Abracadabra STIP Program Updates

Abracadabra DAO Bi-Weekly Update (Nov. 30 2023)

Recap of the Previous Two Weeks

ARB Received Last Disbursement: 428,572

ARB Utilized as Incentives in the Last Two Weeks: 0

Contracts incentivized over the last 2 weeks: NA

Contract address label Form completed for all addresses: Yes

ARB left over: 1,071,430

Plan for leftover ARB: Abracadabra DAO will continue the distribution according to the STIP

Summary of incentives: The incentives have not yet started as the KYC process delayed the reception of the grant.

Additional Info / Disclosures to Multisig: No additional info or disclosures.

STATS

Average daily TVL: data from last 14d (Nov. 16 - Nov.30) without incentives

  • MIM Circulating Supply: 4,871,268.28

  • Total MIM Liquidity: $3.99m

  • Curve 2CRV-MIM: $2.8m

  • Camelot V3 ARB-MIM: $33k

  • Other pools (outside the scope of our incentivization): $1.1m

Average daily transactions:

  • Cauldron Borrows: 8.2

  • MIM Beaming (from + to arbitrum): 157

Average daily volumes: $17k

Number of unique user addresses:

  • MIM Borrows: 93

  • MIM Beaming: 1483

Transaction fees: pending calculation, will be added later

Link to Dashboard showing metrics: Dune Dashboard

Plan For the Next Two Weeks (period reduced, from Nov. 30 to Dec. 11)

Amount of ARB to be distributed: 102,500

Contracts that will be incentivized:

Contract address label Form completed for all addresses: Yes

Mechanism for distribution incentives:

For the Curve MIM-2CRV liquidity, Abracadabra DAO will use the MultiRewardsStaking contract, adapted from Curve Finance’s MultiRewards contract.

It functions similarly to the staked LP token introduced by Sushiswap and the MasterChef contract, distributing rewards proportionally to the size of the user’s deposit as well as time.

It supports multiple reward tokens, which we will use to incentivize liquidity with SPELL tokens on top of ARB.

Summary of incentives plan:

  • Curve MIM-2CRV dual liquidity incentive.

Summary of changes to the original plan: After a 1 month delay in receiving the ARB grant because of the KYC process, we expect phase 1 and phase 2 of our plan to be happening closer in time.

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Abracadabra DAO Bi-Weekly Update (Dec. 1 2023 - Dec. 15 2023)

Recap of the Previous Two Weeks

ARB Received Last Disbursement: 214,286 (total so far: 642,858/1,500,000)

ARB Utilized as Incentives in the Last Two Weeks: 217,500

Contracts incentivized over the last 2 weeks:

Contract address label Form completed for all addresses: Yes

ARB left over: 425,358 ARB available, 1,282,500 ARB including locked.

Plan for leftover ARB: Abracadabra DAO will continue the distribution according to the STIP

Summary of incentives: Abracadabra DAO has initiated Phase 1 of its STIP plan, focusing on expanding MIM liquidity. The first steps included the MIM-2CRV Curve pool, followed by the addition of the MIM-USDC V3 Camelot pool. A total of 217,500 ARB was allocated across two pools:

  • 212,500 ARB to the Curve MIM-2CRV pool, utilizing our MultiRewardsStaking contract.
  • 5,000 ARB to the Camelot V3 MIM-USDC pool, via Angle’s Merkl Distributor.

We are pleased to report that this incentivization led to a 4.6-fold increase in MIM liquidity, now nearing $20 million. This expansion enabled the DAO to launch five new markets: gmARB, gmBTC, gmSOL, gmETH, and gmLINK, which have collectively reached $9 million in MIM borrowed.

MIM on Arbitrum now represents close to 30% of all MIM in circulation, with $17M MIM circulating on Arbitrum.

Additional Info / Disclosures to Multisig: No additional info or disclosures.

STATS

Average daily TVL: data from last 14d (Dec. 1 - Dec. 14)

  • MIM Circulating Supply on Arbitrum: 4,871,268.28
  • Total MIM Liquidity: $19.6m (x4.6 since begining of STIP)
    • Curve 2CRV-MIM: $17.7m
    • Camelot V3 MIM-USDC: $664k
    • Camelot V3 MIM-ARB: $133k
    • Other pools (outside the scope of our incentivization): $1.1m

Average daily transactions:

  • Cauldron Borrows: 18.5
  • MIM Beaming (from + to arbitrum): 160

Average daily volumes: $674k

Number of unique user addresses:

  • MIM Borrows: 114
  • MIM Beaming: 1678

Transaction fees: pending calculation, will be added later

Link to Dashboard showing metrics: Dune Dashboard

Plan For the Next Two Weeks (Dec. 15 - Dec 29)_

Amount of ARB to be distributed: 260k ARB

Contracts that will be incentivized:

Contract address label Form completed for all addresses: Yes

Mechanism for distribution incentives:
This week will continue incentivizing liquidity with the same mecanism as before:
For the Curve MIM-2CRV liquidity, Abracadabra DAO will utilize the MultiRewardsStaking contract, adapted from Curve Finance’s MultiRewards contract. This contract functions similarly to the staked LP token system introduced by Sushiswap, and the MasterChef contract, distributing rewards proportionally based on the size of the user’s deposit and the duration of staking. It supports multiple reward tokens, which will be leveraged to incentivize liquidity with SPELL tokens in addition to ARB.
For the Camelot V3 MIM-USDC pool, the DAO employs Angle’s Merkl distributor.

The DAO may also chose, given appropriate market conditions, to start phase 2 of it’s STIP plan and begin incentivizing borrows.

Summary of incentives plan:

  • Curve MIM-2CRV dual liquidity incentive.
  • Camelot V3 MIM-USDC.

Summary of changes to the original plan: NA

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Abracadabra DAO Bi-Weekly Update (Dec. 16 2023 - Dec. 29 2023)

Recap of the Previous Two Weeks

ARB Received Last Disbursement: 214,286 (total so far: 1,071,430/1,500,000)

ARB Utilized as Incentives in the Last Two Weeks: 230,000

Contracts incentivized over the last 2 weeks:

Contract address label Form completed for all addresses: Yes

ARB left over: 404,647 ARB available, 1,071,430 ARB including locked.

Plan for leftover ARB: Abracadabra DAO will continue the distribution according to the STIP

Summary of incentives: Abracadabra DAO has initiated Phase 1 of its STIP plan, focusing on expanding MIM liquidity. The first steps included the MIM-2CRV Curve pool, followed by the addition of the MIM-USDC V3 Camelot pool. A total of 230,000 ARB was allocated across two pools:

  • 115,000 ARB to the Curve MIM-2CRV pool, utilizing our MultiRewardsStaking contract.
  • 115,000 ARB to the Camelot V3 MIM-USDC pool, via Angle’s Merkl Distributor.

Additional Info / Disclosures to Multisig: No additional info or disclosures.

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Abracadabra DAO Bi-Weekly Update (Dec. 30 2023 - Jan. 12 2024)

Recap of the Previous Two Weeks

ARB Received Last Disbursement: 214,286 (total so far: 1,285,716/1,500,000)

ARB Utilized as Incentives in the Last Two Weeks: 178,571

Contracts incentivized over the last 2 weeks:

Contract address label Form completed for all addresses: Yes

ARB left over: 404,647 ARB available, 1,071,430 ARB including locked.

Plan for leftover ARB: Abracadabra DAO will continue the distribution according to the STIP

Summary of incentives: Abracadabra DAO has initiated Phase 1 of its STIP plan, focusing on expanding MIM liquidity. The first steps included the MIM-2CRV Curve pool, followed by the addition of the MIM-USDC V3 Camelot pool. A total of 230,000 ARB was allocated across two pools:

  • 168,571 ARB to the Curve MIM-2CRV pool, utilizing our MultiRewardsStaking contract.
  • 10,000 ARB to the Camelot V3 MIM-USDC pool, via Angle’s Merkl Distributor.

Additional Info / Disclosures to Multisig: No additional info or disclosures.

STATS

Average daily TVL: data from last 14d (Dec. 30 2023 - Jan. 12 2024)

  • MIM Circulating Supply on Arbitrum: 26,358,763
  • Total MIM Liquidity: $30.6m (x7.3 since begining of STIP)
    • Curve 2CRV-MIM: $28.4m
    • Camelot V3 MIM-USDC: $1.2m
    • Other pools (outside the scope of our incentivization): $1m

Average daily transactions:

  • Cauldron Borrows: 11.6
  • MIM Beaming (from + to arbitrum): 132

Average daily volumes: $441k

Number of unique user addresses:

  • MIM Borrows: 85
  • MIM Beaming: 1,233

Transaction fees: pending calculation, will be added later

Link to Dashboard showing metrics: Dune Dashboard

Plan For the Next Two Weeks (Jan. 13 - Jan. 26)_

Amount of ARB to be distributed: Depending with a joint proposal with curve finance, more updates will be provided later on.

Contracts that will be incentivized:

Contract address label Form completed for all addresses: Yes

Mechanism for distribution incentives:
The mecanism remains unchanged:
For the Curve MIM-2CRV liquidity, Abracadabra DAO will utilize the MultiRewardsStaking contract, adapted from Curve Finance’s MultiRewards contract. This contract functions similarly to the staked LP token system introduced by Sushiswap, and the MasterChef contract, distributing rewards proportionally based on the size of the user’s deposit and the duration of staking. It supports multiple reward tokens, which will be leveraged to incentivize liquidity with SPELL tokens in addition to ARB.
For the Camelot V3 MIM-USDC pool, the DAO employs Angle’s Merkl distributor.

Summary of incentives plan:

  • Curve MIM-2CRV dual liquidity incentive.
  • Camelot V3 MIM-USDC.

Summary of changes to the original plan:
The begining of the STIP plan was strategically designed with two main objectives: firstly, to establish deep liquidity, and secondly, to incentivize the borrowing of MIM. Given the current market dynamics, where borrowers are already utilizing the maximum borrowing capacity (a real proof of demand for Abracadabra’s products) there is no need to further incentivize borrowing.
This high level of demand has led the DAO to shift its focus. Instead of boosting demand further, which is already exceeding MIM’s availability, the emphasis is now on enhancing liquidity incentives. This adjustment ensures that the plan aligns with the evolving market conditions and makes efficient use of the Foundation’s resources.

Additionally, a joint proposal with Curve finance is being worked on, for a co incentivised MIM-crvUSD pool on Arbitrum, which has the potential to become the largest decentralise stablecoin pool in the ecosystem.

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