Background
MUX was launched in August 2022; MUX contributors allocated the funds raised from the previous rounds to the initial POL for $6.57M and a 1-year development budget for $1M. In Feb 2023, MUX contributors received a $400K marketing budget from the POL after passing the related proposal.
By August 22nd, 2023, MUX had reached $14.1B organic trading volume, onboarded over 16K traders, reached over $54M TVL(third-highest in the perps sector), and earned over $9.7M protocol income. The POL has grown by around $4M (after deducting the previous $400K marketing budget and bearing $120K Multichain & Fantom black swan incidents losses for all LPs). In addition, MUX was one of the Arbitrum DAO airdrop receivers. After passing the previous proposal of adding the remaining airdrop to POL, the POL increased by around another $1.3M. The POL is currently $11.7M.
After an uplifting runtime for the first year, MUX contributors aim to continuously build & improve MUX to increase user adoption and continue generating profits for LPs, governance token holders and POL.
Proposal
The MUX contributors propose to allocate a $1,300,000 development budget and a $600,000 marketing budget from the POL to fund development and marketing activities between September 2023 and September 2024.
The budget is estimated based on budget consumption conditions between August 2022 and August 2023, as well as the planned scope of work for the coming year.
Scope of the $1.3M Development Budget:
- Development Contributor Wages
- Frontend Development
- Backend Development
- Contract Development
- Quality Assurance
- Operational Cost
- Product, UI, UX Design
- Project Management
- Maintenance
- Protocol Service, Infrastructure, Software and Hardware Spendings
- Audits for New Contracts
- Bug Bounties
- Product-Issue-Related User Compensation
Scope of the $600K Marketing Budget:
- Monthly KOL & Partner Incentives
- User Acquisition Campaigns
- Marketing Contributor Wages
- Marketing Content Creation Spendings
- Partnership Building & Event Budget
Marketing budget disclaimer: MUX contributors previously received a $400K marketing budget in February 2023, aiming to cover all marketing-related expenses for 2023. So far, the marketing budget has covered the expenses for four airdrop campaigns, one trading competition, all KOL partnerships between January and August 2023, marketing contributor wages, content creation spending, as well as other additional marketing-related expenses. The results were uplifting since MUX’s cumulative organic trading volume increased by around $10B after the marketing budget was allocated; however, the budget also ran out faster as we promoted more frequent campaigns to acquire users between April and August 2023. Due to this reason and experience, MUX contributors proposed to allocate a $600K marketing budget for September 2023 to September 2024.
In addition, as crucial opportunities for marketing exposure and user acquisition appear along the way, MUX contributors may seek to apply for additional special marketing budgets if needed.
Next Steps
- Community discussion surrounding this proposal
- Community members vote to approve/disapprove of this proposal
