Shoebill Finance respectfully requests $220,000 worth of KLAY from the Klaytn Community Fund (KCF) to support the operation and expansion, for an essential component in advancing KLAY mass adoption as envisioned in Klaytn’s Vision 2023 Map.
1. Product Name: Shoebill Finance (https://shoebill.finance)
2. Product Description:
Shoebill Finance empowers KLAY holders to maximize their assets and actively engage with the Klaytn ecosystem. Users can utilize Shoebill Finance in the following ways:
- Liquified Staked Token (KLAY-LST): Users can deposit their KLAY-LST as collateral to borrow KLAY at a high Loan-to-Value (LTV) rate. Additionally, users receive KLAY-LST’s yield reward, enhancing the value of their assets.
- Maximizing Yield with Low Risk: Borrowed KLAY can be staked again, used as collateral to borrow more KLAY, and optimize yield while minimizing liquidation risk.
- Investment Opportunities: Shoebill Finance encourages users to explore other Klaytn projects for potential profits and repayment, providing a competitive borrowing Annual Percentage Yield (APY) with relatively lower risk.
3. Team Information
- Team Name: Arkhe
- Team Description: Arkhe is a team made of DeFi experts with in-depth experiences in the field.
Team Arkhe has been having several meetings with Klaytn related corporates previously and communicated with Klaytn Foundation so far.
- Representative: PaguInfo, CEO of Arkhe as well as DeFi blogger/influencer (https://pgyinfo.tistory.com)
- Portfolio: Arkhe had collected $320M+ of cumulative TVL and $80M of All Time High TVL through previous projects on BSC/Avalanche/Klaytn.
4. Grant Proposal
- Size of grant: Total $220,000 worth of KLAY
▷ Milestone 1: Add of at least 1 other KLAY-LST collateral in 1 month within receival of KCF
▷ Milestone 2: $1M TVL within 2 months within receival of KCF
Milestone 2 is the final milestone regarding KCF but Shoebill won’t stop for expansion and grow furthermore
- Impact on Klaytn Ecosystem: Most of the received KCF will be used for liquidity provision, to stimulate collateral deposit (currently, GCKLAY) for leveraging or seeking for other investment opportunity. By leveraging, the amount of collaterals at least stay in the ecosystem in the form of KLAY, while the circulation of borrowed KLAY will also enhance liquidity and activates dApps in Klaytn Ecosystem.
Both are impacting activities to expand the use of KLAY, which is aligned to Klaytn’s Vision 2023 Map.
5. Budget Proposal
The plan for the use of KCF funding is divided as follows:
- Liquidity Provision: $200,000 worth of KLAY will be used to provide liquidity in the KLAY pool, allowing users to borrow KLAY with an attractive Annual Percentage Yield (APY).
In the event of Shoebill Finance’s closure or after a period of 5 years, whichever comes faster, all received KLAY for Liquidity Provision (except the amount used for Audit and Marketing, which is $20,000 worth at the time of KCF receival) will be returned to the Klaytn Foundation.
- Audit and Marketing: $20,000 will be allocated for Audit and Marketing fees, with transparent reporting of expenses.