Balancer STIP Program Updates

Balancer Bi-Weekly Update 01-12-2023


Recap of the Previous Two Weeks

ARB Received Last Disbursement: 342,858 (KYC delays resulted in collecting 2 biweekly payments at the start of the program, details in change section below)

ARB Utilized as Incentives in the Last Two Weeks: 171,429

Contracts incentivized over the last 2 weeks: A CSV of incentived along with details about $ARB flows to each one and how they were calculated can be found here. These amounts of payment were queued and the required 171,429 $ARB sent for payment by this multisig transaction executed at 16:14 UTC on Friday November 17th. These payments will be streamed to stakers in the gauge by the injector and the gauge system for 2 weeks, ending today on December 1st.

recipientGaugeAddr symbol distribution
0x972539E9d340a915775C004715f286a166F067Fd 80OVN/20wUSD+ 17142.9
0xd956246EA5b06DEa930F0A7feC1FFf000436e3f2 DOLA/USDC BPT 17142.9
0xcf9f895296F5e1D66a7D4dcf1d92e1B435E9f999 RDNT-WETH 17142.9
0xd6B875d62c2661eaB66472F36c672e4B512f1135 rETH-WETH-BPT 16952.12
0xcF853F14EF6111435Cb39c0C43C66366cc6300F1 50GOLD-25USDC-25WSTETH 13714.32
0xfC745035F31BCbaEb2D1a89aA9171495c671F6cE ankrETH/wstETH-BPT 12210.76021
0x82d2c7B67Eaa5028c89BE86CeA8e1DF5bd2119A1 55auraBal-45wsteth 11983.40447
0xD7a5122a4e88EC9fBE94301A0Bff6114ddFe5d4B STAR/USDC-BPT 11887.91147
0x138E37c3885169DB38e046D5c814C0e95566566c wstETH-4POOL 11250
0xa14453084318277b11d38FbE05D857A4f647442B 4POOL-BPT 11250
0xeF767E740D83d410794519c2F93Db32e44359a5C 50MAGIC-50USDC 10312.21245
0x2eB5661002b68EBE887d29d415c3A3b52536912C wstETH/rETH/cbETH 9581.095241
0x159be31493C26F8F924b3A2a7F428C2f41247e83 GOLD-BAL-AURA-wstETH 3428.58
0x260cbb867359a1084eC97de4157d06ca74e89415 wstETH-WETH-BPT 3152.093215
0x96056DF5a61B758005a219a052D72085C45df92c 80PAL-20OHM 1808.406143
0xc3522B0A58d9f12f33E542FC3c3C051b4AF01c83 DUSD-4POOL-BPT 1652.301372
0xb438c6cc53315FfA3fcD1bc8b27d6c3155b0B56A 2BTC 640.3620357
0x011417BBED6FC9cefF36C032D431b0eFcBA7f8B3 50tBTC-50WETH 176.7333908

Contract address label Form completed for all addresses: Yes

ARB left over: 171,429

Plan for leftover ARB: Increase biweekly amount distrbuted to 205,714.8 for the remaining periods. This brings us close to the weekly amounts we had proposed in our original STIP proposal before reducing amounts. This will increase the upward trajectory on TVL and volume on Balancer while creating stickiness for the network. We are expecting a compounding partnership with Plutus and Radiant via plsRDNT to be a large driver of growth using these incentives in the upcoming weeks.

Liquid staking derivative pools such as cbETH/rETH/wstETH, WETH/rETH, and ankrETH/wstETH are near all time highs for TVL which we expect to continue to climb as incentives are directed to the pools which drive LST and high volume pairs to increase depth.

Summary of incentives: Incentives were dispersed based on the CSV above, which shows where the ARB was sent based upon the plan outlined in Balancer’s FINAL STIP Round 1 framework. Since Novemeber 17th key increases of TVL have been seen across various pools. This is currently not the full effect of the ARB STIP incentives though, because as pools are gaining momentum, the rewards take a one week delay to be available on AURA, the highest influence liquid wrapper on Balancer. With this delay, adoption is still taking shape on core liquidity in the ecosystem, however it is expected to continue to escalate over time. Notably the RDNT/WETH pool has faciliated an average of 670k USD in volume per day while maintaing over 50MM in TVL. Liquid staking derivative pools such as cbETH/rETH/wstETH, WETH/rETH, wstETH/WETH and ankrETH/wstETH are near all time highs for TVL which we expect to continue to climb as incentives are directed to the pools which drive LST and high volume pairs to increase depth. Currently total ETH LST TVL is 29.72MM (stable pools plus weighted portions) and volume for the two week period in the 4 mentioned stable LST pools is over 15.26MM. Due to Balancer’s core pool incentive structure, as these LST pools increase in value their market share of rewards increases as well via self sustaining bribe mechanics.

Other building blocks of liquidity on Balancer are the primary stablecoin pool, 4POOL pool has has increased 15% at time of writing in TVL and is averaging 1.3MM in volume per day. Also the 4POOL/wstETH pool plays a crucial role routing between LSTs and stablecoin liquidity. This pool since the STIP has started has been bootstrapped entirely to 920k in TVL and has done 230k in volume.

Stats from Openblock Dashboard:


Additional Info / Disclosures to Multisig:

  • Tags for each contract address can be found in the csv above.
  • As described above, an extra 171,429 $ARB was collected on our first biweekly run that started November 17th, it was requested that all $ARB is paid out by February 15th. As we were not expecting the second epoch of payments when prepairing payloads, we paid out the originally planned 171,429 $ARB, leaving 171,429 $ARB in the safe.
    • Going forward, this 171,429 will be paid out evenly throughout the remaining rounds. Details can be seen on this sheet


Link to Dashboard showing metrics: Balancer Arbitrum Liquidity Growth Program dashboard


Average daily TVL: $96,275,018

Average daily transactions: 608

Average daily volumes: $4,371,128

Number of unique user addresses: 4,020

Transaction fees: Average daily: $5,662

Plan For the Next Two Weeks

Amount of ARB to be distributed: 205,714.8

Contracts that will be incentivized: Contracts to be incentivied are outlined in this csv, subject to change as more gauges are added to the veBAL system on Arbitrum.

recipientGaugeAddr symbol distribution
0xd6B875d62c2661eaB66472F36c672e4B512f1135 rETH-WETH-BPT 29336.41685
0xd956246EA5b06DEa930F0A7feC1FFf000436e3f2 DOLA/USDC BPT 20571.48
0xcf9f895296F5e1D66a7D4dcf1d92e1B435E9f999 RDNT-WETH 20571.48
0x2eB5661002b68EBE887d29d415c3A3b52536912C wstETH/rETH/cbETH 17347.25078
0xcF853F14EF6111435Cb39c0C43C66366cc6300F1 50GOLD-25USDC-25WSTETH 16457.184
0x972539E9d340a915775C004715f286a166F067Fd 80OVN/20wUSD+ 12841.82388
0xfC745035F31BCbaEb2D1a89aA9171495c671F6cE ankrETH/wstETH-BPT 12496.9535
0xD7a5122a4e88EC9fBE94301A0Bff6114ddFe5d4B STAR/USDC-BPT 11817.50769
0xa14453084318277b11d38FbE05D857A4f647442B 4POOL-BPT 11250
0x138E37c3885169DB38e046D5c814C0e95566566c wstETH-4POOL 11250
0x82d2c7B67Eaa5028c89BE86CeA8e1DF5bd2119A1 55auraBal-45wsteth 10593.69213
0x089a2E069700B0f2B16f69A6e02b01818ce22e7d D2D-rETH 9059.287889
0xeF767E740D83d410794519c2F93Db32e44359a5C 50MAGIC-50USDC 7075.447838
0x159be31493C26F8F924b3A2a7F428C2f41247e83 GOLD-BAL-AURA-wstETH 4114.296
0x96056DF5a61B758005a219a052D72085C45df92c 80PAL-20OHM 3286.512182
0x260cbb867359a1084eC97de4157d06ca74e89415 wstETH-WETH-BPT 2993.755657
0x011417BBED6FC9cefF36C032D431b0eFcBA7f8B3 50tBTC-50WETH 1821.524884
0xb438c6cc53315FfA3fcD1bc8b27d6c3155b0B56A 2BTC 1570.830247
0xc3522B0A58d9f12f33E542FC3c3C051b4AF01c83 DUSD-4POOL-BPT 1258.283317
0x04fc019017eD3F921D5ec11fFf84B870744BA0d1 50DFX-50WETH 1.07315257

Contract address label Form completed for all addresses: Yes

Mechanism for distribution incentives: Distributions will be done every week via Balancer DAO’s ARB injector contract by sending direct incentives to the gauges of the respective pools in the Balancer ecosystem.

Summary of incentives plan: The current incentives plan as stated above will be two pronged. Firstly, the increase in incentives weekly will closely reflect Balancer’s initial proposal, thus supercharging the pools even further to attract liquidity onto the DEX. The core LST and high volume pools will see great benefits, while giving opportunity to smaller projects to bootstrap themselves on the Arbitrum network. Two second prong relates to additional pool’s of projects joining the Arbitrum ecosystem via Balancer. In the last two weeks diversification of assets on Balancer has several highlights to keep an eye on as incentives flow to them. Plutus has joined the Balancer ecosystem with combined power of themselves, Balancer, and Radiant for an amplification of the already successful veRDNT model, possible only on Balancer. The ANKR team is also increasing their governance and LST footprint on the network this week. Lastly, the Savy team is now offering their synthetic BTC, WETH, and USD assets on the network to tie into their markets.

Summary of changes to the original plan: As stated above, biweekly distributions were increased from 171429 to 205714.2 $ARB in order to pay out the full amount before February 15th as requested. Aside from the increase in incentive density, the plan will be carried out as planned, with additional gauges as they approved by Balancer governance.


Nice recap right here! Keep up the good work! :+1: