Following feedback on the proposal to establish the STIP Bridge, 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 Stryke (formerly Dopex), STIP KPIs were:
For that, they set milestones:
The first thing we noticed is that in the addendum, they only data about TVL and volume:
- TVL of option CLAMMS
- Volume of option CLAMMS
Also we noticed that their last report is from March 8th, and according to the addendum, incentives were distributed until March 28th.
When asked to the applicant, they answered that after the rebranding from Dopex to Stryke, they are focusing only on CLAMMS, being its flagship product. For the complete answer please check the Discord.
Regarding potential concerns over being a different product or applicant (prev. Dopex), the applicant explained that the rebranding shouldn’t make a difference for the program. The team is the same, the core product(CLAMM) is the same as the initial STIP proposal.
When analyzing their numbers, it’s important to note that they shared a new dashboard as a source of truth since they migrated their CLAMMs contract. OBL dashboards share data until February 26th. If approved, we believe they should update them.
Regarding the metrics shared, both TVL and options volume performed well with incentives. In fact, these metrics have remained at good levels even after the incentives ended.
Finally, we appreciate that the addendum includes new KPIs for measuring the new incentives effectiveness.
Conclusions
We believe that Stryke (Dopex) did a good job during the execution of the STIP. Now, they are going to focus on their flagship product, CLAMMS. It makes sense for the incentives to be directed accordingly.
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.