There have been some questions raised around Jones’ reward distribution to certain portions of STIP Round 1, so we just want to clear the air around our perspective on why those distributions took place.
We will also go over current distributions for STIP.b.
STIP Round 1 Distributions Stats:
How much we received - 2,000,000 $ARB
How much we distributed - 2,000,000 $ARB
How much we sent back to the Arbitrum DAO - 0 $ARB
STIP.b Distribution Stats:
How much we claimed so far - 0 $ARB
How much we distributed so far - 0 $ARB
Link to our previous Bi-weekly reports: Jones DAO Bi-Weekly STIP Updates
Why STIP Round 1 token allocations were adjusted:
GMX V2
Many now know that Jones’ jGM strategy, based on GMX V2, is about to be released. In our capstone post for STIP Round 1, we explained that the launch of GMX V2 led to an attrition of TVL from our jGLP product (based on GMX V1) to GMX V2 pools after STIP concluded.
Jones has nearly completed our jGM strategy and will release it soon, with the expectation that on launch, this strategy will be supported by STIP.b ARB incentives. We have not used any tokens that were earmarked for this portion of Jones’ STIP.b campaign, and do not plan to until jGM is released.
MV2
Our STIP Round 1 proposal also included a section for incentives marked for ‘MV2 & Smart LP Strategy’. At the bottom of this section, we included the following: “NOTE: If, due to external and unpredictable factors, neither the second iteration of Metavaults nor the Smart LP strategy releases by the end of 2023, Jones pledges that the 350,000 ARB tokens will be distributed amongst live strategies: jGLP, jUSDC, and jAURA.”
During STIP Round 1, we assessed MV2 and determined that we would not release that strategy, so those rewards were dedicated to jUSDC & jGLP. There is no plan to release MV2 as a strategy that will go live during STIP.b.
Smart LP
We also launched certain strategies that could have been contained within the ‘Smart LP’ category, but never released the full product, which would have included features like; strategy optionality, exit orders, & support for pegged pairs + stable pairs. They were instead released under our experimental strategy section ‘Jones Labs’ and as a result, we determined they were not fit for a full release as the ‘Smart LP Strategy’, furthermore dedicating those ARB rewards to jUSDC & jGLP.
The ‘Smart LP Strategy’ has been renamed ‘jLP’ and will go live as a full product suite launch in a few weeks time from this post. We plan to incentivize this strategy natively on Jones, as well as alongside DEX & protocol partners. We have not used any tokens that were earmarked for this portion of Jones’ STIP.b campaign, and do not plan to until jLP is released.