1 Poll Closing May 29, 2024
Streamlining the LTIPP Bounties
Summary: This proposal allows the LTIPP council to choose who fulfills posted bounties. 200,000 ARB for bounties was included in the LTIPP budget.
Recommendation: Vote Yes. This allows the LTIPP council to continue to serve governance by removing minor decisions and will result in quicker bounty payouts.
1 Poll Closing May 28, 2024
Arbitrum Multisig Support Service
Summary: This proposal asks ARB holders if they support electing 12 members of a multisig to administer all DAO funding operations. The MSS would be opt-in for the existing six multsigs performing funds distribution work, and opt-out for programs launched in the future.
Recommendation: Vote FOR: Implement MSS and Reporting. There are currently half a dozen fragmented programs performing ministerial functions around disbursement of funds. This creates a lot of duplicative effort and expenses. We support consolidating these roles as proposed.
18 Polls Closing May 27, 2024
NB: Due to the holiday weekend in the US, we experienced difficulty in getting signers before the deadline to vote. This was due to GFX Labs’ strict chain of custody and internal voting procedures – votes are as valuable as coins.
Umami Finance STIP Addendum
Summary: 375,000 ARB to extend the Umami STIP program.
Recommendation: Vote Yes. Umami appears to have retained its peak TVL from the original STIP program, suggesting the program was both effective in growing TVL and the gains are sticky at least in the short run.
Dolomite STIP Addendum
Summary: 500,000 ARB to extend the Dolomite STIP program.
Recommendation: Vote Yes. Dolomite appears to have retained its peak TVL and borrowing from the original STIP program, suggesting the program was both effective in growing borrowing/TVL and the gains are sticky at least in the short run.
Thetanuts STIP Addendum
Summary: 200,000 ARB to extend the Thetanuts STIP program.
Recommendation: Vote No. Some prominent delegates have suggested the design of the program allows Thetanuts to farm the incentives with protocol-owned liquidity. While the TVL and other metrics appear stable even after the end of STIP, Thetanuts is now continuing with their own incentives program, making it unclear if the gains from STIP are sticky enough to warrant more funding.
OpenOcean STIP Addendum
Summary: 250,000 ARB to extend the OpenOcean STIP program.
Recommendation: Vote No. This grant size is around ⅓ the entire TVL of OpenOcean.
Angle DAO STIP Addendum
Summary: 350,000 ARB to extend the Angle STIP program.
Recommendation: Vote Abstain. We are unable to form a strong opinion. The original STIP program was not a standout success, but focused on a different asset issued by Angle. Because this is meant to be an extension of successful programs, we are not voting in favor, though the plan outlined is not without merits to recommend it in a different grants setting.
Socket Bridge STIP Addendum
Summary: 500,000 ARB to extend the Socket STIP program.
Recommendation: Vote No. As has been remarked upon in the forum, a discussion of the exploit of the protocol during the STIP program has not occurred in depth. The funding address also appears to contain a quarter million ARB already.
Furucombo STIP Addendum
Summary: 350,000 ARB to extend the Furucombo STIP program.
Recommendation: Vote No. ARDC members have raised concerns about the original STIP grant being subject to wash trading, and also cited the a poorly defined extension program.
Stake DAO STIP Addendum
Summary: 150,000 ARB to extend the Stake DAO STIP program.
Recommendation: Vote No. ARDC members have noted that STIP is still ongoing for this protocol, and consistently fewer than 10 unique daily users during incentives period, suggesting poor traction.
Savvy DAO STIP Addendum
Summary: 200,000 ARB to extend the Savvy DAO STIP program.
Recommendation: Vote No. Grant request is around ⅓ entire protocol TVL according to DeFi Llama.
Thales Protocol STIP Addendum
Summary: 200,000 ARB to extend the Thales STIP program.
Recommendation: Vote No. It does not appear that volumes or user counts were sticky, with both falling back towards previous, unincentivized levels. This grant program is meant to extend the most successful grants programs, and it does not appear this extension would be an effective use of ARB.
Boost (Previously Rabbithole) STIP Addendum
Summary: 500,000 ARB to extend the Boost STIP program.
Recommendation: Vote Yes. A high sybil ratio has been claimed, as well as an undue focus on DEXes. Despite these concerns, however, Boost has proven to be an effective tool for “top of the funnel” marketing for protocols and chains. That is expected to be less efficient than “lower in the funnel” and so we don’t find it surprising. There remain few alternatives to onboard brand new users to DeFi, however.
Gains Network STIP Addendum
Summary: 2,250,000 ARB to extend the Gains Network STIP program.
Recommendation: Vote No. It does not appear that volumes or TVL were sticky, with both falling back towards previous, unincentivized levels. This grant program is meant to extend the most successful grants programs, and it does not appear this extension would be an effective use of ARB. The size of this grant also means we hold it to a higher standard than a more modest one.
Kyberswap STIP Addendum
Summary: 450,000 ARB to extend the Kyberswap STIP program.
Recommendation: Vote No. Volume does not appear to have returned to Kyber since the exploit in November 2023. We would prefer to see evidence of resurgent protocol use before providing such a large follow-on grant.
Tide STIP Addendum
Summary: 100,000 ARB to extend the Tide STIP program.
Recommendation: Vote Abstain. It is not clear to us from the provided data and updates whether this grant deserves an extension.
Sanko GameCorp STIP Addendum
Summary: 250,000 ARB to extend the Sanko STIP program.
Recommendation: Vote Yes. Protocol use metrics appear to be holding up as the STIP incentives wound down. This extension program is specifically for follow-on grants for STIP programs that provided evidence of success, so we support a new grant.
Summary: 150,000 ARB to extend the Solv STIP program.
Recommendation: Vote No. Protocol use metrics appear to be deteriorating without ongoing incentives. The low active user count also makes it difficult to approve an extension grant.
Stargate STIP Addendum
Summary: 750,000 ARB to extend the Stargate STIP program.
Recommendation: Vote Abstain. It is not clear to us from the provided data and updates whether this grant deserves an extension.
MUX STIP Addendum
Summary: 1,900,000 ARB to extend the MUX STIP program.
Recommendation: Vote No. It does not appear that volumes or TVL were sticky, with both falling back towards previous, unincentivized levels. This grant program is meant to extend the most successful grants programs, and it does not appear this extension would be an effective use of ARB. The size of this grant also means we hold it to a higher standard than a more modest one.