The Compound Growth Program team is thrilled to announce that Compound Protocol has won a Grant of 65,000 OP tokens from the Optimism DAO. This grant was a result of our application to the RetroPGF Grants that Optimism awards to its ecosystem projects for past contributions to the ecosystem.
Background and Introduction
RetroPGF (Retroactive Public Goods Funding) is a unique funding model employed by Optimism, aiming to reward projects that have already delivered substantial value to the ecosystem. Unlike traditional grants that fund future work, RetroPGF acknowledges and compensates past achievements, fostering a culture of contribution and recognizing impactful efforts within the community.
Community Members can find more information about RetroPGF here: OP Mainnet Gateway
RetroPGF4
The retroPGF4 was focused on rewarding the Onchain builders. To be eligible for this grant, the projects had to display significant users, developer activity or Onchain revenue to be eligible.
We are grateful to community members @Pasha @dmitriywoofsoftware @Gauntlet @adam @arr00 for their contributions to the technical aspects of the application.
As Compound was launched not more than a couple of months ago when we filled up the application, our overall impact on Optimism is still growing. We expect to secure a larger part of the grants in their next iteration when Compound will capture a larger share of the market in Optimism. (Compound already has started making impact, the total TVL on OP has risen from 9M to 33M over the past month)
Request For Comments: How to utilize the Grant Program
Unlike our earlier wins with Arbitrum LTIPP Grant and Optimism Growth Grant where there were strict conditions imposed on how the Grant could be used or Distributed, the RetroPGF grants give Compound the Opportunity to use them as the community would see fit.
We would appreciate Community feedback and suggestions on how we could utilize the grant fund. While the options are infinite, we would like to focus on using this fund to increase our presence on Optimism in terms of TVL, Users, and more.
For example, from the last Optimism Grant of 150K OP, we have till now deployed 60K OP and the results have propelled Compound to #7 in the list of ecosystem Dapps on Optimism, raising the TVL from $9M when we started deploying Grants to ~$33M at present
We look forward to the community suggestions on utilization of the Grants.