Our delegation decided to vote ABSTAIN on this proposal.
After receiving feedback from the Council, they have decreased their request from 224,735 ARB to 56,624 ARB, removed the Trading Fee Rebate Component from the proposed Incentive Buckets, and provided additional information on how they prevent wash trading and on the protocol’s performance.
Despite this, we have observed that the protocol has issues generating traction, even in the trading competitions it has organized lately. Also, the protocol’s TVL has been falling since mid-2023.
For all these reasons, we doubt the impact of providing incentives in this case since the user base is currently very small.
In conclusion, we decided to abstain, as although the proposal has improved by addressing some of the Council’s concerns, we remain unconvinced of the protocol’s performance.