Pendle STIP.B Bi-Weekly Update

DAO Programs & Initiatives Biweekly Updates (STIP)
1

Pendle STIP.B Bi-Weekly Report #1 (Jul. 1, 2024)

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Recap of the Previous Two Weeks

Arbitrum Season is back in full swing once again. Since the 20th of June, we’ve been spreading the joy of ARB across the Pencosystem.

In the last few months, there has been an explosion of protocols integrating Pendle assets, such as PTs, YTs, and LPs. There are a total of 12 ecosystem partners, which can be divided into three categories:

  • Lending Protocols — Silo, Dolomite, Timeswap, Credit Guild, Marginly
  • Vaults — Yearn, Thetanuts, Locus, AdapterFi
  • Yield Optimizers — Stella, Gammaswap, Pichi

ARB rewards will be allocated to select liquidity pools as well as Pencosystem partners where Pendle assets are utilized. The Pencosystem Campaign will be a combination of campaign and ecosystem integration rewards.

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The initial traction has been promising, with over $20M in Pendle assets deployed across pools and vaults. We will closely monitor performance and adjust the allocated ARB rewards for each protocol on an ongoing basis. Incentive adjustments will be guided by various factors such as TVL, trading volume, and community feedback.

More details below on other stats for the past two weeks:

TVL growth of LP incentivized pools:

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Pool TVL Change
weETH 26SEP2024 $51mil
ezETH 26SEP2024 $40mil
USDe 29AUG2024 $3.6mil
rsETH 26SEP2024 $78mil

Highest Volume pools in the last 2 weeks:

Pool Trading Volume
weETH 27JUN2024 76,080,812
ezETH 27JUN2024 48,604,180
weETH 26SEP2024 31,624,597
ezETH 26SEP2024 18,698,633
rsETH 27JUN2024 14,920,052

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The ARB allocation breakdown for LPs for the last 2 epochs is listed below (A Pendle epoch starts and ends every Thursday of the week):

20th Jun. Epoch

Pool ARB Allocated
eETH 26SEP2024 20000
ezETH 26SEP2024 12500
USDe 29AUG2024 10000
rsETH 26SEP2024 7500

27th Jun. Epoch

Pool ARB Allocated
eETH 26SEP2024 40000
ezETH 26SEP2024 25000
USDe 29AUG2024 20000
rsETH 26SEP2024 15000

Pencosystem Campaign incentives:

Protocol Pool/Vault ARB Amount
Silo PT-eETH-26SEPT2024 1500 ARB per week
Silo PT-ezETH-26SEPT2024 1500 ARB per week
Silo PT-rsETH-26SEPT2024 1500 ARB per week
Silo PT-USDe-29AUG2024 (deposit USDC) 500 ARB per week
Dolomite PT-eETH-26SEPT2024 1000 ARB per week
Dolomite PT-ezETH-26SEPT2024 1000 ARB per week
Dolomite PT-rsETH-26SEPT2024 1000 ARB per week
Stella Deposit ETH in Hyper Pool 2000 ARB per week
Stella LP-rsETH-26SEPT20245-Penpie 1000 ARB per week
Stella LP-eETH-26SEPT2024-Penpie 1000 ARB per week
Yearn yPT-eETH-26SEPT2024 1000 ARB per week
Yearn yPT-ezETH-26SEPT2024 1000 ARB per week
Yearn yPT-rsETH-26SEPT2024 1000 ARB per week
Timeswap PT-eETH-26SEPT2024/WETH (borrow wETH) 1000 ARB per week
Thetanuts PT-eETH-26SEPT2024 800 ARB per week
Thetanuts PT-ezETH-26SEPT2024 800 ARB per week
Thetanuts PT-rsETH-26SEPT2024 800 ARB per week
Pichi YT-eETH-26SEPT2024 800 ARB per week
Pichi YT-ezETH-26SEPT2024 800 ARB per week
Pichi YT-rsETH-26SEPT2024 800 ARB per week
AdapterFi PT-eETH-26SEPT2024 500 ARB per week
AdapterFi PT-ezETH-26SEPT2024 500 ARB per week
AdapterFi PT-rsETH-26SEPT2024 500 ARB per week
Credit Guild PT-eETH-26SEPT2024 (borrow wETH) 200 ARB per week
Credit Guild PT-rsETH-26SEPT2024 (borrow wETH) 200 ARB per week
Credit Guild PT-USDe-29AUG2024 (borrow USDC) 200 ARB per week
Gammaswap PT-eETH-26SEPT2024 200 ARB per week
Gammaswap PT-ezETH-26SEPT2024 200 ARB per week
Locus Pendle Index Vault 200 ARB per week
Marginly PT-eETH-26SEPT2024 200 ARB per week
Marginly PT-ezETH-26SEPT2024 200 ARB per week

To date, 15,000 of our 1M ARB allocation from the STIP has been distributed.

ARB Received Last Disbursement:

166,667 ARB

ARB Utilized as Incentives in the Last Two Weeks:

189,300 ARB

Contracts incentivized over the last 2 weeks:

Pendle Merkle Distributor: 0x23a102e78D1FF1645a3666691495174764a5FCAF

Angle Merkl: 0x3Ef3D8bA38EBe18DB133cEc108f4D14CE00Dd9Ae

Contract address label Form completed for all addresses:

Yes.

ARB left over:

985,000 ARB

Plan for leftover ARB:

We will continue following the plan outlined in our STIP Bridge proposal and will make use of all the ARB incentives until the end of STIP Bridge.

Summary of incentives:

Overall Summary:

  • 30% (1,100,000 ARB) will be allocated to the Pendle pools on Arbitrum to deepen liquidity.
  • 65% (800,000 ARB) will be allocated to campaigns to increase activity and trading volume for the Pendle markets on Arbitrum.
  • 5% (100,000 ARB) will be allocated to ecosystem integrations that are integrating the Pendle protocol on Arbitrum.

Detailed:

  • 20th Jun. Epoch
    • LPs (Pendle pool incentives) — 50,000 ARB
    • Pencosystem Campaign (includes ecosystem integrations) — 17,400 ARB
  • 27th Jun. Epoch
    • LPs (Pendle pool incentives) — 100,000 ARB
    • Pencosystem Campaign (includes ecosystem integrations) — 21,900 ARB

Note: If the incentives cap is not reached and thus not all incentives will be distributed, the ARB will be rolled over to the next epoch. All ARB is meant to be distributed by the end of the STIP Bridge.

Additional Info / Disclosures to Multisig:

No additional info.

STATS (Since 20th Jun)

Total TVL

$389 million

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Average daily transactions:

3,717

Average 30D MA volumes:

$311 million

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Number of unique user addresses:

221k

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Link to Dashboard showing metrics:

Plan For the Next Two Weeks

  • We are incentivizing LPs as usual.
  • The Pencosystem Campaign will continue given the sheer amount of integrations taking place.

Amount of ARB to be distributed:

267,200 ARB

Contracts that will be incentivized:

Contract address label Form completed for all addresses:

Yes.

Mechanism for distribution incentives:

  • LP and Pencosystem incentives are measured throughout an epoch (a week starting Thursday 00:00 UTC).
  • After an epoch, users can claim their ARB rewards through Merkle drop via our Arbitrum Season dashboard.
  • Silo rewards from Pencosystem will be distributed via Angle Labs’ Merkl.

Summary of incentives plan:

  • Pendle pool incentives for LPs — 150,000 ARB
  • Pencosystem Campaign — 39,300 ARB

Summary of changes to the original plan:

No major changes to the original plans outlined in the STIP Bridge proposal.

1 Like
2

Pendle STIP.B Bi-Weekly Report #2 (Jul. 15, 2024)

Recap of the Previous Two Weeks

The adoption of Pendle assets continues to grow positively across our ecosystem partners. Aside from money markets, we are starting to see a variety of protocols successfully integrating our PTs as collateral into their respective dapps. Most notably, Yearn launched PT auto-rollover vaults that remove the friction of manually migrating PT positions at maturity. Within 2 weeks of launching, Yearn successfully attracted ~$6.5m of PT deposits. Another protocol to highlight is Thetanuts which introduced a variety of covered call and put selling options using PTs as deposits, attracting ~$6m of PT deposits to date. Both use cases demonstrate the continuous expansion of Pendle ecosystem and the vast potential of utilizing PTs as collateral across DeFi.

In addition to the above, we have also collaborated with Karak to launch a 3-week PT deposit campaign. We believe this will further attract liquidity for both protocols and grow the Pendle and Karak communities.

More details below on other stats for the past two weeks:

TVL growth of LP incentivized pools:

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Pool TVL Change
weETH 26SEP2024 $16m
ezETH 26SEP2024 $25m
USDe 29AUG2024 $0.7m
rsETH 26SEP2024 -$28m

Highest Volume pools in the last 2 weeks:

Pool Trading Volume
weETH 26SEP2024 20,182,756
ezETH 26SEP2024 17,196,055
rsETH 26SEP2024 14,368,408
USDe 29AUG2024 4,551,198
gDAI 26SEP2024 1,385,747

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The ARB allocation breakdown for LPs for the last 2 epochs is listed below (A Pendle epoch starts and ends every Thursday of the week):

4th July Epoch

Pool ARB Allocated
eETH 26SEP2024 20000
ezETH 26SEP2024 12500
USDe 29AUG2024 10000
rsETH 26SEP2024 7500

11th July Epoch

Pool ARB Allocated
eETH 26SEP2024 30000
ezETH 26SEP2024 17500
rsETH 26SEP2024 5000

Pencosystem Campaign incentives:
4th July Epoch

Protocol Pool/Vault ARB Amount
Silo PT-eETH-26SEPT2024 1500 ARB per week
Silo PT-ezETH-26SEPT2024 1500 ARB per week
Silo PT-rsETH-26SEPT2024 1500 ARB per week
Silo PT-USDe-29AUG2024 (deposit USDC) 500 ARB per week
Dolomite PT-eETH-26SEPT2024 1000 ARB per week
Dolomite PT-ezETH-26SEPT2024 1000 ARB per week
Dolomite PT-rsETH-26SEPT2024 1000 ARB per week
Stella Deposit ETH in Hyper Pool 2000 ARB per week
Stella LP-rsETH-26SEPT20245-Penpie 1000 ARB per week
Stella LP-eETH-26SEPT2024-Penpie 1000 ARB per week
Yearn yPT-eETH-26SEPT2024 1000 ARB per week
Yearn yPT-ezETH-26SEPT2024 1000 ARB per week
Yearn yPT-rsETH-26SEPT2024 1000 ARB per week
Timeswap PT-eETH-26SEPT2024/WETH (borrow wETH) 1000 ARB per week
Thetanuts PT-eETH-26SEPT2024 800 ARB per week
Thetanuts PT-ezETH-26SEPT2024 800 ARB per week
Thetanuts PT-rsETH-26SEPT2024 800 ARB per week
Pichi YT-eETH-26SEPT2024 800 ARB per week
Pichi YT-ezETH-26SEPT2024 800 ARB per week
Pichi YT-rsETH-26SEPT2024 800 ARB per week
AdapterFi PT-eETH-26SEPT2024 500 ARB per week
AdapterFi PT-ezETH-26SEPT2024 500 ARB per week
AdapterFi PT-rsETH-26SEPT2024 500 ARB per week
Credit Guild PT-eETH-26SEPT2024 (borrow wETH) 200 ARB per week
Credit Guild PT-rsETH-26SEPT2024 (borrow wETH) 200 ARB per week
Credit Guild PT-USDe-29AUG2024 (borrow USDC) 200 ARB per week
Gammaswap PT-eETH-26SEPT2024 200 ARB per week
Gammaswap PT-ezETH-26SEPT2024 200 ARB per week
Locus Pendle Index Vault 200 ARB per week
Marginly PT-eETH-26SEPT2024 200 ARB per week
Marginly PT-ezETH-26SEPT2024 200 ARB per week

11th July Epoch

Protocol Pool/Vault ARB Amount
Silo PT-eETH-26SEPT2024 1000 ARB per week
Silo PT-ezETH-26SEPT2024 1000 ARB per week
Silo PT-rsETH-26SEPT2024 1000 ARB per week
Silo PT-USDe-29AUG2024 (deposit USDC) 1000 ARB per week
Dolomite PT-eETH-26SEPT2024 500 ARB per week
Dolomite PT-ezETH-26SEPT2024 500 ARB per week
Dolomite PT-rsETH-26SEPT2024 500 ARB per week
Stella Deposit ETH in Hyper Pool 1000 ARB per week
Stella LP-rsETH-26SEPT20245-Penpie 500 ARB per week
Stella LP-eETH-26SEPT2024-Penpie 1000 ARB per week
Yearn yPT-eETH-26SEPT2024 1000 ARB per week
Yearn yPT-ezETH-26SEPT2024 1000 ARB per week
Yearn yPT-rsETH-26SEPT2024 1000 ARB per week
Timeswap PT-eETH-26SEPT2024/WETH (borrow wETH) 1000 ARB per week
Thetanuts PT-eETH-26SEPT2024 1000 ARB per week
Thetanuts PT-ezETH-26SEPT2024 1000 ARB per week
Thetanuts PT-rsETH-26SEPT2024 1000 ARB per week
Pichi YT-eETH-26SEPT2024 500 ARB per week
Pichi YT-ezETH-26SEPT2024 500 ARB per week
Pichi YT-rsETH-26SEPT2024 500 ARB per week
Pichi YT-USDe-29AUG2024 500 ARB per week
AdapterFi PT-eETH-26SEPT2024 250 ARB per week
AdapterFi PT-ezETH-26SEPT2024 250 ARB per week
AdapterFi PT-rsETH-26SEPT2024 250 ARB per week
Credit Guild PT-USDe-29AUG2024 (borrow USDC) 200 ARB per week
Gammaswap PT-eETH-26SEPT2024 500 ARB per week
Gammaswap PT-ezETH-26SEPT2024 500 ARB per week
Locus Pendle Index Vault 200 ARB per week
Marginly PT-eETH-26SEPT2024 200 ARB per week
Marginly PT-ezETH-26SEPT2024 200 ARB per week
Karak PT-eETH-26SEPT2024 3000 ARB per week
Karak PT-ezETH-26SEPT2024 2500 ARB per week
Karak PT-rsETH-26SEPT2024 1500 ARB per week

To date, 270,200 of our 1M ARB allocation from the STIP has been distributed.

ARB Received Last Disbursement:

166,667 ARB

ARB Utilized as Incentives in the Last Two Weeks:

270,200 ARB

Contracts incentivized over the last 2 weeks:

Pendle Merkle Distributor: 0x23a102e78D1FF1645a3666691495174764a5FCAF
Angle Merkl: 0x3Ef3D8bA38EBe18DB133cEc108f4D14CE00Dd9Ae

Contract address label Form completed for all addresses:

Yes.

ARB left over:

729,800 ARB

Plan for leftover ARB:

We will continue following the plan outlined in our STIP Bridge proposal and will make use of all the ARB incentives until the end of STIP Bridge.

Summary of incentives:

Overall Summary:

  • 30% (1,100,000 ARB) will be allocated to the Pendle pools on Arbitrum to deepen liquidity.
  • 65% (800,000 ARB) will be allocated to campaigns to increase activity and trading volume for the Pendle markets on Arbitrum.
  • 5% (100,000 ARB) will be allocated to ecosystem integrations that are integrating the Pendle protocol on Arbitrum.

Detailed:

  • 4th July Epoch
    • LPs (Pendle pool incentives) — 50,000 ARB
    • Pencosystem Campaign (includes ecosystem integrations) — 21,900 ARB
  • 11th July Epoch
    • LPs (Pendle pool incentives) — 50,000 ARB
    • Pencosystem Campaign (includes ecosystem integrations) — 26,550 ARB

Note: If the incentives cap is not reached and thus not all incentives will be distributed, the ARB will be rolled over to the next epoch. All ARB is meant to be distributed by the end of the STIP Bridge.

Additional Info / Disclosures to Multisig:

No additional info.

The ARB allocation breakdown for LPs for the last 2 epochs is listed below (A Pendle epoch starts and ends every Thursday of the week):

4th July Epoch

Pool ARB Allocated
eETH 26SEP2024 20000
ezETH 26SEP2024 12500
USDe 29AUG2024 10000
rsETH 26SEP2024 7500

11th July Epoch

Pool ARB Allocated
eETH 26SEP2024 30000
ezETH 26SEP2024 17500
rsETH 26SEP2024 5000

Pencosystem Campaign incentives:

4th July Epoch

Protocol Pool/Vault ARB Amount
Silo PT-eETH-26SEPT2024 1500 ARB per week
Silo PT-ezETH-26SEPT2024 1500 ARB per week
Silo PT-rsETH-26SEPT2024 1500 ARB per week
Silo PT-USDe-29AUG2024 (deposit USDC) 500 ARB per week
Dolomite PT-eETH-26SEPT2024 1000 ARB per week
Dolomite PT-ezETH-26SEPT2024 1000 ARB per week
Dolomite PT-rsETH-26SEPT2024 1000 ARB per week
Stella Deposit ETH in Hyper Pool 2000 ARB per week
Stella LP-rsETH-26SEPT20245-Penpie 1000 ARB per week
Stella LP-eETH-26SEPT2024-Penpie 1000 ARB per week
Yearn yPT-eETH-26SEPT2024 1000 ARB per week
Yearn yPT-ezETH-26SEPT2024 1000 ARB per week
Yearn yPT-rsETH-26SEPT2024 1000 ARB per week
Timeswap PT-eETH-26SEPT2024/WETH (borrow wETH) 1000 ARB per week
Thetanuts PT-eETH-26SEPT2024 800 ARB per week
Thetanuts PT-ezETH-26SEPT2024 800 ARB per week
Thetanuts PT-rsETH-26SEPT2024 800 ARB per week
Pichi YT-eETH-26SEPT2024 800 ARB per week
Pichi YT-ezETH-26SEPT2024 800 ARB per week
Pichi YT-rsETH-26SEPT2024 800 ARB per week
AdapterFi PT-eETH-26SEPT2024 500 ARB per week
AdapterFi PT-ezETH-26SEPT2024 500 ARB per week
AdapterFi PT-rsETH-26SEPT2024 500 ARB per week
Credit Guild PT-eETH-26SEPT2024 (borrow wETH) 200 ARB per week
Credit Guild PT-rsETH-26SEPT2024 (borrow wETH) 200 ARB per week
Credit Guild PT-USDe-29AUG2024 (borrow USDC) 200 ARB per week
Gammaswap PT-eETH-26SEPT2024 200 ARB per week
Gammaswap PT-ezETH-26SEPT2024 200 ARB per week
Locus Pendle Index Vault 200 ARB per week
Marginly PT-eETH-26SEPT2024 200 ARB per week
Marginly PT-ezETH-26SEPT2024 200 ARB per week

11th July Epoch

Protocol Pool/Vault ARB Amount
Silo PT-eETH-26SEPT2024 1000 ARB per week
Silo PT-ezETH-26SEPT2024 1000 ARB per week
Silo PT-rsETH-26SEPT2024 1000 ARB per week
Silo PT-USDe-29AUG2024 (deposit USDC) 1000 ARB per week
Dolomite PT-eETH-26SEPT2024 500 ARB per week
Dolomite PT-ezETH-26SEPT2024 500 ARB per week
Dolomite PT-rsETH-26SEPT2024 500 ARB per week
Stella Deposit ETH in Hyper Pool 1000 ARB per week
Stella LP-rsETH-26SEPT20245-Penpie 500 ARB per week
Stella LP-eETH-26SEPT2024-Penpie 1000 ARB per week
Yearn yPT-eETH-26SEPT2024 1000 ARB per week
Yearn yPT-ezETH-26SEPT2024 1000 ARB per week
Yearn yPT-rsETH-26SEPT2024 1000 ARB per week
Timeswap PT-eETH-26SEPT2024/WETH (borrow wETH) 1000 ARB per week
Thetanuts PT-eETH-26SEPT2024 1000 ARB per week
Thetanuts PT-ezETH-26SEPT2024 1000 ARB per week
Thetanuts PT-rsETH-26SEPT2024 1000 ARB per week
Pichi YT-eETH-26SEPT2024 500 ARB per week
Pichi YT-ezETH-26SEPT2024 500 ARB per week
Pichi YT-rsETH-26SEPT2024 500 ARB per week
Pichi YT-USDe-29AUG2024 500 ARB per week
AdapterFi PT-eETH-26SEPT2024 250 ARB per week
AdapterFi PT-ezETH-26SEPT2024 250 ARB per week
AdapterFi PT-rsETH-26SEPT2024 250 ARB per week
Credit Guild PT-USDe-29AUG2024 (borrow USDC) 200 ARB per week
Gammaswap PT-eETH-26SEPT2024 500 ARB per week
Gammaswap PT-ezETH-26SEPT2024 500 ARB per week
Locus Pendle Index Vault 200 ARB per week
Marginly PT-eETH-26SEPT2024 200 ARB per week
Marginly PT-ezETH-26SEPT2024 200 ARB per week
Karak PT-eETH-26SEPT2024 3000 ARB per week
Karak PT-ezETH-26SEPT2024 2500 ARB per week
Karak PT-rsETH-26SEPT2024 1500 ARB per week

To date, 270,200 of our 1M ARB allocation from the STIP has been distributed.

ARB Received Last Disbursement:

166,667 ARB

ARB Utilized as Incentives in the Last Two Weeks:

270,200 ARB

Contracts incentivized over the last 2 weeks:

Pendle Merkle Distributor: 0x23a102e78D1FF1645a3666691495174764a5FCAF

Angle Merkl: 0x3Ef3D8bA38EBe18DB133cEc108f4D14CE00Dd9Ae

Contract address label Form completed for all addresses:

Yes.

ARB left over:

729,800 ARB

Plan for leftover ARB:

We will continue following the plan outlined in our STIP Bridge proposal and will make use of all the ARB incentives until the end of STIP Bridge.

Summary of incentives:

Overall Summary:

  • 30% (1,100,000 ARB) will be allocated to the Pendle pools on Arbitrum to deepen liquidity.
  • 65% (800,000 ARB) will be allocated to campaigns to increase activity and trading volume for the Pendle markets on Arbitrum.
  • 5% (100,000 ARB) will be allocated to ecosystem integrations that are integrating the Pendle protocol on Arbitrum.

Detailed:

  • 4th July Epoch
    • LPs (Pendle pool incentives) — 50,000 ARB
    • Pencosystem Campaign (includes ecosystem integrations) — 21,900 ARB
  • 11th July Epoch
    • LPs (Pendle pool incentives) — 50,000 ARB
    • Pencosystem Campaign (includes ecosystem integrations) — 26,550 ARB

Note: If the incentives cap is not reached and thus not all incentives will be distributed, the ARB will be rolled over to the next epoch. All ARB is meant to be distributed by the end of the STIP Bridge.

Additional Info / Disclosures to Multisig:

No additional info.

STATS (Since 4th Jul)

Total TVL

$214 million

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Average daily transactions:

1,866

Average 30D MA volumes:

$268m

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Number of unique user addresses:

223k

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Link to Dashboard showing metrics:

Plan For the Next Two Weeks

  • We are incentivizing LPs as usual.
  • The Pencosystem Campaign will continue given the sheer amount of integrations taking place.

Amount of ARB to be distributed:

0 ARB. We will be sending the ARB to the distributor contracts every 3 weeks. The previous distribution was on the 13th of July. The next distribution will be on the 3rd of August, which will be indicated in the next bi-weekly report.

Contracts that will be incentivized:

0x23a102e78D1FF1645a3666691495174764a5FCAF
0x3Ef3D8bA38EBe18DB133cEc108f4D14CE00Dd9Ae (Only for Silo rewards)

Contract address label Form completed for all addresses:

Yes

Mechanism for distribution incentives:

  • LP and Pencosystem incentives are measured throughout an epoch (a week starting Thursday 00:00 UTC).
  • After an epoch, users can claim their ARB rewards through Merkle drop via our Arbitrum Season dashboard.
  • Silo rewards from Pencosystem will be distributed via Angle Labs’ Merkl.

Summary of incentives plan:

  • Pendle pool incentives for LPs — 100,000 ARB
  • Pencosystem Campaign — 53,100 ARB

Summary of changes to the original plan:

The original plans outlined in the STIP Bridge proposal have remained the same.

3

Pendle STIP.B Bi-Weekly Report #3 (Jul. 29, 2024)

Recap of the Previous Two Weeks

Pendle’s incentivization campaign continues with a majority focused on the Pencosystem’s growth. As a recap, one major change since the last report is that rewards will now be given out every 3 weeks instead. Given the high coordination cost of working with several protocol partners across the Pencosystem, increasing the buffer between each distribution allows the team to calculate the rewards fairly and accurately.

On the Pencosystem itself, the adoption of Pendle assets continues to grow positively across our ecosystem partners. As highlighted in the previous report, Yearn’s PT auto-rollover vaults and Thetanut’s option vaults continue to show healthy growth, achieving ~$10m PT deposits and ~$6m PT deposits respectively. In addition, the one-off PT deposit campaign with Karak has also achieved its target, capturing ~$28m PT liquidity on Arbitrum.

More details below on other stats for the past two weeks:

TVL growth of LP incentivized pools:

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Pool TVL Change
weETH 26SEP2024 $17m
ezETH 26SEP2024 $1.2m
USDe 29AUG2024 $1.2m
rsETH 26SEP2024 $11m

Highest Volume pools in the last 2 weeks:

Pool Trading Volume
weETH 26SEP2024 15,641,488
ezETH 26SEP2024 8,296,778
rsETH 26SEP2024 7,623,319
USDe 29AUG2024 7,214,363
gDAI 26SEP2024 2,297,410

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The ARB allocation breakdown for LPs for the last 2 epochs is listed below (A Pendle epoch starts and ends every Thursday of the week):

18th July Epoch

Pool ARB Allocated
eETH 26SEP2024 30000
ezETH 26SEP2024 17500
rsETH 26SEP2024 5000

25th July Epoch

Pool ARB Allocated
eETH 26SEP2024 30000
ezETH 26SEP2024 17500
rsETH 26SEP2024 5000
uniETH 26DEC2024 4000

Pencosystem Campaign incentives:

18th July and 25th July Epochs

Protocol Pool/Vault ARB Amount
Silo PT-eETH-26SEPT2024 1000 ARB per week
Silo PT-ezETH-26SEPT2024 1000 ARB per week
Silo PT-rsETH-26SEPT2024 1000 ARB per week
Silo PT-USDe-29AUG2024 (deposit USDC) 1000 ARB per week
Dolomite PT-eETH-26SEPT2024 500 ARB per week
Dolomite PT-ezETH-26SEPT2024 500 ARB per week
Dolomite PT-rsETH-26SEPT2024 500 ARB per week
Stella Deposit ETH in Hyper Pool 1000 ARB per week
Stella LP-rsETH-26SEPT20245-Penpie 500 ARB per week
Stella LP-eETH-26SEPT2024-Penpie 1000 ARB per week
Yearn yPT-eETH-26SEPT2024 1000 ARB per week
Yearn yPT-ezETH-26SEPT2024 1000 ARB per week
Yearn yPT-rsETH-26SEPT2024 1000 ARB per week
Timeswap PT-eETH-26SEPT2024/WETH (borrow wETH) 1000 ARB per week
Thetanuts PT-eETH-26SEPT2024 1000 ARB per week
Thetanuts PT-ezETH-26SEPT2024 1000 ARB per week
Thetanuts PT-rsETH-26SEPT2024 1000 ARB per week
Pichi YT-eETH-26SEPT2024 500 ARB per week
Pichi YT-ezETH-26SEPT2024 500 ARB per week
Pichi YT-rsETH-26SEPT2024 500 ARB per week
Pichi YT-USDe-29AUG2024 500 ARB per week
AdapterFi PT-eETH-26SEPT2024 250 ARB per week
AdapterFi PT-ezETH-26SEPT2024 250 ARB per week
AdapterFi PT-rsETH-26SEPT2024 250 ARB per week
Credit Guild PT-USDe-29AUG2024 (borrow USDC) 200 ARB per week
Gammaswap PT-eETH-26SEPT2024 500 ARB per week
Gammaswap PT-ezETH-26SEPT2024 500 ARB per week
Locus Pendle Index Vault 200 ARB per week
Marginly PT-eETH-26SEPT2024 200 ARB per week
Marginly PT-ezETH-26SEPT2024 200 ARB per week
Karak PT-eETH-26SEPT2024 3000 ARB per week
Karak PT-ezETH-26SEPT2024 2500 ARB per week
Karak PT-rsETH-26SEPT2024 1500 ARB per week
Sumer PT-eETH-26SEPT2024 200 ARB per week
Sumer PT-rsETH-26SEPT2024 200 ARB per week

To date, 279,200 of our 1M ARB allocation from the STIP has been distributed.

ARB Received Last Disbursement:

166,667 ARB

ARB Utilized as Incentives in the Last Two Weeks:

  • LP — 107,000
  • Pencosystem — 54,700

Note: The ARB quoted above will only be distributed on 3rd August.

Contracts incentivized over the last 2 weeks:

Pendle Merkle Distributor: 0x23a102e78D1FF1645a3666691495174764a5FCAF
Angle Merkl: 0x3Ef3D8bA38EBe18DB133cEc108f4D14CE00Dd9Ae

Contract address label Form completed for all addresses:

Yes.

ARB left over:

720,800 ARB

Plan for leftover ARB:

We will continue following the plan outlined in our STIP Bridge proposal and will make use of all the ARB incentives until the end of STIP Bridge.

Summary of incentives:

Overall Summary:

  • 30% (1,100,000 ARB) will be allocated to the Pendle pools on Arbitrum to deepen liquidity.
  • 65% (800,000 ARB) will be allocated to campaigns to increase activity and trading volume for the Pendle markets on Arbitrum.
  • 5% (100,000 ARB) will be allocated to ecosystem integrations that are integrating the Pendle protocol on Arbitrum.

Detailed:

  • 1st August Epoch
    • LPs (Pendle pool incentives) — 50,000 ARB
    • Pencosystem Campaign (includes ecosystem integrations) — 20,000 ARB
  • 8th August Epoch
    • LPs (Pendle pool incentives) — 50,000 ARB
    • Pencosystem Campaign (includes ecosystem integrations) — 20,000 ARB

Note: If the incentives cap is not reached and thus not all incentives will be distributed, the ARB will be rolled over to the next epoch. All ARB is meant to be distributed by the end of the STIP Bridge.

Additional Info / Disclosures to Multisig:

No additional info.

STATS (Since 18th Jul)

Total TVL

$214m

image
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Average daily transactions:

1,794

Average 30D MA volumes:

$108m

image
image841×463 22 KB

Number of unique user addresses:

226k

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image846×257 25.9 KB

Link to Dashboard showing metrics:

Plan For the Next Two Weeks

  • We are incentivizing LPs as usual.
  • The Pencosystem Campaign will continue given the sheer amount of integrations taking place.

Amount of ARB to be distributed:

250,350 ARB

Contracts that will be incentivized:

0x23a102e78D1FF1645a3666691495174764a5FCAF
0x3Ef3D8bA38EBe18DB133cEc108f4D14CE00Dd9Ae (Only for Silo rewards)

Contract address label Form completed for all addresses:

Yes.

Mechanism for distribution incentives:

  • LP and Pencosystem incentives are measured throughout an epoch (a week starting Thursday 00:00 UTC).
  • After an epoch, users can claim their ARB rewards through Merkle drop via our Arbitrum Season dashboard.
  • Silo rewards from Pencosystem will be distributed via Angle Labs’ Merkl.

Summary of incentives plan:

  • Pendle pool incentives for LPs — 109,000 ARB
  • Pencosystem Campaign — 54,700 ARB

Summary of changes to the original plan:

The original plans outlined in the STIP Bridge proposal have remained the same.

4

Pendle STIP.B Bi-Weekly Report #4 (Aug. 12, 2024)

Recap of the Previous Two Weeks

We have been highlighting different protocol partners every 3 weeks to ensure that PT/YT/LP usage on that protocol is rewarded. We have observed more and more protocols integrating fixed-rate assets as part of their overall DeFi offering. Despite market volatility over the past weeks, the amount of PTs in ETH terms remains consistent among our ecosystem partners, signaling a longer-term outlook for PT holders. Yearn’s PT auto-rollover vaults and Thetanut’s option vaults remain our top performers.

More details below on other stats for the past two weeks:

TVL growth of LP incentivized pools:

image
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Pool TVL Change
uniETH 26DEC2024 $2.8m
gUSDC 26DEC2024 $6.8m
weETH 26SEP2024 -$12.5m

Highest Volume pools in the last 2 weeks:

Pool Trading Volume
weETH 26SEP2024 7.7m
USDe 29AUG2024 6.6m
rsETH 26SEP2024 3.8m
ezETH 26SEP2024 2.8m
GLP 26SEP2024 2.5m

image
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The ARB allocation breakdown for LPs for the last 2 epochs is listed below (A Pendle epoch starts and ends every Thursday of the week):

1st August Epoch

Pool ARB Allocated
uniETH 26DEC2024 6000
gUSDC 26DEC2024 10000
weETH 26SEP2024 30000

Note: We have collaborated with Bedrock to match the ARB incentives for uniETH pool (3k ARB each) and Gains Network to match ARB incentives for gUSDC pool (5k ARB each)

8th August Epoch

Pool ARB Allocated
uniETH 26DEC2024 6000
gUSDC 26DEC2024 10000
weETH 26SEP2024 30000

Note: We have collaborated with Bedrock to match the ARB incentives for uniETH pool (3k ARB each) and Gains Network to match ARB incentives for gUSDC pool (5k ARB each)

Pencosystem Campaign incentives:

1st August and 8th August Epochs

Protocol Pool/Vault ARB Amount
Silo PT-eETH-26SEPT2024 1000 ARB per week
Silo PT-ezETH-26SEPT2024 1000 ARB per week
Silo PT-rsETH-26SEPT2024 1000 ARB per week
Silo PT-USDe-29AUG2024 (deposit USDC) 1000 ARB per week
Dolomite PT-eETH-26SEPT2024 500 ARB per week
Dolomite PT-ezETH-26SEPT2024 500 ARB per week
Dolomite PT-rsETH-26SEPT2024 1000 ARB per week
Stella LP-rsETH-26SEPT20245-Penpie 300 ARB per week
Stella LP-eETH-26SEPT2024-Penpie 500 ARB per week
Yearn yPT-eETH 1500 ARB per week
Yearn yPT-ezETH 1500 ARB per week
Yearn yPT-rsETH 1500 ARB per week
Yearn yPT-USDe 1500 ARB per week
Timeswap PT-eETH-26SEPT2024/WETH (borrow wETH) 500 ARB per week
Thetanuts PT-eETH-26SEPT2024 1000 ARB per week
Thetanuts PT-ezETH-26SEPT2024 1000 ARB per week
Thetanuts PT-rsETH-26SEPT2024 1000 ARB per week
Credit Guild PT-USDe-29AUG2024 (borrow USDC) 200 ARB per week
Gammaswap PT-eETH-26SEPT2024 500 ARB per week
Locus Pendle Index Vault 200 ARB per week
Sumer PT-eETH-26SEPT2024 200 ARB per week
Sumer PT-rsETH-26SEPT2024 200 ARB per week
WiseLending Pendle ETH Farm 100 ARB per week
WiseLending Pendle USDC Farm 100 ARB per week
WiseLending Pendle USDT Farm 100 ARB per week
WiseLending Pendle DAI Farm 100 ARB per week

To date, 477,300 of our 1M ARB allocation from the STIP has been distributed.

ARB Received Last Disbursement:

333,334 ARB (From 2 vesting periods)

ARB Utilized as Incentives in the Last Two Weeks:

  • LP — 72,000
  • Pencosystem — 36,666

Note: The ARB quoted above will only be distributed on the 24th August.

Contracts incentivized over the last 2 weeks:

Pendle Merkle Distributor: 0x23a102e78D1FF1645a3666691495174764a5FCAF

Contract address label Form completed for all addresses:

Yes.

ARB left over:

522,700 ARB

Plan for leftover ARB:

We will continue following the plan outlined in our STIP Bridge proposal and will make use of all the ARB incentives until the end of STIP Bridge.

Summary of incentives:

Overall Summary:

  • 30% (1,100,000 ARB) will be allocated to the Pendle pools on Arbitrum to deepen liquidity.
  • 65% (800,000 ARB) will be allocated to campaigns to increase activity and trading volume for the Pendle markets on Arbitrum.
  • 5% (100,000 ARB) will be allocated to ecosystem integrations that are integrating the Pendle protocol on Arbitrum.

Detailed:

  • 1st August Epoch
    • LPs (Pendle pool incentives) — 36,000 ARB
    • Pencosystem Campaign (includes ecosystem integrations) — 18,333 ARB
  • 8th August Epoch
    • LPs (Pendle pool incentives) — 36,000 ARB
    • Pencosystem Campaign (includes ecosystem integrations) — 18,333 ARB

Note: If the incentives cap is not reached and thus not all incentives will be distributed, the ARB will be rolled over to the next epoch. All ARB is meant to be distributed by the end of the STIP Bridge.

Additional Info / Disclosures to Multisig:

No additional info.

STATS (Since 1st Aug)

Total TVL

$224m

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image835×457 20.6 KB

Average daily transactions:

1,245

Average 30D MA volumes:

$77m

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Number of unique user addresses:

228k

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image840×259 25 KB

Link to Dashboard showing metrics:

Plan For the Next Two Weeks

  • We are incentivizing LPs as usual.
  • The Pencosystem Campaign will continue given the sheer amount of integrations taking place.

Amount of ARB to be distributed:

250,350 ARB

Contracts that will be incentivized:

0x23a102e78D1FF1645a3666691495174764a5FCAF
0xCC4933B0405Ae9DDFE05a54d20f56A0447c9EBcF (Only for Silo rewards)

Contract address label Form completed for all addresses:

Yes

Mechanism for distribution incentives:

  • LP and Pencosystem incentives are measured throughout an epoch (a week starting Thursday 00:00 UTC).
  • After an epoch, users can claim their ARB rewards through Merkle drop via our Arbitrum Season dashboard.
  • Silo rewards from Pencosystem will be distributed via Angle Labs’ Merkl.

Summary of incentives plan:

  • Pendle pool incentives for LPs — 109,000 ARB
  • Pencosystem Campaign — 54,700 ARB

Summary of changes to the original plan:

The original plans outlined in the STIP Bridge proposal have remained the same.

5

Pendle STIP.B Bi-Weekly Report #5 (Aug. 26, 2024)

Recap of the Previous Two Weeks

As we approach the final phase of the STIP.B grants, we are concentrating ARB incentives on protocol partners that have consistently performed well and demonstrated strong execution throughout the STIP.B period. These partners have successfully captured and retained significant PTs TVL, further driving network activities on Arbitrum. Noteworthy partner protocols include Yearn’s auto-rollover vaults, which hold approximately ~10m PTs, Silo’s isolated lending markets with around $9m PTs, and Thetanuts’ option vaults with roughly ~$6m PTs.

A new addition worth highlighting is Index Coop’s hyETH, an index token with 60% of its composition made up of Pendle’s PT-LRTs. Early results are promising, as hyETH’s TVL on Arbitrum has grown by approximately $250k in just a few days since we initiated the ARB incentives.

More details below on other stats for the past two weeks:

TVL growth of LP incentivized pools:

image
image1242×650 35.6 KB

Pool TVL Change
gUSDC 26DEC2024 $7.1m
USDe 28NOV2024 $2m

Highest Volume pools in the last 2 weeks:

image
image1464×762 10.9 KB

Pool Trading Volume
USDe 29AUG2024 $3.4m
gUSDC 26DEC2024 $2.5m
rsETH 26SEP2024 $2.2m
weETH 26SEP2024 $1.6m
GLP 26SEP2024 $1.2m
uniETH 26DEC2024 $1.2m

The ARB allocation breakdown for LPs for the last 2 epochs is listed below (A Pendle epoch starts and ends every Thursday of the week):

15th August Epoch

Pool ARB Allocated
USDe 28NOV2024 10000
gUSDC 26DEC2024 10000

Note: We have collaborated with Gains Network to match ARB incentives for gUSDC pool (5k ARB each)

22nd August Epoch

Pool ARB Allocated
USDe 28NOV2024 10000
gUSDC 26DEC2024 10000

Note: We have collaborated with Gains Network to match ARB incentives for gUSDC pool (5k ARB each)

Pencosystem Campaign incentives:

15th August and 22nd August Epochs

Protocol Pool/Vault 15th Aug epoch’s ARB Amount 22nd Aug epoch’s ARB Amount
Silo PT-eETH-26SEPT2024 1000 ARB per week 2500 ARB per week
Silo PT-ezETH-26SEPT2024 1000 ARB per week 2500 ARB per week
Silo PT-rsETH-26SEPT2024 1000 ARB per week 2500 ARB per week
Silo PT-USDe-29AUG2024 (deposit USDC) 1000 ARB per week N/A
Silo PT-USDe-28NOV2024 (deposit USDC) N/A 500 ARB per week
Dolomite PT-eETH-26SEPT2024 500 ARB per week 500 ARB per week
Dolomite PT-ezETH-26SEPT2024 500 ARB per week 500 ARB per week
Dolomite PT-rsETH-26SEPT2024 1000 ARB per week 2000 ARB per week
Stella LP-rsETH-26SEPT20245-Penpie 300 ARB per week 300 ARB per week
Stella LP-eETH-26SEPT2024-Penpie 500 ARB per week 700 ARB per week
Yearn yPT-eETH 1500 ARB per week 2500 ARB per week
Yearn yPT-ezETH 1500 ARB per week 2500 ARB per week
Yearn yPT-rsETH 1500 ARB per week 2500 ARB per week
Yearn yPT-USDe 1500 ARB per week 2500 ARB per week
Timeswap PT-eETH-26SEPT2024/WETH (borrow wETH) 500 ARB per week 1000 ARB per week
Thetanuts PT-eETH-26SEPT2024 1000 ARB per week 1000 ARB per week
Thetanuts PT-ezETH-26SEPT2024 1000 ARB per week 1000 ARB per week
Thetanuts PT-rsETH-26SEPT2024 1000 ARB per week 1000 ARB per week
Thetanuts PT-uniETH-26DEC2024 N/A 1000 ARB per week
Credit Guild PT-USDe-29AUG2024 (borrow USDC) 200 ARB per week N/A
Gammaswap PT-eETH-26SEPT2024 500 ARB per week 500 ARB per week
Locus Pendle Index Vault 200 ARB per week 200 ARB per week
Sumer PT-eETH-26SEPT2024 200 ARB per week 200 ARB per week
Sumer PT-rsETH-26SEPT2024 200 ARB per week 200 ARB per week
WiseLending Pendle ETH Farm 100 ARB per week 100 ARB per week
WiseLending Pendle USDC Farm 100 ARB per week 100 ARB per week
WiseLending Pendle USDT Farm 100 ARB per week 100 ARB per week
WiseLending Pendle DAI Farm 100 ARB per week 100 ARB per week
Adapter fi PT-gUSDC-26DEC2024 N/A 700 ARB per week
Index Coop hyETH N/A 3500 ARB per week

To date, 630,050 of our 1M ARB allocation from the STIP has been distributed.

ARB Received Last Disbursement:

166,667 ARB

ARB Utilized as Incentives in the Last Two Weeks:

  • LP — 20,000 (includes 10,000 ARB from Gains Network)
  • Pencosystem — 54,000

Note: The ARB quoted above has been distributed on 23rd August.

Contracts incentivized over the last 2 weeks:

Pendle Merkle Distributor: 0x23a102e78D1FF1645a3666691495174764a5FCAF

Contract address label Form completed for all addresses:

Yes.

ARB left over:

369,950 ARB

Plan for leftover ARB:

We will continue following the plan outlined in our STIP Bridge proposal and will make use of all the ARB incentives until the end of STIP Bridge.

Summary of incentives:

Overall Summary:

  • 30% (1,100,000 ARB) will be allocated to the Pendle pools on Arbitrum to deepen liquidity.
  • 65% (800,000 ARB) will be allocated to campaigns to increase activity and trading volume for the Pendle markets on Arbitrum.
  • 5% (100,000 ARB) will be allocated to ecosystem integrations that are integrating the Pendle protocol on Arbitrum.

Detailed:

  • 15th August Epoch
    • LPs (Pendle pool incentives) — 20,000 ARB
    • Pencosystem Campaign (includes ecosystem integrations) — 18,000 ARB
  • 22nd August Epoch
    • LPs (Pendle pool incentives) — 20,000 ARB
    • Pencosystem Campaign (includes ecosystem integrations) — 18,000 ARB

Note: If the incentives cap is not reached and thus not all incentives will be distributed, the ARB will be rolled over to the next epoch. All ARB is meant to be distributed by the end of the STIP Bridge.

Additional Info / Disclosures to Multisig:

No additional info.

STATS (Since 15th Aug)

Total TVL

$231m

image
image1236×918 22.5 KB

Average daily transactions:

872

Average 30D MA volumes:

$56m

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Number of unique user addresses:

229k

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image1238×514 32 KB

Link to Dashboard showing metrics:

Plan For the Next Two Weeks

  • We are incentivizing LPs as usual.
  • The Pencosystem Campaign will continue given the sheer amount of integrations taking place.

Amount of ARB to be distributed:

369,950 ARB

Contracts that will be incentivized:

0x23a102e78D1FF1645a3666691495174764a5FCAF

0xCC4933B0405Ae9DDFE05a54d20f56A0447c9EBcF (Only for Silo rewards)

Contract address label Form completed for all addresses:

Yes

Mechanism for distribution incentives:

  • LP and Pencosystem incentives are measured throughout an epoch (a week starting Thursday 00:00 UTC).
  • After an epoch, users can claim their ARB rewards through Merkle drop via our Arbitrum Season dashboard.
  • Silo rewards from Pencosystem will be distributed via Angle Labs’ Merkl.

Summary of incentives plan:

  • Pendle pool incentives for LPs — 20,000 ARB
  • Pencosystem Campaign — 32,700 ARB

Summary of changes to the original plan:

The original plans outlined in the STIP Bridge proposal have remained the same.

6

Pendle STIP.B Bi-Weekly Report #6 (Sep. 9, 2024)

Recap of the Previous Two Weeks

The STIP.B protocol continues to demonstrate robust activity within the Pencosystem. Familiar protocols like Silo, Dolomite, Stella, Yearn, Thetanuts, Timeswap, Index Coop, and many others remain popular choices for users to maximize the utility of their PT/YT/LP Pendle assets.

With many pools set to mature by the end of September, incentives are being directed toward subsequent maturities to encourage users to roll over their assets as the current markets conclude. We are working closely with the Pencosystem to support these new maturity assets, ensuring that users always have multiple avenues to enhance the value of their Pendle asset holdings.

More details below on other stats for the past two weeks:

TVL growth of LP incentivized pools:

image
image842×333 25.8 KB

Pool TVL Change
gUSDC 26DEC2024 -$0.7m
USDe 28NOV2024 $3m
uniETH 26DEC2024 -$0.1m
gDAI 27MAR2025 $1m
rsETH 26DEC2024 $3.5m
weETH 26DEC2024 $5.8m

Highest Volume pools in the last 2 weeks:

Pool Trading Volume
weETH 26SEP2024 $11.5m
USDe 28NOV2024 $8m
USDe 29AUG2024 $4.3m
rsETH 26SEP2024 $3m
ezETH 26SEP2024 $2.9m

image

The ARB allocation breakdown for LPs for the last 2 epochs is listed below (A Pendle epoch starts and ends every Thursday of the week):

29th August Epoch

Pool ARB Allocated
USDe 28NOV2024 10000
gUSDC 26DEC2024 10000

Note: We have collaborated with Gains Network to match ARB incentives for gUSDC pool (5k ARB each)

5th September Epoch

Pool ARB Allocated
gUSDC 26DEC2024 15,000
USDe 28NOV2024 10,000
gDAI 27MAR2024 15,000
eETH 26DEC2024 35,000
rsETH 26DEC2024 32,875
uniETH 26DEC2024 10,000

Note: We have collaborated with Gains Network and Bedrock to match ARB incentives for gUSDC pool and uniETH pool (5k ARB each)

Pencosystem Campaign incentives:

29th August and 5th Sept Epochs

Protocol Pool/Vault ARB Amount
Silo PT-eETH-26SEPT2024 2500 ARB per week
Silo PT-ezETH-26SEPT2024 2500 ARB per week
Silo PT-rsETH-26SEPT2024 2500 ARB per week
Silo PT-USDe-28NOV2024 (deposit USDC) 500 ARB per week
Dolomite PT-eETH-26SEPT2024 500 ARB per week
Dolomite PT-ezETH-26SEPT2024 500 ARB per week
Dolomite PT-rsETH-26SEPT2024 2000 ARB per week
Stella LP-rsETH-26SEPT20245-Penpie 300 ARB per week
Stella LP-eETH-26SEPT2024-Penpie 700 ARB per week
Yearn yPT-eETH 2500 ARB per week
Yearn yPT-ezETH 2500 ARB per week
Yearn yPT-rsETH 2500 ARB per week
Yearn yPT-USDe 2500 ARB per week
Timeswap PT-eETH-26SEPT2024/WETH (borrow wETH) 1000 ARB per week
Thetanuts PT-eETH-26SEPT2024 1000 ARB per week
Thetanuts PT-ezETH-26SEPT2024 1000 ARB per week
Thetanuts PT-rsETH-26SEPT2024 1000 ARB per week
Thetanuts PT-uniETH-26DEC2024 1000 ARB per week
Credit Guild PT-USDe-29AUG2024 (borrow USDC) 200 ARB per week
Gammaswap PT-eETH-26SEPT2024 500 ARB per week
Locus Pendle Index Vault 200 ARB per week
Sumer PT-eETH-26SEPT2024 200 ARB per week
Sumer PT-rsETH-26SEPT2024 200 ARB per week
WiseLending Pendle ETH Farm 100 ARB per week
WiseLending Pendle USDC Farm 100 ARB per week
WiseLending Pendle USDT Farm 100 ARB per week
WiseLending Pendle DAI Farm 100 ARB per week
AdapterFi PT-gUSDC-26DEC2024 700 ARB per week
Index Coop hyETH 3500 ARB per week

To date, 653,050 of our 1M ARB allocation from the STIP has been distributed.

ARB Received Last Disbursement:

166,667 ARB

ARB Utilized as Incentives in the Last Two Weeks:

  • LP — 127,875 (includes 10,000 ARB from Gains Network and Bedrock)
  • Pencosystem — 54,000

Contracts incentivized over the last 2 weeks:

No contracts were incentivized this round as there is still sufficient ARB in the distribution contracts. The next distribution will be the final one on the 21st of September.

Contract address label Form completed for all addresses:

Yes.

ARB left over:

346,950 ARB

Plan for leftover ARB:

We will continue following the plan outlined in our STIP Bridge proposal and will make use of all the ARB incentives until the end of STIP Bridge.

Summary of incentives:

Overall Summary:

  • 30% (1,100,000 ARB) will be allocated to the Pendle pools on Arbitrum to deepen liquidity.
  • 65% (800,000 ARB) will be allocated to campaigns to increase activity and trading volume for the Pendle markets on Arbitrum.
  • 5% (100,000 ARB) will be allocated to ecosystem integrations that are integrating the Pendle protocol on Arbitrum.

Detailed:

  • 29th August Epoch
    • LPs (Pendle pool incentives) — 20,000 ARB
    • Pencosystem Campaign (includes ecosystem integrations) — 18,000 ARB
  • 5th September Epoch
    • LPs (Pendle pool incentives) — 107,875 ARB
    • Pencosystem Campaign (includes ecosystem integrations) — 18,000 ARB

Note: If the incentives cap is not reached and thus not all incentives will be distributed, the ARB will be rolled over to the next epoch. All ARB is meant to be distributed by the end of the STIP Bridge.

Additional Info / Disclosures to Multisig:

No additional info.

STATS (Since 29th Aug)

Total TVL

$164m

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image934×465 30.4 KB

Average daily transactions:

823

Average 30D MA volumes:

$48m

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Number of unique user addresses:

230k

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Link to Dashboard showing metrics:

Plan For the Next Two Weeks

  • We are incentivizing LPs as usual.
  • The Pencosystem Campaign will continue given the sheer amount of integrations taking place.

Amount of ARB to be distributed:

369,950 ARB

Contracts that will be incentivized:

0x23a102e78D1FF1645a3666691495174764a5FCAF

0xCC4933B0405Ae9DDFE05a54d20f56A0447c9EBcF (Only for Silo rewards)

Contract address label Form completed for all addresses:

Yes

Mechanism for distribution incentives:

  • LP and Pencosystem incentives are measured throughout an epoch (a week starting Thursday 00:00 UTC).
  • After an epoch, users can claim their ARB rewards through Merkle drop via our Arbitrum Season dashboard.
  • Silo rewards from Pencosystem will be distributed via Angle Labs’ Merkl.

**Summary of incent

  • Pendle pool incentives for LPs — 127,875 ARB
  • Pencosystem Campaign — 36,000 ARB

Summary of changes to the original plan:

The original plans outlined in the STIP Bridge proposal have remained the same.

7

Pendle STIP.B Bi-Weekly Report #7 (Sep. 23, 2024)

STIP.B Summary:

  • With the STIP Bridge ended, we have unfortunately missed the KPI targets we have set for ourselves. It could be from several factors such as the market downturn and a general fatigue from points.
  • However, through the STIP Bridge, we have successfully expanded the Pendle ecosystem (Pencosystem), introducing enhanced support for our PT assets, with over 16 integrated protocols.
  • Some of the standout contributors include Yearn, Dolomite, Silo, and Thetanuts. The money market protocols Dolomite and Silo together captured an additional $15 million in TVL. Yearn’s auto-rollover feature brought in $10 million in TVL, while Thetanuts attracted up to $5 million in TVL.
  • This growth has increased visibility for the Pencosystem, supporting Pendle assets and native tokens such as WETH, WBTC, and ARB. As a result, it has spurred indirect activity on Arbitrum, as users exploring these protocols often engage with non-Pendle assets as well.
  • This approach has fostered organic activity within the Arbitrum ecosystem despite the market downturn, rather than relying on aggressive liquidity provider (LP) incentives, which could attract short-term capital.

Recap of the Previous Two Weeks

Our last epoch of STIP.B ARB incentives focused on the four top-performing Pencosystem partner protocols that have consistently contributed the most to our ecosystem growth. Specifically, the protocols Silo, Dolomite, Yearn, and Thetanuts have collectively attracted $30 million in TVL by expanding the use of PTs across the Arbitrum ecosystem.

More details below on other stats for the past two weeks:

TVL growth of LP incentivized pools:

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Pool TVL Change
weETH 26DEC2024 $12m
rsETH 26DEC2024 $7m
gDAI 27MAR2025 $1.6m
USDe 28NOV2024 $1m
uniETH 26DEC2024 -$0.5m
gUSDC 26DEC2024 -$1.2m

Highest Volume pools in the last 2 weeks:

Pool Trading Volume
weETH 26SEP2024 $15m
USDe 28NOV2024 $5.7m
rsETH 26SEP2024 $3.9m
ezETH 26SEP2024 $2.9m
weETH 26DEC2024 $2.3m
gUSDC 26DEC2024 $1.7m
rsETH 26DEC2024 $1.7m

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The ARB allocation breakdown for LPs for the last 2 epochs is listed below (A Pendle epoch starts and ends every Thursday of the week):

12th September Epoch

Pool ARB Allocated
gUSDC 26DEC2024 15,000
USDe 28NOV2024 10,000
gDAI 27MAR2024 15,000
eETH 26DEC2024 35,000
rsETH 26DEC2024 32,875
uniETH 26DEC2024 10,000

Note: We have collaborated with Gains Network and Bedrock to match ARB incentives for gUSDC pool and uniETH pool (5k ARB each)

19th September Epoch

Pool ARB Allocated
gUSDC 26DEC2024 15,000
USDe 28NOV2024 10,000
gDAI 27MAR2024 15,000
eETH 26DEC2024 35,000
rsETH 26DEC2024 32,875
uniETH 26DEC2024 10,000

Note: We have collaborated with Gains Network and Bedrock to match ARB incentives for gUSDC pool and uniETH pool (5k ARB each)

Pencosystem Campaign incentives:
12th Sept Epoch

Protocol Pool/Vault ARB Amount
Silo PT-eETH-26SEPT2024 2500 ARB per week
Silo PT-ezETH-26SEPT2024 2500 ARB per week
Silo PT-rsETH-26SEPT2024 2500 ARB per week
Silo PT-USDe-28NOV2024 (deposit USDC) 500 ARB per week
Dolomite PT-eETH-26SEPT2024 500 ARB per week
Dolomite PT-ezETH-26SEPT2024 500 ARB per week
Dolomite PT-rsETH-26SEPT2024 2000 ARB per week
Yearn yPT-eETH 2500 ARB per week
Yearn yPT-ezETH 2500 ARB per week
Yearn yPT-rsETH 2500 ARB per week
Yearn yPT-USDe 2500 ARB per week
Thetanuts PT-eETH-26SEPT2024 1000 ARB per week
Thetanuts PT-ezETH-26SEPT2024 1000 ARB per week
Thetanuts PT-rsETH-26SEPT2024 1000 ARB per week
Thetanuts PT-uniETH-26DEC2024 1000 ARB per week

To date, all of the ARB allocated to STIP has been distributed

ARB Received Last Disbursement:

166,665 ARB

ARB Utilized as Incentives in the Last Two Weeks:

  • LP — 235,750 (includes 10,000 ARB from Gains Network and Bedrock)
  • Pencosystem — 53,000

Contracts incentivized over the last 2 weeks

Pendle Merkle Distributor: 0x23a102e78D1FF1645a3666691495174764a5FCAF

Angle Merkl: 0x3Ef3D8bA38EBe18DB133cEc108f4D14CE00Dd9Ae

Contract address label Form completed for all addresses:

Yes.

ARB left over:

0 ARB

Plan for leftover ARB:

We have successfully distributed all ARB allocated throughout the STIP.B. However, external protocols are interested in further incentivizing our LP with their ARB for the next 4 epochs. Bedrock has committed 5k ARB per epoch to the uniETH pool.

Summary of incentives:

Overall Summary:

  • 30% (1,100,000 ARB) will be allocated to the Pendle pools on Arbitrum to deepen liquidity.
  • 65% (800,000 ARB) will be allocated to campaigns to increase activity and trading volume for the Pendle markets on Arbitrum.
  • 5% (100,000 ARB) will be allocated to ecosystem integrations that are integrating the Pendle protocol on Arbitrum.

Detailed:

  • 12th September Epoch
    • LPs (Pendle pool incentives) — 117,875 ARB
    • Pencosystem Campaign (includes ecosystem integrations) — 30,500 ARB
  • 19th September Epoch
    • LPs (Pendle pool incentives) — 117,875 ARB
    • Pencosystem Campaign (includes ecosystem integrations) — 22,500 ARB

Note: If the incentives cap is not reached and thus not all incentives will be distributed, the ARB will be rolled over to the next epoch. All ARB is meant to be distributed by the end of the STIP Bridge.

Additional Info / Disclosures to Multisig:

No additional info.

STATS (Since 12th Sep)

Total TVL

$170m

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Average daily transactions:

780

Average 30D MA volumes:

$48m

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Number of unique user addresses:

232k

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Link to Dashboard showing metrics:

Plan For the Next Two Weeks

All ARB incentives from the Pendle side have been distributed. We will however continue to distribute the ARB that was incentivised by external protocols (i.e. Bedrock).

Amount of ARB to be distributed:

  • 0 remaining from Pendle.
  • An additional 20,000 ARB, provided by Bedrock, is to be distributed for the uniETH pool on Pendle.

Contracts that will be incentivized:

0x23a102e78D1FF1645a3666691495174764a5FCAF

Contract address label Form completed for all addresses:

Yes

Mechanism for distribution incentives:

  • LP and Pencosystem incentives are measured throughout an epoch (a week starting Thursday 00:00 UTC).
  • After an epoch, users can claim their ARB rewards through Merkle drop via our Arbitrum Season dashboard.
  • Silo rewards from Pencosystem will be distributed via Angle Labs’ Merkl.

Summary of incentives plan:

  • Pendle pool incentives for LPs — 20,000 ARB (from Bedrock)

Summary of changes to the original plan:

The original plans outlined in the STIP Bridge proposal have remained the same and all ARB incentives received from the program were disbursed. The only remaining rewards to be distributed from our distribution contracts were from external parties such as Bedrock.