ARB Received Last Disbursement: Week 3/4: 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 |
| 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 Formcompleted for all addresses: Yes
ARB left over: 350,000 for total grant, 100,000 being distributed this epoch
Plan for leftover ARB: All ARB will continue to be streamed on our liquidity pool gauges in order to incentivize strong LST/LRT and yield bearing stable coin liquidity on Arbitrum. Yield bearing assets are the core to sustained TVL for Balancer and Arbitrum from our DAO’s perspective.
Summary of incentives: Balancer’s ARB incentives strategy focuses on allocating BAL to existing gauges on Arbitrum, thereby enhancing the most lucrative pools for LPs in terms of yield and fee generation. The fundamental pool mechanisms of Balancer, along with the STIP Addendum boost settings, will create a robust and sustainable environment for the most advantageous asset classes on Arbitrum to thrive on Balancer. This approach aims to maximize capital efficiency of ARB incentives for both the Arbitrum ecosystem and Balancer DAO. For a comprehensive overview of the incentives structure, please refer to our Addendum post.
Last round we highlighted gUSDC from Gains Network joining Balancer on Arbitrum and their pool has been going strong with between 0.4 - 1 MM TVL and competitive stable coin yields. Aave’s GHO continues to succeed reaching an ATH of 2.9MM. Balancer expects to see more projects adopt the Gyroscope ECLP approach as capital efficiency coupled with low management requirements for LPs proves to be an effective solution.
Some highlights of our stats below include a 13% increase in average TVL, 29.6% increase in average daily transactions, a 20% increase in average daily volume, a 23.7% increase in fees, and a 100% increase in unique addresses.
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 7/15/24 - 7/29/24
Average daily TVL: $86,742,102
Average daily transactions: 919
Average daily volumes: $10,737,968
Number of unique user addresses: 5,591
Transaction fees: $5,976
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:
| Gauge Address | Pool Symbol | Distribution Amount |
|---|---|---|
| 0x06eaf7bAabEac962301eE21296e711B3052F2c0d | wstETH/sfrxETH | 17135.65667 |
| 0x96d7C70c80518Ee189CB6ba672FbD22E4fDD9c19 | ECLP-wstETH-WETH | 12006.61658 |
| 0x4b8858a8E42f406B4dC2eCB8D48B5cf0021035c8 | sUSDe/sFRAX | 9573.682755 |
| 0x8ba2D53F34159C5C5e7add60B56C7dE3BBc1DA68 | rETH/wETH BPT | 7048.65797 |
| 0xdB66fFFf713B1FA758E348e69E2f2e24595111cF | ECLP-weETH-wstETH | 6906.71876 |
| 0x050fBe33699E56B577c3D6f090eCE9870A0966bd | sFRAX/4POOL | 5895.617743 |
| 0x260cbb867359a1084eC97de4157d06ca74e89415 | wstETH-WETH-BPT | 5253.57004 |
| 0x7C4A6B0c16cA99e65822Cc531403cE2f8A20A912 | ezETH/wstETH | 5240.380572 |
| 0x59907f88C360D576Aa38dba84F26578367F96b6C | rsETH/wETH | 5129.833078 |
| 0x5a0e92a55800BB5bFd5ec6C7340BfdE7f0947c3E | cbETH/rETH/wstETH | 4701.193657 |
| 0x0CE9489bBD4bfA0Da7b5bb06E4dFa7a5947F76e8 | gUSDC/USDC | 3875.922342 |
| 0xfC745035F31BCbaEb2D1a89aA9171495c671F6cE | ankrETH/wstETH-BPT | 3229.282801 |
| 0x2b52a321Fc2ab77e9fC8488D792BB3CaEA966c0b | ECLP-AUSDC-AUSDT | 3161.936647 |
| 0x40e86216712cB9871B9C698EA3AFB22f88c00E6e | ECLP-WOETH-WETH | 3147.365511 |
| 0x7dc6C96bf1c0ce2e5Ddad5601AFeCC0207b0870C | sFRAX/FRAX | 2797.658232 |
| 0x052597B6633814a0a6eA9020eE46E25Aa6936E49 | ECLP-GYD-AUSDC | 2447.950953 |
| 0xd9647eb5D6457bd7Adb39B335ab89eC3a1Ea6d09 | ECLP-GYD-AUSDT | 2447.950953 |
| 0x879049Df2744B8D8848985C82275AD4c07379905 | ECLP-wUSDM-GYD | 0.004737794534 |
| SUMS and Averages | 100000 |
Contract address label Formcompleted 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: Balancer continues to double on fostering the best place to earn yield on LSTs, LRTs, and stablecoins. These tokens are the most important in 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 46.7MM, over a 4MM increase this epoch in LRT pools on Arbitrum. The top 5 pools osETH, rETH, wstETH/wETH, ECLP weETH/wstETH, and ECLP wETH/wstETH have changed since last epoch with two ECLPs dethroning two stable pools. With two pools being flipped out of the top 5 we see healthy competition forming and the TVL of the top increased from 26MM to 29MM. We are excited to see this continue to unfold as LPs and projects choose Balancer as the most efficient hub for their liquidity and Arbitrum as the network to live on.
In the last epoch Balancer held only 5.6MM in yield bearing stable coins on Arbitrum, with a recipe for success brewing under the surface between gUSDC, GYD, and GHO. The top 5 pools emerged as incentivization combined with capital efficiency for swapping and LP returns could not be overlooked. TVL has nearly doubled in this asset class reaching 9.7MM lead by 3 ECLPs in the top 5. sUSDe/sFRAX, ECLP aUSDC/aUSDT, sFRAX/4POOL, ECLP GYD/aUSDC, ECLP GHO/aUSDC
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.