Welcome to Gamma’s STIP Addendum. Please let us know if you have any questions!
Information about STIP/STIP Backfund
1. Can you provide a link to your previous STIP proposal (round 1 or backfund)?
2. How much, in the previous STIP proposal, did you request in ARB?
750,000 ARB
3. What date did you start the incentive program and what date did it end?
Start: 1700064000 or 11/15/2023 16:00:00
End: 1710950400 or 3/20/2024 16:00:00
4. Could you provide the links to the bi-weekly STIP performance reports and Openblocks Dashboard?
5. Could you provide the KPI(s) that you deem relevant for your protocol, both in absolute terms and percentage change, month over month, for the first of each month starting from October 2023 until April 2024, including the extremes? If you don’t know what KPI might be relevant for you or how to properly define them, please refer to the following document: [Arbitrum DAO] OpenBlock Labs Incentive Onboarding Spec
Gamma tracked its own Key Performance Indicators (KPIs) on qualified vaults over 18 weeks of incentives plus four weeks post-incentives. These include TVL, fees, revenue, volume, incentives, transactions, and users. Gamma also has special stats to evaluate incentive performance, including evaluating the ratio of volume to TVL, and the amount of TVL per $1 of incentives.
All statistics are derived from Gamma’s vaults, not the liquidity pool they are built on. Fees, volume, transaction, and user data are derived from Gamma’s vaults only.
Incentives ended in Week 19. Weeks 19-22 are highlighted yellow to indicate no incentives were issued by Gamma in these periods.
Weekly Active Users (WAU) and Total Users are independent statistics to with different queries to avoid double counting users during the incentive program.
Total Performance:
| FINAL STATS | |
|---|---|
| Avg Total Value Locked (TVL) | $20,805,176 |
| Total Users | 6,347 |
| Total Fees | $8,756,608 |
| Total Volume | $5,971,011,185 |
| Total Incentives | 750,000 |
| Total Incentives ($) | $1,161,072 |
| Total Transactions | 210,931 |
| Daily Avg Fees | $69,497 |
| Daily Avg Volume | $47,388,978 |
| Daily Avg Incentives | 5,952 |
| Daily Avg Incentives ($) | $9,215 |
| Daily Avg Transactions | 1,674 |
| Avg Fees / TVL | 0.33% |
| Avg Volume / TVL | 224.89% |
| Avg Incentives / TVL | 0.0003 |
| Avg Incentives ($) / TVL | 0.05% |
| Avg Transactions / TVL | 0.0001 |
| Avg Fees / Volume | 0.14% |
| Avg Fees / Incentives ($) | 760.34% |
| Avg Fee APR% | 119.62% |
| Avg Incentive APR% | 17.07% |
| Avg TVL / $1 of Incentives | $2,353 |
| Avg Weekly Active Users | 757 |
| Avg Rebalance Frequency | 135 |
| Avg Net Deposits / Withdrawals | 293 |
| POST INCENTIVE STATS | |
|---|---|
| POST Avg Total Value Locked (TVL) | $16,978,647 |
| POST Daily Avg Fees | $59,937 |
| POST Daily Avg Volume | $47,741,408 |
| POST Daily Avg Transactions | 1,222.68 |
| POST Weekly Average Users | 632 |
| Δ TVL | -18.39% |
| Δ Fess | -13.76% |
| Δ Volume | 0.74% |
| Δ Transactions | -26.96% |
| Δ Weekly Average Users | -16.51% |
Total Value Locked:
- Average TVL - The average Total Value Locked in all qualified vaults in a series over the period
- Δ% TVL - Change in Total Value Locked from the previous period
| Week | Start Date (UTC) | End Date (UTC) | Average TVL | Δ% TVL |
|---|---|---|---|---|
| 1 | 11/15/2023 | 11/22/2023 | $16,576,591 | 0.00% |
| 2 | 11/22/2023 | 11/29/2023 | $18,739,984 | 13.05% |
| 3 | 11/29/2023 | 12/6/2023 | $21,762,379 | 16.13% |
| 4 | 12/6/2023 | 12/13/2023 | $22,297,443 | 2.46% |
| 5 | 12/13/2023 | 12/20/2023 | $21,686,394 | -2.74% |
| 6 | 12/20/2023 | 12/27/2023 | $24,777,704 | 14.25% |
| 7 | 12/27/2023 | 1/3/2024 | $25,026,593 | 1.00% |
| 8 | 1/3/2024 | 1/10/2024 | $18,858,954 | -24.64% |
| 9 | 1/10/2024 | 1/17/2024 | $15,194,483 | -19.43% |
| 10 | 1/17/2024 | 1/24/2024 | $12,455,180 | -18.03% |
| 11 | 1/24/2024 | 1/31/2024 | $15,640,316 | 25.57% |
| 12 | 1/31/2024 | 2/7/2024 | $17,739,164 | 13.42% |
| 13 | 2/7/2024 | 2/14/2024 | $22,526,687 | 26.99% |
| 14 | 2/14/2024 | 2/21/2024 | $22,355,043 | -0.76% |
| 15 | 2/21/2024 | 2/28/2024 | $24,640,678 | 10.22% |
| 16 | 2/28/2024 | 3/6/2024 | $25,866,809 | 4.98% |
| 17 | 3/6/2024 | 3/13/2024 | $26,544,480 | 2.62% |
| 18 | 3/13/2024 | 3/20/2024 | $21,804,278 | -17.86% |
| 19 | 3/20/2024 | 3/27/2024 | $22,051,063 | 1.13% |
| 20 | 3/27/2024 | 4/3/2024 | $19,171,052 | -13.06% |
| 21 | 4/3/2024 | 4/10/2024 | $16,306,396 | -14.94% |
| 22 | 4/10/2024 | 4/17/2024 | $10,386,076 | -36.31% |
Fees:
- Fees - The amount of fees generated in a period
- ∑ Fees - The cumulative fees generated in the incentive program
- Fees / Day - The average fees per day of a period
- Fees / TVL - The ratio of daily fees to TVL
| Week | Start Date (UTC) | End Date (UTC) | Fees | ∑ Fees | Fees / Day | Fees / TVL |
|---|---|---|---|---|---|---|
| 1 | 11/15/2023 | 11/22/2023 | $264,247 | $264,247 | $37,750 | 0.228% |
| 2 | 11/22/2023 | 11/29/2023 | $195,319 | $459,566 | $27,903 | 0.149% |
| 3 | 11/29/2023 | 12/6/2023 | $290,930 | $750,496 | $41,561 | 0.191% |
| 4 | 12/6/2023 | 12/13/2023 | $455,661 | $1,206,157 | $65,094 | 0.292% |
| 5 | 12/13/2023 | 12/20/2023 | $232,021 | $1,438,178 | $33,146 | 0.153% |
| 6 | 12/20/2023 | 12/27/2023 | $634,828 | $2,073,006 | $90,690 | 0.366% |
| 7 | 12/27/2023 | 1/3/2024 | $1,163,062 | $3,236,068 | $166,152 | 0.664% |
| 8 | 1/3/2024 | 1/10/2024 | $869,597 | $4,105,664 | $124,228 | 0.659% |
| 9 | 1/10/2024 | 1/17/2024 | $505,535 | $4,611,199 | $72,219 | 0.475% |
| 10 | 1/17/2024 | 1/24/2024 | $272,194 | $4,883,393 | $38,885 | 0.312% |
| 11 | 1/24/2024 | 1/31/2024 | $218,445 | $5,101,838 | $31,206 | 0.200% |
| 12 | 1/31/2024 | 2/7/2024 | $224,854 | $5,326,691 | $32,122 | 0.181% |
| 13 | 2/7/2024 | 2/14/2024 | $294,880 | $5,621,572 | $42,126 | 0.187% |
| 14 | 2/14/2024 | 2/21/2024 | $370,679 | $5,992,250 | $52,954 | 0.237% |
| 15 | 2/21/2024 | 2/28/2024 | $538,889 | $6,531,139 | $76,984 | 0.312% |
| 16 | 2/28/2024 | 3/6/2024 | $981,212 | $7,512,351 | $140,173 | 0.542% |
| 17 | 3/6/2024 | 3/13/2024 | $543,615 | $8,055,967 | $77,659 | 0.293% |
| 18 | 3/13/2024 | 3/20/2024 | $700,642 | $8,756,608 | $100,092 | 0.459% |
| 19 | 3/20/2024 | 3/27/2024 | $656,096 | $9,412,705 | $93,728 | 0.425% |
| 20 | 3/27/2024 | 4/3/2024 | $335,213 | $9,747,918 | $47,888 | 0.250% |
| 21 | 4/3/2024 | 4/10/2024 | $288,963 | $10,036,881 | $41,280 | 0.253% |
| 22 | 4/10/2024 | 4/17/2024 | $397,957 | $10,434,838 | $56,851 | 0.547% |
Volume:
- Volume - The amount of volume facilitated in a period.
- ∑ Volume - The cumulative volume generated in the incentive program
- Volume / Day - The average volume per day of a period
- Volume / TVL - The ratio of daily volume to TVL
| Week | Start Date (UTC) | End Date (UTC) | Volume | ∑ Volume | Volume / Day | Volume / TVL |
|---|---|---|---|---|---|---|
| 1 | 11/15/2023 | 11/22/2023 | $240,105,456 | $240,105,456 | $34,300,779 | 206.92% |
| 2 | 11/22/2023 | 11/29/2023 | $187,066,149 | $427,171,605 | $26,723,736 | 142.60% |
| 3 | 11/29/2023 | 12/6/2023 | $222,852,131 | $650,023,736 | $31,836,019 | 146.29% |
| 4 | 12/6/2023 | 12/13/2023 | $341,190,837 | $991,214,573 | $48,741,548 | 218.60% |
| 5 | 12/13/2023 | 12/20/2023 | $186,656,611 | $1,177,871,184 | $26,665,230 | 122.96% |
| 6 | 12/20/2023 | 12/27/2023 | $464,663,155 | $1,642,534,339 | $66,380,451 | 267.90% |
| 7 | 12/27/2023 | 1/3/2024 | $861,641,023 | $2,504,175,363 | $123,091,575 | 491.84% |
| 8 | 1/3/2024 | 1/10/2024 | $600,231,710 | $3,104,407,072 | $85,747,387 | 454.68% |
| 9 | 1/10/2024 | 1/17/2024 | $327,711,139 | $3,432,118,211 | $46,815,877 | 308.11% |
| 10 | 1/17/2024 | 1/24/2024 | $172,153,949 | $3,604,272,160 | $24,593,421 | 197.46% |
| 11 | 1/24/2024 | 1/31/2024 | $149,028,208 | $3,753,300,369 | $21,289,744 | 136.12% |
| 12 | 1/31/2024 | 2/7/2024 | $152,131,712 | $3,905,432,081 | $21,733,102 | 122.51% |
| 13 | 2/7/2024 | 2/14/2024 | $216,697,593 | $4,122,129,674 | $30,956,799 | 137.42% |
| 14 | 2/14/2024 | 2/21/2024 | $226,505,947 | $4,348,635,620 | $32,357,992 | 144.75% |
| 15 | 2/21/2024 | 2/28/2024 | $297,310,806 | $4,645,946,426 | $42,472,972 | 172.37% |
| 16 | 2/28/2024 | 3/6/2024 | $500,904,434 | $5,146,850,860 | $71,557,776 | 276.64% |
| 17 | 3/6/2024 | 3/13/2024 | $334,948,014 | $5,481,798,875 | $47,849,716 | 180.26% |
| 18 | 3/13/2024 | 3/20/2024 | $489,212,310 | $5,971,011,185 | $69,887,473 | 320.52% |
| 19 | 3/20/2024 | 3/27/2024 | $476,955,492 | $6,447,966,677 | $68,136,499 | 308.99% |
| 20 | 3/27/2024 | 4/3/2024 | $346,621,744 | $6,794,588,420 | $49,517,392 | 258.29% |
| 21 | 4/3/2024 | 4/10/2024 | $203,425,946 | $6,998,014,367 | $29,060,849 | 178.22% |
| 22 | 4/10/2024 | 4/17/2024 | $309,756,243 | $7,307,770,610 | $44,250,892 | 426.06% |
Incentives:
- Incentives ($) - The amount of incentives issued in a period in USD
- ∑ Incentives ($) - The cumulative incentives issued in the incentive program in USD
- Incentives / Day ($) - The incentives issued per day of a period in USD
- Incentives / TVL ($) - The ratio of incentives in USD to TVL
| Week | Start Date (UTC) | End Date (UTC) | Incentives ($) | ∑ Incentives ($) | Incentives / Day ($) | Incentives ($) / TVL | Fees / Incentiives ($) |
|---|---|---|---|---|---|---|---|
| 1 | 11/15/2023 | 11/22/2023 | $56,508 | $56,508 | $8,073 | 0.05% | 467.63% |
| 2 | 11/22/2023 | 11/29/2023 | $55,076 | $111,584 | $7,868 | 0.04% | 354.63% |
| 3 | 11/29/2023 | 12/6/2023 | $56,625 | $168,209 | $8,089 | 0.04% | 513.78% |
| 4 | 12/6/2023 | 12/13/2023 | $60,976 | $229,185 | $8,711 | 0.04% | 747.28% |
| 5 | 12/13/2023 | 12/20/2023 | $60,846 | $290,030 | $8,692 | 0.04% | 381.33% |
| 6 | 12/20/2023 | 12/27/2023 | $69,119 | $359,149 | $9,874 | 0.04% | 918.46% |
| 7 | 12/27/2023 | 1/3/2024 | $82,730 | $441,879 | $11,819 | 0.05% | 1405.86% |
| 8 | 1/3/2024 | 1/10/2024 | $98,839 | $540,718 | $14,120 | 0.07% | 879.81% |
| 9 | 1/10/2024 | 1/17/2024 | $80,223 | $620,941 | $11,460 | 0.08% | 630.16% |
| 10 | 1/17/2024 | 1/24/2024 | $69,643 | $690,584 | $9,949 | 0.08% | 390.84% |
| 11 | 1/24/2024 | 1/31/2024 | $67,071 | $757,655 | $9,582 | 0.06% | 325.69% |
| 12 | 1/31/2024 | 2/7/2024 | $66,536 | $824,191 | $9,505 | 0.05% | 337.94% |
| 13 | 2/7/2024 | 2/14/2024 | $62,293 | $886,484 | $8,899 | 0.04% | 473.38% |
| 14 | 2/14/2024 | 2/21/2024 | $64,979 | $951,463 | $9,283 | 0.04% | 570.45% |
| 15 | 2/21/2024 | 2/28/2024 | $50,418 | $1,001,882 | $7,203 | 0.03% | 1068.84% |
| 16 | 2/28/2024 | 3/6/2024 | $53,128 | $1,055,009 | $7,590 | 0.03% | 1846.90% |
| 17 | 3/6/2024 | 3/13/2024 | $56,264 | $1,111,273 | $8,038 | 0.03% | 966.18% |
| 18 | 3/13/2024 | 3/20/2024 | $49,799 | $1,161,072 | $7,114 | 0.03% | 1406.95% |
| 19 | 3/20/2024 | 3/27/2024 | |||||
| 20 | 3/27/2024 | 4/3/2024 | |||||
| 21 | 4/3/2024 | 4/10/2024 | |||||
| 22 | 4/10/2024 | 4/17/2024 |
Transactions
- Deposits - The number of deposits in a period
- Withdrawals - The number of withdrawals in a period
- Compounds - The number of vault compounding events in a period
- Rebalances - The number of vault rebalance events in a period
- Txns - The amount of transactions in a period
- ∑ Txns - The cumulative transactions executed in the incentive program
- Txns / Day - The average fees per day of a period
- Txns / TVL - The ratio of daily volume to TVL
- Rebalance Frequency - The daily number of rebalances
- Net Deposits / Withdrawals (D/W) - The net measurment of deposits and withdrawals
| Week | Start Date (UTC) | End Date (UTC) | Deposits | Withdrawals | Compounds | Rebalances | Transfers | Txns | ∑ Txns | Txns / Day | Txns / TVL | Reblance Freq | Net D/W |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 11/15/2023 | 11/22/2023 | 1,922 | 568 | 5,959 | 683 | 5,836 | 14,968 | 14,968 | 2,138.29 | 0.000129 | 98 | 1,354 |
| 2 | 11/22/2023 | 11/29/2023 | 1,345 | 629 | 4,239 | 255 | 4,615 | 11,083 | 26,051 | 1,583.29 | 0.000084 | 36 | 716 |
| 3 | 11/29/2023 | 12/6/2023 | 1,146 | 722 | 4,458 | 450 | 4,307 | 11,083 | 37,134 | 1,583.29 | 0.000073 | 64 | 424 |
| 4 | 12/6/2023 | 12/13/2023 | 1,516 | 1,169 | 6,891 | 823 | 5,090 | 15,489 | 52,623 | 2,212.71 | 0.000099 | 118 | 347 |
| 5 | 12/13/2023 | 12/20/2023 | 657 | 558 | 3,039 | 334 | 2,892 | 7,480 | 60,103 | 1,068.57 | 0.000049 | 48 | 99 |
| 6 | 12/20/2023 | 12/27/2023 | 887 | 716 | 5,197 | 1,013 | 3,904 | 11,717 | 71,820 | 1,673.86 | 0.000068 | 145 | 171 |
| 7 | 12/27/2023 | 1/3/2024 | 1,994 | 902 | 8,203 | 1,304 | 6,787 | 19,190 | 91,010 | 2,741.43 | 0.000110 | 186 | 1,092 |
| 8 | 1/3/2024 | 1/10/2024 | 275 | 1,755 | 7,266 | 1,837 | 5,492 | 16,625 | 107,635 | 2,375.00 | 0.000126 | 262 | -1,480 |
| 9 | 1/10/2024 | 1/17/2024 | 0 | 428 | 2,783 | 970 | 1,388 | 5,569 | 113,204 | 795.57 | 0.000052 | 139 | -428 |
| 10 | 1/17/2024 | 1/24/2024 | 192 | 251 | 3,005 | 1,092 | 1,132 | 5,672 | 118,876 | 810.29 | 0.000065 | 156 | -59 |
| 11 | 1/24/2024 | 1/31/2024 | 1,291 | 463 | 5,860 | 1,277 | 4,357 | 13,248 | 132,124 | 1,892.57 | 0.000121 | 182 | 828 |
| 12 | 1/31/2024 | 2/7/2024 | 1,063 | 513 | 5,794 | 1,408 | 3,800 | 12,578 | 144,702 | 1,796.86 | 0.000101 | 201 | 550 |
| 13 | 2/7/2024 | 2/14/2024 | 1,098 | 578 | 5,102 | 919 | 4,035 | 11,732 | 156,434 | 1,676.00 | 0.000074 | 131 | 520 |
| 14 | 2/14/2024 | 2/21/2024 | 971 | 675 | 5,856 | 1,315 | 3,892 | 12,709 | 169,143 | 1,815.57 | 0.000081 | 188 | 296 |
| 15 | 2/21/2024 | 2/28/2024 | 872 | 599 | 4,328 | 722 | 3,609 | 10,130 | 179,273 | 1,447.14 | 0.000059 | 103 | 273 |
| 16 | 2/28/2024 | 3/6/2024 | 951 | 672 | 5,804 | 1,320 | 3,972 | 12,719 | 191,992 | 1,817.00 | 0.000070 | 189 | 279 |
| 17 | 3/6/2024 | 3/13/2024 | 693 | 588 | 3,396 | 458 | 3,158 | 8,293 | 200,285 | 1,184.71 | 0.000045 | 65 | 105 |
| 18 | 3/13/2024 | 3/20/2024 | 845 | 659 | 4,536 | 855 | 3,751 | 10,646 | 210,931 | 1,520.86 | 0.000070 | 122 | 186 |
| 19 | 3/20/2024 | 3/27/2024 | 611 | 706 | 3,715 | 591 | 3,460 | 9,083 | 220,014 | 1,297.57 | 0.000059 | 84 | -95 |
| 20 | 3/27/2024 | 4/3/2024 | 420 | 1,029 | 3,768 | 519 | 3,751 | 9,487 | 229,501 | 1,355.29 | 0.000071 | 74 | -609 |
| 21 | 4/3/2024 | 4/10/2024 | 278 | 736 | 3,130 | 592 | 2,433 | 7,169 | 236,670 | 1,024.14 | 0.000063 | 85 | -458 |
| 22 | 4/10/2024 | 4/17/2024 | 290 | 495 | 4,324 | 1,520 | 1,867 | 8,496 | 245,166 | 1,213.71 | 0.000117 | 217 | -205 |
Other KPIs
1)Fee APR - The calculated Annual Percentage Rate of fee production
2) Incentive APR - The calculated Annual Percentage Rate of issued incentives
3) TVL / $1 Incentives per Day - Amount of TVL per $1 of incentives per day.
| Week | Start Date (UTC) | End Date (UTC) | Fee APR | Incentive APR | TVL / $1 Incentives |
|---|---|---|---|---|---|
| 1 | 11/15/2023 | 11/22/2023 | 83.12% | 17.77% | $2,053 |
| 2 | 11/22/2023 | 11/29/2023 | 54.35% | 15.32% | $2,382 |
| 3 | 11/29/2023 | 12/6/2023 | 69.71% | 13.57% | $2,690 |
| 4 | 12/6/2023 | 12/13/2023 | 106.56% | 14.26% | $2,560 |
| 5 | 12/13/2023 | 12/20/2023 | 55.79% | 14.63% | $2,495 |
| 6 | 12/20/2023 | 12/27/2023 | 133.59% | 14.55% | $2,509 |
| 7 | 12/27/2023 | 1/3/2024 | 242.32% | 17.24% | $2,118 |
| 8 | 1/3/2024 | 1/10/2024 | 240.43% | 27.33% | $1,336 |
| 9 | 1/10/2024 | 1/17/2024 | 173.48% | 27.53% | $1,326 |
| 10 | 1/17/2024 | 1/24/2024 | 113.95% | 29.16% | $1,252 |
| 11 | 1/24/2024 | 1/31/2024 | 72.83% | 22.36% | $1,632 |
| 12 | 1/31/2024 | 2/7/2024 | 66.09% | 19.56% | $1,866 |
| 13 | 2/7/2024 | 2/14/2024 | 68.26% | 14.42% | $2,531 |
| 14 | 2/14/2024 | 2/21/2024 | 86.46% | 15.16% | $2,408 |
| 15 | 2/21/2024 | 2/28/2024 | 114.04% | 10.67% | $3,421 |
| 16 | 2/28/2024 | 3/6/2024 | 197.79% | 10.71% | $3,408 |
| 17 | 3/6/2024 | 3/13/2024 | 106.79% | 11.05% | $3,302 |
| 18 | 3/13/2024 | 3/20/2024 | 167.55% | 11.91% | $3,065 |
| 19 | 3/20/2024 | 3/27/2024 | 155.14% | ||
| 20 | 3/27/2024 | 4/3/2024 | 91.17% | ||
| 21 | 4/3/2024 | 4/10/2024 | 92.40% | ||
| 22 | 4/10/2024 | 4/17/2024 | 199.79% |
Users:
- Weekly Active Users (WAU) - Unique addresses that interacted with a qualified vault
| Week | Start Date (UTC) | End Date (UTC) | WAU |
|---|---|---|---|
| 1 | 11/15/2023 | 11/22/2023 | 863 |
| 2 | 11/22/2023 | 11/29/2023 | 857 |
| 3 | 11/29/2023 | 12/6/2023 | 880 |
| 4 | 12/6/2023 | 12/13/2023 | 1,257 |
| 5 | 12/13/2023 | 12/20/2023 | 601 |
| 6 | 12/20/2023 | 12/27/2023 | 735 |
| 7 | 12/27/2023 | 1/3/2024 | 1,086 |
| 8 | 1/3/2024 | 1/10/2024 | 1,339 |
| 9 | 1/10/2024 | 1/17/2024 | 378 |
| 10 | 1/17/2024 | 1/24/2024 | 284 |
| 11 | 1/24/2024 | 1/31/2024 | 655 |
| 12 | 1/31/2024 | 2/7/2024 | 672 |
| 13 | 2/7/2024 | 2/14/2024 | 711 |
| 14 | 2/14/2024 | 2/21/2024 | 745 |
| 15 | 2/21/2024 | 2/28/2024 | 628 |
| 16 | 2/28/2024 | 3/6/2024 | 683 |
| 17 | 3/6/2024 | 3/13/2024 | 595 |
| 18 | 3/13/2024 | 3/20/2024 | 662 |
| 19 | 3/20/2024 | 3/27/2024 | 676 |
| 20 | 3/27/2024 | 4/3/2024 | 823 |
| 21 | 4/3/2024 | 4/10/2024 | 613 |
| 22 | 4/10/2024 | 4/17/2024 | 417 |
OpenBlock Labs
Gamma ranked:
- #4 in TVL Change Normalized
- #2 in Volume Change Normalized
- #1 in Fee Change Normalized
- #8 in Network Fee Change Normalized
6. Any lessons learned from the previous STIP round?
Gamma became significantly more organized in handling such a large incentive program. We continued to refine our KPI dashboard throughout the process. We focused on accessible, high-resolution data that create credible key performance indicators.
The latest dashboard, 4.0, can be found here:
https://docs.google.com/spreadsheets/d/1CWarb97hQ85oVlZy7RxSODqVZcGaXk6GFPyoX1JlwxM/edit?usp=sharing
Gamma also learned about administering an incentive program in a more volatile market. There were significant changes to the incentive allocations during the program due to sharp increases and decreases in liquidity and volume.
On January 4th, 2024, we briefly paused deposits into our vaults due to an incident that affected four of our stable and LST vaults. The root cause of the incident was due to an exception in our ratio checker function that allowed for deposits in any ratio so long as the contents within our vault were single-sided.
We immediately engaged OpenZeppelin for a security review of the incident and stress testing of the mitigations we applied, which simply modified the ratio checker function to disallow the exception. See here for the full report:
After OpenZeppelin conducted a thorough investigation and confirmed that our mitigations were effective, we reopened deposits on January 23rd.
New Plans for STIP Bridge
7. How much are you requesting for this STIP Bridge proposal?
375,000 ARB (50% of the original grant)
8. Do you plan to use the incentives in the same ways* as highlighted in Section 3 of the STIP proposal? [Y/N]
Yes
9. [Only if answered “no” to the previous question] How will the incentive distribution change in terms of mechanisms and products?
N/A
10. Could you provide the addresses involved in the STIP Bridge initiative (multisig to receive funds, contracts for distribution, and any other relevant contract involved), and highlight if they changed compared to the previous STIP proposal?
Gamma Multisig:
0x8beFf353FCb2E288fdFFbb0b2B61B4c76dc700Df
Contracts for distribution:
Gamma’s previous incentive distributed rewards to 27 vaults with various rewarders, including Angle Merkl, Gammchef, and Camelot’s Nitro contracts. Like our previous grant, Gamma will release at least a few incentivized vaults, their corresponding liquidity pools, and any associated incentive contract.
11. Could you share any feedback or suggestions on what could be improved in future incentive programs, what were the pain points and what was your general evaluation of the experience?
Gamma felt like the STIP was an incredible experience and incentive program. The STIP brought our KPIs front and center, and as Openblock Labs’s data suggests, we were very successful in our implementation of the incentive program.
We enjoyed the entire process, from crafting our application, discussing our proposal with delegates, working with partners, and growing our community.
We do have concerns about other grantees abusing the grant terms while the DAO was not able to restrict their ability to claim and return unused funds. We would strongly suggest administrative action earlier in the process for teams who do not intend to comply with the grant terms.
Addendum: Additional Questions from STIP Advisors
“Avg TVL / $1 of Incentives”, How did you arrive at the indicated result?
This figure indicates the average TVL that is acquired from $1 of incentives per day.
Example:
- Incentives per Day = $5,000
- Avg TVL / Incentives per day = $6,000
- Avg TVL = $5,000 * $6,000 = $30,000,000
“Total Users” How did you arrive at the indicated result?:
- regarding “Total Fees”: Each user paid 1180usd fee, is this correct?
- regarding “Total Volume”: Each user moved 830kusd of liquidity, is this correct?
The total users reference only the liquidity providers who interacted with our vaults through deposit and withdrawal transactions. It does not include users who swapped using our liquidity.
Therefore, the fees and volume metrics would be per liquidity provider and not per user who swapped using our liquidity.
Total Fees reference the total liquidity provider fees that were accrued specifically to the Gamma vaults.
Total Volume is an extrapolated metric from Fees. So Total Fees / Fee Tier = Total Volume metric.
Do you have metrics from the period post-incentives? It has been a little more than a month since incentives period finished. Do you have conclusions on how cutting of incentives impacted in your metrics?
Yes, we updated the metrics to include the periods post-incentives. In SUMMARY TABLE, you can see the metrics for post-incentives in the light blue section. The post-incentives weeks are additionally indicated on the charts. Week 19+ include all post-incentive weeks.
We retained the majority of our TVL and fees post-incentive period (Weeks 19+); understandably, they did shrink by declines shown in our post-incentive stats above. There was no drop in post-incentive volumes.
Regarding “Total Performance”: It would be interesting to isolate the data-media; e.g. Average TVL during the period -(minus) average TVL of the previous quarter; number of users -(less) number of users from the previous quarter.
We included both pre- and post-incentive stats on TVL and users in the SUMMARY TABLE as well as individual charts that track TVL inflows and outflows per week and average weekly users per week from both pre- and post-incentive weeks.
We understand that during the incentives period you suffered an exploit. Could you detail what the issue was, what measures were taken in response, if new code was deployed and if it’s audited
On January 4th, 2024, we briefly paused deposits into our vaults due to an incident that affected four of our stable and LST vaults. The root cause of the incident was due to an exception in our ratio checker function that allowed for deposits in any ratio so long as the contents within our vault were single-sided.
We immediately engaged OpenZeppelin for a security review of the incident and stress testing of the mitigations we applied, which simply modified the ratio checker function to disallow the exception. See here for the full report: hypervisor/Gamma Security Review (Jan 2024).pdf at master · GammaStrategies/hypervisor · GitHub
After OpenZeppelin conducted a thorough investigation and confirmed that our mitigations were effective, we reopened deposits on January 23rd.
It would be beneficial for you to add to the proposal is to set KPIs for the addendum. How will the DAO measure if the new incentives distribution is successful?
Based on our previous STIP data, we project proportional KPIs in fees, volumes, transactions, and other statistics.
For a 12-week program we are projecting emissions of 31,250 ARB per week. At the current ARB price ($1.07), this is about $33,500 per week.
It makes sense to reduce our daily KPIs by about 45% and an additional 35% for the total figures due to the shortened emission period of 12 weeks.
Targets:
-$11,500,000 in average TVL
-$38,000 Fees / Day
-$26,000,000 Volume / Day
-920 Transactions / Day
-400 Weekly Average Users
-$3,000,000 Total Fees
-$2,000,000,000 Total Volume
-75,000 Total Transactions
-3,000 Total Users