Rage Trade - LTIPP [Post Council Feedback]

Summary

Rage Trade is submitting an amended proposal per the Clarified Process for Non-Council Recommended Applications. To recap, Rage Trade submitted a proposal to run weekly and daily trading competitions in the LTIPP initial review round. The proposal aimed to allocate 100% of the LTIPP grant to onboard and reward users via these competitions. The focus was on trading competitions rather than fee rebates because competitions could significantly level the playing field — ultimately boosting participation. The initial proposal was, however, declined by the council due to two issues:

A large ask (1.25M ARB)
Too few details on how wash trading risks are handled during the competition.

Rage Trade has now made amendments to the initial proposal, including:

A reduced ask of 425k ARB
Highlighting already existing wash trading measures, including:
- Enforcing a minimum trade size
- Calculating trader ROI based on the average collateral used during a competition round to ensure fairness between large and small traders

Link to Application Revisions: https://forum.arbitrum.foundation/t/rage-trade-ltipp-application-final/21621/14

Revised feedback:

GFXlabs:

As one of the initial reviewers, we feel our concerns were addressed and would score this proposal considerably higher. The applicant correctly identified and revised the areas of the grant plan we scored as the weakest and would likely receive a passing grade from GFX if reevaluated formally. As a reminder, the LTIP pilot rules did not allow applicants the ability to revise after formal submission, and so were not able to react to feedback in real time from reviewers. As a second reminder, all reviewers have their own opinions and views, and may or may not overlap on some topics.

404DAO:

As another reviewer of Rage Trade’s application, we also echo that our initial concerns have been addressed with these revisions. In addition to the revised grant size, Rage Trade has provided a more detailed execution plan that now includes prize distributions and the allocation breakdown between Daily & Weekly competitions. Lastly, we are pleased to see additional thought put towards preventing wash trading in the competitions. As a delegate, we will be supporting this application once it goes live for a vote.

Coinflip:

Rage Trade has been a long time integration partner of GMX supporting us with various vaults and now aggregation solutions. I’m glad to see them having taken the feedback from the LTIPP council and brought forward a much improved proposal including revised sizing. Glad to confirm support as a delegate for this proposal.

Key Rage Trade v2 Stats

Total Volume Traded: $500 Million
Launch Date: 30th November 2023 (~5 months since launch)
Number of Perps Integrated: Five (GMX, Hyperliquid, Aevo, dYdX, Synthetix)
Number of Traders: >3000

start

April 25, 2024

8:48 AM

end

May 2, 2024

8:48 AM

Voting

off-chain

Voting type

basic

Voters

33,254

Votes

157,133,848

Final Votes

closed

For

138.1M ARB

87.91%

Against

78K ARB

0.05%

Abstain

18.9M ARB

12.04%

item label

Placeholder title of a dao proposal

DAO name

0x000000000000

Mon 00, 2024 00:00

About Voters Analytics

Lorem ipsum dolor sit amet

Lorem ipsum dolor sit amet consectetur adipisicing elit. Veniam maxime tenetur saepe, debitis quae quos vitae cum obcaecati recusandae suscipit magni delectus sit animi quam veritatis aut, numquam illo voluptatem! Lorem ipsum dolor sit amet consectetur adipisicing elit. Veniam maxime tenetur saepe, debitis quae quos vitae cum obcaecati recusandae suscipit magni delectus sit animi quam veritatis aut, numquam illo voluptatem!

Voting

100,000

Voting type

100,000

Starts in

100,000

Voters

1,000,000

Votes

1,000,000

Votes

Choice label

TICKER

100%

Choice label

TICKER

100%

Choice label

TICKER

100%