MUX STIP Program Update (Dec. 29 2023)

MUX Bi-Weekly Update - Dec. 15th

  • ARB Received Last Disbursement
    • 857,143 ARB
  • ARB Utilized as Incentives in the Last Two Weeks
    • 733,738
  • Contracts incentivized over the last 2 weeks
    • 0xe21d366d5042F713C0C872591e610fB6a74C775b
    • MUX backend will track weekly trading fees and the number of $ARB to be distributed as rebates. Then once a week, the $ARB token will be distributed to this contract, and the traders can claim their weekly $ARB rebates from it
  • Contract address label Form completed for all addresses
    • Yes
  • ARB left over
    • 3,443,507 $ARB
  • Plan for leftover ARB
    • Continue the trading rebates campaign
  • Summary of incentives
    • Trading incentives: Traders‘ trading fees covered by the scope will be rebated as $ARB tokens weekly.
    • MUX kicks off the trading incentives first and will prioritize trading incentives during the STIP campaign
    • Considering the reduced grant size (9M → 6M), the latest trading demand spike due to natural market volatility, and long-term benefits for both traders and LPs on all aggregated protocols, trading incentives are prioritized.

STATS

  • Average daily Arbitrum TVL (Dec 15th - Dec 29th)
    • $48M
  • Average daily transactions (Dec 15th - Dec 29th)
    • 4,856
  • Average daily volumes (Dec 15th - Dec 29th)
    • $147,956,515
  • Number of unique user addresses (Total)
    • 4,635
  • Transaction fees (Total)
    • $4,184,100
  • Link to Dashboard showing metrics

Plan For the Next Two Weeks

  • Amount of ARB to be distributed
    • There isn’t a fixed number since the amount of ARB to be distributed is determined by unpredictable real-time trading fees. Based on the data from the last two weeks, the weekly distribution is between 200,000 and 500,000 $ARB.
    • MUX will adjust the trading fee rebate rate based on spending speed, and the rate can potentially be lowered so the campaign can last 2-4 months.
  • Contracts that will be incentivized
    • 0xe21d366d5042F713C0C872591e610fB6a74C775b
  • Contract address label
    • Yes
  • Mechanism for distribution incentives
    • After the Rebate Program goes live when traders open & close positions through the MUX Aggregator, fees covered in the rebates scope from MUX, GMX V1, GMX V2, and Gains positions on Arbitrum will be rebated weekly as ARB tokens.
    • The original trading cost will be charged upfront when opening/closing a position. Traders’ weekly cost will be tracked and rebated in the form of $ARB tokens once a week.
    • $ARB tokens will be distributed as fee rebates to traders weekly on Thursdays UTC based on the fees they spend during the week. Upon distribution, the number of ARB tokens rebated is calculated based on your weekly trading fees (covered by the scope) and the real-time ARB token price.
    • The rebated $ARB tokens need to be manually claimed. Unclaimed $ARB tokens will accumulate until they are claimed. Unclaimed $ARB tokens won’t expire before the Rebate Program ends.
    • The Rebate Program will kick off rebating 100% of the fees covered by the scope for all integrated protocols. Since the expected duration of STIP is 3–4 months, the rebate rate can be potentially adjusted along the way based on the grant spending speed.
    • If the rebate rates need to be adjusted according to grant spending speed and market conditions, MUX will notify the community before making any changes.
    • The final rebate rate will be based on the users’ actual fees spent. If the integrated protocols offer additional rebates/rewards separately, MUX will ensure the final total rebates won’t exceed the fees paid.
    • No wash trading or Sybil-attack-related activities are allowed. MUX contributors will closely monitor related activities from this campaign; Addresses involving wash trading or Sybil-attack-related activities will be published and excluded from receiving the rebates.
    • MUX contributors reserve the right to identify any Sybil-attack-related addresses and exclude them from the incentive program.
    • The anti-wash-trading & anti-sybil-attack rules will remain unrevealed. Otherwise, the rules can be abused with planned strategies.
    • When calculating $ARB rebates, the trading fee discount and MUX native rebate from using a MUX referral code will be considered as well. Please check the “MUX Native Referral Code Affiliation” section for more information.
  • Summary of incentives plan
  • Summary of changes to the original plan: [Insert changes]
    • The original proposal proposed tentative grant allocation for both trading and LP incentives. It was also indicated that the grant allocation ratio for trading and liquidity incentives is tentative and can be adjusted based on performance.
    • Considering the reduced grant size (9M → 6M), the latest trading demand spike due to natural market volatility, and long-term benefits for both traders and LPs on all aggregated protocols, trading incentives are prioritized.
    • Added Gains ReferralFee to the rebate scope
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