Gains Network Bi-Weekly Update [12-08-2024]

DAO Programs & Initiatives Biweekly Updates (STIP)
1

Recap of the Previous Two Weeks

ARB Received Last Disbursement: 375,000 ARB

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

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 Ramses
  • gUSDC / USDC on Timeswap
    • This is Timeswap’s multi-sig that handles the distribution on Gains Network’s behalf*
  • gUSDC incentives on Copra
    • This is Copra’s multi-sig that handles the distribution on Gains Network’s behalf*
  • Balancer / Beefy
    • gUSDC / USDC pool on Balancer
  • Beefy Boost contract:

*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:

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GCGP Contracts

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

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  • Copin: Their team has posted bi-weekly reports as expected and launched the product/campaign. First disbursement of 10,000 ARB has been transferred to their multi-sig, which will be used for fee rebates.
  • DexPal: Had received their first disbursement upon grant approval. DexPal informed the Gains Network team that they might miss the proposed timelines due to a key developer’s absence for the upcoming month(s). This could delay both the DexPal launch and the gTrade-related trading competition. The situation is under discussion, and Gains Network will withhold the grant until further notice. The DexPal team has committed to keep posting bi-weekly updates on the Gains Network governance forum.
  • Exodus: Gains Network is in close contact with the Exodus team to prepare the final technical details for the implementation of the Exodus Wallet-native trading competition. The Exodus team has started preparations on their side for the promotion of the campaign this week. Since the preparations have only started this week, Gains Network will request Exodus to post a progress report on the Governance Forum with the next batch of reports.
  • Blave: Has released the first 2 gTrade charts, expecting to release the third this week. Gains Network will follow their progress and release their first disbursement upon this milestone as their have updated on their progress as expected.
  • AutoGains: After close contact with the Gains Network dev team, their contracts are ready to be audited as they are making timelines. Gains Network will transfer their first disbursement of 15,000 ARB this week as they have updated on their progress as expected.
  • Mimik Finance: 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.

Contract address label Form 59 completed for all addresses: Yes

ARB left over: 318,060 ARB

Plan for leftover ARB:

  • Trading Incentives
  • LP Incentives
    • Budgeting for new integrations when oracles for gUSDC are live (anticipating Silo Finance to go live this week)
  • GCGP Grants budgeting and transfer of disbursements

Summary of incentives:

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

Additional Info / Disclosures to Multisig: None

STATS

Average daily TVL:

gTrade Vaults

  • gDAI: $22.78M
  • gETH: $2.74M
  • gUSDC: $11.53M
  • Total gVaults TVL: $37.05M

gToken and GNS pools:

Total TVLs on August 12th

Average daily transactions: 57,016 trades (cumulative for STIP.B)

Average daily volumes: $93.09M

Number of unique user addresses: 155 (new traders)

Transaction fees: $615k

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:

Trading incentives (Epoch 7 and 8)

  • 327,272.73 ARB in total
    • 100% Fees (capped at 75% rebate)*

LP incentives (Week 7):

  • 31,164 ARB in total, distributed as follows:

6,666 $ARB GNS / ETH on Camelot

1,998 $ARB Penpie gDAI bribes

8,500 $ARB Penpie gUSDC bribes

5,500 $ARB Camelot gUSDC / USDC pool

3,500 $ARB Timeswap gUSDC lending market.

5,000 $ARB Pendle gUSDC pool

LP incentives (Week 8):

  • 38,586 ARB in total, distributed as follows:

6,666 $ARB GNS / ETH on Camelot

1,998 $ARB Penpie gDAI bribes

9,422 $ARB Penpie gUSDC bribes

5,500 $ARB Camelot gUSDC / USDC pool

3,500 $ARB Timeswap gUSDC lending market.

5,000 $ARB Pendle gUSDC pool

3,500 $ARB Silo gUSDC market

Contracts that will be incentivized: See above

Contract address label Form 59 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 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 by 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:

A Pendle pool for gUSDC has been unlocked for which incentives are being used to attract more TVL. The same applies to a gUSDC Penpie pool. Related contracts are labeled above.

Gains Network is also anticipating for Silo Finance to launch a market for gUSDC for gUSDC as well. LP incentives are currently being budgeted in pursuit of bootstrapping that pool towards the end of STIP.B. It is expected for this to be live before Epoch 8.