ARB Received Last Disbursement: 50,000
ARB Utilized as Incentives in the Last Two Weeks: 50,000
Contracts incentivized over the last 2 weeks:
| Gauge Address | Pool Symbol | Distribution Amount |
|---|---|---|
| 0x06eaf7bAabEac962301eE21296e711B3052F2c0d | wstETH/sfrxETH | 16828.78381 |
| 0xdB66fFFf713B1FA758E348e69E2f2e24595111cF | ECLP-weETH-wstETH | 8981.130502 |
| 0x050fBe33699E56B577c3D6f090eCE9870A0966bd | sFRAX/4POOL | 8926.441485 |
| 0x96d7C70c80518Ee189CB6ba672FbD22E4fDD9c19 | ECLP-wstETH-WETH | 8616.91308 |
| 0xd9647eb5D6457bd7Adb39B335ab89eC3a1Ea6d09 | ECLP-GYD-AUSDT | 5316.57885 |
| 0x052597B6633814a0a6eA9020eE46E25Aa6936E49 | ECLP-GYD-AUSDC | 5316.57885 |
| 0x8ba2D53F34159C5C5e7add60B56C7dE3BBc1DA68 | rETH/wETH BPT | 4793.198957 |
| 0x7C4A6B0c16cA99e65822Cc531403cE2f8A20A912 | ezETH/wstETH | 4611.731404 |
| 0x260cbb867359a1084eC97de4157d06ca74e89415 | wstETH-WETH-BPT | 4466.772479 |
| 0x2ffa44fDd19B8d3d2b03842E34F1b4c7E9217591 | ECLP-GHO-GYD-rh | 4410.052617 |
| 0x5a0e92a55800BB5bFd5ec6C7340BfdE7f0947c3E | cbETH/rETH/wstETH | 4381.906654 |
| 0x8f57378CaD866a46eA702B7ACAEBF21dd93B4804 | ETHx/wstETH | 4126.35998 |
| 0x59907f88C360D576Aa38dba84F26578367F96b6C | rsETH/wETH | 3481.554089 |
| 0x4b8858a8E42f406B4dC2eCB8D48B5cf0021035c8 | sUSDe/sFRAX | 2945.619866 |
| 0xB76ed1927F54C76DCdfC311f30dF2277dEAb93eF | ECLP-sFRAX-aFRAX | 2677.836241 |
| 0x2b52a321Fc2ab77e9fC8488D792BB3CaEA966c0b | ECLP-AUSDC-AUSDT | 2265.003154 |
| 0xfC745035F31BCbaEb2D1a89aA9171495c671F6cE | ankrETH/wstETH-BPT | 1969.859731 |
| 0x2dEafe52b0bCb9801d3aaDc0D75c7879cB2E5825 | inETH/wstETH | 1673.647651 |
| 0x7dc6C96bf1c0ce2e5Ddad5601AFeCC0207b0870C | sFRAX/FRAX | 1249.656913 |
| 0x7a45919ca9Cf2176833492B9D049B34312AF90fa | ECLP-rETH-wstETH | 1205.026309 |
| 0xdEC026525FE4FEF54857bCF551aEA97aBc24A673 | ECLP-sUSDe-GYD | 892.6120805 |
| 0x879049Df2744B8D8848985C82275AD4c07379905 | ECLP-wUSDM-GYD | 847.9814765 |
| 0x40e86216712cB9871B9C698EA3AFB22f88c00E6e | ECLP-WOETH-WETH | 14.73815099 |
| 0xcfab2efeF3aFfdd158568DC896115Eac26B3C498 | ECLP-GHO-USDe-rh | 0.01233377611 |
| 0xb072496eEf1F88a2Bd1BA93F880c7ed685264EB1 | instETH/wstETH | 0.003333992221 |
Contract address label Form completed for all addresses: Yes
ARB left over: 0 ARB left to be distributed.
Plan for leftover ARB: No ARB is left over, as the STIP.B has concluded. Therefore the plan for incentivizing the most productive and valuable yield bearing liquidity on Balancer will not be carried out using ARB going forward. Balancer’s core pool cycle will continue however, meaning fee redirection will incentivize veBAL holders to vote for high performing pools on Arbitrum as part of our continuous flywheel.
Summary of incentives: Balancer’s ARB incentive strategy aims to direct BAL tokens toward established gauges on Arbitrum, thereby boosting the most lucrative liquidity pools in terms of both returns and fees for liquidity providers. By leveraging Balancer’s core pool mechanisms along with the STIP Addendum boost settings, this approach seeks to create a vibrant and sustainable ecosystem for the most valuable asset classes on Arbitrum within Balancer. The goal is to optimize the capital efficiency of ARB incentives, benefiting both the Arbitrum ecosystem and the Balancer DAO. For a comprehensive overview of the incentive structure, please check our Addendum post.
Additionally, Balancer has formed several partner integrations that have enhanced the flow of ARB through our collaborating teams. This includes strong collaborations with Aave and Gyroscope, which enabled Gyroscope’s Rehype pools to tap into the yields from Aave’s lending markets, including GHO, resulting in increased net ARB for Balancer LPs. The Galaxe team has been able to leverage quests for Balancer and Arbitrum to draw in more new users and is concluding soon. This type of new engagement is invaluable to both of our ecosystems,
Check out the quest board here.
The fight for the top interest bearing stablecoins and ETH derivatives has come to a conclusion in terms of the STIP but the BAL and AURA saga is far from over.
Across this week we have seen a 13% decrease in daily average fees, TVL has stayed relatively flat, and we noticed a rotation of capital towards stablecoins with the only upward TVL metric of 4.6% in USD terms.
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 9/9/24 - 9/16/24
Average daily TVL: $76,365,483
Average daily transactions: 627
Average daily volumes: $4,479,843
Number of unique user addresses: 1,055
Transaction fees: $7,064 / day
Link to Dashboard showing metrics: Balancer Dune Dashboard
Plan For the Next Two Weeks
While the STIP.B program has come to an end, we will continue to provide some external incetnives to a new product which has launched between Balancer and CowSwap on Arbitrum, CowAMM.
With support from Galaxe on our Pendle and ARB CowAMM pools we intend to showcase exactly how important MEV reduction is on long tail assets. We are currently providing over 10,000 USDC in incentives and plan to match more upcoming partners who are interested in leveraging CoWAMM’s tech. Check out the ARB/wETH and PENDLE/wstETH for a peak at how MEV reduction takes true shape by giving back to LPs to maximize their outcomes.
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 pushes forward for yield bearing tokens making LSTs, LRTs, and stablecoins our peak interest as Defi shifts toward this narrative for BTC next. To visualize TVL in both denominations via our dune dashboard we keep like assets in their respective currency. While TVL on LST/LRT pools in USD terms is down to roughly 33MM from last epoch, the ETH value has decreased to 14.4K ETH, this liquidity while increasing in dollar value, is likely flowing out if incentive APRs are more worthwhile elsewhere. The top 5 pools have seen only one change this epoch, with wstETH/wETH replacing it’s direct Gyroscope counterpart, and ECLP wstETH/wETH. Still maintaining their positions are the wstETH/sfrxETH, ECLP weETH/wstETH, rETH/wETH, and ETHx/wstETH pools! The TVL of the top 5 pools changed from 17.3MM to 17.2MM, with a drecrease in ETH terms form 7,851 to 7,489 ETH.
Yield bearing stablecoins continue to show a strong hold on Balancer. 11.2MM USD in TVL, the previous ATH has been beaten once again as new pools have come to the forefront with 11MM. The top five being sUSDe/sFRAX has been bumped out by, [USDC/sUSX ], ECLP aUSDC/aUSDT, sFRAX/4POOL, ECLP GYD/aUSDC, ECLP GHO/aUSDC. Three of which are ECLPS!
Summary of changes to the original plan: The main update to our incentives plan is the introduction of a boost mechanism, applied to the most promising pools as outlined above. This enhancement utilizes Balancer’s expertise in yield-bearing strategies, allowing us to focus on pools that offer the greatest benefits to our liquidity providers and participants in the Arbitrum ecosystem. Critical elements like routing optimizations, native yield, and energizing the BAL, AURA, and ARB flywheel are essential for continually attracting new liquidity to the ecosystem.