Jones Final STIP.b Bi-Weekly Update
Recap of the Previous Two Weeks
Welcome to another Jones bi-weekly STIP update! Throughout the conclusion of STIP, Jones rallied and Smart LP experienced new ATHs.
At the conclusion date of STIP, Smart LP had reached over $15M in total TVL:
Jones updates our emissions every week on Thursdays at 12:00am UTC, so let’s review emissions from the past epoch. We are excluding epoch 5, since we reported that epoch in the last update:
Epoch #6 (09/12 - 09/18) - 290,000 ARB Total
Camelot:
- weETH/WETH - 25,000 (started on 10th of Sept.)
- ezETH/WETH - 20,000
- rsETH/WETH - 20,000
- ETH/USDC - 17,000
- ARB/USDC - 11,000
- WBTC/ETH - 9,000
- ETH/USDT - 7,500
- ETH/ARB - 7,000
- DMT/USDC.e - 7,000
- BOOP/ETH - 6,969
- PENDLE/ETH - 5,500
- WINR/USDC.e - 3,500
- ZRO/ETH - 3,200
- XAI/ETH - 2,500
- ETH/GMX - 2,000
- GRAIL/USDC.e - 1,400
- LINK/ETH - 1,400
- SOL/USDC - 1,000
- TIA.n/ETH - 300
Total Camelot Incentives: 145,300 ARB
Uniswap:
- wstETH/ETH - 25,000 (started on 10th of Sept.)
- ETH/USDC - 17,000
- WBTC/ETH - 9,000
- ETH/USDT - 7,500
- ETH/ARB - 7,000
- ARB/USDC.e - 7,000
- BTC/USDC - 5,000
- TAP/ETH - 4,950
- UNI/ETH - 4,000
- ETH/DAI - 3,500
- ZRO/ETH - 3,200
- WBTC/USDT - 3,150
- PENDLE/ETH - 3,000
- ETH/LINK - 2,800
- PEPE/ETH - 1,400
- GMX/ETH - 1,000
Total Uniswap Incentives: 103,500 ARB
Ramses:
- ETH/USDC - 8,000
- ETH/ARB - 2,500
- WBTC/ETH - 2,500
Total Ramses Incentives: 13,000 ARB
Pancake:
- ETH/USDC - 11,500
- ETH/USDT - 9,000
- WBTC/ETH - 5,500
- WBTC/USDC - 4,500
- ARB/USDC - 2,000
Total Pancake Incentives: 32,500 ARB
In the 6th Epoch, we launched a new strategy type Cruise Control, encompassing our Pegged Pair Strategies:
We also added new Smart LP strategies for integral Arbitrum tokens like $UNI, and a new WBTC/USDC pair on PancakeSwap!
ARB Received Since Last Disbursement: 0 ARB
ARB Utilized as Incentives in the Last Two Weeks: 226,306 ARB
Contracts incentivized over the last 2 weeks:
Angle Protocol: Distribution Creator -
0x8BB4C975Ff3c250e0ceEA271728547f3802B36Fd
Ramses Deployer 2 -
0xCAfc58De1E6A071790eFbB6B83b35397023E1544
Contract address label Form 49 completed for all addresses: Yes
ARB left over: 0 ARB
Plan for leftover ARB:
We have already returned any leftover ARB to the Arbitrum DAO.
Summary of incentives:
New Tokenomics: 5% - 12.5% (target: 10% or 100,000 ARB)
For the Smart LP Ecosystem: 87.5% - 95% (target: 90% or 900,000 ARB)
Additional Info / Disclosures to Multisig: No additional information at this time
STATS
Average Daily TVL
Smart LP:
- Bull - $2,606,374
- Bear - $754,122
- Range Assist Narrow - $854,904
- Range Assist Wide - $4,141,167
- Cruise Control - $6,289,248
14-Day Daily Transactions
Smart LP:
- Bull - 351
- Bear - 198
- Narrow - 345
- Wide - 588
Number of Unique User Addresses
Smart LP:
- Bull - 310
- Bear - 201
- Narrow - 290
- Wide - 457
Transaction Fees
Smart LP:
- Bull - 0.121 ETH
- Bear - 0.087 ETH
- Narrow - 0.119 ETH
- Wide - 0.206 ETH
–
Link to Dashboard Showing Metrics: https://dune.com/rebeca/jones-stip
Plan For the Next Two Weeks
Amount of ARB to be distributed: 0, STIP has concluded.
Contracts that will be incentivized:
N/A
Contract address label Form 49 completed for all addresses: Yes
Mechanism for distribution incentives:
Jones will utilize Angle’s Merkl in order to distribute ARB rewards to users of Jones Smart LP strategies in Camelot, Uniswap, & PancakeSwap. Jones will also switch to Merkl for the distribution of rewards to jGM & jUSDC.
Jones will directly incentivize Ramses pools, in order to make use of Ramses’ native reward engine.
Summary of incentives plan:
New Tokenomics: 5% - 12.5% (target: 10%)
Jones will release a new token format with a gamified mechanism for locking and redeeming tokens, alongside the ability to participate in strategic token purchases derived from protocol revenue.
ARB rewards will be used to incentivise the conversion and locking of JONES tokens.
For the jGM/jUSDC Ecosystem: 30% - 85% (target: 50%)
ARB tokens for the jGM/jUSDC ecosystem are expected to be distributed in three parts. On one side to incentivise deposits and boost jUSDC APR, on another to bootstrap and boost jGM APR, and the last for partners who could offer integrations such as lending & borrowing markets on top of these strategies.
The split between jGM, jUSDC, and partners will be established on a week to week basis, since these strategies may receive yield boosts that will potentially be subject to other incentives placed on top by integrators.
For the jLP Ecosystem: 10% - 49% (target: 40%)
ARB tokens for the jLP ecosystem will be deployed directly to vault strategies, or to DEX partners as part of a greater campaign.
We will also attempt to coordinate with partners, to be able to spin up composable utility for the vault tokens right away. We plan to support of Uniswap and Camelot from day 1 (Camelot already publicly supported, Uniswap supported on our backend), and to open vaults specifically for blue chip pairs (ie: ARBETH, ETHUSDC) and other native arbitrum coins, with neutral(s), bull, and bear strategies available at launch.
Summary of changes to the original plan:
Reallocation of ARB
On August 8th, Jones launched a new product, Smart LP (previously known as jLP). This product allows users to seamlessly provide liquidity on three major exchanges in Arbitrum: Camelot, Ramses, and Uniswap.
In just 16 days, with only ~200k $ARB (approximately $80K) used as incentives, we built Smart LP’s TVL to approximately $3.8M. The product significantly increased the depth of liquidity for Arbitrum blue-chip assets, supporting around $1.7M in ETHUSDC, $375K in ARBETH, and $750K in BTCETH at the time of the reallocation. Additionally, further liquidity was supported in other important assets such as $PENDLE ($165K), $ZRO ($115K), and $SOL ($70K).
Due to some technical changes on GMX’s side (for example, the introduction of V2.1 as detailed here: x.com), development changes would have to be made to modify a portion of the jGM vault logic that would have greatly diminished the UX if it was not added. Not adding these changes would have made Jones’ GMX V2 strategies less attractive when compared to other vault strategies from competitors. This has delayed the product considerably.
For these reasons, we requested the reallocation of incentives currently allocated to the jGM and jUSDC ecosystem to the Smart LP product. Our DAO advisors SEEDGov approved our request during the last 2 week period.
The new ARB allocations are:
New Tokenomics: 5% - 12.5% (target: 10% or 100,000 ARB)
For the Smart LP Ecosystem: 87.5% - 95% (target: 90% or 900,000 ARB)
Final Remarks:
Returned ARB
Jones did not use all of its allocated STIP ARB, and has returned 29,877 ARB to the DAO. These were funds that could not be used to incentivize new tokenomics, as they were not built out during the STIP timeline.
Merkl Reimbursement for PancakeSwap Error
During the first week of incentivisation for PancakeSwap, which occurred through Merkl, we discovered that a portion of the rewards in the initial campaigns were mistakenly attributed to our contracts instead of users during the 5th-10th of September.
These Jones contracts received the ARB:
0x9af17F651F005886Fe5970Ae734DE3Bc73E826A3
0x96F068a2053Ea140638f5Cc44ed817671D302105
0x32EABA77Fa1DB37f89efca48209644bA95bE844d
0xE511153C96E7E845adC5052A4F1dC2bA1CA9A52D
0x6b10e644d279aD7d3B44C789EF492e13f9955dC0
0x8F7E9DB590bF94c62323B0CFe73e2ae610544B73
0x47d311221C9B1dA181E9465D0c775772EBe2291B
0xEB9B864723a3884fe76738a192B5912edFEDD54f
0xEc5F4a79c4EFD4885aC7271AAfE1353D4446731C
0x99Aec68A3CAe7D03b3F40986468Cbb9920fa6BE3
0x0e22568A83dd6ff86A7E3f95BB36b52cB070c4fD
0xB15195C211caEaa5553B12F97D6c6A49788c0C26
0x9ab87033eb74923227e0e62addb4a3a302aecd48
0xaB3Db198130b0b1Cfbcf3b862CE31f56AA2D2e01
0x577c6B0Fc3632220430F0D25113e9CFD1796CAF0
0x8be6D30bA299D3C9077fb16253db3A78Ba7aAb88
The total amount was around 7,953 ARB.
To address this problem, we have snapshotted the users being part of the PancakeSwap vaults in this period, and we have airdropped to them 8000 ARB from our treasury (see the transaction here: Arbitrum One Transaction Hash (Txhash) Details | Arbitrum One). We will then proceed to upgrade the contracts involved to claim back the ARB.
We want to thank the DAO for facilitating yet another fantastic STIP campaign. We will monitor the status of any future campaigns and are excited for the future of the Arbitrum DAO!
