Thanks for putting up this new initiative to support the DeFi ecosystem.
We appreciate the systematic approach to isolate single DeFi actions in order to better analyze the impact of incentives. Additionally, being protocol agnostic makes a credibly neutral chain, which we think is also positive. Nonetheless, we echo some concerns other delegates have raised regarding the assumption that single-action incentives will have a different outcome than previous incentives and how the program will report to the DAO, given the delegated execution into the Season Selection Committee.
We agree TVL is often misused as a vanity metric for protocol performance. In addition, Arbitrum benefits from network activity and not value accrual. For this reason, we think other metrics can better serve as protocol cutoff to be eligible for incentives, specially those that directly benefit Arbitrum, e.g., daily/weekly active users, transactions or fees paid to the network.