dForce STIP.B Bi-Weekly Update

[dForce] STIP.B Bi-Weekly Update [1-Jul-2024]

We are very thrilled to receive 500,000 ARB from the STIP-Bridge program, which will be utilized to reward the adoption of USX and lending activities on Unitus Finance.

Please note that we just launched the “Arbitrum Summer Vibes” campaign on 27 Jun, with the first epoch ending on 3 July. This report serves to provide an overview of our plan and timelines.

On the lending side (Unitus Finance), we plan to:

  1. incentivize stablecoin lending and borrowing activities;

  2. add RWA tokens as collateral to mint sUSX, carrying the trust of value and sustainable yields for Arbitrum users (coming soon);

  3. incentivize BLP for UTS/DF on Camelot;

  4. enable sUSX as a collateral-only asset so that users can utilize sUSX as collateral to borrow other assets, further enhancing capital efficiency for USX holders.

In the meanwhile, we are implementing several strategies to further bootstrap the adoption of USX within the Arbitrum ecosystem, including:

  1. onboard LSD assets as collateral to mint USX on Arbitrum, starting from the collaboration with Aspida (Introducing the saETH vault);

  2. launch sUSX, the tokenized version of yield-bearing USX, redistributing revenue from dForce protocols back to USX holders. The current APY is 15% which can be further adjusted through governance.

We hope these strategies can help create robust and resilient liquidity that will remain even after the conclusion of the campaign.

Recap of the Previous Two Weeks

ARB Received Last Disbursement: 83,334 ARB

ARB Utilized as Incentives in the Last Two Weeks: 23,000 ARB

Contracts incentivized over the last 2 weeks: 0xC097EA3EA6d6851e8C274ACE6373107C5A253F62

Contract address label Form 15 completed for all addresses: Yes

ARB left over: 60,334 ARB

Summary of incentives:

  1. Lending activities on Unitus Finance (7,000 ARB from 27 June to 3 July)
  2. BLP provision on Camelot for UTS/DF (3,500 ARB from 27 June to 3 July)
  3. Using saETH as collateral to borrow USX (12,500 ARB from 27 June to 3 July)

Additional Info / Disclosures to Multisig: N/A

STATS

As a reminder, we just launched the “Arbitrum Summer Vibes” campaign on 27 Jun, with the first epoch ending on 3 July. This report serves to provide an overview of our plan and timelines.

Average daily TVL: 15.8M (7.7M from USX; 839K from Unitus; 3M from saETH vault, 861K from sUSX)

Average daily transactions: 386 (145 from USX; 229 from Unitus; 5 from saETH, 8 from sUSX)

Average daily volumes: 4.8M (15K from USX; 3.3M from Unitus, 3M from saETH vault, 861K from sUSX)

Number of unique user addresses: to be provided soon

Transaction fees: to be provided soon

Link to Dashboard showing metrics: Dune - USX, Dune - Unitus

Plan For the Next Two Weeks

Amount of ARB to be distributed: 50,000 ARB (25,000 ARB per week)

Contracts that will be incentivized: 0xC097EA3EA6d6851e8C274ACE6373107C5A253F62

Contract address label Form 47 completed for all addresses: Yes

Mechanism for distribution incentives: [Insert all mechanism description]

  1. Unitus Finance: Users who lend and borrow stablecoins (USX, USDC, USDT, DAI, sUSX - collateral only) on Unitus Finance. Backend services take a snapshot of users’ BLP, deposits and borrowings, staked iUSX every hour, then calculate users’ final mining weight by multiplying the value of BLP by the corresponding weight and adding it to their deposits, borrowings, and staked iUSX. Distribution occurs weekly.
  2. BLP Liquidity Mining: Similar to Unitus Mining, this method uses snapshots to determine users’ staked amounts and distributes rewards weekly.
  3. saETH Vault: ARB rewards are distributed in real-time based on the amount of USX minted against collateralized saETH tokens deposited by users through smart contracts.
  4. DigiFT RWA Market: KYC users can provide GMMF01 assets (T-bill assets) as collateral to borrow USDC. ARB tokens will be rewarded to users who deposit and/or borrow USDC from the RWA Market.

Summary of incentives plan:

For Unitus Finance:

  1. borrowing and lending stablecoins (USX, USDT, USDC, DAI);

  2. deposit sUSX - so that users can utilize sUSX as collateral to borrow other assets, further enhancing capital efficiency for USX holders;

  3. lending and borrowing USDC in the RWA vault (DigiFT token);

  4. incentivize BLP for UTS/DF on Camelot;

For USX: utilize saETH as collateral to mint USX

Summary of changes to the original plan: [Insert changes]

Starting from the 2nd epoch, we are extending incentives to the RWA vault and utilizing sUSX as collateral on Unitus Finance to borrow other assets. Both strategies aim to provide sustainable and resilient liquidity that remains for a longer period.

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[dForce] STIP.B Bi-Weekly Update [15-Jul-2024]

Recap of the Previous Two Weeks

ARB Received Last Disbursement: 83,334 ARB

ARB Utilized as Incentives in the Last Two Weeks: 53,500 ARB

Contracts incentivized over the last 2 weeks: 0xC097EA3EA6d6851e8C274ACE6373107C5A253F62

Contract address label Form 15 completed for all addresses: Yes

ARB left over: 90,168 ARB

Summary of incentives:

  1. Lending activities on Unitus Finance (18,000 ARB from 4 Jul to 17 Jul)
  2. DEX liquidity on Camelot and Curve (10,500 ARB from 4 Jul to 17 Jul)
  3. Using saETH as collateral to borrow USX (25,000 ARB from 4 Jul to 17 Jul)

Additional Info / Disclosures to Multisig: N/A

STATS

Average daily TVL: 20.0M (16.4M from USX; 3.6M from Unitus)

Average daily transactions: 380 (135 from USX; 245 from Unitus)

Average daily volumes: 2.1M (981K from USX; 1.1M from Unitus)

Number of unique user addresses: 27,487

Transaction fees: $8,461.7

Link to Dashboard showing metrics: Dune - USX, TVL & Fees for USX, Dune - Unitus

Plan For the Next Two Weeks

Amount of ARB to be distributed: 57,000 ARB (28,500 ARB per week)

Contracts that will be incentivized: 0xC097EA3EA6d6851e8C274ACE6373107C5A253F62

Contract address label Form 47 completed for all addresses: Yes

Mechanism for distribution incentives: [Insert all mechanism description]

  1. Unitus Finance: Users who lend and borrow stablecoins (USX, USDC, USDT, DAI, sUSX - collateral only) on Unitus Finance. Backend services take a snapshot of users’ BLP, deposits and borrowings, staked iUSX every hour, then calculate users’ final mining weight by multiplying the value of BLP by the corresponding weight and adding it to their deposits, borrowings, and staked iUSX. Distribution occurs weekly.
  2. BLP Liquidity Mining (Unitus): Similar to Unitus Mining, this method uses snapshots to determine users’ staked amounts and distributes rewards weekly.
  3. Curve liquidity (USX): ARB rewards are distributed in real-time based on the amount of LP staked by users through smart contracts.
  4. saETH Vault (USX): ARB rewards are distributed in real-time based on the amount of USX minted against collateralized saETH tokens deposited by users through smart contracts.
  5. RWA Market (Unitus): KYC users can provide GMMF01 assets (T-bill assets) as collateral to borrow USDC. ARB tokens will be rewarded to users who deposit and/or borrow USDC from the RWA Market.

Summary of incentives plan:

For Unitus Finance:

  1. borrowing and lending stablecoins (USX, USDT, USDC, DAI);

  2. deposit sUSX - so that users can utilize sUSX as collateral to borrow other assets, further enhancing capital efficiency for USX holders;

  3. lending or borrowing USDC against collateralized DigiFT token in the RWA market;

  4. incentivize BLP for UTS/DF on Camelot;

For USX:

  1. utilize saETH as collateral to mint USX;

  2. incentivize liquidity provision for sUSX/USDC on Curve.

Summary of changes to the original plan: [Insert changes]

Introduced a new sUSX/USDC pool on Curve with ARB rewards.