Notional Finance Bi-Weekly STIP Backfund Updates

DAO Grant Programs Biweekly Updates (STIP)
1

Notional Finance Bi-Weekly Update Jan 5 2024

Recap of the Previous Two Weeks

ARB Received Last Disbursement: N/A

ARB Utilized as Incentives in the Last Two Weeks: N/A

Contracts incentivized over the last 2 weeks: N/A

Contract address label Form 20 completed for all addresses: N/A

ARB left over: N/A

Plan for leftover ARB: N/A

Summary of incentives: N/A

Additional Info / Disclosures to Multisig: Notional has not claimed its initial incentive tranche and has not begun distributing incentives

STATS

Average daily TVL: $1.57M

Average daily transactions: 26

Average daily volumes: $3.01M (average open debt)

Number of unique user addresses: 2,156

Transaction fees: $200

Link to Dashboard showing metrics: https://dune.com/PierreYves_Gendron/notional-dashboard

Plan For the Next Two Weeks

Amount of ARB to be distributed: 45,454

Contracts that will be incentivized: N/A (rewarder contracts not yet deployed)

Contract address label Form 20 completed for all addresses: N/A (rewarders contracts not yet deployed)

Mechanism for distribution incentives: We will incentivize Notional liquidity providers via secondary rewarder contracts. All Notional LPs will accrue ARB incentives proportional to their share of the total liquidity in a given currency. On any change to their liquidity balance Notional will automatically transfer their accrued ARB incentives to them. This removes any need to stake LP tokens or manually claim incentives.

Summary of incentives plan: We plan to start Notional’s STIP incentivization ~halfway through this coming 2 week period. This is the breakdown of ARB incentives we will emit by currency during this period:

USDC: 10,909 ARB
DAI: 4,545 ARB
USDT: 4,545 ARB
FRAX: 4,545 ARB
ETH: 10,909 ARB
wstETH: 4,545 ARB
rETH: 4,545 ARB
wBTC: 909 ARB

Summary of changes to the original plan: We are increasing the incentivization rate from what we had originally proposed because we have a shorter amount of time in which to distribute these incentives. We are not currently changing the percentage breakdown by currency from what was initially proposed.

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2

Notional Finance Bi-Weekly Update Jan 19 2024

Recap of the Previous Two Weeks

ARB Received Last Disbursement: 142,858

ARB Utilized as Incentives in the Last Two Weeks: 9,389

Contracts incentivized over the last 2 weeks: We incentivize via secondary rewarder contracts for each incentivized currency:

Currency Contract Address
ETH 0x3987F211d4BA25B6FF163B56051651bF6c6c5e54
DAI 0xE5b58DE62b71477aE4e10074fee48232DD7A2350
USDC 0xFc24ACF5BD2aFEe3efBd589F87B6610C9D162645
wBTC 0x8BC5600582c6c17194e4478C311d3133cf9361D2
wstETH 0xd2Da21d240F093A38A143426D3cd62326FC496cc
FRAX 0xA8cA4FA84933106a92D4fec68C8B5A057703e862
rETH 0xda99cd202bCac9f9c945fF2954e08EAec63B067d
USDT 0xe670942CE88d0ac8E655d30E5EF0229e969de26C

Contract address label Form 20 completed for all addresses: Yes

ARB left over: 0

Plan for leftover ARB: N/A

Summary of incentives: We turned on incentives on Tuesday Jan 16th for the below currencies:

Currency Weekly ARB Emission Rate
ETH 4800
DAI 2000
USDC 4800
wBTC 400
wstETH 2000
FRAX 2000
rETH 2000
USDT 2000

Additional Info / Disclosures to Multisig: We set the initial incentive emission rate at 20,000 ARB per week in total across all currencies. We will steadily increase this pace over time so that we can distribute the full 500,000 ARB in incentives by the end date of the program.

STATS

Average daily TVL: $2.83M

Average daily transactions: 72

Average daily volumes: $4.27M (average open debt)

Number of unique user addresses: 2,217

Transaction fees: $903

Link to Dashboard showing metrics: https://dune.com/PierreYves_Gendron/notional-dashboard

Plan For the Next Two Weeks

Amount of ARB to be distributed: 70,000

Contracts that will be incentivized: Same as above.

Contract address label Form 20 completed for all addresses: Yes

Mechanism for distribution incentives: We will incentivize Notional liquidity providers via secondary rewarder contracts. All Notional LPs will accrue ARB incentives proportional to their share of the total liquidity in a given currency. On any change to their liquidity balance Notional will automatically transfer their accrued ARB incentives to them. This removes any need to stake LP tokens or manually claim incentives.

Summary of incentives plan: We will increase the total weekly incentivization amounts from 20,000 ARB this week to 30,000 in week one of this period and 40,000 in week two of this period.

The proportional split between the currencies will remain the same.

Summary of changes to the original plan: We are gradually ramping up the incentivization rates on a weekly basis instead of incentivizing linearly for the duration of the program. We intend to hit the steady rate of weekly incentives in 3-4 weeks and then hold the total weekly incentivization rate constant until the end of the program.

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3

Notional Finance Bi-Weekly Update Feb 2

Recap of the Previous Two Weeks

ARB Received Last Disbursement: N/A

ARB Utilized as Incentives in the Last Two Weeks: ~70,000

Contracts incentivized over the last 2 weeks: We incentivize via secondary rewarder contracts for each incentivized currency:

Currency Contract Address
ETH 0x3987F211d4BA25B6FF163B56051651bF6c6c5e54
DAI 0xE5b58DE62b71477aE4e10074fee48232DD7A2350
USDC 0xFc24ACF5BD2aFEe3efBd589F87B6610C9D162645
wBTC 0x8BC5600582c6c17194e4478C311d3133cf9361D2
wstETH 0xd2Da21d240F093A38A143426D3cd62326FC496cc
FRAX 0xA8cA4FA84933106a92D4fec68C8B5A057703e862
rETH 0xda99cd202bCac9f9c945fF2954e08EAec63B067d
USDT 0xe670942CE88d0ac8E655d30E5EF0229e969de26C

Contract address label Form 20 completed for all addresses: Yes

ARB left over: 0

Plan for leftover ARB: Distribute over following periods

Summary of incentives: The following currencies are currently being incentivized at the following weekly rates.

Currency Weekly ARB Emission Rate
ETH 9600
DAI 4000
USDC 9600
wBTC 800
wstETH 4000
FRAX 4000
rETH 4000
USDT 4000

Additional Info / Disclosures to Multisig: We are steadily increasing the emission rate each week to achieve the distribution of the full 500,000 ARB by the end of the program period.

STATS

Average daily TVL: $7.69M

Average daily transactions: 90

Average daily volumes: $19.71M (average open debt)

Number of unique user addresses: 2,312

Transaction fees: $937

Link to Dashboard showing metrics: https://dune.com/PierreYves_Gendron/notional-dashboard

Plan For the Next Two Weeks

Amount of ARB to be distributed: 100,000

Contracts that will be incentivized: Same as above.

Contract address label Form 20 completed for all addresses: Yes

Mechanism for distribution incentives: We will incentivize Notional liquidity providers via secondary rewarder contracts. All Notional LPs will accrue ARB incentives proportional to their share of the total liquidity in a given currency. On any change to their liquidity balance Notional will automatically transfer their accrued ARB incentives to them. This removes any need to stake LP tokens or manually claim incentives.

Summary of incentives plan: We will increase the total weekly incentivization amounts from 40,000 ARB this week to 50,000 in week one of this period and 50,000 in week two of this period.

The proportional split between the currencies will remain the same.

Summary of changes to the original plan: We are gradually ramping up the incentivization rates on a weekly basis instead of incentivizing linearly for the duration of the program. We intend to hit the steady rate of weekly incentives in 3-4 weeks and then hold the total weekly incentivization rate constant until the end of the program.

4

Notional Finance Bi-Weekly Update Feb 16

Recap of the Previous Two Weeks

ARB Received Last Disbursement: 142,858

ARB Utilized as Incentives in the Last Two Weeks: ~100,000

Contracts incentivized over the last 2 weeks: We incentivize via secondary rewarder contracts for each incentivized currency:

Currency Contract Address
ETH 0x3987F211d4BA25B6FF163B56051651bF6c6c5e54
DAI 0xE5b58DE62b71477aE4e10074fee48232DD7A2350
USDC 0xFc24ACF5BD2aFEe3efBd589F87B6610C9D162645
wBTC 0x8BC5600582c6c17194e4478C311d3133cf9361D2
wstETH 0xd2Da21d240F093A38A143426D3cd62326FC496cc
FRAX 0xA8cA4FA84933106a92D4fec68C8B5A057703e862
rETH 0xda99cd202bCac9f9c945fF2954e08EAec63B067d
USDT 0xe670942CE88d0ac8E655d30E5EF0229e969de26C

Contract address label Form 20 completed for all addresses: Yes

ARB left over: 0

Plan for leftover ARB: Distribute over following periods

Summary of incentives: The following currencies are currently being incentivized at the following weekly rates.

Currency Weekly ARB Emission Rate
ETH 12,000
DAI 5,000
USDC 12,000
wBTC 1000
wstETH 5000
FRAX 5000
rETH 5000
USDT 5000

Additional Info / Disclosures to Multisig: We are steadily increasing the emission rate each week to achieve the distribution of the full 500,000 ARB by the end of the program period.

STATS

Average daily TVL: $11.68M

Average daily transactions: 88

Average daily volumes: $39.55M (average open debt)

Number of unique user addresses: 2,589

Transaction fees: $1,228

Link to Dashboard showing metrics: https://dune.com/PierreYves_Gendron/notional-dashboard

Plan For the Next Two Weeks

Amount of ARB to be distributed: 100,000

Contracts that will be incentivized: Same as above.

Contract address label Form 20 completed for all addresses: Yes

Mechanism for distribution incentives: We will incentivize Notional liquidity providers via secondary rewarder contracts. All Notional LPs will accrue ARB incentives proportional to their share of the total liquidity in a given currency. On any change to their liquidity balance Notional will automatically transfer their accrued ARB incentives to them. This removes any need to stake LP tokens or manually claim incentives.

Summary of incentives plan: We will hold the total weekly incentivization amounts from steady at 50,000 per week for this period.

The proportional split between the currencies will remain the same.

Summary of changes to the original plan: We are gradually ramping up the incentivization rates on a weekly basis instead of incentivizing linearly for the duration of the program. We intend to hit the steady rate of weekly incentives in 3-4 weeks and then hold the total weekly incentivization rate constant until the end of the program.

5

Notional Finance Bi-Weekly Update Mar 1

Recap of the Previous Two Weeks

ARB Received Last Disbursement: 142,858

ARB Utilized as Incentives in the Last Two Weeks: ~100,000

Contracts incentivized over the last 2 weeks: We incentivize via secondary rewarder contracts for each incentivized currency:

Currency Contract Address
ETH 0x3987F211d4BA25B6FF163B56051651bF6c6c5e54
DAI 0xE5b58DE62b71477aE4e10074fee48232DD7A2350
USDC 0xFc24ACF5BD2aFEe3efBd589F87B6610C9D162645
wBTC 0x8BC5600582c6c17194e4478C311d3133cf9361D2
wstETH 0xd2Da21d240F093A38A143426D3cd62326FC496cc
FRAX 0xA8cA4FA84933106a92D4fec68C8B5A057703e862
rETH 0xda99cd202bCac9f9c945fF2954e08EAec63B067d
USDT 0xe670942CE88d0ac8E655d30E5EF0229e969de26C

Contract address label Form 20 completed for all addresses: Yes

ARB left over: 0

Plan for leftover ARB: Distribute over following periods

Summary of incentives: The following currencies are currently being incentivized at the following weekly rates.

Currency Weekly ARB Emission Rate
ETH 12,000
DAI 5,000
USDC 12,000
wBTC 1000
wstETH 5000
FRAX 5000
rETH 5000
USDT 5000

Additional Info / Disclosures to Multisig: We are steadily increasing the emission rate each week to achieve the distribution of the full 500,000 ARB by the end of the program period.

STATS

Average daily TVL: $14.67M

Average daily transactions: 130

Average daily volumes: $51.6M (average open debt)

Number of unique user addresses: 3,351

Transaction fees: $2,381

Link to Dashboard showing metrics: https://dune.com/PierreYves_Gendron/notional-dashboard

Plan For the Next Two Weeks

Amount of ARB to be distributed: 116,000

Contracts that will be incentivized: Same as above.

Contract address label Form 20 completed for all addresses: Yes

Mechanism for distribution incentives: We will incentivize Notional liquidity providers via secondary rewarder contracts. All Notional LPs will accrue ARB incentives proportional to their share of the total liquidity in a given currency. On any change to their liquidity balance Notional will automatically transfer their accrued ARB incentives to them. This removes any need to stake LP tokens or manually claim incentives.

Summary of incentives plan: We plan to increase the weekly incentive rate to 58,000 ARB per week. We will keep this rate steady until the end of the program and it will result in the full distribution of Notional’s 500,000 ARB grant.

The proportional split between the currencies will remain the same.

Summary of changes to the original plan: We are gradually ramping up the incentivization rates on a weekly basis instead of incentivizing linearly for the duration of the program. We intend to hit the steady rate of weekly incentives in 3-4 weeks and then hold the total weekly incentivization rate constant until the end of the program.

6

Notional Finance Bi-Weekly Update Mar 15

Recap of the Previous Two Weeks

ARB Received Last Disbursement: 142,858

ARB Utilized as Incentives in the Last Two Weeks: ~116,000

Contracts incentivized over the last 2 weeks: We incentivize via secondary rewarder contracts for each incentivized currency:

Currency Contract Address
ETH 0x3987F211d4BA25B6FF163B56051651bF6c6c5e54
DAI 0xE5b58DE62b71477aE4e10074fee48232DD7A2350
USDC 0xFc24ACF5BD2aFEe3efBd589F87B6610C9D162645
wBTC 0x8BC5600582c6c17194e4478C311d3133cf9361D2
wstETH 0xd2Da21d240F093A38A143426D3cd62326FC496cc
FRAX 0xA8cA4FA84933106a92D4fec68C8B5A057703e862
rETH 0xda99cd202bCac9f9c945fF2954e08EAec63B067d
USDT 0xe670942CE88d0ac8E655d30E5EF0229e969de26C

Contract address label Form 20 completed for all addresses: Yes

ARB left over: 0

Plan for leftover ARB: Distribute over following periods

Summary of incentives: The following currencies are currently being incentivized at the following weekly rates.

Currency Weekly ARB Emission Rate
ETH 13,920
DAI 5,800
USDC 13,920
wBTC 1160
wstETH 5800
FRAX 5800
rETH 5800
USDT 5800

Additional Info / Disclosures to Multisig: We are steadily increasing the emission rate each week to achieve the distribution of the full 500,000 ARB by the end of the program period.

STATS

Average daily TVL: $19.42M

Average daily transactions: 121

Average daily volumes: $63.96M (average open debt)

Number of unique user addresses: 3,723

Transaction fees: $3,113

Link to Dashboard showing metrics: https://dune.com/PierreYves_Gendron/notional-dashboard

Plan For the Next Two Weeks

Amount of ARB to be distributed: 116,000

Contracts that will be incentivized: Same as above.

Contract address label Form 20 completed for all addresses: Yes

Mechanism for distribution incentives: We will incentivize Notional liquidity providers via secondary rewarder contracts. All Notional LPs will accrue ARB incentives proportional to their share of the total liquidity in a given currency. On any change to their liquidity balance Notional will automatically transfer their accrued ARB incentives to them. This removes any need to stake LP tokens or manually claim incentives.

Summary of incentives plan: We plan to increase the weekly incentive rate to 58,000 ARB per week. We will keep this rate steady until the end of the program and it will result in the full distribution of Notional’s 500,000 ARB grant.

The proportional split between the currencies will remain the same.

Summary of changes to the original plan: We are gradually ramping up the incentivization rates on a weekly basis instead of incentivizing linearly for the duration of the program. We intend to hit the steady rate of weekly incentives in 3-4 weeks and then hold the total weekly incentivization rate constant until the end of the program.

7

Notional Finance Bi-Weekly Update Mar 29

Recap of the Previous Two Weeks

ARB Received Last Disbursement: 142,858

ARB Utilized as Incentives in the Last Two Weeks: ~116,000

Contracts incentivized over the last 2 weeks: We incentivize via secondary rewarder contracts for each incentivized currency:

Currency Contract Address
ETH 0x3987F211d4BA25B6FF163B56051651bF6c6c5e54
DAI 0xE5b58DE62b71477aE4e10074fee48232DD7A2350
USDC 0xFc24ACF5BD2aFEe3efBd589F87B6610C9D162645
wBTC 0x8BC5600582c6c17194e4478C311d3133cf9361D2
wstETH 0xd2Da21d240F093A38A143426D3cd62326FC496cc
FRAX 0xA8cA4FA84933106a92D4fec68C8B5A057703e862
rETH 0xda99cd202bCac9f9c945fF2954e08EAec63B067d
USDT 0xe670942CE88d0ac8E655d30E5EF0229e969de26C

Contract address label Form 20 completed for all addresses: Yes

ARB left over: 0

Plan for leftover ARB: Distribute over following periods

Summary of incentives: The following currencies are currently being incentivized at the following weekly rates.

Currency Weekly ARB Emission Rate
ETH 13,920
DAI 5,800
USDC 13,920
wBTC 1160
wstETH 5800
FRAX 5800
rETH 5800
USDT 5800

Additional Info / Disclosures to Multisig: We are steadily increasing the emission rate each week to achieve the distribution of the full 500,000 ARB by the end of the program period.

STATS

Average daily TVL: $16.62M

Average daily transactions: 161

Average daily volumes: $53.58M (average open debt)

Number of unique user addresses: 4,081

Transaction fees: $8,500

Link to Dashboard showing metrics: https://dune.com/PierreYves_Gendron/notional-finance-v3-arbitrum

Plan For the Next Two Weeks

Amount of ARB to be distributed: N/A

Contracts that will be incentivized: N/A

Contract address label Form 20 completed for all addresses: Yes

Mechanism for distribution incentives: N/A

Summary of incentives plan: N/A

Summary of changes to the original plan: N/A