PIP-40: Grant Application - Institutional onboarding of Meria into the ParaBoost Social Escrow system

Governance Proposals
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Abstract
Institutional onboarding of Meria into the ParaBoost Social Escrow system :

The following proposal aims to onboard Meria, a regulated institution, and its users into the Paraswap social escrow system. To achieve this integration, Meria is requesting 5,000 USD (Paid in ARB) and 10,000 USD (Paid in PSP which will be converted to sePSP1). If this proposal is approved, Meria will implement sePSP1 staking, list PSP on its website, and utilize Paraswap for all their on-chain trades, benefiting the protocol and the Paraswap community overall.

Goals & review
Meria is a regulated institution (PSAN) in France that offers investment solutions to individuals, companies, institutions, as well as family offices and asset managers. Currently, we manage/have under delegation just under $200 million. Our platform, https://meria.com, allows customers to onboard and invest via crypto deposits or buy directly through credit card or bank transfer. If this proposal is accepted by the DAO, Meria will make Paraswap one of its main partners for its on-chain operations. Consequently, all on-chain trades executed by Meria and its users will be processed via Paraswap. Integrating Paraswap’s staking module into Meria’s interface will enable a new wave of users to join, including institutional entities such as asset managers and family offices.

Regarding the grant utilization, only the allocation of ARB tokens will be sold directly to cover the operational costs involved in listing the PSP on Meria (our request concerns the ARB, and not PSP, to cover our integration costs, as it is more liquid and does not risk affecting the price of the PSP). The second part, in sePSP1 tokens will be staked for a minimum period of 6 months, serving as a basis for increasing the Paraboost of this new staking service. For reasons of simplicity and compliance, we are starting with a product without impermanent loss, but will consider a second version with sePSP2 later.

We firmly believe that this integration will benefit both parties and contribute to the growth of the Paraswap protocol and ecosystem. With these new inflows, the DAO will benefit from Paraswap’s exposure to institutional actors in terms of both visibility and revenue generation, in addition to democratizing PSP staking to over 85k users.

The main goal of this proposal is to request a grant of 15,000 USD (in PSP and ARB equivalents) to launch the integration of the sePSP1 staking module and list the PSP token on Meria. Additionally, Meria will conduct several communication operations on its social networks (Twitter, Linkedin…) and write two articles to be added to the “Meria Academy” blog to promote Paraswap and its services.

Means

Request of 10K USD (Paid in sePSP1) with 6 months of lockup.**

Request of 5K USD (Paid in ARB) to cover the operational costs of the Paraswap integration.**

Meria would provide the following:

Listing of PSP on the plateform, as well as DEX trades of Meria going through ParaSwap.

The $PSP tokens purchased on the Meria platform by credit card or bank transfer will be bought directly at the price market.**

Product listing based on Paraswap staking module to onboard users in the Paraboost social escrow system. To use this product, users will need to purchase or deposit their own $PSP.

Communication newsletter on the listing to 85k users.

Two articles on Meria Academy French SEO, the first to explain how Paraswap is working through its App and its objectives.

A second article to explain how its staking module work.

Implementation Overview

Introduction of PSP staking on Meria

Distribution of rewards onto Meria staking customers

Creation of marketing materials and articles

Listing of PSP token on Meria’s website/app

Creation of a new patern “staking” type product, but with a variable APR, and a retroactive credit every 37 days (duration of the epoch, then one week more in order to evaluate the gain from staking over the period) and credited this gain to users.

I hope that this grant proposal will gain your confidence and agreement and I am at your disposal to discuss and clarify certain points of our application. As a personal holder of $PSP and above all a user of its Paraswap application, I would like to carry out an initial operation between our centralised and regulated institution and this incredible example of decentralisation. Owen Simonin

Thank you very much.

11 Likes
2

Hello,

First of all, thank you for your suggestion. Meria is widely recognized on European soil, so it’s a pleasure to read these lines.

I have a few questions about your users:

How will you justify an apr?
Is integration open-ended?
What are Meria’s annual volumes via DEX?
Will all your customers’ investments be held on the same address, which will be the one used for exchanges on Paraswap?

Thank you in advance for your answers.
I have full confidence in Meria, and had the pleasure of speaking with one of your colleagues about a question of transparency to which he gave a straightforward answer.

I already support your proposal.

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A pleasure to read your reply, thank you.

About the APR, the display will be a smoothed average APR for the previous month (previous credit).
We’ll have to take a consistent figure for the first display, I think divided by 2.5x my personal APR (I stake sePSP2) and make an average over 3 months (all this will have to be validated by our compliance).

About volume, the time being, it wasn’t really part of our practice to carry out transactions via DEXs.
Even so, in 2022 we had peaks of several million dollars a month on DEXs (even more in times of emergency FTX, UST depeg, USDC depeg, unbalanced 3CRV).
In the calm of 2023, volumes will range from a few tens of thousands to a few hundred (in addition to PSP purchases to meet FIAT customer orders).

Integration is definitive (unless there is a regulatory contraindication or a government ban on Paraswap)

Finally, yes, at least that’s the aim. We want to get the best Paraboost possible (even if it won’t be as good as sePSP2).

Thank you.

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Hello,
I was very pleasantly surprised by this proposal.
Having a quality institutional player willing to partner with ParaSwap is a huge plus.
This partnership is based around the listing of $PSP but not only, exposure to sePSP1 to start, communication, and the commitment which is the most sybolic for me being that to use ParaSwap only for trades of Meria.
With this level of commitment, I can only be in favour of this proposal.

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Thank you! It’s a pleasure.

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Hello,

Thank you for the proposal of integrating the sePSP into Meria.

The proposal seems fair and will attract new users who are not really familiar with crypto wallets. Meria’s volume, however small, will always be something.

  • What type of communication on your newsletters/twitter/X did you plan? any example would be nice.
  • Does 2 articles too low?
  • Do you also share protocol updates with your users, such as new past votes, DAO discussions, etc.?
  • Will you also vote with your staking?

I support your proposal anyway but would like to have a better view on how you plan to communicate with one of your main partners for its on-chain operations. :wink:

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Thank you for your questions, which are very relevant in this case.

The communications will be in French, on twitter it will be a listing announcement, and in the newsletter it will be a little more complete because we will redirect to the articles (EX: https://twitter.com/meria_finance/status/1678818125884669952).

We usually only produce one article for the listing (e.g. https://www.meria.com/blog/article/quest-ce-que-multiversx-ex-elrond-), but the aim here is to create a second page that will provide basic information, real-time token prices, and changes over time, along with SEO concepts. The aim of this page is to try to reference Paraswap and $PSP on basic browser searches (buy PSP, staking PSP, how Paraswap works etc).
EX: meria dot com price/egld (can’t post more than 3 links in a post)

No, we don’t share protocol updates with our users. When they invest from a centralised plateform, it’s not a concern that our users ask us about. It takes a lot of work to generate content that is not consulted. Nevertheless, the presentation article will specify the documentation and community links that enable this to be done, just as some customers always end up joining the decentralised side and interacting directly with the protocol.

Governance is one of our concerns, but we can’t do it at the moment. In fact, we do not have the right to vote on our customers’ tokens according to our governance decisions. In the longer term, we would like to develop a module that would allow us to collect the opinions of holders individually (and for all our stakers, and all blockchains), but once again this function requires a lot of development and is used by almost no-one. So the law does not allow us to vote for or against, even if we have the right to “abstain” to validate the chorum when necessary.

As a centralised and regulated platform, I suspect that not all these answers are not the best, but I understand your questions and they are very appropriate, thank you.

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We are supporting this application

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Hey everyone,

This is just a heads up that we plan to publish the proposal next will.

I will post the link to the proposal here as soon as it’s online.

Thank you

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Hello everyone !

We’re excited to announce that PSP is officially available on Meria !

With this integration, it is now possible to buy and sell PSP via credit card and bank transfer. We’ve also integrated the sePSP1 staking module for all our users directly on the site and realized our first trades on Paraswap. You can access the product directly via this link : www dot meria dot com /products

In parallel, 2 articles have been written to present the project and the PSP staking module.
https://www.meria.com/blog/article/quest-ce-que-paraswap-psp-
(as a new user, i’m not able to post more than 2 links by publication)

These articles have been written in French so that they can be understood by the majority of our readers. A final article is currently being written and will be included in the Meria newsletter shortly.

Finally, please note that the PSP grant paid to us by the Paraswap DAO has been placed in sePSP1 staking module for a minimum period of 6 months as agreed. You can track the tokens at this address : 0x7fF8D75857A1D4BC845EEEf55d6738b58c5d6Adb

We’d like to thank the Paraswap community for supporting this integration, which is a great success and opens up Defi to institutional clients.

Now all we have to do is let the PSP stake volume grow, and increase our onchain execution volumes.

Thanks again.

8 Likes