‘Oracle Gasdrop’ - a Grants Program to Support the Development of the Arbitrum Ecosystem with Oracle Gas Funding
DIA received 75k $ARB tokens in the recent Arbitrum airdrop. We propose to leverage part of these funds to support Arbitrum developers by co-sponsoring gas costs of oracle updates via grants.
The Oracle Gasdrop proposal is designed to support the development of new DeFi use cases in the Arbitrum ecosystem by providing grants to fund the gas required to operate oracles on Arbitrum. To enable this grants program DIA will put the Arbitrum airdrop tokens that DIA has received to use.
The DIA DAO is welcome to propose alternatives to utilize the received $ARB tokens. Proposals can be submitted via the DIA Forum until June 15. On June 16, the DIA DAO community will decide on the best course of action, using the Snapshot platform for voting.
30k out of the total 75k $ARB tokens are to be allocated to projects that meet eligibility requirements. Any project that operates on the Arbitrum network and needs gas for funding a DIA oracle can submit an application, with additional stipulations to be specified in due course.
The approval mechanism operates through a voting system on DIA’s Snapshot, where eligible voters include token holders of the applying project, DIA, and Arbitrum. Successful projects that garner the required votes will be granted a sum of 1,000 $ARB tokens (not $aETH - Arbitrum’s gas token). It’s important to note that these tokens are strictly designated for the purpose of providing gas funding for DIA oracles.
To apply, a project must create a request in the DIA DAO forum in the Arbitrum Oracle Gasdrop section, and fill in the prompt template. The project must provide information about itself and the intended oracle use. If eligibility criteria are met, DIA then creates a snapshot vote for the request, which will remain open for 96 hours.
For approval, more than 50% of YES votes are required and a minimum threshold of 10k DIA voting power (or ARB/ project token equivalent) must be met. Upon approval, the applying team will need to tweet the vote results and share the Gasdrop recipient wallet address. Only then the DIA treasury will send gas tokens to that wallet.
Funds can only be requested for projects utilizing DIA oracles on Arbitrum, and each project can only request funds once.
Votes can be cast by holders of Arbitrum, DIA, and the applying project. Voting power is defined by equalizing the fully diluted market cap of all projects and rounding to the nearest whole number (based on CoinMarketCap info on the date of snapshot creation). If a project has no token, only $ARB & $DIA holders can vote.
If a project discontinues DIA oracle usage, the remaining funds must be reallocated for the Oracle Gasdrop use case for other projects. The allocation amount can be changed at the core team’s discretion to reflect market price and gas usage for contract updates. Changes reflect the utility value of gas updates and require no additional approval.
- 15. June: Deadline to submit alternative proposals
- 16. June: Voting on DIA DAO proposal starts
- 21. June: End of vote and publication of results