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By Spinach
Grow DEX TVL by running spinach competitions that rally builders to orchestrate liquidity
This submission is to create a first MVP for Spinach that enables:
Anyone to request the creation of a new Spinach competition
An admin to manually add a new Spinach competition for a given token to the system
A backend to track liquidity orchestrated for a token per participating project
Visitors to view a leaderboard of liquidity orchestrated per participating project and paid out rewards so far
Projects to receive daily payments for the liquidity they orchestrated the day before
Once live, Spinach will be the first liquidity incentive platform to go live on Stellar.
Note: for this MVP we do not yet leverage Soroban. If the MVP is successful, we will start creating Sorobon smart contracts for depositing funds to be distributed as well as automated distribution of the funds on a daily basis.
Maybe in the future, but not in this submission
$70.0K
3 Spinach Competitions at launch
10 Spinach Competitions simultaneously running 3 months after launch, distributing $10k+ per month
$20k DeFi TVL on Stellar created for every $1k in rewards distributed through Spinach
5 participating projects per Spinach Competition
Participating projects start creating programs with incentives for end users so they can orchestrate more liquidity on Stellar
Reaching 250+ end users through these end-user incentive programs
On mainnet launch date we’ll partner with Glo Dollar to run a Spinach liquidity competition for Glo Dollar at $2k / month.
In the period leading up to the launch, we’ll be speaking with projects on Stellar that have their own token to discuss having them launch a Spinach competition for their tokens.
In addition, we’d like to partner with SDF to incentivize liquidity orchestration by/for new projects participating in SCF rounds. This encourages new projects to optimize for growing TVL and liquidity, which is good for the entire ecosystem. Simultaneously this helps with funding for nascent projects that are gaining some traction.
With this three-pronged approach, we intend to establish Spinach as a default ecosystem growth tactic on Stellar.
The Glo Dollar team has been running an excel-based alpha v0.01 of Spinach in the Celo ecosystem and noticed it has been working well within the Glo Dollar context. Through distributing just $2k in builder grants per month we managed to orchestrate $66k in liquidity on Celo, activating 8 projects to participate who rallied over 150 community users to provide liquidity.
For evidence of the positive feedback:
1. Response to announcement https://x.com/glodollar/status/1843638466648985986
2. $19k USDGLO liquidity added in the first month: https://x.com/glodollar/status/1859232965202722860
3. $36k USDGLO liquidity added in the second month: https://x.com/glodollar/status/1859925522345873609/photo/1 (note there’s also $36k in liquidity added by the other tokens, for a total of $72k)
4. Ubeswap launched a farm to orchestrate more USDGLO liquidity on their platform: https://app.ubeswap.org/#/farmv3/0x28ade0134b9d0bc7041f4e5ea74fecb58504720b
5. Commons Protocol made an internal proposal to launch a staking program based on Glo Dollar’s Spinach rewards
This prompted us to start exploring Spinach as a stand alone product. During the Eth Denver conference in February we spoke with half a dozen projects and chains which we believe might benefit from using Spinach. The response has been positive and encouraging us to build it. We’re now looking to get funding to start building an MVP so that anyone can launch Spinach liquidity competitions for builders on Stellar.
Evidence of positive feedback:
https://x.com/EthereumDenver/status/1895899113298018422 talk at Eth Denver positive responses
https://x.com/search?q=%40spinachfi&src=typed_query&f=live Organic responses to the first tweets
Spoke with Anke during Schelling Point who gave positive feedback and encouraged us to apply to this program!
Three example projects that could leverage Spinach:
Blend: incentivize builders to incorporate Blend pools in their apps
Ultra Capital: incentivize builders to incorporate yETH and yXLM in their apps, ultimately leading to higher revenue for all stakeholders
USF Microbond Issuance: drive liquidity once the token is available to trade, while encouraging builders to incorporate its issuance in their apps
Spinach tech MVP:
Core infrastructure to manually add new Spinach competitions for a given token
Data gathering modules that tracks liquidity added per participating project
Payout module that streams rewards to participating projects on a daily basis
Leaderboard on https://spinach.fi that shows current liquidity added per participating project, and their earnings so far in this month
Measure completion by submitting a new Spinach competition for a Stellar token, and seeing it added to the spinach.fi platform with mocked data.
Completed by: May 30, 2025
Budget: $50k
Spinach testnet run:
Track liquidity orchestrated on testnet for 2 weeks
Run payout module for a Stellar token on testnet
Measure completion by validating that testnet payments have been made to mock participating projects, and that tracked liquidity as reported in the leaderboard is accurate.
Completed by: June 17, 2025
Budget: $10k
Spinach mainnet launch:
Launch a first Spinach campaign for a to-be-selected Stellar token
Track liquidity orchestrated on mainnet for 2 weeks
Run payout module for the Stellar token on mainnet for 2 weeks
Measure completion by validating that payments are made to actual participating projects.
Completed by: July 1, 2025
Budget: $10k
Garm, Co-Founder & CEO, is a seasoned product leader with a track record of building innovative fintech and Web3 ventures. Before launching this company, he was Lead Product Manager at a San Francisco-based fintech firm and played a key role in co-creating two NFT projects. Garm holds a PhD in Product Management from the University of Utrecht.
Garm’s LinkedIn: https://www.linkedin.com/in/garmr/
Garm’s X: https://x.com/garmrdotcom
Garm’s Github: https://github.com/gglucass
Christine To, Business Development at the Glo Foundation. Christine formerly worked as an Advisor at Parity Technologies, Director at the Stellar Development Foundation and headed BD Fintech at Anchorage Digital.
Bram Voets, Growth at the Glo Foundation. Bram spent five years at Google working on marketing campaigns before joining our team.
Bram’s LinkedIn: https://www.linkedin.com/in/bramvoets/
Bram’s X: https://x.com/vts_bram
Lana Dingwall, Partnerships at the Glo Foundation. Lana has been involved in many roles with numerous crypto protocols and donation platforms such as Unlock Protocol, Charmverse, Gitcoin, and Octant.
Lana’s LinkedIn: https://www.linkedin.com/in/lanadingwall/
Lana’s X: https://x.com/lanzdingz
Rad Iglantowicz, tech lead. Rad is a seasoned engineer who has worked on a wide range of platforms spanning Web3 and Web2 FinTech, HFT and eCommerce, and has been responsible for creating products in every stage of the software lifecycle: from early stage to at scale.
Rad
Christine_USDGLO
Garm Lucassen
No other submissions.