Hey, here is the proposal draft up for comments until Friday before we’ll commence to an on-chain vote! Feel free to comment and/or ask questions.
Mission O.E.V #3
Period: December 2024 – February 2025 (3-months)
Amount: $1,056,138.57 USDC
Destination: Gnosis Safe (Multi-sig wallet)
Address: 0x8e03609ed680B237C7b6f8020472CA0687308b24
# Recap of Last Cycle
Let’s start with the usual: Similar to previous cycles, we’ve continued making new data feeds available according to popularity and demand and also expanded our offering to numerous more networks including Apechain, Worldchain, Manta and Lumia. Additionally, we’re now supporting the testnets of Sonic, Soneium and Unichain so that developers can already test their applications on these up and coming chains before their launch.
We were also able to make our data feed offering more robust by partnering with a variety of new, high-quality data providers. We’re excited to be working together with Shiftmarkets, dRPC, BlastAPI, Blocksize, Coinmetrics, Ankr and Alchemy.
There were also numerous dApp integrations of which two are especially important to highlight. Yei Finance, the biggest Lending Protocol on the Sei Network is now utilizing API3 and recapturing OEV. The integration was made in early November and Yei already received their first OEV payout for that month, recapturing 99% of the liquidation incentives they’ve been paying out.
The other noteworthy integration is none other than Compound. As part of their chain expansion strategy the Compound DAO ventured out onto Mantle. Our prime position as the leading oracle on Mantle allowed us to be the oracle of choice for this expansion. This integration also involved OpenZeppelin and Gauntlet reviewing and allowing API3 to be utilized within a Compound instance, making it the only other oracle solution next to Chainlink being approved. While the proposal has been passed and the markets have been deployed, final adjustments to the dashboard are being waited on before the integration is fully operational. We expect to be a significant part in the future expansions of Compound.
We’re also happy to report that we’ve been present at DevCon, continuing to engage with the ecosystem, support and educate wherever we can. Apart from hosting events with Zircuit, we also were proud sponsors of the Blockchain Oracle Summit partaking in panels around OEV as well as giving a talk on the current solution space surrounding OEV. People also loved our merch (Paul from Morpho & Angus from Chronicle), and we’ll be heavily leaning into this type of merch going forward.
Those of you who visit the API3 Market often or are on our Twitter Page a lot might have also seen some design changes as well as a popular flightless bird as our profile picture. Without spilling the tea on the matter too much, you can expect some changes surrounding how API3 is going to present itself going into 2025.
Lastly, we’ve successfully passed an audit on an iteration of OEV with Quantstamp. After having released OEV Network in July and seeing its performance over several months, we’ve made some more upgrades to it to further increase performance. Our dApps are already in the process of moving onto these new contracts to make use of the performance increase enabled through these updates.
# Upcoming Cycle
The focus in the upcoming months will be on marketing, high-impact dApp integrations as well as a special project with the code name DEAL.
For the marketing section of this we unfortunately cannot reveal too much at the current stage, but several hints have already been placed throughout our online presence. Expect change: a fresh and new branding of API3 in 2025.
As for dApp integrations, we expect to further leverage our relationship with Compound and several chain partners to further increase the usage of API3 & OEV Network. There are other larger dApp integrations in the pipeline that will take a bit longer to finalize, but as integrations as above are showing, things are moving in the right direction.
# The Numbers
The expenditure during this cycle was as expected, with 98,238.83 USDC in unspent funds remaining. We predict the expenditure for the upcoming cycle to remain stable at $ 1,049,434.00. Calculating in a buffer of 10% ($1,154,377.40) as well as subtracting the remaining funds from the previous cycle, the ask for this cycle comes to $1,056,138.57.
| Item | Sum |
|---|---|
| Grants | $474,994.00 |
| Marketing Expenses | $180,400.00 |
| Misc.(Subscriptions, Travel, etc) | $63,000.00 |
| Entrecasa (Designs) | $45,000.00 |
| Technical Expenses | $59,000.00 |
| VacuumLabs | $105,000.00 |
| API Providers | $122,040.00 |
| Sum | $1,049,434.00 |
| Sum with Overhead 10% | $1,154,377.40 |
| Total minus Remaining | $1,056,138.57 |
# Explanation of Proposal Parameters:
The destination will be a 3-of-5 multi-signature wallet address owned by the API3 Foundation and managed by Burak, Andre, Ashar, Varia Law and Yondhi AB.
Target contract address is the USDC token contract address, which is 0x8e03609ed680B237C7b6f8020472CA0687308b24
Target contract signature: transfer (address, uint256). This is the function to call on the target contract, which triggers a transfer of USDC tokens.
The parameters stated include the address these USDC are to be sent to, which should match the proposal address, followed by the number of USDC. USDC has 6 decimal places, and solidity is unable to deal with decimal places - hence we add 6 zeros after the proposed USDC number. The number of decimal places can be verified on the USDC contract page of Etherscan - $1.00 | USD Coin (USDC) Token Tracker | Etherscan 1
