DefiEdge Grant ARB Emission Issues

Hello,

After reviewing STIP performance documents, I encountered some potential problems with the incentive program conducted by STIP Backfund participant DefiEdge.

DefiEdge was awarded 200,000 ARB per their grant application.

DefiEdge made its first claim for 171,432 ARB on March 6th, 2024.

They issued 83,000 ARB to seven Camelot Nitro Pools listed below. These pools are scheduled to emit ARB until May 11, 2024. This allocation is over 42 days past the deadline set by the Timeline Extension for STIP and Backfund Grantees vote.

I also confirmed by viewing the announcements and DefiEdge’s social media, which stated on March 12, 2024, that the protocol plans to emit tokens for “two months”. These incentives included co-incentives from the participating programs.

I attempted to contact the team directly on Telegram but have not received a reply. I then contacted @matt_stablelab and our other Arbitrum contacts and informed them of the problem.

I had a chance to contact a DeFiEdge representative who posted in the Camelot discord promoting their incentive program, but the DeFiEdge representative seemed unaware of the deadline, or had no intention of honoring it.

Below is the supplemental information. If my calculations are correct, DefiEdge has approximately 14-15 days left to emit their incentives and has already misallocated 71.28% of the 83,000 ARB they’ve issued to Camelot Nitro Pools.

Information

DeFiEdge Multisig:
0x3644233730dD168E1db3373Cd27491edd5d8984f

68,432 ARB Remain

Claim (171,432 ARB)

NitroPool 1 aka ETH-LODE

https://arbiscan.io/address/0x459679bba13727704e2955b7f3bedf16d8695572

https://app.camelot.exchange/nitro/0x459679bba13727704e2955b7f3bedf16d8695572

10,000 ARB

NitroPool 2 aka JONES-ETH

https://arbiscan.io/address/0x9e9bb508e1f0e55d186d085e1ae666cfdfa75387

https://app.camelot.exchange/nitro/0x9e9bb508e1f0e55d186d085e1ae666cfdfa75387

10,000 ARB

NitroPool 3 aka UMAMI-ETH

https://arbiscan.io/address/0x3d1d15b6b066d8f4274f436f1ed097b567e7d761

https://app.camelot.exchange/nitro/0x3d1d15b6b066d8f4274f436f1ed097b567e7d761

15,000 ARB (10k ARB on top of this from UmamiDAO)

NitroPool 4 aka fUSDC-ARB

https://arbiscan.io/address/0x073e2804510668828181da9814842a8f8e1391f0

https://app.camelot.exchange/nitro/0x073e2804510668828181da9814842a8f8e1391f0

8,000 ARB

NitroPool 5 aka USH-ARB

https://arbiscan.io/address/0x9952b9d0093769f4dc12947eedc61a01bf9edbd9

https://app.camelot.exchange/nitro/0x9952b9d0093769f4dc12947eedc61a01bf9edbd9

15,000 ARB

NitroPool 6 aka PENDLE-ETH

https://arbiscan.io/address/0xec0aff94ba9b9af8b9a28a68237b2be4a0ac133f

https://app.camelot.exchange/nitro/0xec0aff94ba9b9af8b9a28a68237b2be4a0ac133f

10,000 ARB

NitroPool 7 aka DPX-ETH

https://arbiscan.io/address/0x633ca6c3d6e5dca5a642b11930431a401c010354

https://app.camelot.exchange/nitro/0x633ca6c3d6e5dca5a642b11930431a401c010354

15,000 ARB

Total Allocated: 83,000 ARB

Approximate start time

1710268200
Tue Mar 12 2024 18:30:00 GMT+0000

Grant Deadline

1711756800
Sat Mar 30 2024 00:00:00 GMT+0000

Approximate end time

1715452200
Sat May 11 2024 18:30:00 GMT+0000

Valid Period:

17.23 Days or 28.72% or 23,838 ARB

Invalid Period:

42.77 Days or 71.28% or 59,162 ARB

1 Like

DefiEdge continues to initialize incentive programs to emit STIP-funded ARB that violate the grant terms.

After launching a 10,000 ARB, 7-day campaign on Pancakeswap, they’ve extended that program to an 80,000 ARB, 6-week campaign.

https://twitter.com/PancakeSwap/status/1770428503273750899?s=20

This program surpasses the March 29 deadline and emit ARB tokens well into May 2024.