Balancer STIP Updates #9

Balancer Bi-Weekly Update 22-3-2024


Recap of the Previous Two Weeks

ARB Received Last Disbursement: 0 (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: 82,285.3

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 82,285.3 $ARB sent for payment by this multisig transaction executed at 16:10 UTC on Friday March 8th. These payments were be streamed to stakers in the gauge by the injector and the gauge system for 2 weeks, ending today on March 22nd.

recipientGaugeAddr symbol distribution
0x050fBe33699E56B577c3D6f090eCE9870A0966bd sFRAX/4POOL 13302.2547
0xcf9f895296F5e1D66a7D4dcf1d92e1B435E9f999 RDNT-WETH 8228.53
0x260cbb867359a1084eC97de4157d06ca74e89415 wstETH-WETH-BPT 8020.574552
0xcF853F14EF6111435Cb39c0C43C66366cc6300F1 50GOLD-25USDC-25WSTETH 6582.824
0x40F6bE0b26B229C4C3b2C3344e91f8eEe22a62fF plsRDNT-Stable 6453.933729
0xd6B875d62c2661eaB66472F36c672e4B512f1135 rETH-WETH-BPT 6111.489068
0xeF767E740D83d410794519c2F93Db32e44359a5C 50MAGIC-50USDC 4801.369256
0xa14453084318277b11d38FbE05D857A4f647442B 4POOL-BPT 3870.155989
0xfC745035F31BCbaEb2D1a89aA9171495c671F6cE ankrETH/wstETH-BPT 3774.783459
0x8ba2D53F34159C5C5e7add60B56C7dE3BBc1DA68 rETH/wETH BPT 3671.780048
0xd956246EA5b06DEa930F0A7feC1FFf000436e3f2 DOLA/USDC BPT 3129.934952
0x089a2E069700B0f2B16f69A6e02b01818ce22e7d D2D-rETH 2669.00502
0x5a0e92a55800BB5bFd5ec6C7340BfdE7f0947c3E cbETH/rETH/wstETH 2270.097909
0x159be31493C26F8F924b3A2a7F428C2f41247e83 GOLD-BAL-AURA-wstETH 1645.706
0x06eaf7bAabEac962301eE21296e711B3052F2c0d wstETH/sfrxETH 1410.213114
0x2162abD00312a0496B4b72b20A6790Cc07268A25 Savvy TriCrypto Pool 1366.789075
0x82d2c7B67Eaa5028c89BE86CeA8e1DF5bd2119A1 55auraBal-45wsteth 1345.556124
0xD7a5122a4e88EC9fBE94301A0Bff6114ddFe5d4B STAR/USDC-BPT 1310.539195
0x011417BBED6FC9cefF36C032D431b0eFcBA7f8B3 50tBTC-50WETH 574.6971536
0x2cFBD7aCC62709396b3C8c7698808384720A0BbF 20WETH-80PAL 423.6537975
0xae30333C4CFFeF017909460384CDD7B073281280 80LUMIN-20rETH 422.3180252
0xb438c6cc53315FfA3fcD1bc8b27d6c3155b0B56A 2BTC 395.647378
0x574c2146091Cced305A7ABa82d097DE36b736fac 50DFX-50WETH 258.6793447
0x34BDBEcd3B911a8DCB17aC68B961a8D16db52673 wstETH/rETH/sfrxETH 131.162726
0x2eB5661002b68EBE887d29d415c3A3b52536912C wstETH/rETH/cbETH 113.6053852

Contract address label Form completed for all addresses: Yes

ARB left over: 0

Plan for leftover ARB: The STIP has concluded and there is no left over ARB for Balancer to allocate to users. The time has been exciting for all parties involved. We do look forward to future opportunities to work with the Arbitrum Foundation and community to grow healthy, sustainable liquidity for the network. Thank you to the community and everyone involved from all sides.

Summary of incentives: Incentives were sent to each pool’s respective gauge based on Balancer’s FINAL STIP Round 1 framework. Anyone who has been paying attention to what Balancer has done with the STIP over the passed quarter already knows the core pool and incentive optimization algorithm we have developed in order to entice liquidity providers to deepen the liquidity in the pool’s that matter on a dex and network. Given the end result of the STIP leaving Balancer with a near 2x in TVL, a substantial increase in daily average users and transaction volume throughput several degrees higher than it was prior, this was a huge success.

Balancer has ended on a high note with the highest average TVL for an epoch just under 168MM TVL on the dex with roughly a 10% utilization for swap volume across all pools. High volume pairs such as liquid staking derivatives, ve8020 pools, and stable coin pairs lead this charge and only on Balancer are user’s also able to not worry about their yield being arbitraged away by diverging asset prices in the interest bearing asset classes.

For the last time, we will highlight the pools which have carried the torch for Balancer and the pairs which Arbitrum should be most excited about incentivizing the depth of on chain.RDNT/WETH after coming off all time highs of over 100MM this epoch has cooled off and sits at a modest 67.5MM TVL for the time being, having driven 1.4MM in volume per day for the last two weeks.

Balancer, home of the liquid staking derivative continues to be a trail blazer in the space by bring more LRTs to Arbitrum even as the STIP comes to a close. The heavy hitters cbETH/rETH/wstETH, WETH/rETH, and sfrxETH/wstETH/rETH have all dropped in TVL as planned to 3.4MM, 3.3MM, and 0.9MM TVL respectively. They’re migrations are to be moved to the following pools: rETH/wETH which now has 7.15MM TVL. wstETH/sfrxETH at 2.9MM. cbETH/wstETH/rETH and 5.25MM. This in total is an improvement in TVL when adding up the fragment portions compared to the last round. wstETH/WETH has seen a minor drawback in TVL still sitting at 13MM and ankrETH/wstETH has upticked to 7.2MM for the time being.

ETH LST TVL was 57MM in USD terms last round, and due to the market taking a large downward move Balancer’s LST TVL sits now at 44MM (stable pools plus weighted portions). This is however a net neutral move in ETH terms, proving the stickiness of Balancer’s flywheel to be quite competitive based on the TVL for these pools at the start of the year.

Balancer Maxis continue to incentivize the 4POOL for core stablecoin routing using their vlAura holdings. The 4POOL pool has been winning volume across the abitrum network proving the competitive nature of the dynamic and low swap fee environment Balancer offers. The pool sits at 4.5MM TVL and has proccessed around 120MM in volume in the last two weeks. 43MM in volume today alone.

The sFRAX/4POOL pool was at 3.3MM TVL due to market rates across Defi for stablecoins being quite high in lending markets, but as those values retract the liquidity position becomes more attractive. This is great haven for liquidity providers to earn passive yield organically while trades can route through the 4POOL. TVL has increased to 4.3MM over the last two weeks.

Stats from Openblock Dashboard displaying the entirety of the grant performance:


Additional Info / Disclosures to Multisig:

  • Tags for each contract address can be found in the csv above.
  • See previous report for any comments on the current payment schematic of ARB to align with the deadline of the incentive cycle end proposed by the Arbitrum Foundation.
  • Details can be seen on this sheet


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


Average daily TVL: $167,775,431

Average daily transactions: 5,705

Average daily volumes: $15,745,638

Number of unique user addresses: 38,489

Transaction fees: Average daily: $12,823

Plan For the Next Two Weeks

Amount of ARB to be distributed: 0

Contracts that will be incentivized:

Contract address label Form completed for all addresses: Yes

Mechanism for distribution incentives: Distributions were 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: Balancer’s community has expanded and the existing base has thoroughly enjoyed building long lasting solutions on Arbitrum to create long lasting impacts in the ecosystem. Leveraging various tech stacks and layers on top of Balancer has led to cross pollination on Arbitrum that has not taken place on any other network. Balancer looks forward to a fruitful relationship with the Arbitrum ecosysetm and Foundation in the future.

Summary of changes to the original plan: No changes to report.