[Gamma] Bi-Weekly Update
Overview
Original Proposal and Snapshot
Recap of the Previous Two Weeks
Gamma has spent the past two weeks fine-tuning pool allocation and selection in preparation for the STIP. We evaluated every active concentrated liquidity pool we could support on Arbitrum. Gamma used established methodology and some of our latest techniques to evaluate pools for need and potential. This included historical volatility, pair correlation, fee production, volume, subjective project characteristics, and more. We spoke directly with our partner AMMs about their liquidity needs and preferences, contacted new projects, and carefully noted other STIP awardees and where they were incentivizing.
After we cleared the KYC process, we went into go mode, deploying new vaults and setting up the rewarder infrastructure needed to distribute incentives. Gamma settled on a mix of in-house rewarders (GammaChef), AMM-built reward systems, and Angle Merkl for distributing our rewards. Each vault and incentive contract deployment involved several rounds of testing, safety checks, and approvals.
We also built a STIP Dashboard so the public can quickly get information about contracts, incentive allocations, and access direct links to our web application.
We deployed our incentive program in two stages. Camelot opened on November 14, 2023, followed by Ramses, Uniswap, and SushiSwap on November 15, 2023. PancakeSwap incentives will be starting shortly.
User response to the STIP has been tremendous! Gamma’s Arbitrum TVL has exploded to over $35.8 million, running away with the lead as Gamma’s number-one supported chain. We’ve seen a surge of activity on our partner AMMs.
We’re happy to report that everything is running smoothly on our end, and we look forward to evaluating the early results of the STIP program in this report.
ARB Received Last Disbursement:
ARB Utilized as Incentives in the Last Two Weeks:
| AMM | ARB Rate | Days Elapsed | ARB Dispersed |
|---|---|---|---|
| Camelot | 3061 | 2.523877315 | 7,726.16 |
| Ramses | 1276 | 1.523877315 | 1,943.72 |
| Uniswap | 2551 | 1.523877315 | 3,887.44 |
| PancakeSwap | 306 | 0 | 0.00 |
| SushiSwap | 459 | 1.523877315 | 699.74 |
| Total | 14,257.06 | ||
| Remaining | 92,885.94 |
Contracts incentivized over the last 2 weeks:
Contract address label Form completed for all addresses:
Yes
ARB left over:
92,885.94
Plan for leftover ARB:
Continue to distribute ARB as incentives. Adjust rates if needed to compensate for the deployment of special pools or unforeseen consequences.
Summary of incentives:
Camelot’s pools received approximately 41% of our incentives. Uniswap received about 35% of the available incentives, Ramses 17%, and SushiSwap 7%. PancakeSwap was not incentivized in this period.
The incentives were spread over various pools, including blue chip pairs, Arbitrum-native projects, critical multichain infrastructure, several stablecoins, and several severely undercapitalized pools.
Incentives were distributed using Camelot Nitro, GammaChef, Angle Merkl, and Ramses’s MFD.
Additional Info / Disclosures to Multisig:
Minor delay on PancakeSwap deployment. We are waiting on PancakeSwap to prepare the pool for incentives. Should be deployed shortly after this update.
Statistics
Average daily TVL:
$5,474,300 / day on incentivized vaults
Average daily transactions:
1800 / day on incentivized vaults
Average daily volumes:
$23,739,754 / day on incentivized vaults
Number of unique user addresses:
Omitted as calculations are not reliable. Refactoring for the next update.
Transaction fees:
$25,222 / day on incentivized vaults
Link to Dashboard showing metrics:
Metrics Tab
Next Period
Amount of ARB to be distributed: [Insert amount of ARB]
107,143
Contracts that will be incentivized:
Contract address label Form completed for all addresses:
Yes
Mechanism for distribution incentives:
Incentives will be distributed using Camelot Nitro, GammaChef, Angle Merkl, and MFD.
Summary of incentives plan:
Camelot’s pools received approximately 40% of our incentives. Uniswap received about 33.33% of the available incentives, Ramses 16.67%, SushiSwap 6%, and PancakeSwap 4%.
The incentives will be spread over various pools, including blue chip pairs, Arbitrum-native projects, critical multichain infrastructure, several stablecoins, and several severely undercapitalized pools.
Summary of changes to the original plan:
No changes to the original plan, save for activation of PancakeSwap’s rewards. Fix the issue with querying Unique User Addresses.
