Arbitrum

Link to Application

https://forum.arbitrum.foundation/t/fiat24-application-draft/21577

Council - 3/5 Yes Votes

Feedback

Karel Feedback) "Vote AGAINST Fiat24’s proposal.

Interesting and good proposal that scored well on the rubric. Coming from FinTech and the open banking world, it’s an impressive feat with their accolades re: receiving a Swiss banking license and building this atop Arbitrum. On the grant size, it is large for what will generally support a relatively closed and less composable ecosystem and the structure of the grant is not optimal with a portion going towards affiliate partnerships. Recommend they resubmit in a later grants window with a lower amount and focus only on the referral campaigns."

404 DAO Feedback) While Fiat24 presented a strong application we are concerned about the potential for a double dipping of grant funds due to the overlap in SafePal’s proposal. Both proposals presented similar execution plans by rewarding users who sign up, complete KYC, and transact. Additionally, the affiliate partner program grants will likely be going to other LTIPP applicants who use of Fiat24. Fiat24 has run a previous referral program of 19k, but the requested 490k is a big step up. Given the large ask of Fiat24, we have decided to support SafePal and its smaller request to see how this type of referral & sign up program performs over the next 3 months. Regarding their application specifically, the milestone section was lacking and additional data on usage would’ve been helpful. We encourage Fiat24 to apply again for the LTIP.

GMX Feedback) The proposal presents a comprehensive overview, showcasing strong collaborations with industry giants like Visa and Mastercard. From the perspective of Real World Assets (RWA), the protocol has demonstrated decent growth, and with the proposed incentives and milestones, we anticipate significant adoption within the RWA space. The protocol’s roadmap is clearly defined, with plans to expand and transition into an orbit chain, aligning well with Arbitrum’s protocol goals. With all users undergoing KYC procedures, the risk of sybil attacks is mitigated, as each individual possesses a unique identity. Additionally, Fiat24 has previously proven its ability to onboard users into the RWA arena through a grant from the Arbitrum foundation. This presents a unique opportunity to blend DeFi and RWAs using the Arbitrum Stack. While the overall grant size is substantial, it has the potential to catalyze a wave of RWA users, benefiting the ecosystem as a whole. The proposed KPIs and milestones appear reasonable, and the team exhibits a commendable level of experience. Considering these factors, there is strong support for this proposal.

GFX Feedback) This grant plan, while expensive, explicitly targets onboarding new users to Abitrum and with a product that provides real utility. We recommend approving this grant.

Wintermute Feedback) Fiat24’s application was very unique and awesome to see. They bring novel infrastructure to Arbitrum that will likely result in very sticky TVL and users. Their application was solid with decent justifications for milestones, KPIs, and goals. Their requested grant size is on the larger end however, it is in line with their onchain metrics. They provided sufficient justification and calculation of their requested grant size through the cost of customer acquisition and their execution strategy follows closely to previous incentive plans that have worked well for them. We are typically hesitant to reward grants to projects with KYC barriers, however, in this case, if successful, we believe Fiat24 can significantly improve the competitive landscape of Arbitrum.