Arbitrum

Link to Application

https://forum.arbitrum.foundation/t/steer-protocol-ltipp-application-draft/22089

Council - 3/3 Yes Votes

Feedback

GFX Feedback) Steer is operating in a crowded field (liquidity management on DEXs) but in a niche with large TAM and growing adoption over the past few months. We would like to see dropped from this grant plan any subsidies for pools with competing chain tokens (e.g. wAVAX), and the size of the grant is large for a relatively commoditized space. Nevertheless, we recommend approving this grant based on the demonstrated early growth in user adoption and the widely shared need for liquidity management services, making competition important to maintain a good cost point for users long term.

GMX Feedback) We recommend granting approval based on the evident early user adoption growth and the demand for liquidity management services, which underscores the significance of competition for maintaining favorable costs over the long haul. Steer Protocol pioneers a novel strategy by integrating Real World Assets into the DeFi ecosystem to boost liquidity providers’ and protocols’ yields. This innovative approach unlocks a fresh yield source derived from treasury-backed RWAs, offering an alternative to conventional liquidity mining incentives. With an average TVL gain per dollar of $67.84, weighted by the total value staked, the current liquidity pools demonstrate a robust return on investment. Hence, we extend our support for Steer’s application.

404 Feedback) Steer presented a compelling application backed by previous examples of successful inventive programs. Their product usage is impressive and they appear to have a rapidly growing user base. They present some novel additions to the liquidity management space and we are supporting their application.