2 contracts.

Long version. Our Governance contract is on the Ethereum mainnet, however, the ARB tokens are stored in the DAO-owned treasury on the Arbitrum network. Hence we need to execute a cross-chain transaction. Here’s the flow of the transaction.

  • The mainnet timelock contract sends it to the mainnet L1MessageRelayer(0x209c23DB16298504354112fa4210d368e1d564dA) contract that encodes the transaction payload in a manner that is expected by the Arbitrum bridge.
  • Once the transaction is successful, it is received by the L2MessageExecutor on Arbitrum that decodes and executes the payload.
  • In this case, the payload calls the Arbitrum treasury to transfer the ARB tokens to the team’s multi-sig.

Another important detail is that reward contracts are being developed right now. So we need to transfer the funds to the multi-sig to hold the assets until we deploy the contracts into the Arbitrum network.