Gains Network Bi-Weekly Update [26-08-2024]

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 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:
  • 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:

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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 decentralized copy-trading campaign in live and users are seeing rewards as fee rebates. See their latest bi-weekly report for some of the metrics on the campaign so far.
  • DexPal: See Gains Network’s latest bi-weekly report on the Arbitrum Forum for the most recent updates. Nothing has changed since. Gains Network’s team is still in close contact with DexPal’s team while holding on to following disbursements. It remains unclear whether Dexpal is ready to launch their product (and gTrade-focused competition) before the STIP.B cutoff date.
  • Exodus: The Exodus x gTrade trading competition has kicked off on August 26th 23:59 UTC. See this Medium post for the contest details. Social media announcements and screenshots of metrics / campaign items will be shared in the next report.
  • Blave: Had released 3 gTrade charts, unlocking their first milestone as Gains Network transferred their first disbursement of 10,000 ARB
  • AutoGains: Their contracts are still in audit and Gains Network is monitoring development as well as staying in touch to update them on contract changes.
  • 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.

Contract address label Form 61 completed for all addresses: Yes

ARB left over: 263,114 ARB

Plan for leftover ARB:

  • Trading Incentives
  • LP Incentives
  • GCGP Grants budgeting

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: $16.93M
  • gETH: $3.11M
  • gUSDC: $21.28M
  • Total gVaults TVL: $41.32M

gToken and GNS pools:

Total TVLs on August 26th

Gains Network is not incentivizing this pool anymore

Average daily transactions: 74,258 trades (cumulative for STIP.B)

Average daily volumes: $91.62M

Number of unique user addresses: 124 (new traders past two weeks)

Transaction fees: $603k

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 9 and 10)

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

Pending a major update for the gTrade protocol, which will significantly improve the UX for altcoin trading on the platform, Gains Network might opt for a different Trading Incentives breakdown to incentivize alt pairs trading more. This will be highlighted in next report if true.

LP incentives (Week 9):

  • 39,753 $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.

3,000 $ARB Balancer gUSDC / USDC pool

5,000 $ARB Pendle gUSDC pool

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

LP incentives (Week 10):

  • 39,753 $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.

3,000 $ARB Balancer gUSDC / USDC pool

5,000 $ARB Pendle gUSDC pool

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

Contracts that will be incentivized: See above

Contract address label Form 61 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:

With a DIA oracle for gUSDC, a Silo Finance market for said asset had been unlocked. This market is now being incentivized to bootstrap liquidity as outlined above.

No other changes.