Following the ARDC recommendation, we believe that this proposed addendum requires further review by the DAO. Therefore, we challenge its optimistic approval so that the delegates can form an opinion on the merit of renewing the incentives received during the STIP.
We are publishing the review conducted by Blockworks for greater visibility and advice to the applicant to provide an explanation for the concerns raised.
“Is applying to the STEP as well (although doesn’t seem to be prohibited in STIP/STEP rules). Currently, TVL of Camelot pools incentivised during the program at ~$650K (~600K ARB spent in incentives). Deposited stEUR on Silo at ~$45K, with utilization at 1% (~100K ARB spent in incentives). However, circulating supply of EURA on Arbitrum increased from ~500K to ~1.6M (beginning of May). Extremely poor reporting during original STIP. New program would focus on USDA instead of EURA, but usage of incentives is quite similar to the original STIP, where results were lackluster (although, Bridge structure quite loosely defined). Hard market to penetrate, especially on the liquidity side. If accepted to STEP, would likely have a notably larger positive impact on the project relative to STIP allocation.”