Pendle STIP.B Bi-Weekly Update

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.

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:

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

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

Average daily transactions:

3,717

Average 30D MA volumes:

$311 million

Number of unique user addresses:

221k

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

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:

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

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

Average daily transactions:

1,866

Average 30D MA volumes:

$268m

Number of unique user addresses:

223k

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.