diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/01-12-2023.md b/notebooks/arb_dao_grant_distribution/STIP_Updates/1-12-2023/01-12-2023.md similarity index 100% rename from notebooks/arb_dao_grant_distribution/STIP_Updates/01-12-2023.md rename to notebooks/arb_dao_grant_distribution/STIP_Updates/1-12-2023/01-12-2023.md diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/ARB_STIP_Stats_1130.png b/notebooks/arb_dao_grant_distribution/STIP_Updates/1-12-2023/ARB_STIP_Stats_1130.png similarity index 100% rename from notebooks/arb_dao_grant_distribution/STIP_Updates/ARB_STIP_Stats_1130.png rename to notebooks/arb_dao_grant_distribution/STIP_Updates/1-12-2023/ARB_STIP_Stats_1130.png diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/Arb_STIP_Gauges_11_30.png b/notebooks/arb_dao_grant_distribution/STIP_Updates/1-12-2023/Arb_STIP_Gauges_11_30.png similarity index 100% rename from notebooks/arb_dao_grant_distribution/STIP_Updates/Arb_STIP_Gauges_11_30.png rename to notebooks/arb_dao_grant_distribution/STIP_Updates/1-12-2023/Arb_STIP_Gauges_11_30.png diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/Balancer_ARB_TopStablePools.png b/notebooks/arb_dao_grant_distribution/STIP_Updates/1-12-2023/Balancer_ARB_TopStablePools.png similarity index 100% rename from notebooks/arb_dao_grant_distribution/STIP_Updates/Balancer_ARB_TopStablePools.png rename to notebooks/arb_dao_grant_distribution/STIP_Updates/1-12-2023/Balancer_ARB_TopStablePools.png diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/img.png b/notebooks/arb_dao_grant_distribution/STIP_Updates/1-12-2023/img.png similarity index 100% rename from notebooks/arb_dao_grant_distribution/STIP_Updates/img.png rename to notebooks/arb_dao_grant_distribution/STIP_Updates/1-12-2023/img.png diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/img_1.png b/notebooks/arb_dao_grant_distribution/STIP_Updates/1-12-2023/img_1.png similarity index 100% rename from notebooks/arb_dao_grant_distribution/STIP_Updates/img_1.png rename to notebooks/arb_dao_grant_distribution/STIP_Updates/1-12-2023/img_1.png diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/1-15-2023/15-12-2023.md b/notebooks/arb_dao_grant_distribution/STIP_Updates/1-15-2023/15-12-2023.md new file mode 100644 index 0000000..2fcddba --- /dev/null +++ b/notebooks/arb_dao_grant_distribution/STIP_Updates/1-15-2023/15-12-2023.md @@ -0,0 +1,80 @@ +As per the STIP rules all protocols must post bi-weekly forum updates. The second updates will be due by this Friday, December 15st at 12:00PM EST + +# Balancer Bi-Weekly Update 15-12-2023 +![img_1.png](img_1.png) +## Recap of the Previous Two Weeks + + +**ARB Received Last Disbursement:** 342,858 (KYC delays resulted in collecting 2 biweekly payments at the start of the program, details in change section below) + +**ARB Utilized as Incentives in the Last Two Weeks: [171,429](https://arbiscan.io/tx/0x6dbc5c291e96e228feb63a71571fa5432c4b3d887b2714ba845171229fa3cf82) + +**Contracts incentivized over the last 2 weeks:** A CSV of incentived along with details about $ARB flows to each one and how they were calculated can be found [here](https://github.com/BalancerMaxis/data_automation/blob/main/notebooks/arb_dao_grant_distribution/output/dao_grant_2023-11-16_2023-11-30.csv). +These amounts of payment were queued and the required 171,429 $ARB sent for payment by this [multisig transaction](https://app.onchainden.com/safes/arb1:0xb6BfF54589f269E248f99D5956f1fDD5b014D50e/transactions/0x441c87976c91cdc38ec9c54aa06a0688b1b5c92b30b70d6c6bb927b8b6479130) executed at 16:02 UTC on Friday December 1st. +These payments will be streamed to stakers in the gauge by the injector and the gauge system for 2 weeks, ending today on December 29th. +![ARB_STIP_Stats_1130.png](ARB_STIP_Stats_1130.png) + +**Contract address label [Form](https://docs.google.com/forms/d/e/1FAIpQLSd2AYnjAaQjVOLtvemZpsWoN5sTJEJ8dLqdRDExTBQv_SUeug/viewform) completed for all addresses:** Yes + +**ARB left over:** 137,143.2 + +**Plan for leftover ARB:** In the last round the decision was made to increase biweekly amount distrbuted to 205,714.8 for the remaining periods. As we can see later in the report, growth is occurring over time on the network and project diversity is also blossoming on Balancer. This higher amount of incentives will be maintained for the remainder of the program, spreading out the leftover amount with new incoming amounts from the Hedgey streamer. + +Leaning into liquid staking derivatives, autocompounding assets such as plsRDNT, and yield bearing stable coins is the priority for Balancer collectively. By setting these pools in motion on the platform they will become self sustaining via the core pool cycle Balancer offers, and create sticky liquidity with underlying yield sources maximizing the value propostion of the projects who deploy on Balancer, the AMM itself, and Arbitrum as a whole. + +**Summary of incentives:** Incentives were dispersed based on the CSV above, which shows where the ARB was sent based upon the plan outlined in [Balancer's FINAL STIP Round 1 framework](https://forum.arbitrum.foundation/t/balancer-final-stip-round-1/16689). The current proposed method was not properly considering the boost for high fee earning pools due to a glitch in the automation Balancer DAO was using. Even with this, there has been an uptick in TVL and therefore fees on the platform. Last rounds data was skewed by not considering the yield fee Balancer takes, and therefore emission usage is much more efficient than previosuly displayed. + +Since December 1st key increases of TVL have been seen across various pools. As incentives are taking shape in the Aura layer of the ecosystem we see lasting depth on Balancer with LPs entering the "set and forget" mentality. Highlighting the same pools from last round gives an emphasis on the growth across the board. The [RDNT/WETH](https://app.balancer.fi/#/arbitrum/pool/0x32df62dc3aed2cd6224193052ce665dc181658410002000000000000000003bd) pool increased from 50MM to 60MM TVL and the average volume is up from 670k to 1.19 MM per day. Looking at the same liquid staking derivative pools from last round [cbETH/rETH/wstETH](https://app.balancer.fi/#/arbitrum/pool/0x4a2f6ae7f3e5d715689530873ec35593dc28951b000000000000000000000481), [WETH/rETH](https://app.balancer.fi/#/arbitrum/pool/0xade4a71bb62bec25154cfc7e6ff49a513b491e81000000000000000000000497), [wstETH/WETH](https://app.balancer.fi/#/arbitrum/pool/0x9791d590788598535278552eecd4b211bfc790cb000000000000000000000498) and [ankrETH/wstETH](https://app.balancer.fi/#/arbitrum/pool/0x3fd4954a851ead144c2ff72b1f5a38ea5976bd54000000000000000000000480) are near all time highs for TVL, with the exception of wstETH/wETH. New LST pools are outlined below to show where we expect the next wave of popularity to be spread, on top of these already strong pools. + +Currently total ETH LST TVL is up to 37.15MM from 29.72MM (stable pools plus weighted portions) and volume for the two week period in the 4 mentioned stable LST pools is over 34.75MM from the previous rounds, 15.26MM. Due to Balancer's core pool incentive structure, as these LST pools increase in value their market share of rewards increases as well via self sustaining bribe mechanics. + +To come full cirlce on the primary liquidity on Balancer four routing supported by the ARB STIP are the, [4POOL](https://app.balancer.fi/#/arbitrum/pool/0x423a1323c871abc9d89eb06855bf5347048fc4a5000000000000000000000496) pool has has increased 5% at time of writing in TVL in the two week span and is averaging 2.2MM compared to previously 1.3MM in volume per day. Lastly the [4POOL/wstETH](https://app.balancer.fi/#/arbitrum/pool/0xa1a8bf131571a2139feb79401aa4a2e9482df6270002000000000000000004b4) pool peaked at 1.1MM in TVL over this period, but is currently at 820k TVL down from last rounds 920k. Volume however ticked upwards from 230k last round to over 500k by the second rounds end. + +[Savy](https://forum.balancer.fi/t/bip-482-enable-savvy-tricrypto-svusd-sveth-svbtc-pool-gauge-arbitrum-with-2-emission-cap/5321/4), [ANKR](https://forum.balancer.fi/t/bip-493-enable-ankr-ankreth-gauge-arbitrum/5363/3) , and[Plutus](https://forum.balancer.fi/t/bip-497-enable-plsrdntv2-8020rdntweth-gauge-with-a-2-weight-cap/5377/3) were all mentioned last round as pools to keep an eye out for. The Savy and ANKR pools have yet to take part in the incentives cycle, and TVL respectively are at 128k and 18k. We will report further on these if they do begin to receive ARB. + +The Plutus plsRDNT pool has begun to climb the charts though, as incentives from Radiant and Plutus have gone live via Aura. The pool will receive its first round of Balancer STIP incentives in the upcoming round. + +Stats from [Openblock Dashboard](https://www.openblocklabs.com/app/arbitrum/grantees/Balancer): + +![ARB_STIP_Stats_12_13.png](ARB_STIP_Stats_12_13.png) + +**Additional Info / Disclosures to Multisig:** + + +- Tags for each contract address can be found in the csv above. +- As described in previous report, an extra 171,429 $ARB was collected on our first biweekly run that started November 17th, it was requested that all $ARB is paid out by February 15th. As we were not expecting the second epoch of payments when prepairing payloads, we paid out the originally planned 171,429 $ARB, leaving 171,429 $ARB in the safe. This is how the amount of ARB per round increased. + - Going forward, this 171,429 will be paid out evenly throughout the remaining rounds. Details can be seen on [this sheet](https://docs.google.com/spreadsheets/d/1k4i9ZNpxiRDC_bl4JtZMldV7J0LRQEVHZNqVpj8xG0g/edit#gid=0) + +## STATS + +**Link to Dashboard showing metrics:** [Balancer Arbitrum Liquidity Growth Program dashboard](https://dune.com/balancer/arbitrum-lgp?Start+date_d2264d=&End+date_daf146=) + +**COPY ALL THE STATS FROM THE DUNE DASH TO THE FORUM BELOW ON FRIDAY AND DELETE THIS NOTE** + + +**Average daily TVL:** $109,501,087 + +**Average daily transactions:** TBD + +**Average daily volumes:** $7,505,407 + +**Number of unique user addresses:** TBD + +**Transaction fees:** Average daily: $8,039 + + +## Plan For the Next Two Weeks + +**Amount of ARB to be distributed:** 205,714.8 + +**Contracts that will be incentivized:** Contracts to be incentivied are outlined in this [csv](https://github.com/BalancerMaxis/data_automation/blob/main/notebooks/arb_dao_grant_distribution/output/dao_grant_2023-11-16_2023-11-30.csv), subject to change as more gauges are added to the veBAL system on Arbitrum. -NEEDS UPDATE- + +- NEW ROUND CSV IMAGE OR TABLE NEEDED - + +**Contract address label [Form](https://docs.google.com/forms/d/e/1FAIpQLSd2AYnjAaQjVOLtvemZpsWoN5sTJEJ8dLqdRDExTBQv_SUeug/viewform) completed for all addresses:** Yes + +**Mechanism for distribution incentives:** Distributions will be done every week via Balancer DAO's [ARB injector contract](https://arbiscan.io/address/0xF23d8342881eDECcED51EA694AC21C2B68440929#readContract) by sending direct incentives to the gauges of the respective pools in the Balancer ecosystem. + +**Summary of incentives plan:** Incentives will be heading to the pools mentioned above over the next two week period. The pools Balancer expects to be highlights of the next report are the ones mentioned above, and these new pools joining the Arbitrum ecosystem. The [plsRDNT](https://app.balancer.fi/#/arbitrum/pool/0x451b0afd69ace11ec0ac339033d54d2543b088a80000000000000000000004d5) pool which will be kickstarted increasing in magnitude over time as it scales up. This will have second order affects permanently locking RDNT/WETH tokens on the platform. The new LST pool to bring more yield bearing liquidity to the ecosystem is the [sfrxETH tripool](https://app.balancer.fi/#/arbitrum/pool/0x0c8972437a38b389ec83d1e666b69b8a4fcf8bfd00000000000000000000049e). While TVL is negligent currently, Balancer has placed a bribe to get incentives started and begin bootstrapping another LST juggernaught. + +**Summary of changes to the original plan:** As stated above, biweekly distributions were increased from 171429 to 205714.2 $ARB in order to pay out the full amount before February 15th as requested. Aside from the increase in incentive density, the plan will be carried out as planned, with additional gauges as they approved by Balancer governance. \ No newline at end of file diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/1-15-2023/ARB_STIP_Stats_12_13.png b/notebooks/arb_dao_grant_distribution/STIP_Updates/1-15-2023/ARB_STIP_Stats_12_13.png new file mode 100644 index 0000000..3aee834 Binary files /dev/null and b/notebooks/arb_dao_grant_distribution/STIP_Updates/1-15-2023/ARB_STIP_Stats_12_13.png differ diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/1-15-2023/Arb_STIP_Gauges_11_30.png b/notebooks/arb_dao_grant_distribution/STIP_Updates/1-15-2023/Arb_STIP_Gauges_11_30.png new file mode 100644 index 0000000..850ebcd Binary files /dev/null and b/notebooks/arb_dao_grant_distribution/STIP_Updates/1-15-2023/Arb_STIP_Gauges_11_30.png differ diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/1-15-2023/img_1.png b/notebooks/arb_dao_grant_distribution/STIP_Updates/1-15-2023/img_1.png new file mode 100644 index 0000000..a36c12a Binary files /dev/null and b/notebooks/arb_dao_grant_distribution/STIP_Updates/1-15-2023/img_1.png differ diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/12-1-2024/12-1-2024.md b/notebooks/arb_dao_grant_distribution/STIP_Updates/12-1-2024/12-1-2024.md new file mode 100644 index 0000000..4fbecbe --- /dev/null +++ b/notebooks/arb_dao_grant_distribution/STIP_Updates/12-1-2024/12-1-2024.md @@ -0,0 +1,86 @@ +As per the STIP rules all protocols must post bi-weekly forum updates. The second updates will be due by this Friday, January 12th at 12:00PM EST + +# Balancer Bi-Weekly Update 12-1-2024 +![arb-forum-update-4.png](arb-forum-update-4.png) +## Recap of the Previous Two Weeks + + +**ARB Received Last Disbursement:** 171,429 (KYC delays resulted in collecting 2 biweekly payments at the start of the program, details in change section below) + +**ARB Utilized as Incentives in the Last Two Weeks: [205,249](https://arbiscan.io/tx/0x47652a14eebd36fbcf03da6028c49a3a47f39becfa737efb09cec53f79b065eb) + +**Contracts incentivized over the last 2 weeks:** A CSV of incentived along with details about $ARB flows to each one and how they were calculated can be found [here](https://github.com/BalancerMaxis/STIP_automation/blob/last-round-2023/output/dao_grant_2023-12-14_2023-12-28.csv). +These amounts of payment were queued and the required 171,429 $ARB sent for payment by this [multisig transaction](https://app.onchainden.com/safes/arb1:0xb6BfF54589f269E248f99D5956f1fDD5b014D50e/transactions/0x3fc881080230ed0608abfa36d82490fbcf9022d57f6247bacb83b48a21907c27) executed at 15:01 UTC on Friday Decemeber 29th. +These payments were be streamed to stakers in the gauge by the injector and the gauge system for 2 weeks, ending today on January 12th. +![Arb_STIP_Gauges_12_28.png](Arb_STIP_Gauges_12_28.png) + + +**Contract address label [Form](https://docs.google.com/forms/d/e/1FAIpQLSd2AYnjAaQjVOLtvemZpsWoN5sTJEJ8dLqdRDExTBQv_SUeug/viewform) completed for all addresses:** Yes + +**ARB left over:** 68,571.6 + +**Plan for leftover ARB:** The leftover ARB was planned to be paid out over the following rounds as described in prior reports by distributing 205,714.8 for the remaining periods. However, because the short term incentive program distribution time will be extended, the amounts will be spread out evenly over the remaining periods. This will result in 82285.3 ARB being distributed per round until March 8. This final injection would then last until March 22 for ARB streamign to close out Balancer's STIP cycle. + +During the last distribution Balancer has been scaling up in liquidity in every facet of the dex. Primarily yield bearing assets such as ETH LSTs and stablecoins, as well as providing a hub for projects to deploy governance tokens with unique nuance for incentive programs will be outlined in detail in the summary section. The core purpose of Balancer's STIP strategy remains to grow the total amount of yield bearing assets on Arbitrum while enabling new value add projects an ease of access to join the ecosystem. + +Emphasizing the points above, the pools which provide the highest amounts of fees for Balancer are directed majority of BAL incentives, and therefore ARB, via our [core pool cycle](https://forum.balancer.fi/t/bip-457-core-pool-incentive-program-automation/5254). This will continue to propel stand out pools to scale up as incentives coincide with key metrics for both the Arbitrum foundation and Balancer. While incentives will decrease in total to spread out the ARB, the concentration will be directed towards the top performing pools. + +**Summary of incentives:** Incentives were dispersed based on the CSV above, which shows where the ARB was sent based upon the plan outlined in [Balancer's FINAL STIP Round 1 framework](https://forum.arbitrum.foundation/t/balancer-final-stip-round-1/16689). The dynamic boost of higher fee pools has taken more shape pushing incentives towards the higher performing pools in terms of fees earned. The efficiency of ARB incentive disitribution is becoming more efficient every round as the more profitable pools gain more traction over time. + +On December 28th, the TVL of Balancer was 131M, volume, LST TVL, and fees were at all time highs and we once again have raised the bar. Both Aura and Beefy have made fast tracking liquidity providers into high growth positions for the protocol and ecosystem mcuh smoother. More and more large players are joining Arbitrum and they are choosing to do so on Balancer because of the way incenvites are directed towards the highest value add projects organically. + +The focus has been in every report the largest pools to track metrics of their growth, and which new one's emerge over time. [RDNT/WETH](https://app.balancer.fi/#/arbitrum/pool/0x32df62dc3aed2cd6224193052ce665dc181658410002000000000000000003bd) is still growing as the market rallies after a jump from 60MM to 74MM TVL last round it has increased again to 75MM. The last two rounds have average daily volumes 1.15, and 1.19MM this round has risen to 1.97MM daily volume. Looking at the same liquid staking derivative pools [cbETH/rETH/wstETH](https://app.balancer.fi/#/arbitrum/pool/0x4a2f6ae7f3e5d715689530873ec35593dc28951b000000000000000000000481), [WETH/rETH](https://app.balancer.fi/#/arbitrum/pool/0xade4a71bb62bec25154cfc7e6ff49a513b491e81000000000000000000000497), [wstETH/WETH](https://app.balancer.fi/#/arbitrum/pool/0x9791d590788598535278552eecd4b211bfc790cb000000000000000000000498) and [ankrETH/wstETH](https://app.balancer.fi/#/arbitrum/pool/0x3fd4954a851ead144c2ff72b1f5a38ea5976bd54000000000000000000000480) have reached all time highs once again. This is a combination of slightly growing total underlying ETH, and market upticking in dollar denominated value. The [sfrxETH/wstETH/rETH](https://app.balancer.fi/#/arbitrum/pool/0x0c8972437a38b389ec83d1e666b69b8a4fcf8bfd00000000000000000000049e) was new last round, and we highlighted TVL at 1MM being an achievement. In the previous epochs time the pool has hit 4.16MM TVL, a 4x in 2 weeks roughly. While the growth is incredible, we do expect it to continue slightly, and level out as the incentives meet fair market conditions. + +During the last two rounds had the ETH LST TVL climb from 37.15MM to 47.5MM and now Balancer holds just under 59MM TVL for this same set of assets at the time of writing (stable pools plus weighted portions). Volume has also increase from 38MM to 47.5MM. As we have been stating; the best pools for the ecosystem scale up due to the system and this is proof that these assets continue to get the support they need to result in net positive additions for the Arbitrum ecosystem. + + Balancer has chosen to support several pools for routing by dedicating fixed ARB incentives on the 4POOL and the 4POOL/wstETH pair. The [4POOL](https://app.balancer.fi/#/arbitrum/pool/0x423a1323c871abc9d89eb06855bf5347048fc4a5000000000000000000000496) pool has seen a large jump in TVL going from 5.15MM to 9.39MM in the last two weeks. The core contributors at Balancer chose to reduce the swap fee to make the pool more competitive with the concentrated liqudity markets and this increase volume and fee flows vadtly. Volume of the last two rounds were 1.9 and 2.2MM per day; the pool sits at 6.8 MM in volume per day over the last two weeks. The [4POOL/wstETH](https://app.balancer.fi/#/arbitrum/pool/0xa1a8bf131571a2139feb79401aa4a2e9482df6270002000000000000000004b4) pool is down in TVL from 1.2MM to 870k and ultimatley the Balancer Maxis have decided the direct support of this pool should be removed as we plan to elongate the STIP ARB beyond the initial end date. The 4POOL while performing will have it's direct incentives migrated to the sFRAX/4POOL which offers LPs the yield bearing exposure of sFRAX while also acting as a way to incentivize diverse stablecoin routing. This is a more bang for Arbitrum's buck solution which we are happy to utilize. + +The previosu report highlighted two pools Balancer expected to be rising stars over this round. They were [sFRAX/4POOL](https://app.balancer.fi/#/arbitrum/pool/0x2ce4457acac29da4736ae6f5cd9f583a6b335c270000000000000000000004dc) and [sFRAX/wstETH](https://app.balancer.fi/#/arbitrum/pool/0xc757f12694f550d0985ad6e1019c4db4a803f1600002000000000000000004de). While the wstETH pairing has not yet been scaled up, the sFRAX/4POOL has just begun to fire on all cylinders. [Beefy](https://twitter.com/beefyfinance/status/1745579990601568656) and the FRAX teams have contributed to making this a peak performing pool which will capture every ounce of capital efficiency Balancer's unique architecture can offer to LPs. The pool has easily gone from sub 300k to 3MM TVL and undobutedly will increase in value, volume, and fees over the next epoch. This pool will be a repeat offender of the highlight list for next round. + +An honorable mention in the continuous growth of Balancer in the Arbitrum ecosystem is [Notional Finance](https://twitter.com/teddywoodward/status/1743657487117492437) who recently launched v3 on Arbitrum. Their leveraged vaults are gaining a large amount of traction and we are excited for the synergies from integration to result in inflows and opportunities for everyone in the Arbitrum ecosystem. + +Stats from [Openblock Dashboard](https://www.openblocklabs.com/app/arbitrum/grantees/Balancer): + +![ARB_STIP_Stats_11_1.png](ARB_STIP_Stats_11_1.png) + +**Additional Info / Disclosures to Multisig:** + + +- Tags for each contract address can be found in the csv above. +- See previous report for any comments on the current payment schematic of ARB to align with the deadline of the incentive cycle end proposed by the Arbitrum Foundation. +- Details can be seen on [this sheet](https://docs.google.com/spreadsheets/d/1k4i9ZNpxiRDC_bl4JtZMldV7J0LRQEVHZNqVpj8xG0g/edit#gid=0) + +## STATS + +**Link to Dashboard showing metrics:** [Balancer Arbitrum Liquidity Growth Program dashboard](https://dune.com/balancer/arbitrum-lgp?Start+date_d524c0=2023-12-15+00%3A00%3A00&End+date_d75e58=2023-12-28+00%3A00%3A00&End+date_daf146=&Start+date_d2264d=&Start+date_dc9002=2023-12-29+00%3A00%3A00&Start+date_dfbf60=2023-12-29+00%3A00%3A00&End+date_d85b75=2024-01-11+00%3A00%3A00&End+date_d19c82=2024-01-11+00%3A00%3A00) + +**Average daily TVL:** $135,081,641 + +**Average daily transactions:** 711 + +**Average daily volumes:** $16,388,442 + +**Number of unique user addresses:** 3420 + +**Transaction fees:** Average daily: $15,051 + + +## Plan For the Next Two Weeks + +**Amount of ARB to be distributed:** 82285.3 + +**Contracts that will be incentivized:** Contracts to be incentivied are outlined in this [csv](https://github.com/BalancerMaxis/STIP_automation/blob/9c0791acfec184c114f840444bb1c4d183c9cbf4/output/dao_grant_2023-12-28_2024-01-11.csv), subject to change as more gauges are added to the veBAL system on Arbitrum. + +![Arb_STIP_Gauges_11_1.png](Arb_STIP_Gauges_11_1.png) + +**Contract address label [Form](https://docs.google.com/forms/d/e/1FAIpQLSd2AYnjAaQjVOLtvemZpsWoN5sTJEJ8dLqdRDExTBQv_SUeug/viewform) completed for all addresses:** Yes + +**Mechanism for distribution incentives:** Distributions will be done every week via Balancer DAO's [ARB injector contract](https://arbiscan.io/address/0xF23d8342881eDECcED51EA694AC21C2B68440929#readContract) by sending direct incentives to the gauges of the respective pools in the Balancer ecosystem. + +**Summary of incentives plan:** The incentives structure will continue to be carried out as planned since the original awarding of the STIP. As new pools join the ecosystem there will be competition between the most efficient ones on a fee per emission basis to determine where the majority of incentives are directed. More efficient pools receive more incentives and over time facilitate the optimal use of ARB for the liquidity hosted by Balancer on Arbitrum. As new strong contendors join the ecosystem the competition becomes more fierce between pools, ultimatley leading to more TVL, fees, and diversity on the platform. + +The top performing pools will continue to receive the lion's share of incentives. Pools with yield bearing liquidity, such as [plsRDNT](https://app.balancer.fi/#/arbitrum/pool/0x451b0afd69ace11ec0ac339033d54d2543b088a80000000000000000000004d5) as a top yield earner will receive more emissions over time. The [sFRAX/4POOL](https://app.balancer.fi/#/arbitrum/pool/0x2ce4457acac29da4736ae6f5cd9f583a6b335c270000000000000000000004dc) as mentioned prior will grow rapidly as fixed incentives as well as outside incentives are pointed towards it from all the parties involved. Frax will also likely choose to scale up the [sFRAX/FRAX](https://app.balancer.fi/#/arbitrum/pool/0xdfa752ca3ff49d4b6dbe08e2d5a111f51773d3950000000000000000000004e8) pool which was recently deployed. + +**Summary of changes to the original plan:** Bi-weekly distributions will be scaled back as mentioned earlier in the report. The total value of ARB per round will be reduced from 205714.8 per round to 82285.3. This will make the program last through the first half of March. In the previous report the optimization BIP to strengthen top performing pool's allocations was put into affect, hence the ongoing improvement of efficiency over the previous and upcoming rounds. [BIP-522](https://forum.balancer.fi/t/bip-522-arbitrum-lgp-and-stip-adjustments/5473). + +The fixed incentives which were initially directed at the 4POOL and wstETH/4POOL will now be pointed towards the sFRAX/4POOL and used to spread across the new timeline for distribution. The sFRAX/wstETH pool was planned to receive a portion of these, but due to the recent elongaiton of the program will no longer be done. \ No newline at end of file diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/12-1-2024/ARB_STIP_Stats_11_1.png b/notebooks/arb_dao_grant_distribution/STIP_Updates/12-1-2024/ARB_STIP_Stats_11_1.png new file mode 100644 index 0000000..4a042b7 Binary files /dev/null and b/notebooks/arb_dao_grant_distribution/STIP_Updates/12-1-2024/ARB_STIP_Stats_11_1.png differ diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/12-1-2024/ARB_STIP_Stats_12_14.png b/notebooks/arb_dao_grant_distribution/STIP_Updates/12-1-2024/ARB_STIP_Stats_12_14.png new file mode 100644 index 0000000..18cfa5e Binary files /dev/null and b/notebooks/arb_dao_grant_distribution/STIP_Updates/12-1-2024/ARB_STIP_Stats_12_14.png differ diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/12-1-2024/Arb_STIP_Gauges_11_1.png b/notebooks/arb_dao_grant_distribution/STIP_Updates/12-1-2024/Arb_STIP_Gauges_11_1.png new file mode 100644 index 0000000..02ee88b Binary files /dev/null and b/notebooks/arb_dao_grant_distribution/STIP_Updates/12-1-2024/Arb_STIP_Gauges_11_1.png differ diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/12-1-2024/Arb_STIP_Gauges_12_28.png b/notebooks/arb_dao_grant_distribution/STIP_Updates/12-1-2024/Arb_STIP_Gauges_12_28.png new file mode 100644 index 0000000..01a270f Binary files /dev/null and b/notebooks/arb_dao_grant_distribution/STIP_Updates/12-1-2024/Arb_STIP_Gauges_12_28.png differ diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/12-1-2024/arb-forum-update-4.png b/notebooks/arb_dao_grant_distribution/STIP_Updates/12-1-2024/arb-forum-update-4.png new file mode 100644 index 0000000..c549fb1 Binary files /dev/null and b/notebooks/arb_dao_grant_distribution/STIP_Updates/12-1-2024/arb-forum-update-4.png differ diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/26-1-2024/26-1-2024.md b/notebooks/arb_dao_grant_distribution/STIP_Updates/26-1-2024/26-1-2024.md new file mode 100644 index 0000000..d0eeceb --- /dev/null +++ b/notebooks/arb_dao_grant_distribution/STIP_Updates/26-1-2024/26-1-2024.md @@ -0,0 +1,84 @@ +As per the STIP rules all protocols must post bi-weekly forum updates. The second updates will be due by this Friday, January 26th at 12:00PM EST + +# Balancer Bi-Weekly Update 26-1-2024 +![arb-forum-update-5.png](arb-forum-update-5.png) +## Recap of the Previous Two Weeks + + +**ARB Received Last Disbursement:** 171,429 (KYC delays resulted in collecting 2 biweekly payments at the start of the program, details in change section below) + +**ARB Utilized as Incentives in the Last Two Weeks: [82,285.3](https://arbiscan.io/tx/0x375301a47e9796c8be254b3afb073ad3a5414f355867971de37b86f8ba37f0c1) + +**Contracts incentivized over the last 2 weeks:** A CSV of incentived along with details about $ARB flows to each one and how they were calculated can be found [here](https://github.com/BalancerMaxis/STIP_automation/blob/9c0791acfec184c114f840444bb1c4d183c9cbf4/output/dao_grant_2023-12-28_2024-01-11.csv). +These amounts of payment were queued and the required 82,285.3 $ARB sent for payment by this [multisig transaction](https://app.onchainden.com/safes/arb1:0xb6BfF54589f269E248f99D5956f1fDD5b014D50e/transactions/0x068bd0f58720eb6a57167df5ce7f8e0a4a9cc16bccd25df2fea13fd75c207322) executed at 15:57 UTC on Friday January 12th. +These payments were be streamed to stakers in the gauge by the injector and the gauge system for 2 weeks, ending today on January 26th. + +![Arb_STIP_Gauges_11_1.png](Arb_STIP_Gauges_11_1.png) + +**Contract address label [Form](https://docs.google.com/forms/d/e/1FAIpQLSd2AYnjAaQjVOLtvemZpsWoN5sTJEJ8dLqdRDExTBQv_SUeug/viewform) completed for all addresses:** Yes + +**ARB left over:** 157715.3 + +**Plan for leftover ARB:** The leftover ARB will be distributed out until through the month of March as requested by the Arbitrum Foundation. The result for Balancer is 82285.3 ARB being distributed per round until March 8. This final injection would then last until March 22 for ARB streamign to close out Balancer's STIP cycle. + +This was the first distribution round where Balancer has scaled back incentives by over 50%. This reduction is a test to validate that the liquidity built up on Balancer is indeed sticky and not a short term benefit to the Arbitrum ecosystem. Thep prior rounds had 205714.8 ARB per epoch, in comparison to the 82,285.3 distributed over the last two weeks. Based on the downward market conditions in the last several days the mark has been humbling, but refreshing for the protocol to see the best pools maintaining their incentive optimized footholds thanks to Balancer's core pool mechanics, emphasized by the STIP. + +**Summary of incentives:** Incentives were injected to pool gauge's based on the CSV above, which shows where the ARB was sent based upon the plan outlined in [Balancer's FINAL STIP Round 1 framework](https://forum.arbitrum.foundation/t/balancer-final-stip-round-1/16689). Balancer's core pool mechanics cycles high volume and high yield bearing liquidity fees back into the incentives markets giving strong performers the ability to self sustain on Balancer. Combined with the STIP incentive program proposed by Balancer DAO and funded by the Arbitrum Foundation, the ARB incentives have been consistently directed towards these pools in a spiral up trajectory to maximize their efficiency. + +On Janaury 11th, the TVL of Balancer was 135M, volume, LST TVL, and fees were at all time highs. Currently we are reporting our first round with a reduction in core metrics and ultimatley the efficiency has not decreased for Balancer. The average daily TVL has still been strong at 137MM, however at the time of writing has dropped to 119MM. The integrations and layers on top of Balancer are continuing to expand and as mentioned in the previous report related to Aura, Plutus, Beefy, and Notional Finance. The initial heavy push of ARB incentives has increased Balancer's already strong presence on Arbitrum for certain, but true value is in seeing a high retention of metrics with a 60% reduction in ARB dispersed per round. + +Balancer's largest pools metrics continue to carry the protocol forward, and several new comers have firmed up their position in the ecosystem. To put in perspective the reductions in TVL in some of these pools, the market is down roughly 15% in USD terms. [RDNT/WETH](https://app.balancer.fi/#/arbitrum/pool/0x32df62dc3aed2cd6224193052ce665dc181658410002000000000000000003bd) has seen a pullback from its recent peak at 75MM down to 64MM. The last two rounds have average daily volumes 1.19MM and 1.97MM daily volume, currently the pool is still performing well at 1.18MM. Looking at the same liquid staking derivative pools [cbETH/rETH/wstETH](https://app.balancer.fi/#/arbitrum/pool/0x4a2f6ae7f3e5d715689530873ec35593dc28951b000000000000000000000481), [WETH/rETH](https://app.balancer.fi/#/arbitrum/pool/0xade4a71bb62bec25154cfc7e6ff49a513b491e81000000000000000000000497), [wstETH/WETH](https://app.balancer.fi/#/arbitrum/pool/0x9791d590788598535278552eecd4b211bfc790cb000000000000000000000498) and [ankrETH/wstETH](https://app.balancer.fi/#/arbitrum/pool/0x3fd4954a851ead144c2ff72b1f5a38ea5976bd54000000000000000000000480) have for the first time in the STIP's history have not all reached all time highs. However with the market turning down The [cbETH/rETH/wstETH](https://app.balancer.fi/#/arbitrum/pool/0x4a2f6ae7f3e5d715689530873ec35593dc28951b000000000000000000000481) has jumped massively in TVL while the rest have stayed relatively flat in TVL or dropped with the market dynamics. Overall the total ETH in Balancer pools has continuously increased. [sfrxETH/wstETH/rETH](https://app.balancer.fi/#/arbitrum/pool/0x0c8972437a38b389ec83d1e666b69b8a4fcf8bfd00000000000000000000049e) has been our new and fastest grower, but going forward will be joining the group as a standard LST pool to follow the metrcis of. In the previous epochs the pool has hit 4.16MM TVL, and despite the drop in ETH price and reduction in incentives has still pushed to 5.48MM TVL. + +ETH LST TVL has been climbing dramatically on Balancer and Arbitrum throughout the STIP's duration from 47.5MM to 59MM last round and now Balancer holds just under 52MM TVL for this same set of assets at the time of writing (stable pools plus weighted portions). This is a net increase in ETH from the previous round, but reflects poorly due to the difference in USD price between snapshots. Volume has across these pools was at an all time high of 47.5MM for the period, but has decayed to the round prior's level matching it at 38MM. Given the circumstances this exemplifies the strength of Balancer's infrastructure and strategy resulting in beneficial aligned outcomes for Arbitrum. + +Last round the ARB incentives were cut from the 4POOL and the 4POOL/wstETH pair. The [4POOL](https://app.balancer.fi/#/arbitrum/pool/0x423a1323c871abc9d89eb06855bf5347048fc4a5000000000000000000000496) pool has maintained 5.47MM TVL without any direct incentivization and still sees significant volume, averaging 5.16MM per day this round. Liquidity will remain sticky for this pool because of it being nested in the sFRAX/4POOL, where incentives migrated to offers LPs the yield bearing exposure of sFRAX while also acting as a way to incentivize diverse stablecoin routing. As described in the previous report, this is is more efficiency for Balancer liquidity providers and the Arbitrum Foundation's STIP funding. + +To close the loop on the pools to watch mentioned in the report 4, they [sFRAX/4POOL](https://app.balancer.fi/#/arbitrum/pool/0x2ce4457acac29da4736ae6f5cd9f583a6b335c270000000000000000000004dc) pool has maintained 5MM TVL and while it is relatively low volume compared to the pools above, it is the most efficient way for the yield of sFRAX to subsisize stable coin support on Balancer and Arbitrum making the cost of sticky liqudity lower for both parties. Liqudity providers also are rewarded with the additional organic yield, making it a win for all. Beefy continues to leverage all integrations of Aura, sFRAX, and the STIP to make liquidity providers increase their positions over time via their autocompounding vaults and this plays a strong role in all LST pools also outperforming the market this round. + +Stats from [Openblock Dashboard](https://www.openblocklabs.com/app/arbitrum/grantees/Balancer): + +![ARB_STIP_Stats_1_26.png](ARB_STIP_Stats_1_26.png) + +**Additional Info / Disclosures to Multisig:** + + +- Tags for each contract address can be found in the csv above. +- See previous report for any comments on the current payment schematic of ARB to align with the deadline of the incentive cycle end proposed by the Arbitrum Foundation. +- Details can be seen on [this sheet](https://docs.google.com/spreadsheets/d/1k4i9ZNpxiRDC_bl4JtZMldV7J0LRQEVHZNqVpj8xG0g/edit#gid=0) + +## STATS + +**Link to Dashboard showing metrics:** [Balancer Arbitrum Liquidity Growth Program dashboard](https://dune.com/balancer/arbitrum-lgp?Start+date_d524c0=2023-12-15+00%3A00%3A00&End+date_daf146=&End+date_d75e58=2023-12-28+00%3A00%3A00&Start+date_d2264d=&End+date_d85b75=2024-01-25+00%3A00%3A00&End+date_d19c82=2024-01-25+00%3A00%3A00&Start+date_dc9002=2024-01-12+00%3A00%3A00&Start+date_dfbf60=2024-01-12+00%3A00%3A00) + +**Average daily TVL:** $137,263,052 + +**Average daily transactions:** 660 + +**Average daily volumes:** $11,319,140 + +**Number of unique user addresses:** 4037 + +**Transaction fees:** Average daily: $10,913 + + +## Plan For the Next Two Weeks + +**Amount of ARB to be distributed:** 82285.3 + +**Contracts that will be incentivized:** Contracts to be incentivied are outlined in this [csv](https://github.com/BalancerMaxis/STIP_automation/blob/main/output/dao_grant_2024-01-11_2024-01-25.csv), subject to change as more gauges are added to the veBAL system on Arbitrum. + +![Arb_STIP_Gauges_25_1.png](Arb_STIP_Gauges_25_1.png) + +**Contract address label [Form](https://docs.google.com/forms/d/e/1FAIpQLSd2AYnjAaQjVOLtvemZpsWoN5sTJEJ8dLqdRDExTBQv_SUeug/viewform) completed for all addresses:** Yes + +**Mechanism for distribution incentives:** Distributions will be done every week via Balancer DAO's [ARB injector contract](https://arbiscan.io/address/0xF23d8342881eDECcED51EA694AC21C2B68440929#readContract) by sending direct incentives to the gauges of the respective pools in the Balancer ecosystem. + +**Summary of incentives plan:** The original plan carries on in a different form as it has through the last four rounds. With the changes in total allocations of ARB there has been no wavering in the strategy. Balancer's core pool mentality stays the same, and having the same core metrics to drive fees for both the Arbitrum ecosystem we will continue to push for more capital efficient pools to compete on our platform. This competition drives the increases in TVL, volume, and ultimatley fees for all involved. + +We have been working closely with the Plutus team to thread the needle of layering a liquid wrapper on top of the Radiant dlp juggernaught. [plsRDNT](https://app.balancer.fi/#/arbitrum/pool/0x451b0afd69ace11ec0ac339033d54d2543b088a80000000000000000000004d5) as a top yield earner will receive more emissions over time, however there is currently community discussion on their end to change the strategy to reach a sustainable market condition of the wrappers peg to the liquid pairing. Stay tuned to their community discussions for more information on this as the offering progresses. + +The [sFRAX/4POOL](https://app.balancer.fi/#/arbitrum/pool/0x2ce4457acac29da4736ae6f5cd9f583a6b335c270000000000000000000004dc) has support from several communtities at this time. Balancer, Arbitrum, Frax, Aura, and Beefy all have skin in the game for this pool to continue to grow. While it is a highlight this round, it likely will continue to be so throughout the remainder of the STIP program, and long after. + +**Summary of changes to the original plan:** Bi-weekly distributions will be 82285.3 per round due to the extension plan in place from the Arbitrum Foundation. This will make the program last through the first half of March. The optimization BIP details to strengthen top performing pool's can be seen here [BIP-522](https://forum.balancer.fi/t/bip-522-arbitrum-lgp-and-stip-adjustments/5473). + +The fixed incentives which were initially directed at the 4POOL have been and will continue to be pointed towards the sFRAX/4POOL \ No newline at end of file diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/26-1-2024/ARB_STIP_Stats_1_26.png b/notebooks/arb_dao_grant_distribution/STIP_Updates/26-1-2024/ARB_STIP_Stats_1_26.png new file mode 100644 index 0000000..2f440bf Binary files /dev/null and b/notebooks/arb_dao_grant_distribution/STIP_Updates/26-1-2024/ARB_STIP_Stats_1_26.png differ diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/26-1-2024/Arb_STIP_Gauges_11_1.png b/notebooks/arb_dao_grant_distribution/STIP_Updates/26-1-2024/Arb_STIP_Gauges_11_1.png new file mode 100644 index 0000000..02ee88b Binary files /dev/null and b/notebooks/arb_dao_grant_distribution/STIP_Updates/26-1-2024/Arb_STIP_Gauges_11_1.png differ diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/26-1-2024/Arb_STIP_Gauges_25_1.png b/notebooks/arb_dao_grant_distribution/STIP_Updates/26-1-2024/Arb_STIP_Gauges_25_1.png new file mode 100644 index 0000000..1f0bfa7 Binary files /dev/null and b/notebooks/arb_dao_grant_distribution/STIP_Updates/26-1-2024/Arb_STIP_Gauges_25_1.png differ diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/26-1-2024/arb-forum-update-5.png b/notebooks/arb_dao_grant_distribution/STIP_Updates/26-1-2024/arb-forum-update-5.png new file mode 100644 index 0000000..27aa49e Binary files /dev/null and b/notebooks/arb_dao_grant_distribution/STIP_Updates/26-1-2024/arb-forum-update-5.png differ diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/29-12-2023/29-12-2023.md b/notebooks/arb_dao_grant_distribution/STIP_Updates/29-12-2023/29-12-2023.md new file mode 100644 index 0000000..f0f0b50 --- /dev/null +++ b/notebooks/arb_dao_grant_distribution/STIP_Updates/29-12-2023/29-12-2023.md @@ -0,0 +1,81 @@ +As per the STIP rules all protocols must post bi-weekly forum updates. The second updates will be due by this Friday, December 29th at 12:00PM EST + +# Balancer Bi-Weekly Update 29-12-2023 +![img_1.png](img_1.png) +## Recap of the Previous Two Weeks + + +**ARB Received Last Disbursement:** 342,858 (KYC delays resulted in collecting 2 biweekly payments at the start of the program, details in change section below) + +**ARB Utilized as Incentives in the Last Two Weeks: [205,249](https://arbiscan.io/tx/0x24488fd95589c8f78077c517862011b1a1531d2ccb6e8b49367d1cf11aeacd7f) + +**Contracts incentivized over the last 2 weeks:** A CSV of incentived along with details about $ARB flows to each one and how they were calculated can be found [here](https://github.com/BalancerMaxis/data_automation/blob/main/notebooks/arb_dao_grant_distribution/output/dao_grant_2023-11-16_2023-11-30.csv). +These amounts of payment were queued and the required 171,429 $ARB sent for payment by this [multisig transaction](https://app.onchainden.com/safes/arb1:0xb6BfF54589f269E248f99D5956f1fDD5b014D50e/transactions/0x7e550b33e7fd3efe670263fab17448f20a68e8e5054dafb48b5b885c2012faf1) executed at 20:43 UTC on Friday December 15th. +These payments will be streamed to stakers in the gauge by the injector and the gauge system for 2 weeks, ending today on December 15th. +![Arb_STIP_Gauges_12_14.png](Arb_STIP_Gauges_12_14.png) + +**Contract address label [Form](https://docs.google.com/forms/d/e/1FAIpQLSd2AYnjAaQjVOLtvemZpsWoN5sTJEJ8dLqdRDExTBQv_SUeug/viewform) completed for all addresses:** Yes + +**ARB left over:** 102,857.4 + +**Plan for leftover ARB:** The leftover ARB will be paid out over the following rounds as described in prior reports by distributing 205,714.8 for the remaining periods. The incentive amount coupled with favorable market conditions have led to a large increase in productive TVL on Balancer which will be outlined in detail in the summary section. The plan for Balancer is the same as it has been from the start, continue to target liquid staking derivatives for Ethereum and create a sticky liquidity cycle on the Arbitrum network. + +Drilling down on this point, Balancer continues to expand the diversity on Arbitrum with new yield bearing assets each round. Ethereum LSTs will cotninue to thicken as the core pool flywheel is amplified by ARB, and plsRDNT has began to take off on Balancer as the hub for permalocked Radiant dlp. The next yield bearing asset to keep an eye out for is sFRAX, a stablecoin which will quietly begin to take over the market on Balancer with yield for our set and forget LPs to be able to count on as a capital efficient core pool. + +**Summary of incentives:** Incentives were dispersed based on the CSV above, which shows where the ARB was sent based upon the plan outlined in [Balancer's FINAL STIP Round 1 framework](https://forum.arbitrum.foundation/t/balancer-final-stip-round-1/16689). As mentioned in the prior report, there was a correction made to the dynamic boost which pushes a larger share of incentives towards the higher performing pools in terms of fees earned. This, like the Balancer core pool models is one of the layers of optimization engineering our team works on day in and day out. This round has seen a much more efficient direction of incentives, and we can see the results begin to take affect. Our team is excited to see this adjustment continue to unfold on the network. + +Looking back at where we were on December 15th, there have been healthy developments throughout the pools which were top earners last round. The Aura ecosystem has been instrumental in bringing partners like Plutus and Radiant up to speed quickly and efficiently, and we expect them to continue to do so as sFRAX comes further into the picture. To maintain the same comparison from last round we will look at the same pools; with some additional ones joining the center stage. The [RDNT/WETH](https://app.balancer.fi/#/arbitrum/pool/0x32df62dc3aed2cd6224193052ce665dc181658410002000000000000000003bd) pool increased from 60MM to 74MM TVL and the average volume is mainting for now, this week at 1.15MM from 1.19 MM per day last round. Looking at the same liquid staking derivative pools from last round [cbETH/rETH/wstETH](https://app.balancer.fi/#/arbitrum/pool/0x4a2f6ae7f3e5d715689530873ec35593dc28951b000000000000000000000481), [WETH/rETH](https://app.balancer.fi/#/arbitrum/pool/0xade4a71bb62bec25154cfc7e6ff49a513b491e81000000000000000000000497), [wstETH/WETH](https://app.balancer.fi/#/arbitrum/pool/0x9791d590788598535278552eecd4b211bfc790cb000000000000000000000498) and [ankrETH/wstETH](https://app.balancer.fi/#/arbitrum/pool/0x3fd4954a851ead144c2ff72b1f5a38ea5976bd54000000000000000000000480) have reached all time highs, with no exceptions. Our newest LST pool [sfrxETH/wstETH/rETH](https://app.balancer.fi/#/arbitrum/pool/0x0c8972437a38b389ec83d1e666b69b8a4fcf8bfd00000000000000000000049e) is not only at it's all time high, but has already reached 1MM in TVL. We expect these pools to continue to grow and facilitate large amounts of volume throughout the Arbitrum network. + +The total ETH LST TVL is over 47.5MM at this point, for reference the previous round was 37.15MM (stable pools plus weighted portions) and volume for the two week period in the 5 mentioned stable LST pools is roughly 38.6MM while last round was 34.75MM. We expect these pools to continuously grow, and the fee on their yield bearing portion makes them extremely strong footholds for the DAO and LPs to thrive together in building. + +The pools dedicated to routing liquidity on Balancer supported by the ARB STIP are the 4POOL and the 4POOL/wstETH pair. The [4POOL](https://app.balancer.fi/#/arbitrum/pool/0x423a1323c871abc9d89eb06855bf5347048fc4a5000000000000000000000496) pool has has increased another 5% at time of writing in TVL to 5.15MM in the two week span and is averaging 1.9MM compared to previously 2.2MM in volume per day. The [4POOL/wstETH](https://app.balancer.fi/#/arbitrum/pool/0xa1a8bf131571a2139feb79401aa4a2e9482df6270002000000000000000004b4) pool is at it's all time high, just under 1.2MM in TVL. The volume over a two week period is holding steady at 500k for both this period and 500k for the previous. + +Two pools we mentioned to focus on for this upcoming round were [plsRDNT](https://app.balancer.fi/#/arbitrum/pool/0x451b0afd69ace11ec0ac339033d54d2543b088a80000000000000000000004d5) and the [sfrxETH tripool](https://app.balancer.fi/#/arbitrum/pool/0x0c8972437a38b389ec83d1e666b69b8a4fcf8bfd00000000000000000000049e). Both pools have climbed in TVL quickly this round with the plsRDNT pool at 800k TVL and sfrxETH tripool just over 1MM in 100% liquid staking derivatives of ETH. These pools are high fee earners in terms of organic yield from the underlying assets. We expect both of these pools to continue to scale up in the coming rounds. + +Stats from [Openblock Dashboard](https://www.openblocklabs.com/app/arbitrum/grantees/Balancer): + +![ARB_STIP_Stats_12_14.png](ARB_STIP_Stats_12_14.png) + +**Additional Info / Disclosures to Multisig:** + + +- Tags for each contract address can be found in the csv above. +- See previous report for any comments on the current payment schematic of ARB to align with the deadline of the incentive cycle end proposed by the Arbitrum Foundation. +- Details can be seen on [this sheet](https://docs.google.com/spreadsheets/d/1k4i9ZNpxiRDC_bl4JtZMldV7J0LRQEVHZNqVpj8xG0g/edit#gid=0) + +## STATS + +**Link to Dashboard showing metrics:** [Balancer Arbitrum Liquidity Growth Program dashboard](https://dune.com/balancer/arbitrum-lgp?End+date_daf146=&Start+date_d2264d=&End+date_d75e58=2023-12-28+00%3A00%3A00&Start+date_d524c0=2023-12-15+00%3A00%3A00) + +**Average daily TVL:** $121,744,263 + +**Average daily transactions:** 606 + +**Average daily volumes:** $6,684,114 + +**Number of unique user addresses:** 3030 + +**Transaction fees:** Average daily: $10,795 + + +## Plan For the Next Two Weeks + +**Amount of ARB to be distributed:** 205,714.8 + +**Contracts that will be incentivized:** Contracts to be incentivied are outlined in this [csv](https://github.com/BalancerMaxis/STIP_automation/blob/last-round-2023/output/dao_grant_2023-12-14_2023-12-28.csv), subject to change as more gauges are added to the veBAL system on Arbitrum. + +![Arb_STIP_Gauges_12_28.png](Arb_STIP_Gauges_12_28.png) + +**Contract address label [Form](https://docs.google.com/forms/d/e/1FAIpQLSd2AYnjAaQjVOLtvemZpsWoN5sTJEJ8dLqdRDExTBQv_SUeug/viewform) completed for all addresses:** Yes + +**Mechanism for distribution incentives:** Distributions will be done every week via Balancer DAO's [ARB injector contract](https://arbiscan.io/address/0xF23d8342881eDECcED51EA694AC21C2B68440929#readContract) by sending direct incentives to the gauges of the respective pools in the Balancer ecosystem. + +**Summary of incentives plan:** The incentives structure will continue to be carried out as planned since the original awarding of the STIP. As new pools join the ecosystem there will be competition between the most efficient ones on a fee per emission basis to determine where the majority of incentives are directed. More efficient pools receive more incentives and over time facilitate the optimal use of ARB for the liquidity hosted by Balancer on Arbitrum. As new strong contendors join the ecosystem the competition becomes more fierce between pools, ultimatley leading to more TVL, fees, and diversity on the platform. + +The newest pools to look out for this round are those which have sFRAX in them, the yield bearing staked FRAX stablecoin in them. Yield bearing stablecoins addd a layer of capital efficiency for LPs where they are risk off in a dollars denominated sense, but accrue yield on their position. The two pools which will be incentivized this upcoming round are the [sFRAX/4POOL](https://app.balancer.fi/#/arbitrum/pool/0x2ce4457acac29da4736ae6f5cd9f583a6b335c270000000000000000000004dc) and [sFRAX/wstETH](https://app.balancer.fi/#/arbitrum/pool/0xc757f12694f550d0985ad6e1019c4db4a803f1600002000000000000000004de), offering more organic yield for users than a typical stablecoin pool or stablecoin/WETH pairing. We look forward to the adoption of Frax into our ecosystems, and expect these pools to be popular in the near future. + +**Summary of changes to the original plan:** As stated in prior reports, biweekly distributions are 205714.2 $ARB in order to pay out the full amount before February 15th as requested. The original proposal will be carried out as planned, with additional gauges as they approved by Balancer governance. + +There has been one change which is not major, but tips the scale further in favor of productive liqudity which are useful to both Arbitrum and Balanceer. Last week, Balancer passed [BIP-522](https://forum.balancer.fi/t/bip-522-arbitrum-lgp-and-stip-adjustments/5473) which essentially changes the boosting system of the ARB STIP program. Without changing the core logic, the BIP changes the automation to boost productive liquidity 3x more in order terms of distribution of ARB rewards. The goal being to prevent low performance pools from gaining high amounts of incentives without producing a high amount of fees. + +The fixed incentives which were initially directed at the 4POOL and wstETH/4POOL will now be pointed towards the sFRAX/4POOL and sFRAX/wstETH pool in order to leverage the interest bearing nature of sFRAX for LPs. This make the adoption of Frax into the ecosystem much more streamlined, while earning more passive yield for LPs. With these changes in place, we intend to push the desirable outcomes of the Arbitrum Foundation, namely productive TVL, volume, and fees upwards by reaffirming that ARB will be sent to useful pools. \ No newline at end of file diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/29-12-2023/ARB_STIP_Stats_12_14.png b/notebooks/arb_dao_grant_distribution/STIP_Updates/29-12-2023/ARB_STIP_Stats_12_14.png new file mode 100644 index 0000000..18cfa5e Binary files /dev/null and b/notebooks/arb_dao_grant_distribution/STIP_Updates/29-12-2023/ARB_STIP_Stats_12_14.png differ diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/29-12-2023/Arb_STIP_Gauges_12_14.png b/notebooks/arb_dao_grant_distribution/STIP_Updates/29-12-2023/Arb_STIP_Gauges_12_14.png new file mode 100644 index 0000000..c10041f Binary files /dev/null and b/notebooks/arb_dao_grant_distribution/STIP_Updates/29-12-2023/Arb_STIP_Gauges_12_14.png differ diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/29-12-2023/Arb_STIP_Gauges_12_28.png b/notebooks/arb_dao_grant_distribution/STIP_Updates/29-12-2023/Arb_STIP_Gauges_12_28.png new file mode 100644 index 0000000..01a270f Binary files /dev/null and b/notebooks/arb_dao_grant_distribution/STIP_Updates/29-12-2023/Arb_STIP_Gauges_12_28.png differ diff --git a/notebooks/arb_dao_grant_distribution/STIP_Updates/29-12-2023/img_1.png b/notebooks/arb_dao_grant_distribution/STIP_Updates/29-12-2023/img_1.png new file mode 100644 index 0000000..a36c12a Binary files /dev/null and b/notebooks/arb_dao_grant_distribution/STIP_Updates/29-12-2023/img_1.png differ