Hey everyone!
It is time for an update ahead of Epoch 5. We’ve received about 22 ETH / $65k in Epoch 4. We are incredibly grateful to everyone that voted for us and we hope that you will want to vote for us in upcoming epochs as well.
This is the second time using this template, and sometimes it can still be difficult to properly fill it out, so feedback is welcome. Especially the difference between milestones and output/outcome reporting and the differences between short and long term outcomes are still a bit hard for us to grasp.
- Total Funds Received from Octant so far: $185k
- Funds Spent: $185k
Detailed Utilization
Most of our spending goes towards salaries of our 3 team members. Besides that we also have significant monthly infrastructure costs (server costs and data providers) and spend money on brand protection / scam website takedowns, administration, and contractors.
This quarter we have also made some additional costs for travel and merchandise to attend devcon and give out our first ever Revoke merch.
Milestones and Deliverables
- Milestone 1:
- Description: Improved risk indicators
- Immediate Outcome: It becomes easier for users to determine potentially dangerous token approvals and have a better idea of the overall risk of their approvals.
- Funding Used: $20k
- Milestone 2:
- Description: Batch revoking
- Immediate Outcome: It is easier for users to revoke larger numbers of token approvals seamlessly.
- Funding Used: $35k
- Karma GAP: Revoke.cash | Karma GAP
- Milestone 3:
- Description: Add support for ApeChain, World Chain, Morph, Chiliz, Zircuit, Bitlayer, Shape, Lisk, Geist, ZERO.
- Immediate Outcome: More people will be able to use Revoke.cash, and for more of their networks.
- Funding Used: $10k
- Karma GAP: Revoke.cash | Karma GAP
Also check out our monthly update blog posts for August, September, October and November.
Challenges
- Description: One challenge that we also touched on in the past update is sustainability as a public good. It is our intention to be and stay a 100% free and open source public good. While initiatives like Octant help with providing funding to do that, providing fully free and open source services sustainably remains a challenge.
- Updates: Because public goods funding is a field that is still very much in the process of being shaped, it is hard to rely on specific funding sources. For example: while nothing is set in stone yet, it seems like Revoke.cash may not be eligible for Optimism’s Retro Funding in 2025 due to the way they are shaping their program, which was a significant source of funding in 2024.
- Resolution: We try to diversify our public goods funding sources to not rely too much on specific programs, but the public goods funding space is not huge, so this is still an ongoing challenge. As the public goods space matures and funding initiatives become more lindy, we also expect it to be easier to rely on these programs.
- Lessons Learned: It is best to not rely on any specific program too much, but rather try to diversify funding sources when trying to build a 100% public good.
Outputs and Outcomes
Output 1: Risk indicators
- Short-term outcome: Users have more information to make decisions.
- Long-term outcome: Improved user satisfaction and retention.
Output 2: Batch revoking (including updated donations UI)
- Short-term outcome: Users can revoke multiple token approvals more easily, leading to reduced friction when using our tools.
- Short-term outcome: Users are confronted with a decision to donate more often and in a way that is more integrated into the usage flow.
- Long-term outcome: Improved user satisfaction and retention.
- Long-term outcome: Increased donations revenue.
Output 3: Support for additional networks
- Short-term outcome: Users can stay safe and use our tools across more networks.
- Short-term outcome: A broader audience of users that we can target.
- Long-term outcome: Improved user satisfaction and retention.
- Long-term outcome: More unique users and longer time spent on our platform.
- Long-term outcome: Additional revenue through support from companies / foundations behind the supported networks.
Output 4: Revoke Merchandise
- Short-term outcome: People enjoy receiving free stuff.
- Long-term outcome: Improved brand awareness around Revoke (especially the new branding).
Plans for Potential Funds Raised in the Next Octant Allocation Window
These are some of the short-to-mid-term goals that we have. This might be too much for the coming epoch, but in that case some of the goals can be pushed into the epoch after.
- Goal 1: Revoke Wrapped 2024
- Description: An overview of the approvals/revokes that a user did in 2024.
- Expected Outcome: People will gain awareness of their onchain activities regarding token approvals, and learn more about the importance of approvals management.
- Funding Needed: $20k
- Goal 2: Support for LUKSO.
- Description: This is separate from support for other EVM chains since it requires specific changes to support LUKSO’s token standards.
- Expected Outcome: More people will be able to use Revoke.cash, and for more of their networks.
- Funding Needed: $20k
- Goal 3: Approval history tab
- Description: An extra tab with a timeline of approval/revoke transactions.
- Expected Outcome: People get more insight into the events / actions that led to the state of their token approvals, which can be especially helpful in case they have been scammed. This will hopefully lead to more time spent on the platform and higher retention.
- Funding Needed: $30k
- Goal 4: Delegations checker
- Description: Right now we offer functionality to check/revoke token approvals and offchain signatures. We would like to add a similar dashboard for delegations through platforms like Delegate.xyz.
- Expected Outcome: Users can perform more security-related checks/actions on Revoke. Hopefully leading to better retention and more time spent on the platform.
- Funding Needed: $30k
Other Funding
Since our last update, we have also received $28k from Gitcoin Grants GG22 (includes both primary donations and matching). Since launching our updated donations UI with batch revoking, we are now also receiving more direct donations on our website ($2-3k per month in October and November).
Future Plans for Financial Sustainability
Because of Octant and other public goods funding sources, we are still receiving enough funding to continue offering Revoke.cash as a public good. So no changes since last update. See comments in Challenges for some additional context.