ARB Received Last Disbursement: Week 2: 100,000
ARB Utilized as Incentives in the Last Two Weeks: 100,000
Contracts incentivized over the last 2 weeks:
| Pool Symbol | Gauge Address |
|---|---|
| ETHx/wstETH | 0x8f57378CaD866a46eA702B7ACAEBF21dd93B4804 |
| rsETH/wETH | 0x59907f88C360D576Aa38dba84F26578367F96b6C |
| cbETH/rETH/wstETH | 0x5a0e92a55800BB5bFd5ec6C7340BfdE7f0947c3E |
| ECLP-weETH-wstETH | 0xdB66fFFf713B1FA758E348e69E2f2e24595111cF |
| ECLP-AUSDC-AUSDT | 0x2b52a321Fc2ab77e9fC8488D792BB3CaEA966c0b |
| rETH/wETH BPT | 0x8ba2D53F34159C5C5e7add60B56C7dE3BBc1DA68 |
| sFRAX/4POOL | 0x050fBe33699E56B577c3D6f090eCE9870A0966bd |
| ezETH/wstETH | 0x7C4A6B0c16cA99e65822Cc531403cE2f8A20A912 |
| ankrETH/wstETH-BPT | 0xfC745035F31BCbaEb2D1a89aA9171495c671F6cE |
| wstETH/sfrxETH | 0x06eaf7bAabEac962301eE21296e711B3052F2c0d |
| ECLP-WOETH-WETH | 0x40e86216712cB9871B9C698EA3AFB22f88c00E6e |
| wstETH-WETH | 0x260cbb867359a1084eC97de4157d06ca74e89415 |
| ECLP-wstETH-WETH | 0x96d7C70c80518Ee189CB6ba672FbD22E4fDD9c19 |
| instETH/wstETH | 0xb072496eEf1F88a2Bd1BA93F880c7ed685264EB1 |
| inETH/wstETH | 0x2dEafe52b0bCb9801d3aaDc0D75c7879cB2E5825 |
Contract address label Form completed for all addresses: Yes
ARB left over: 450,000 for total grant, 100,000 being distributed this epoch
Plan for leftover ARB: As the leftover ARB is claimed we will be streaming the ARB on our liquidity pool gauges in order to incentivize strong LST/LRT and yield bearing stable coin liquidity on Arbitrum.
Summary of incentives: Balancer’s ARB incentives plan is based upon the direction of BAL to the gauges we already have on Arbitrum, which is then amplifying the most profitable pools for LPs in terms of yield and fees accrued. The core pool mechanisms of Balancer and the STIP Addendum boost settings will foster a healthy and sustainable way for the most beneficial asset classes for Arbitrum to flourish on Balancer. This will emphasize capital efficiency of ARB incentives for both the Arbitrum ecosystem and Balancer DAO. See full details on the incentives structure in our Addendum post.
In the last two weeks we have seen several new assets enter the ecosystem such as gUSDC from Gains Network which is stirring up strong momentum across various ecosystems. Balancer is happy to continue expanding options for our user’s and Arbitrums to earn yield on stable coins. Furthermore GYD from Gyroscope has also introduced two new yield bearing pairs, GYD along with Aave USDC and USDT giving LPs more capital efficiency than our competitors in terms of both stable and LST opportunity. Not to mention Aave’s GHO has launched on Arbitrum and is leveraging Gyroscope’s yield bearing asymmetric liquidity pools with a great level of effectiveness.
The full distribution with quantities can be seen in this transaction and will be repeated in one week to have the same ratio of rewards distributed for a full two week epoch. See csv with calculated amounts for reference.
Additional Info / Disclosures to Multisig: Balancer DAO is using the same 3/5 KYC Multisig as utilized in the original STIP program.
STATS 7/1/24 - 7/15/24
Average daily TVL: $76,441,629
Average daily transactions: 709
Average daily volumes: $8,901,443
Number of unique user addresses: 2,795
Transaction fees: $4,828
Link to Dashboard showing metrics: Balancer Dune Dashboard
Plan For the Next Two Weeks
Amount of ARB to be distributed: 100,000
Contracts that will be incentivized:
| Pool Symbol | Gauge Address |
|---|---|
| ETHx/wstETH | 0x8f57378CaD866a46eA702B7ACAEBF21dd93B4804 |
| ECLP-GYD-AUSDC | 0x052597B6633814a0a6eA9020eE46E25Aa6936E49 |
| ECLP-GYD-AUSDT | 0xd9647eb5D6457bd7Adb39B335ab89eC3a1Ea6d09 |
| rsETH/wETH | 0x59907f88C360D576Aa38dba84F26578367F96b6C |
| cbETH/rETH/wstETH | 0x5a0e92a55800BB5bFd5ec6C7340BfdE7f0947c3E |
| ECLP-weETH-wstETH | 0xdB66fFFf713B1FA758E348e69E2f2e24595111cF |
| ECLP-AUSDC-AUSDT | 0x2b52a321Fc2ab77e9fC8488D792BB3CaEA966c0b |
| rETH/wETH BPT | 0x8ba2D53F34159C5C5e7add60B56C7dE3BBc1DA68 |
| sFRAX/4POOL | 0x050fBe33699E56B577c3D6f090eCE9870A0966bd |
| ezETH/wstETH | 0x7C4A6B0c16cA99e65822Cc531403cE2f8A20A912 |
| ankrETH/wstETH-BPT | 0xfC745035F31BCbaEb2D1a89aA9171495c671F6cE |
| wstETH/sfrxETH | 0x06eaf7bAabEac962301eE21296e711B3052F2c0d |
| ECLP-WOETH-WETH | 0x40e86216712cB9871B9C698EA3AFB22f88c00E6e |
| wstETH-WETH | 0x260cbb867359a1084eC97de4157d06ca74e89415 |
| ECLP-wstETH-WETH | 0x96d7C70c80518Ee189CB6ba672FbD22E4fDD9c19 |
| gUSDC/USDC | 0x0CE9489bBD4bfA0Da7b5bb06E4dFa7a5947F76e8 |
Contract address label Form completed for all addresses: Yes
Mechanism for distribution incentives: Balancer DAO will distribute rewards based upon the following boost factors combined with the proportion of BAL incentives streamed per pool on Arbitrum. The dynamic boost formula will be returned to the one originally proposed in STIP: max(3, Protocol Fees Earned /USD value of BAL emitted + 1) .
Our system is slightly adjusted from the original system developed for STIP . The dynamics and parameters of the original STIP are described here .
Summary of incentives plan: As stated in the prior report Balancer leans heavily into giving our LPs the absolute best place to earn yield on LSTs, LRTs, and stablecoins. These tokens are the core focus of our incentives plan and we can see the progressive increase in our protocol’s TVL in both classes via our dune dashboard. Below we can see TVL creeping just over 42MM in LRT pools on Arbitrum. Those top 5 pools osETH, rETH, wstETH/wETH, wstETH/sfrxETH, and cbETH/rETH/wstETH are all incentivized in ARB and make up 26M of this total. Our expectation is while these pools will grow likely more will enter the incentivization market and competition will grow more fierce in the coming weeks.
Not to leave out yield bearing stables coins, we are well aware that this market will also become a highlight during times of uncertainty users look to earn yield on risk off asset classes. For the time being just under 5.6MM sits in Balancer yield bearing stable coin pools on Arbitrum. Notably Gyroscope and gUSDC looking to drive this number higher.
Summary of changes to the original plan: The primary change to the incentives plan is the boost mechanism which we are providing to the most promising pools, as described above. This comes from Balancer’s experience regarding yield bearing narratives and being able to hone in on what pool’s will benefit our LPs and there Arbitrum ecosystem participants the most. Things such as routing optimizations, native yield, and lighting a fire under the BAL, AURA, and ARB flywheel to keep onboarding new liquidity into the ecosystem.