Gains Network Bi-Weekly Update [29-07-2024]

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: 256,108 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 / 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.

From all eligible participants, DexPal is the only project to receive their first ARB dsibursement so far. See the following overview for projections on how GCGP Grants are about to be distributed if participants execute on their proposed milestones.

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All projects have been instructed to provide their bi-weekly reports on Gains Network’s governance forum. All projects but Mimik Finance have adhered to this requirement (for Exodus there’s nothing to report as everything is in place already). Gains Network is monitoring the situation with Mimik and has not transferred their first disbursement as they don’t meet the requirements yet and there’s lack of communication.

Contract address label Form 56 completed for all addresses: Yes

ARB left over: 347,661 ARB

Plan for leftover ARB:

  • Trading Incentives
  • LP Incentives
    • Budgeting for new integrations when oracles for gUSDC are live
  • GCGP Grants budgeting

Summary of incentives:

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

Additional Info / Disclosures to Multisig: None

STATS

See this Dune Dashboard focused on STIP.B

Average daily TVL:

gTrade Vaults

  • gDAI: $19.84M
  • gETH: $3.45M
  • gUSDC: $5.43M
  • Total gVaults TVL: $28.72M

gToken and GNS pools:

Total TVLs on July 29th

Average daily transactions: 37,899 trades (cumulative for STIP.B)

Average daily volumes: $147.28M

Number of unique user addresses: 120 (new traders)

Transaction fees: $993k

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 5 and 6)

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

LP incentives (Week 5):

  • 24,964 ARB in total, distributed as follows:

6,666.66 $ARB GNS / ETH on Camelot

1,998 $ARB Penpie gDAI bribes

8,500 $ARB Ramses CL pool — gUSDC / USDC

500 $ARB Copra borrowing pool — gUSDC

1,800 $ARB for a Timeswap gUSDC lending market.

4,000 $ARB Balancer gUSDC / USDC pool through a Beefy boost contract

LP incentives (Week 6):

Same as Week 5 but as Gains Network is anticipating for markets to go live for gUSDC on Silo Finance and Pendle, additional contracts for these venues are expected to be incentivized. Naturally, these will be included in the next bi-weekly report with the according amounts.

Contracts that will be incentivized: See above

Contract address label Form 56 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

GCGP Grants

Pending status updates by Blave, Copin and AutoGains and the assessment thereof - Gains Network will distribute GCGP Grants disbursements to these projects. Amounting 35k ARB for the coming two weeks.

Summary of incentives plan:

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

Summary of changes to the original plan: As highlighted in the Addendum and first bi-weekly report, Gains Network is pursuing new integrations for gUSDC markets on third party venues. The first steps were to attract sufficient liquidity on DEXs to unlock oracles. With sufficient liquidity on Ramses and Balancer, this is now achieved and Gains Network is preparing for markets on Silo Finance and Pendle. Any newly incentivized contracts will be included in following bi-weekly reports.