Executive Summary:

Hello Metal DAO, I'm a core contributor for Velodrome, the largest native DApp on Optimism, and we are expanding the MetaDEX across the Superchain. We're humbled to deploy Velodrome on Metal L2, once mainnet is live, and help grow the ecosystem.

In this proposal we will ask the DAO for $MTL incentives to bootstrap deep liquidity pools on the Metal L2 chain. Deep liquidity is essential for ecosystem development, and Velodrome has a proven track record through our unique MetaDEX.

Introduction to Velodrome and Superchain Vision

Velodrome launched in June, 2022 on Optimism. Since then, the TVL on the chain has more than doubled and Velodrome has generated >$9.2b in trading volume. Velodrome has been the recipient of >5M OP grants from Optimism to help grow liquidity and tooling for the expanding Superchain ecosystem. Velodrome has one of the most engaged and educated DeFi communities, with over 13,000 veVELO addresses who participate in weekly governance.

Last month we presented our vision and strategy for Velodrome Superchain will become the liquidity layer for the interoperable, scalable future on Ethereum. Our first deployment of Velodrome on a Superchain L2 was completed with our Mode launch, and TVL is already ~$4.5m before incentives are live. We have also announced upcoming launches on BOB and Lisk, and will continue to onboard more Superchains.

Velodrome's MetaDEX design is a powerful tool for bootstrapping liquidity at both the protocol level and chain layer. By bringing multiple primitives under the same roof, Velodrome provides a seamless, interactive experience for traders, protocols, and governance participants.

Velodrome has a unique flywheel design (docs) where token lockers (veVELO) vote each week to direct $VELO emissions. Voters are entitled to 100% of swap fees and any deposited voting incentives. In order to drive liquidity to the DEX pools, protocols and chains can deposit voting incentives. Following the conclusion of each voting period, liquidity providers (LPs) can deposit into the pools and earn $VELO rewards.

Proposal

In partnership with the Metallicus team, we are asking for 1,020,000 MTL to provide voting incentives on Velodrome's Metal L2 deployment. The Metal L2 team will strategize with Velodrome to provide $MTL to critical ecosystem pairs and bootstrap deep liquidity for the chain. This program will last for 12 months and details can be found here.

About the Velodrome Core Team

• Alexander: Background in politics, technology, and consulting, including time working for the Obama campaign, Apple Inc, and consulting with numerous Fortune 500s.

• Tao: Background in economics and finance; experience as strategy lead for a large asset manager in Switzerland and at Big Three consulting firm.

• Jack: Optimism delegate and growth grants committee member

• Stas: Open Source contributor to Ubuntu, Mozilla, WordPress. Tech lead and maintainer of multiple open source projects on Github. Prior to Velodrome I led the architecture and integrated able.com with multiple banking/fintech services and wrote their initial US tax calculator.

• ZoomerAnon: Software developer working in crypto on dapps, analytics, and open source tools since 2019. Maintaining free wallet tracking software and publicizing information about smart contract exploits.

• Methodic: Enterprise tech sales background; experience across the full sales cycle, sales development team management and recruitment.

• Dan: Data strategist with experience in the U.S. education sector at public, non-profit and private organizations. Educational background in economics and public policy.

• Ace: Co-founder of Four Moons. Experience in liquid fund management and crypto startup advisory. Previously executive in renewable energy project development and operations.