Gains Network Bi-Weekly Update [09-09-2024

DAO Programs & Initiatives Biweekly Updates (STIP)
1

Recap of the Previous Two Weeks

ARB Received Last Disbursement: 375,000

ARB Utilized as Incentives in the Last Two Weeks: 327,273*

This bi-weekly report is compiled on September 11th, meaning this number actually reflects the past 16 days.

Contracts incentivized over the last 2 weeks:

Trading Incentives (163,636 ARB per Epoch):

  • gTrade Trading Incentives:

****EpochBasedTokenClaim | Address 0x7401374ce116b71abd1e2ae6351d21c2296d8787 | Arbitrum One

LP Incentives:

  • gUSDC on Pendle
  • gDAI on Penpie
  • gUSDC on Penpie
  • gUSDC / USDC on Timeswap
    • This is Timeswap’s multi-sig that handles the distribution on Gains Network’s behalf*
  • Balancer / Gyroscope
    • gUSDC / aUSDC pool on Balancer
  • Silo Finance
    • gUSDC / ETH / USDC.e market

Note that Gains Network confirmed with the program manager whether it’s allowed to distribute incentives through partners’ multi-sig (who are LTIPP/STIP.B grant recipients too).

See the following overview for LP Incentive transactions for the past 2 weeks:

image
image1102×708 97.3 KB

GCGP Contracts

Efforts for the GCGP are being tracked in this Google Sheet for the Arbitrum DAO’s visibility.

image
image1920×938 149 KB

  • Copin: Their decentralized copy-trading campaign is still live and users are seeing rewards as fee rebates, as well as PnL-based rewards (trading competition). All milestones are reached, and Gains Network is planning to distribute the final 10,000 $ARB to their multi-sig this week.
  • DexPal: After multiple conversations with the DexPal team, it has become clear their protocol won’t be live for the public before the STIP.B program ends as some PerpDEX integrations aren’t finalized yet. Therefore, they won’t be able to host a gTrade-specific trading competition, and the GCGP Committee has voted to hold on to the 10,000 ARB that was budgeted for this campaign (and will be returned to the Arbitrum DAO before the cutoff date). However, as shown in their latest bi-weekly report, the gTrade integration is finished and therefore Gains Network will distribute the 5,000 $ARB that’s budgeted for this milestone.
  • Exodus: The Exodus x gTrade trading competition has has concluded on September 9th 23:59 UTC and Gains Network will distribute 20,000 $ARB among the winners this week. See this Medium post for the contest details. See this bi-weekly report from Exodus for mid-campaign statistics, social media announcements and learnings so far. A final bi-weekly report with all competition details will be shared in their next bi-weekly report, as well as Gains Network’s final report.
  • Blave: As shown in Blave’s latest bi-weekly report, they have unlocked their final milestone as well. Gains Network will distribute the final 10,000 $ARB this week.
  • AutoGains: Their audit has finished on September 10th while the team is now putting in fixes. It has yet to be seen if they are able to run the trading competition before the cutoff date of September 23rd. Gains Network is monitoring the situation and final disbursement will depend on feasibility of said competition.
  • Mimik Finance: Same as last update: The project was excluded from the GCGP due to a lack of communication and failure to update on any progress. After conversations regarding the lowered grant size following their 6th placement in Snapshot votes, the GCGP Committee attempted to confirm their funding address multiple times. No response was received and no updates were given, leading to the decision to exclude the project from the program.

As of September 10th, the plans for GCGP distribution of ARB looks as follows (See the Google Sheet mentioned above for live updates):

image
image1298×1150 99.3 KB

Contract address label Form 62 completed for all addresses: Yes

ARB left over: 257,970 ARB

Plan for leftover ARB:

  • Trading Incentives
    • Focused on altcoins
  • LP Incentives
  • GCGP Grants distribution

Summary of incentives (last two weeks):

  • Trading incentives
    • Fees
  • LP Incentives
    • Main focus on gUSDC markets
    • GNS / ETH
    • gDAI
  • GCGP Grants budgeting

Additional Info / Disclosures to Multisig: None

STATS

Average daily TVL:

gTrade Vaults

  • gDAI: $14.32M
  • gETH: $3.03M
  • gUSDC: $24.51M
  • Total gVaults TVL: $41.86M

gToken and GNS pools:

Total TVLs on September 11th

Unfortunately, gUSDC was one of the few assets on Arbitrum that got drained in the Penpie hack (616k gUSDC in total, ie. ~$618k), leading to a lower TVL than anticipated here

Gains Network is not incentivizing this pool anymore

Average daily transactions: 94,060 trades (cumulative for STIP.B)

Average daily volumes: $54.44M

Number of unique user addresses: 162 (new traders past two weeks)

Transaction fees: $409k

Link to Dashboard showing metrics: https://dune.com/gains/gtrade-stats-arbitrum-stip

Plan For the Next Two Weeks

Amount of ARB to be distributed:

Amount of ARB to be distributed:

Trading incentives (Epoch 11 and 12)

  • 163,626 ARB in total (81,818 per Epoch)
    • For altcoin trading only

Fee Rebates (70%), Absolute PnL (20%) and Loyalty (10%)

image
image2000×837 109 KB

LP incentives (Week 11):

  • 32,374 $ARB in total, distributed as follows:

6,666 $ARB GNS / ETH on Camelot

5,500 $ARB Camelot gUSDC / USDC pool

3,500 $ARB Timeswap gUSDC market

3,000 $ARB Timeswap pt-gUSDC market

5,000 $ARB Pendle gUSDC pool

4,667 $ARB Silo Finance gUSDC / USDC.e / ETH market

4,040 $ARB Maverick gUSDC / USDC boosted pool

While trading incentives have been extended with one Epoch, making it 12 in total (see bottom of report for additional context) — LP incentives will be mostly distributed in Week 11. Any additional rewards beyond the above, will be noted in the final report.

Contracts that will be incentivized:

Trading incentives

  • gTrade Trading Incentives:

****EpochBasedTokenClaim | Address 0x7401374ce116b71abd1e2ae6351d21c2296d8787 | Arbitrum One

LP incentives

  • gUSDC / USDC on Timeswap
  • pt-gUSDC on Timeswap
    • This is Timeswap’s multi-sig that handles the distribution on Gains Network’s behalf, for both gUSDC and pt-gUSDC
  • gUSDC on Pendle
  • gUSDC / ETH / USDC.e on Silo Finance
  • gUSDC / USDC on Maverick*

Maverick is not an LTIPP or STIP.B participant. However, Gains Network confirmed with the program manager that it is allowed to partner with - and distribute $ARB rewards through projects that are not KYC’ed with the foundation.

GCGP Grants distribution

See above for latest updates and plans for distribution towards end of STIP.B

Contract address label Form 62 completed for all addresses: Yes

Mechanism for distribution incentives:

  • Gains Network distributes ARB incentives for trading through a custom contract labelled above.
    • Rewards are streamed weekly
  • LP Incentives are distributed manually once every week through the above labelled contracts and are then handled by those contracts / partner projects throughout the week.
    • Gains Network makes sure that $ARB LP Incentives are only sent to contracts handled by partners that are KYB’ed with the Arbitrum Foundation
  • GCGP Grants will be distributed to (multisig) wallets from grant recipients who will then incentivize their campaigns on top of gTrade
    • Gains Network ensured that the applications were submitted by the official project teams

Summary of incentives plan:

  • Trading incentives
  • LP Incentives (gTokens and GNS)
  • GCGP Budgeting and distributions

Summary of changes to the original plan:

As one might be aware now, Penpie got hacked unfortunately. Meaning Gains Network won’t continue the incentivization of its gDAI and gUSDC pools there. The budgeted ARB for the final weeks of STIP.B will be utilized elsewhere.

Additionally, as highlighted in the last bi-weekly report, Gains Network introduced a major platform update for gTrade with v9.2, which significantly improved trading conditions for altcoins on the platform. Alongside this update - as well as upon the confirmation by the Arbitrum STIP.B program manager to extend the programs deadlines (September 23rd) - the team decided to extend trading incentives with 1 Epoch, until September 19th by halving the ARB per amount per week for the final 2 Epochs. And, dedicate all trading incentives to altcoin-native volume. See this thread for more details on the effort: x.com

For reference on the extension of deadlines (initial cutoff date at September 16th, now set at September 23rd) — allowing Gains Network to extend with trading incentives with 1 Epoch until September 19th:
image

LP incentives had been mostly budgeted for before the above-mentioned grace period. Therefore, most LP-incentives will be distributed by the end of Epoch 11. Any changes will be noted in the final report.