Summary
Manifold Trading would like to continue provide liquidity for the API3 community, and support the API3 ecosystem by providing volume and liquidity to projects integrating API3.
Abstract - Manifold has a strong prop trading desk with multiple strategies that spans both CeFi and DeFi. Manifold runs liquidity provisioning strategies across several perp DEXs, CEXs, and lend/borrow protocols, cross-venue arbitrage, and HFT. On the venture side, Manifold has portfolio companies across DeFi, infrastructure, consumer applications, RWAs, gaming/NFTs, and more. Through this collaboration, Manifold could push more portfolio companies to integrate API3, and new ecosystems to adopt API3, while adding more liquidity to API3 itself.
Motivation - API3 has benefited from the previous proposal by growing over 500M TVL within a short time frame. With this new proposal we want to continue our mutual partnership and bring more protocols to API3.
Ecosystem support activities:
0.1% of protocol TVL in API3 (maxes out at 200M TVL per dApp i.e 200k API3) for dAPI integrations as the protocol’s primary oracle or in a capacity that contributes towards API3’s TVS, regardless of dApp type (perps, lending, etc.) based on dApp TVL reported by DeFiLlama. This would be calculated by taking the 90 day average TVL of the dApp from the day of signing.
A maximum of 1 million API3 tokens will be allocated for the proposal.
If API3 has to commit additional tokens in order to complete the integration then these will get deducted from the commission payout to Manifold.
Commissions are paid after 3 months of a successful dAPI integration with dAPP, or whenever the priorly agreed-upon term of support activities has ended.
Benefits - There is little downside to the DAO, as the DAO will simply receive the API3 tokens back if the guidelines above have not been met. If the guidelines are met, it would mean that API3 is receiving heavy support across the board with new protocols integrating API3, and receiving additional liquidity for the API3 token.
Vote - A “FOR” vote would help set up an API3 loan + call options defined in the Specification section above. A “AGAINST” vote would prevent the proposal from going through.