# \[FINAL\] Gamma STIP Addendum **URL:** \ **Category:** STIP Bridge Addendum\ **Created:** [April 19, 2024, 4:51pm UTC](https://forum.arbitrum.foundation/t/final-gamma-stip-addendum/23314 "2024-04-19T16:51:42Z")\ **Posts on this page:** 1\ **Showing post:** 5
**Author:** ![SEEDGov](https://yyz1.discourse-cdn.com/flex029/user_avatar/forum.arbitrum.foundation/seedgov/32/14560_2.png) [@SEEDGov](https://forum.arbitrum.foundation/u/SEEDGov)\ **Post date:** [May 16, 2024, 8:20pm UTC](https://forum.arbitrum.foundation/t/final-gamma-stip-addendum/23314/5 "2024-05-16T20:20:47Z")
Following feedback on the proposal to establish the [STIP Bridge,](https://forum.arbitrum.foundation/t/double-down-on-stip-successes-stip-bridge/22353) it was agreed to involve the LTIPP Advisors in this process with the mission to “help applicants gain insights into their proposals. This not only guides applicants through the process but also ensures that the DAO will review better proposals.” Despite the inclusion of Advisors, this process does not involve the Council, leading us to believe that this addendum places a significant burden on the delegates who must review all the proposals. One of the reasons for the LTIPP was precisely to avoid this excessive burden. Moreover, the optimistic model adopted in this phase could raise concerns about the real control the DAO will have over these proposals, as reviewing six months of data for each applicant is time-consuming. For this reason, we decided to accompany each application we reviewed with a brief report. **We ask the delegates not to take this as an in-depth or definitive basis for deciding your vote, but rather as a guide that can potentially raise questions for your own analysis.** Regarding Gamma, STIP KPIs were: > [@\[Gamma\] \[FINAL\] \[STIP - Round 1\]](https://forum.arbitrum.foundation/t/gamma-final-stip-round-1/16691/1): > > **Key Performance Indicators (KPIs):** > > 1. **Total Value Locked (TVL)** - Evaluating the amount of liquidity that has entered the liquidity pools via Gamma’s vaults > > 2. **Volume Through Vaults (VTV)** - Evaluating the amount of volume that Gamma vaults have facilitated > > 3. **𐤃 Volume** - Evaluate the change in volume in the pool prior to incentivizing Gamma vaults > > 4. **Slippage** - Measuring slippage on a variety of hypothetical trades. > > 5. **Efficiency** - Evaluate the actions of DEX aggregators toward incentivized pools > > 6. **TVL / Volume** - Evaluating the capital efficiency of each pool by understanding the volume to TVL ratio. > > 7. **LP Performance** - Evaluating the performance of LPs from fixed points in time. These include Gamma vault vs hold, hold 100% token0, and hold 100% token1. Gamma tracked its own (KPIs) in incentivized vaults for 18 weeks of incentives distribution, plus four weeks post-incentives. This is an [excellent reporting model](https://docs.google.com/spreadsheets/d/1CWarb97hQ85oVlZy7RxSODqVZcGaXk6GFPyoX1JlwxM/edit#gid=1312588162), and we hope that other applicants will be inspired by Gamma to create their reports during the LTIPP and Bridge STIP. Gamma has compiled extensive relevant data in its post, including final statistics and post-incentive metrics, TVL per week, average TVL, TVL inflows/outflows, weekly and daily fees, and the allocation to each AMM. It also includes fees/TVL, fees/incentives, weekly and daily volume per AMM, volume/TVL, fees/volume, and weekly and daily incentives assigned by AMM, incentives/TVL, weekly and daily transactions assigned to each AMM, transactions/TVL, net deposits and withdrawals. #### According to [OBL](https://forum.arbitrum.foundation/t/openblock-labs-stip-efficacy-sybil-analysis-2-24/21441)(see also their [dashboard](https://www.openblocklabs.com/app/arbitrum/grantees/Gamma)) Gamma ranked: - 4th in TVL Change Normalized - 2nd in Volume Change Normalized - 1st in Fee Change Normalized - 8th in Network Fee Change Normalized Another thing we appreciate and recommend other applicants should do, is to share the post incentives stats and from that explain the conclusions driven from them > [@strategicreserve](#): > > | 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% | Security is important for the DAO and users. We asked Gamma to provide explanations on the exploit their suffered and share some documentation about the measures taken, which [they did](https://github.com/GammaStrategies/hypervisor/blob/master/Gamma%20Security%20Review%20(Jan%202024).pdf). Finally, we appreciate that the addendum includes new KPIs for measuring the new incentives effectiveness. **Conclusions** : Gamma has achieved a significant increase in its operations through STIP. We consider that the incentives have been successful and their objectives achieved. It has reported its metrics clearly and in detail; the post-incentive decline is detailed and broken down. The new proposal includes clear objectives, outlined nominally. _We noticed in all the applications we reviewed that there is a significant drop in TVL during the last month. We believe there are multiple reasons for this, and there isn’t enough time to conduct a thorough and conclusive analysis of the long-term effectiveness of the STIP._ --- _[View the full topic](https://forum.arbitrum.foundation/t/final-gamma-stip-addendum/23314)._