Kinetix Finance: Requesting Liquidity Incentives for axlWBTC and axlETH

Project Name: Kinetix Finance

Basic Description: Kinetix Finance is building a DeFi Hub featuring perpetual futures trading and the most sophisticated trading instruments on Kava, connecting the major building blocks of decentralized finance.

Date: 31.08.2023

Proposal author contact info:
Name: Anna
Discord Username: Anna0x
Telegram: Contact @annazerox
Twitter: 0xAnna0

Grant Amount requested: $30,000 in AXL

Proposal Summary: Kinetix is requesting a $30,000 grant in AXL, to use this grant for liquidity incentives. More in detail, Kinetix Finance aims to use Axelar bridged assets for BTC and ETH in its liquidity pool (axlETH & axlWBTC), as well as integrate Axelar’s Squid Router.

Brief Project Description: Kinetix is building a comprehensive DeFi Hub, designed exclusively for the Kava community. The Kinetix DeFi Hub will encompass a suite of the most sophisticated and popular DeFi legos in the web3 landscape to provide Kava with a one-stop platform for all things DeFi. Kinetix’s cohesive network of DeFi protocols includes a perpetual exchange (PEX), a decentralized exchange (DEX), and a market for sophisticated derivative instruments. Users on Kinetix are able to take on 50x leverage with perpetual contracts, execute swaps in spot markets, provide liquidity, stake as well as soon farm, and explore synthetic assets and other exotic derivatives.

Impact
How Kinetix will positively impact the Axelar ecosystem:
Incorporating axlETH and axlWBTC in our Liquidity pool will help to increase the liquidity for those Axelar-based assets. As Kinetix is emerging to a DeFi Hub, we are pioneering to be the primary source for DeFi trading for the Kava community, attracting many users. Kinetix aims to bring its cross-chain vision to life utilizing Axelar’s bridge, allowing for cross-chain bridging, swapping seamlessly, as well as enable cross-chain perp trading on our DEX.

Motivation:
-Kinetix is looking forward to establish a long term partnership with Axelar and Squid Router, aiming to deliver a safe and reliable as well as transparent experience to our DeFi Hub users. Especially utilizing Axelar’s cross-chain interoperable systems, we are strongly enthusiastic about providing a cross-chain experience for traders.

Goals, Milestones, & KPIs:

Our Goals:
Kinetix is intending to use the $AXL grants to bootstrap, as well as deepen the liquidity for axlETH and axlWBTC. Kinetix is also intending to create a long-lasting partnership with Axelar, utilizing their cross-chain technology and infrastructure in order to provide cross-chain perpetual trading on our platform.

Deliverables, Milestones and KPIs
Kinetix Finance aims to work closely with the team at Axelar to provide the best user-experience on our platform. Kinetix is also planning to invest time and marketing resources, in order to strengthen our partnership with Axelar.

Kinetix is setting milestones for axlBTC and axlETH to achieve 5M to 10M in TVL on our Perpetual exchange (PEX) as well as attract 5M in TVL on our Decentralized exchange (DEX) within a timeline of 2 months. Additionally, it is important to note that Kava is providing high rewards and support in order to reach these set milestones. Together with the support of Kava, we aim to solidify AXL assets on Kava.

Risks
Kinetix perpetual smart contracts have been audited by Hexens, while our V3 DEX smart contracts have been audited by ABDK Consulting.
You can view our audit reports in our documentation: 🛡️ Security & Audit - Kinetix.Finance

Statistics

  • Kinetix is building the primary perpetual DEX for the Kava ecosystem
  • Keeping in mind that Kinetix Perpetual DEX has ben newly launched on the 30th of August 2023, it received a 40 million seed commitment from Kava and other Key strategic partners.

Kinetix Strategic List of Partners:

  • Kava
  • Gamma
  • Hover
  • Abracadabra
  • Quickswap
  • Lunar Digital Assets
  • Steer Finance

Bio & Past Work:

  • The Kinetix DeFi hub is a project established by the core members of Quickswap DEX, who have been the larget DEX on Polygon for 3 years.
  • Quickswap achieved the highest record of having more daily active users on its DEX on Polygon than every project on Ethereum has combined (including Uniswap, OpenSea, Aave, Curve).
  • Kinetix is working closely with the LDA Team for marketing strategy and growth (Lunar Digital Assets) who has worked with Polygon before on full-scale marketing services since May 2019 (when MATIC was just under a cent, $0.008). Over the past three years, MATIC’s token price has increased by over 500x.

Thank you for considering our Proposal.

From: The Kinetix Team

Thank you for your proposal. Given your intention to build both a DEX and a PEX, your proposed partnership with Axelar, is promising. The fact that Kinetix has around 3 years experience, which is not bad considering that the sector is in its infancy, gives confidence that you will make the impact you describe. Indeed given your track record on Polygon the prospect of bringing the same results to this new project is exciting.

Thank you for sharing your audit results, although they did find issues it is good to see that they have all been addressed. What would be interesting is your ongoing commitment to chase out errors and weaknesses. Are you planning on having some form of bug bounty?