Dolomite STIP Program Updates

DAO Grant Programs Biweekly Updates (STIP)
1

Dolomite Bi-Weekly Update 11/17/2023

Recap of the Previous Two Weeks

ARB Received Last Disbursement: 142,568

ARB Utilized as Incentives in the Last Two Weeks: 0

Contracts incentivized over the last 2 weeks: 0x6Bd780E7fDf01D77e4d475c821f1e7AE05409072

Contract address label Form completed for all addresses: Yes

ARB left over: 142,568 (oARB mechanism results in delays in distribution)

Plan for leftover ARB: oARB Vesting begins on 11/17/2023 at 8:45 PM EST. At this time, ARB will be utilized. Due to the nature of the oARB incentivization system, there’s a “start delay” from when users can start utilizing the rewards.

Summary of incentives: Over the past week, we distributed oARB to the following markets (shown below) to depositors of these assets. APRs were elevated which resulted in an increase in TVL and usage of the platform. More on the distribution strategy with oARB below.

image
image1056Ă—812 84 KB

Additional Info / Disclosures to Multisig: No new information since our STIP was posted on the forum. Multi sig is a 2/3, address is 0xa75c21C5BE284122a87A37a76cc6C4DD3E55a1D4.

STATS

Average daily TVL: $12.25M

Average daily transactions: 523

Average daily volumes: $1.99M

Number of unique user addresses: 441

Transaction fees: $8,939.97

Link to Dashboard showing metrics: Subgraph, Dune Dashboard, Tx Fees

Plan For the Next Two Weeks

Amount of ARB to be distributed: 142,568

Contracts that will be incentivized: The same contracts as above.

Contract address label Form completed for all addresses: Yes

Mechanism for distribution incentives: Dolomite uses oARB (an option token) to distribute the ARB. Users earn oARB by depositing liquidity on Dolomite and then can vest oARB into ARB by pairing oARB with an equal amount of ARB for intervals up to 4 weeks. You can learn more about oARB on our docs.

Summary of incentives plan: We plan to incentivize USDC, ETH, WBTC, ARB, and LINK markets using weights shown on the Rewards page on Dolomite.

Summary of changes to the original plan: No changes.

2 Likes
2

Dolomite Bi-Weekly Update 12/1/2023

Recap of the Previous Two Weeks

ARB Received Last Disbursement: 143,148

ARB Utilized as Incentives in the Last Two Weeks: 183,097

Contracts incentivized over the last 2 weeks: 0x6Bd780E7fDf01D77e4d475c821f1e7AE05409072

ARB left over: 102,618 (oARB mechanism results in delays in distribution)

Plan for leftover ARB: oARB Vesting begins on 11/17/2023 at 8:45 PM EST. At this time, ARB will be utilized. Due to the nature of the oARB incentivization system, there’s a “start delay” from when users can start utilizing the rewards.

Summary of incentives: Over the past week, we distributed oARB to the same markets as the prior bi-weekly updated. APRs remain elevated and we have seen a sustained increase in TVL and usage of the platform. More on the distribution strategy with oARB below.

STATS

Average daily TVL: $
Average daily transactions: 639.92
Average daily volumes: $741,000
Number of unique user addresses: 1,071
Transaction fees: $14,412
Link to Dashboard showing metrics:

Plan For the Next Two Weeks

Amount of ARB to be distributed: 143,138 ARB
Contracts that will be incentivized: Same as before.

Mechanism for distribution incentives: We will continue to use oARB claiming and vesting for reward distribution. After receiving feedback on the oARB distribution method, we’ve worked with the multi sig signers to make some adjustments:

  • The max vesting duration will increase from 4 weeks to 40 weeks
    • Recall that when a user vests their oARB, it reserves the corresponding amount of ARB in the vester smart contract
    • Despite the STIP grant ending in February, any unreserved funds can be sent back to the DAO in February while vesting continues for users that wish to go for the full 40 weeks
  • The discount will be linear, at 2.5% per week
    • Thus, users can receive their ARB for free if they vest for the full 40 weeks
  • Users that vested before this update goes live will be able to extend their duration (if they desire)
  • Depending on technical lift, we also will enable Dolomite users that are level 4 or higher achieve a discount of 3.75% per week.
    • Thus, users who become more active on the platform can accelerate the vesting process further.
1 Like
3

This seems to be a direct response (without actually responding) to the clandestine affairs I outlined in the thread reporting your actions. It falls woefully short of addressing the issues and still creates a toxic environment promoting people who want to see any incentives within 40 weeks 0.7692 YEARS to pay your treasury substantial amounts of ETH for your personal gain. The DAO and users have not forgotten your initial intentions, and this comedic attempt at rectifying it is not going unnoticed. Your egregious actions will reach justice and your brand will be permanently tarnished due to your self-serving nature and zero respect for the arbitrum ecosystem.

4 Likes
4

Thanks for doing god’s work, the amount of grift resulting from STIP grants is truly disheartening. This grant program has been a net negative to the ecosystem: it provides barely any benefit and it gives such a poor image of arbitrum.

1 Like
5

Hey @federalInformant,

We’ve been following the discussions surrounding Dolomite’s usage of the STIP grant program funds and felt it was important to provide a more formal response to address your concerns.

First and foremost, we want to emphasize that there’s no secrecy or malice behind our grant program. We outlined the entire structure in our public proposal, discussed it with Arbitrum in the comments, received approval through community voting, and made the steps for participation clear on our web app. The fact that 90%+ of eligible ARB is being utilized via the oARB system is a testament to its transparency and community support. We’ve even seen entities pull ARB off CEXs like Binance to do the pairing process, bringing more value back to the on-chain world!

We understand that opinions vary, and it’s perfectly valid if the program doesn’t align with your preferences. However, it’s crucial to acknowledge that Dolomite adhered to established procedures, and the legitimacy of our proposal is backed by the STIP program’s multi sig, Stable Labs, the broader Arbitrum community, and our users.

If you believe adjustments are necessary for the grant program’s requirements or rules, we welcome constructive suggestions for consideration in future iterations of Arbitrum’s grant programs. While Dolomite doesn’t control these aspects, we value community input and actively encourage it.

Our program’s structure was designed with the long-term interests of Arbitrum in mind, aiming to discourage mercenary capital and prevent market disruptions to ARB’s price by spacing out any sell pressure. As a matter of fact, we wanted to initially offer longer vesting periods to offer steeper discounts but couldn’t because it would extend beyond the STIP’s deadline.

We took user feedback like yours seriously, so we initiated discussions with the multi sig via Stable Labs to incorporate changes like a longer vesting period and the ability to earn a 100% discount (thus completely removing any ability for Dolomite to receive any ETH for users that opt for this 100% discount). Importantly, the proposed changes were approved by these representatives of the Arbitrum DAO, and these representatives saw no wrongdoing in how the program was operating beforehand and knew the program’s mechanics were disclosed prior to being voted on. Despite our efforts, we understand that not everyone’s preferences align with our approach.

Since these modifications were just approved going into Friday afternoon, we thought it’d be best to address the community early next week about the changes, so they wouldn’t be missed going into a weekend.

The rewards program is entirely optional, and users are free to explore alternative opportunities within the Arbitrum ecosystem. We respect differing views on the future of Arbitrum and appreciate the diversity of opinions within our community.

Thank you for bringing your concerns to our attention. We remain open to further discussion and appreciate your engagement with Dolomite.

2 Likes
6

the patience of a saint

3 Likes