Pendle STIP Program Updates

[EynSoph]

Pendle Bi-Weekly Update #1 (Nov. 17, 2023)

Recap of the Previous Two Weeks

Since the start of what we’d like to call “Arbitrum Season”, we’ve seen a tremendous uptick in traction. We have seen an increase in TVL, unique addresses, and a significant increase in traded volume. Our goal was to hit $60M in TVL and $16M in average monthly trading volume by the end of November. We have reached this goal within the span of the last two weeks! In fact, our traded volume has already breached the targeted KPI of $20M, now standing at $25M. We have close to doubled our traded volume since the start of Arbitrum Season!

Furthermore, in the last two weeks, we have listed 2 new yield-trading pools on Arbitrum, namely MUXLP from MUX Protocol and GM ARB-USD from GMX. We will continue to list more pools on Arbitrum throughout the STIP, showing our commitment to growing the DeFi landscape on Arbitrum.

Tracking of activity officially started on Nov. 9th. Users will be able to collect their ARB rewards weekly via merkle drop by Nov. 16th onwards. The first campaign will be on Swap Fee Rebates where 75% fee rebate will be given to all Pendle trades, including buy/sell of PT & YT, zap in/out of LP, on Arbitrum (paid in ARB). Rebates will be given on a first come first serve basis.

We have launched an Arbitrum Season Dashboard where users can monitor the weekly fee rebate cap and keep a tally or make claims of their earned ARB rewards. This dashboard will be the command center for STIP on Pendle for the entire duration. More details can be found in these announcements:

https://twitter.com/pendle_fi/status/1721859974308237409
https://medium.com/pendle/pendle-arbitrum-season-ae982d2b87c0

Lastly, we have concocted a data dashboard to track our performance throughout this season. A transparency report (as also seen in this bi-weekly report) for the use of the ARB in the STIP can also be seen on the dashboard. You can find the data dashboard here:

http://arbitrum.pendle.finance/

ARB Received Last Disbursement:

285,715 ARB

ARB Utilized as Incentives in the Last Two Weeks:

70,069 ARB

Contracts incentivized over the last 2 weeks:

Pendle Merkle Distributor: 0x23a102e78D1FF1645a3666691495174764a5FCAF

• Nov. 15: 93,500 ARB transferred to this contract from multisig
• Nov 16:
  • Merkle root set for LP incentives and swap rebates
  • Merkle root set for zapping in/out rebates

Contract address label completed for all addresses:

Yes.

ARB left over:

1,929,931 ARB

Plan for leftover ARB:

We will continue following the plan as outlined in our STIP proposal and the leftover ARB will be rolled over to the next LP incentives, swap rebates, upcoming campaigns, etc. as stipulated in the proposal.

Summary of incentives:

Overall Summary:

• 55% (1,100,000 ARB) will be allocated to the Pendle pools on Arbitrum to deepen liquidity.
• 40% (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:

• Week of 9th Nov.
  • LPs (Pendle pool incentives) — 67,000 ARB
  • Swap fee rebates (Pendle campaign) — 26,500k ARB
• Week of 16 Nov
  • LPs (Pendle pool incentives) — 67,000 ARB
  • Swap fee rebates (Pendle campaign) — 26,500k ARB

Note: If the swap fee rebates cap is not reached and thus not all incentives will be distributed, the ARB will be rolled over to the next epoch.

Additional Info / Disclosures to Multisig:

No additional info.

STATS (Since 9th Nov.)

Average daily TVL:

$68 million

Average daily volumes:

$1.3 million

Number of unique user addresses:

59,722

Transaction fees:

$5,476

Link to Dashboard showing metrics:

https://arbitrum.pendle.finance/

Plan For the Next Two Weeks

Amount of ARB to be distributed:

187,000 ARB

Contracts that will be incentivized:

0x23a102e78D1FF1645a3666691495174764a5FCAF

Contract address label completed for all addresses:

Yes

Mechanism for distribution incentives:

LP incentives and swap fee rebates are measured throughout an epoch (a week starting Thursday 00:00 UTC). At the conclusion of an epoch, users can claim their ARB rewards through Merkle drop via our Arbitrum Season dashboard.

Summary of incentives plan:

LPs (Pendle pool incentives) — 67,000 ARB
Swap fee rebates (Pendle campaign) — 26,500 ARB

Summary of changes to the original plan:

No changes from the original plan.

[EynSoph]

Pendle Bi-Weekly Update #2 (Dec. 01, 2023)

Recap of the Previous Two Weeks

In the previous two weeks, total TVL and 30D-MA-trading volume were up to $89M and $31M respectively. According to DeFiLlama, Pendle is now the 7th largest protocol on Arbitrum by TVL.

To date, ~210k of our 2M ARB allocation from the STIP have been distributed. In addition, within this timeframe, the Arbitrum pools on Pendle have amassed ~$16M in volume. For context, that’s +8% of the cumulative sum from the previous timeframe.

Biggest TVL growths in the last 2 weeks:

• Silo sUSDC-01FEB2024 — $6.3M
• rETH-26JUN2025 — $2.9mil
• wstETH-27JUN2024 — $2.8mil
• GLP-28MAR2024 — $2.8mil
• MUXLP-28MAR2024 — $793k
• GM ARB-USDC-28MAR2024 — $231k
• HLP-27JUN2024 — $173k
• ARB-ETH Camelot-27JUN2024 — $125k
  
  

Highest Volume pools in the last 2 weeks:

• Silo sUSDC-01FEB2024 — $4.6M
• GLP-28MAR2024 — $3.7M
• mPENDLE-26SEP2024 — $2.0M
• wstETH-28DEC2023 — $1.4M
• wstETH-27JUN2024 — $1.1M
• gDAI-28MAR2024 — $1.03M
  
  

One important change to note is that the mechanism of how ARB is allocated as incentives to pools for LPs has been changed starting last 23rd Nov. epoch. Instead of the allocation being decided by vePENDLE votes to pools, the allocation per pool is now decided by the Pendle team based on metrics such as the most active yield markets and/or new pools to bootstrap initial liquidity. This is to avoid situations where one pool captures almost the entire ARB allocation due to the votes it has captured (due to bribes or others). The team is experimenting to have a focused effort on certain pools that we’d like to incentivize more and to grow that yield-trading volume.

The ARB allocation breakdown for the last 2 epochs is listed below:

16th Nov. Epoch
Still using vePENDLE system, where allocation is based on voting weight per pool.

23rd Nov. Epoch

Pool	ARB Allocated
GLP-28MAR2024	17000
rETH-26JUN2025	17000
Silo sUSDC-01FEB2024	13500
wstETH-27JUN2024	13500
MUXLP-28MAR2024	6000

On listings, in the last two weeks, we have listed a new yield-trading pool on Arbitrum, namely the Silo sUSDC.e pool for SIlo’s ARB market. That pool now stands at $6.3M in TVL after launch. We have more pool listings planned throughout the STIP which should make things interesting for Arbitrum users.

As usual, you can track our STIP performance throughout this season. A transparency report (as also seen in this bi-weekly report) for the use of the ARB in the STIP can be seen on the dashboard. You can find the dashboard here: http://arbitrum.pendle.finance/

ARB Received Last Disbursement:

285,715 ARB

ARB Utilized as Incentives in the Last Two Weeks:

140,389 ARB

Contracts incentivized over the last 2 weeks:

Pendle Merkle Distributor: 0x23a102e78D1FF1645a3666691495174764a5FCAF

• Nov. 22: 70,069 ARB transferred to this contract from multisig
• Nov. 23: Merkle root set for LP and trading incentives
• Nov. 28: 93,500 ARB transferred to this contract from multisig
• Nov. 30: Merkle root set for LP and trading incentives

Contract address label completed for all addresses:

Yes.

ARB left over:

1,789,542 ARB

Plan for leftover ARB:

We will continue following the plan as outlined in our STIP proposal and the leftover ARB will be rolled over to the next LP incentives, swap rebates/trading incentives, upcoming campaigns such as the Leaderboard campaign, etc. as stipulated in the proposal.

Summary of incentives:

Overall Summary:

• 55% (1,100,000 ARB) will be allocated to the Pendle pools on Arbitrum to deepen liquidity.
• 40% (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:

• Week of 23rd Nov.
  • LPs (Pendle pool incentives) — 67,000 ARB
  • Swap fee rebates/Trading incentives (Pendle campaign) — 26,500 ARB
• Week of 30th Nov
  • LPs (Pendle pool incentives) — 67,000 ARB
  • Swap fee rebates/Trading incentives (Pendle campaign) — 26,500 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.

Additional Info / Disclosures to Multisig:

No additional info.

STATS (Since 17th Nov.)

Average daily TVL:

$68 million

Average daily transactions:

386

Average daily volumes:

$1.2 million

Number of unique user addresses:

60,659

Transaction fees:

$7,196

Link to Dashboard showing metrics:

https://arbitrum.pendle.finance/

Plan For the Next Two Weeks

We will announce a Leaderboard campaign where the top-ranked users in terms of % gain will earn ARB rewards. This competition will stimulate more trading volume and TVL. The Leaderboard campaign lasts from 30th Nov. to 20th Dec. The ARB rewards will be distributed once the competition concludes.

In addition, we will start giving out incentives to users who make use of their Pendle assets in other Pendle ecosystem integrations, such as using their PTs as collateral or depositing their LP position in a strategy. We will be allocating 10k ARB per epoch for this activity. The breakdown of allocated incentives for each integration is as follows:

Protocol	Pool	ARB Amount
Stella	LP-wstETH-27JUN2024-Penpie	3000
Stella	LP-rETH-26JUN2025-Penpie	3000
Dolomite	PT-wstETH-27JUN2024	1000
Dolomite	PT-rETH-26JUN2025	1000
Dolomite	PT-GLP-28MAR2024	1000
Timeswap	PT-GLP-28MAR2024 (borrow USDC.e)	500
Teller	PT-gDAI-28MAR2024 (borrow USDC)	250
Teller	PT-GLP-28MAR2024 (borrow USDC)	250

Amount of ARB to be distributed:

187,000 ARB

Contracts that will be incentivized:

0x23a102e78D1FF1645a3666691495174764a5FCAF

Contract address label Form completed for all addresses:

Yes

Mechanism for distribution incentives:

LP and trading incentives are measured throughout an epoch (a week starting Thursday 00:00 UTC). At the conclusion of an epoch, users can claim their ARB rewards through Merkle drop via our Arbitrum Season dashboard.

The Leaderboard campaign rewards will also be distributed with the same Merkle drop contract at the conclusion of the contest on the 20th Dec.

Summary of incentives plan:

Pendle pool incentives for LPs (per epoch) — 67,000 ARB
Pendle campaign swap fee rebates/trading incentives (per epoch) — 26,500 ARB
Pendle integration incentives (per epoch) — 10,000 ARB
Leaderboard campaign (30th Nov. - 20th Dec.) — 20,000 ARB

Summary of changes to the original plan:

As mentioned in the summary above, moving forward, ARB incentives will be channeled to the most active yield markets and/or new pools to bootstrap initial liquidity and will no longer be based on vePENDLE votes. We have announced this change to our community here.

[EynSoph]

Pendle Bi-Weekly Update #3 (Dec. 15, 2023)

Recap of the Previous Two Weeks

The past two weeks were very exciting for Pendle! We are now distributing incentives in 4 areas as initially described in our STIP proposal: 1) LP incentives, 2) Swap fees rebate campaign, 3) Leaderboard trading campaign, 4) Ecosystem integration incentives.

As a recap of the last two weeks, the total TVL and 30D-MA-trading volume has gone up to $110mil and $44M respectively. In this period, we have ranked second in terms of overall growth when measured in TVL in $ terms (next to GMX who overall has the most outstanding growth). Specifically, the Arbitrum pools on Pendle have amassed ~$26M in volume. For context, that’s +8% of the cumulative sum from the previous timeframe. We have gone above and beyond the KPIs we’ve indicated in our proposal for both TVL and volume.

To date, ~358k of our 2M ARB allocation from the STIP have been distributed.

Biggest TVL growths in the last 2 weeks:

Pool	TVL Change
wstETH 28MAR2024	17,108,970
GLP 28MAR2024	6,854,789
aUSDC 27JUN2024	1,644,588
gDAI 28MAR2024	1,111,123
rETH 26JUN2025	852,171

Highest Volume pools in the last 2 weeks:

Pool	Trading Volume
wstETH 28MAR2024	6,409,399
sUSDC-ARBSilo 1FEB2024	4,571,329
GLP 28MAR2024	3,512,009
wstETH 28DEC2023	2,549,524
gDAI 28MAR2024	2,142,531
wstETH 27JUN2024	1,427,602
aUSDC 27JUN2024	1,393,341

The ARB allocation breakdown for the last 2 epochs is listed below:

30th Nov. Epoch

Pool	ARB Allocated
GLP-28MAR2024	17000
Silo sUSDC-01FEB2024	13500
wstETH-27JUN2024	13500
gDAI-28MAR2024	13500
MUXLP-28MAR2024	6000
mPENDLE-26SEP24	3500

7th Dec. Epoch

Pool	ARB Allocated
wstETH-28MAR2024	20000
GLP-28MAR2024	17000
wstETH-27JUN2024	8000
Silo sUSDC-01FEB2024	8000
rETH-26JUN2025	7000
gDAI-28MAR2024	7000

On listings, in this period, we have listed two new pools: a new short-dated wstETH pool maturing in March 2024 and Aave aUSDC. The pools have garnered ~20mil TVL cumulatively to date.

We’ve deployed a new upgrade for all the pools which allows each pool to create its own swap fees tier, paving the foundation for a dynamic permissionless yield market! This makes pools such as the wstETH-28MAR2024 pool on Arbitrum more attractive to yield trade.

Lastly, we’ve started distributing ARB incentives to users that make more use of their Pendle assets on other Pendle ecosystem integrations. We have initially worked with Dolomite, Stella, Timeswap, and Teller during this timeframe. We will continue to work with them and also find others that present interesting integration use cases of Pendle, thereby showcasing the collaborative efforts of DeFi on Arbitrum. The following PT/LP integrations were incentivized:

7th Dec. Epoch

Protocol	Pool	ARB Amount
Stella	LP-wstETH-27JUN2024-Penpie	3000
Stella	LP-rETH-26JUN2025-Penpie	3000
Dolomite	PT-wstETH-27JUN2024	1000
Dolomite	PT-rETH-26JUN2025	1000
Dolomite	PT-GLP-28MAR2024	1000
Timeswap	PT-GLP-28MAR2024 (borrow USDC.e)	500
Teller	PT-gDAI-28MAR2024 (borrow USDC)	250
Teller	PT-GLP-28MAR2024 (borrow USDC)	250

ARB Received Last Disbursement:

285,715 ARB

ARB Utilized as Incentives in the Last Two Weeks:

148,107 ARB

Contracts incentivized over the last 2 weeks:

Pendle Merkle Distributor: 0x23a102e78D1FF1645a3666691495174764a5FCAF

• Dec. 05: 93,500 ARB transferred to this contract from multisig
• Dec. 07: Merkle root set for LP and trading incentives
• Dec. 12: 100,500 ARB transferred to this contract from multisig
• Nov. 15: Merkle root set for LP, trading, and ecosystem integration incentives

Contract address label Form completed for all addresses:

Yes.

ARB left over:

1,641,435 ARB

Plan for leftover ARB:

We will continue following the plan as outlined in our STIP proposal and the leftover ARB will be rolled over to the next batch of incentives.

Summary of incentives:

Overall Summary:

• 55% (1,100,000 ARB) will be allocated to the Pendle pools on Arbitrum to deepen liquidity.
• 40% (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:

• Week of 30th Nov.
  • LPs (Pendle pool incentives) — 67,000 ARB
  • Swap fee rebates/Trading incentives (Pendle campaign) — 26,500 ARB
• Week of 7th Nov
  • LPs (Pendle pool incentives) — 67,000 ARB
  • Swap fee rebates/Trading incentives (Pendle campaign) — 26,500 ARB
  • Incentives for Stella, Dolomite, Timeswap, Teller (Ecosystem integration) — 10,000 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.

Additional Info / Disclosures to Multisig:

No additional info.

STATS (Since 1st Dec)

Average daily TVL:

$103 million

Average daily transactions:

350

Average daily volumes:

$1.47 million

Number of unique user addresses:

61,292

Transaction fees:

$7,556

Link to Dashboard showing metrics:

https://arbitrum.pendle.finance/

Plan For the Next Two Weeks

• The Leaderboard campaign is ongoing with will conclude by 20th Dec. The ARB rewards will be distributed once the competition concludes.
• We are supercharging swap fees as part of our trading campaign. Users can now earn 120% of swap fees as bonus ARB rewards by trading in these specific Arbitrum pools:
  • wstETH-28MAR2024
  • GLP-28MAR2024
  • gDAI-28MAR2024
  • aUSDC-27JUN24
  • mPENDLE-26SEP24
  • rETH-26JUN2025
• We will continue to give out incentives to users who make use of their Pendle assets in other Pendle ecosystem integrations. Allocation per protocol and per pool changes per epoch as we’d like to prioritize traction and growth. The breakdown for the next epoch is as follows:

Protocol	Pool	ARB Amount
Stella	LP-wstETH-27JUN2024-Penpie	3000
Stella	LP-rETH-26JUN2025-Penpie	3000
Dolomite	PT-wstETH-27JUN2024	1000
Dolomite	PT-rETH-26JUN2025	1000
Dolomite	PT-GLP-28MAR2024	1000
Timeswap	PT-GLP-28MAR2024 (borrow USDC.e)	1000

Amount of ARB to be distributed:

187,000 ARB

Contracts that will be incentivized:

0x23a102e78D1FF1645a3666691495174764a5FCAF

Contract address label Form completed for all addresses:

Yes

Mechanism for distribution incentives:

• LP, trading, and ecosystem integration incentives are measured throughout an epoch (a week starting Thursday 00:00 UTC).
• At the conclusion of an epoch, users can claim their ARB rewards through Merkle drop via our Arbitrum Season dashboard.
• The Leaderboard campaign rewards will also be distributed with the same Merkle drop contract at the conclusion of the contest on the 20th Dec.

Summary of incentives plan:

• Pendle pool incentives for LPs (per epoch) — 67,000 ARB
• Pendle campaign swap fee rebates/trading incentives (per epoch) — 40,000 ARB
• Pendle integration incentives (per epoch) — 10,000 ARB
• Leaderboard campaign (30th Nov. - 20th Dec.) — 20,000 ARB

Summary of changes to the original plan:

No major changes to the original plans based on the last changes from the last bi-weekly update.

[EynSoph]

Pendle Bi-Weekly Update #4 (Dec. 29, 2023)

Recap of the Previous Two Weeks

Happy Holidays and a Happy New Year! Despite the holidays, Pendle has pulled in quite some numbers. In the last two weeks, the total TVL and 30D-MA-trading volume has reached $53M and $118M respectively. The Arbitrum pools on Pendle have amassed ~$23.6M in volume, a +19% increase from the 30D-MA-trading volume from the previous report.

More details below:

Biggest TVL growths in the last 2 weeks:

Pool	TVL Change
aUSDC 27JUN2024	5,666,652
wstETH 28DEC2023	4,483,039
wstETH 28MAR2024	3,050,733
mPendle 26SEP2024	893,845
GLP 28MAR2024	618,432

Highest Volume pools in the last 2 weeks:

Pool	Trading Volume
aUSDC 27JUN2024	7,196,086
sUSDC-ARBSilo 1FEB2024	5,155,562
GLP 28MAR2024	2,049,731
wstETH 28MAR2024	1,740,257
gDAI 28MAR2024	1,738,882
wstETH 28DEC2023	1,329,324
wstETH 27JUN2024	1,122,650
MUXLP 28MAR2024	1,117,390

The ARB allocation breakdown for LPs for the last 2 epochs is listed below:

14th Dec. Epoch

Pool	ARB Allocated
aUSDC-27JUN24	20000
GLP-28MAR2024	17000
wstETH-28MAR24	13500
gDAI-28MAR2024	7000
rETH-26JUN2025	7000
mPENDLE-26SEP24	2500

21st Dec. Epoch

Pool	ARB Allocated
aUSDC-27JUN24	20000
GLP-28MAR2024	17000
wstETH-28MAR24	13500
gDAI-28MAR2024	7000
rETH-26JUN2025	7000
mPENDLE-26SEP24	2500

The first season of the Leaderboard trading campaign concluded last 20th Dec. 10 winners have won 20,000 ARB in total (10,000 ARB, 5,000 ARB, and 3,000 ARB are allocated to the first, second, and third place winners respectively). Congratulations to the winners! We will announce further Leadboard trading competitions in the near future.

We have supercharged swap fees for a few select pools as part of our trading campaign. Users earned 120% of swap fees as bonus ARB rewards by trading in these specific Arbitrum pools:

• wstETH-28MAR2024
• GLP-28MAR2024
• gDAI-28MAR2024
• aUSDC-27JUN24
• mPENDLE-26SEP24
• rETH-26JUN2025

All other pools are incentivized with 75% of swap fees as rebates.

Finally, we’ve continued to incentivize ecosystem integrations. In the last 2 epochs, the following PT/LP integrations were incentivized:

Protocol	Pool	ARB Amount
Stella	LP-wstETH-27JUN2024-Penpie	2000
Stella	LP-rETH-26JUN2025-Penpie	2000
Stella	LP-wstETH-26MAR2024-Penpie	2000
Dolomite	PT-wstETH-27JUN2024	1000
Dolomite	PT-rETH-26JUN2025	1000
Dolomite	PT-GLP-28MAR2024	1000
Timeswap	PT-GLP-28MAR2024 (borrow USDC.e)	1000

To date, ~539k of our 2M ARB allocation from the STIP have been distributed.

ARB Received Last Disbursement:

285,715 ARB

ARB Utilized as Incentives in the Last Two Weeks:

180,203 ARB

Contracts incentivized over the last 2 weeks:

Pendle Merkle Distributor: 0x23a102e78D1FF1645a3666691495174764a5FCAF

• Dec. 19: 177,000 ARB transferred to this contract from multisig
• Dec. 21: Merkle root set for LP, trading, Leadboard, and ecosystem integration incentives
• Dec. 27: 117,000 ARB transferred to this contract from multisig
• Dec. 28: Merkle root set for LP, trading, and ecosystem integration incentives

Contract address label Form completed for all addresses:

Yes.

ARB left over:

1,461,233 ARB

Plan for leftover ARB:

We will continue following the plan as outlined in our STIP proposal and the leftover ARB will be rolled over to the next batch of incentives.

Summary of incentives:

Overall Summary:

• 55% (1,100,000 ARB) will be allocated to the Pendle pools on Arbitrum to deepen liquidity.
• 40% (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:

• Week of 14th Dec.
  • LPs (Pendle pool incentives) — 67,000 ARB
  • Swap fee rebates/Trading incentives (Pendle campaign) — 26,500 ARB
  • Incentives ecosystem integrations — 10,000 ARB
  • Leaderboard Trading Campaign rewards — 20,000 ARB
• Week of 21st Dec.
  • LPs (Pendle pool incentives) — 67,000 ARB
  • Swap fee rebates/Trading incentives (Pendle campaign) — 40,000 ARB
  • Incentives ecosystem integrations — 10,000 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.

Additional Info / Disclosures to Multisig:

No additional info.

STATS (Since 15th Dec)

Average daily TVL:

$119 million

Average daily transactions:

190

Average daily volumes:

$1.7 million

Number of unique user addresses:

61591

Transaction fees:

$7.4k

Link to Dashboard showing metrics:

https://arbitrum.pendle.finance/

Plan For the Next Two Weeks

• We are incentivizing LPs and trading as usual.
• Supercharged swap fees will remain the same for the same pools for the next 2 epochs in the spirit of the holidays.
• We will continue to give out incentives to users who make use of their Pendle assets in other Pendle ecosystem integrations. No major changes on the allocation (as seen in the tables above) until we see new ecosystem protocols launch their integrations.

Amount of ARB to be distributed:

234,000 ARB

Contracts that will be incentivized:

0x23a102e78D1FF1645a3666691495174764a5FCAF

Contract address label Form completed for all addresses:

Yes

Mechanism for distribution incentives:

• LP, trading, and ecosystem integration 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.
• The Leaderboard campaign rewards will also be distributed with the same Merkle drop contract at the conclusion of the contest.

Summary of incentives plan:

• Pendle pool incentives for LPs (per epoch) — 67,000 ARB
• Pendle campaign swap fee rebates/trading incentives (per epoch) — 40,000 ARB
• Pendle integration incentives (per epoch) — 10,000 ARB

Summary of changes to the original plan:

No major changes to the original plans based on the last changes from the last bi-weekly update.

[EynSoph]

Pendle Bi-Weekly Update #5 (Jan. 12, 2024)

Recap of the Previous Two Weeks

GM! We’re now 5 updates in with this one. In the last two weeks, the total TVL and 30D-MA trading volume has reached $115M and $69M respectively. To set some perspective, right before the start of STIP, Pendle’s TVL and 30D-MA trading volume on Arbitrum was $56M and $17M respectively. The KPI milestones we set for ourselves to hit by 31st Jan. were to attain $80M in TVL and $20M in 30D-MA trading volume. We have achieved those milestones much earlier than we anticipated and even went beyond.

This underscores the need for a yield tokenization and yield trading financial primitive in DeFi. There is still a lot more to prove and we will work hard to exceed expectations.

More details below:

Biggest TVL growths in the last 2 weeks:

Pool	TVL Change
aUSDC-27JUN2024	8,886,075
gDAI-28MAR2024	6,226,409
mPendle-26SEP2024	2,401,131
rETH-26JUN2025	993,229

Highest Volume pools in the last 2 weeks:

Pool	Trading Volume
gDAI-28MAR2024	14,008,452
aUSDC-27JUN2024	10,765,934
GLP-28MAR2024	5,655,919
wstETH-28MAR2024	2,843,128
sUSDC-ARBSilo-01FEB2024	1,437,059

The ARB allocation breakdown for LPs for the last 2 epochs is listed below:

28th Dec. Epoch

Pool	ARB Allocated
aUSDC-27JUN24	20000
GLP-28MAR2024	17000
wstETH-28MAR24	13500
gDAI-28MAR2024	7000
rETH-26JUN2025	7000
mPENDLE-26SEP24	2500

4th Jan. Epoch

Pool	ARB Allocated
aUSDC-27JUN24	20000
GLP-28MAR2024	17000
wstETH-28MAR24	13500
gDAI-28MAR2024	7000
rETH-26JUN2025	7000
mPENDLE-26SEP24	2500

Supercharged swap fees were still given out for a few select pools as part of our trading campaign for the last two epochs. These Arbitrum pools were incentivized with such:

• wstETH-28MAR2024
• GLP-28MAR2024
• gDAI-28MAR2024
• aUSDC-27JUN24
• mPENDLE-26SEP24
• rETH-26JUN2025

We’ve recently announced the launch of our Limit Order feature. This allows users to place limit orders for PT/YT at their desired Implied APY. We are first launching this feature on Arbitrum. Incentives for Limit Order makers will be given out starting on the next epoch, as described below in the next two-week plan.

Finally, we’ve continued to incentivize ecosystem integrations. In the last 2 epochs, the following PT/LP integrations were incentivized:

Protocol	Pool	ARB Amount
Stella	LP-wstETH-27JUN2024-Penpie	2000
Stella	LP-rETH-26JUN2025-Penpie	2000
Stella	LP-wstETH-26MAR2024-Penpie	2000
Dolomite	PT-wstETH-27JUN2024	1000
Dolomite	PT-rETH-26JUN2025	1000
Dolomite	PT-GLP-28MAR2024	1000
Timeswap	PT-GLP-28MAR2024 (borrow USDC.e)	1000

To date, ~689k of our 2M ARB allocation from the STIP have been distributed.

ARB Received Last Disbursement:

285,715 ARB

ARB Utilized as Incentives in the Last Two Weeks:

159,321 ARB

Contracts incentivized over the last 2 weeks:

Pendle Merkle Distributor: 0x23a102e78D1FF1645a3666691495174764a5FCAF

• Dec. 27: 117,000 ARB transferred to this contract from multisig
• Dec. 28: Merkle root set for LP, trading, and ecosystem integration incentives
• Jan. 03: 117,000 ARB transferred to this contract from multisig
• Jan. 04: Merkle root set for LP, trading, and ecosystem integration incentives

Contract address label Form completed for all addresses:

Yes.

ARB left over:

1,310,912 ARB

Plan for leftover ARB:

We will continue following the plan as outlined in our STIP proposal and the leftover ARB will be rolled over to the next batch of incentives.

Summary of incentives:

Overall Summary:

• 55% (1,100,000 ARB) will be allocated to the Pendle pools on Arbitrum to deepen liquidity.
• 40% (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:

• Week of 28th Dec.
  • LPs (Pendle pool incentives) — 67,000 ARB
  • Swap fee rebates/Trading incentives (Pendle campaign) — 40,00 ARB
  • Incentives ecosystem integrations — 10,000 ARB
• Week of 4th Jan.
  • LPs (Pendle pool incentives) — 67,000 ARB
  • Swap fee rebates/Trading incentives (Pendle campaign) — 40,000 ARB
  • Incentives ecosystem integrations — 10,000 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.

Additional Info / Disclosures to Multisig:

No additional info.

STATS (Since 28th Dec)

Average daily TVL:

$108 million

Average daily transactions:

105

Average daily volumes:

$2.77 million

Number of unique user addresses:

61,728

Transaction fees:

$9.3k

Link to Dashboard showing metrics:

https://arbitrum.pendle.finance/

Plan For the Next Two Weeks

• We are incentivizing LPs and trading as usual.

• Supercharged swap fees will discontinue starting this 11th Jan. epoch. 50% of the swap fee will be given as rebates instead.

• We will continue to give out incentives to users who make use of their Pendle assets in other Pendle ecosystem integrations. No major changes on the allocation (as seen in the tables above) until we see new ecosystem protocols launch their integrations.

• With the launch of our new Limit Order functionality on Arbitrum, we are incentivizing Maker Orders. Rewards will be given based on much trading volume from Limit Orders users have made. The Maker Order rewards will begin with a few pools and slowly expand as we deem the system more stable. The allocation per pool is as follows:

  Pool	ARB Allocated
  aUSDC-27JUN24	16000
  gDAI-28MAR2024	16,000
  wstETH-28MAR24	10,000
  GLP-28MAR2024	6,000
  rETH-26JUN2025	2,000

Amount of ARB to be distributed:

334,000 ARB

Contracts that will be incentivized:

0x23a102e78D1FF1645a3666691495174764a5FCAF

Contract address label Form completed for all addresses:

Yes

Mechanism for distribution incentives:

• LP, trading, and ecosystem integration 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.
• The Limit Order maker rewards will also be distributed with the same Merkle drop contract.

Summary of incentives plan:

• Pendle pool incentives for LPs (per epoch) — 67,000 ARB
• Pendle campaign swap fee rebates/trading incentives (per epoch) — 40,000 ARB
• Pendle maker order incentives for Limit Orders (per epoch) — 50,000 ARB
• Pendle integration incentives (per epoch) — 10,000 ARB

Summary of changes to the original plan:

No major changes to the original plans based on the last changes from the last bi-weekly update.

[EynSoph]

Pendle Bi-Weekly Update #6 (Jan. 26, 2024)

Recap of the Previous Two Weeks

We’re a month in for 2024 and with this 6th update, we’ve achieved a total TVL and 30D-MA trading volume of $117mil and $174mil respectively. The launch of the Limit Order Campaign was a huge success, which in turn generated huge trading volume for the protocol. Since the start of our Limit Order Campaign, Limit Orders have contributed $96,117,645 cumulative volume in the past two weeks.

More details below:

Biggest TVL growths in the last 2 weeks:

Pool	TVL Change
aUSDC-27JUN2024	4,924,768
gDAI-28MAR2024	4,737,250
mPendle-26SEP2024	2,998,620
wstETH-28MAR2024	1,224,338

Highest Volume pools in the last 2 weeks:

Pool	Trading Volume
wstETH-28MAR2024	75,397,192
aUSDC 27JUN2024	25,512,924
gDAI 28MAR2024	15,418,605
GLP 28MAR2024	7,148,768
rETH 26JUN2025	2,474,312
mPendle 26SEP2024	2,341,886

The ARB allocation breakdown for LPs for the last 2 epochs is listed below:
11th Jan. Epoch

Pool	ARB Allocated
aUSDC-27JUN24	35000
gDAI-28MAR2024	15000
wstETH-28MAR24	10000
GLP-28MAR2024	5000
rETH-26JUN2025	2000

18th Jan. Epoch

Pool	ARB Allocated
aUSDC-27JUN24	30000
gDAI-28MAR2024	13000
GLP-28MAR2024	3000
wstETH-28MAR24	3000
rETH-26JUN2025	1000

For Maker Order rewards, ARB incentives have been allocated to the following pools that have their Limit Orders Filled (rewards are determined by their volume %):

Pool
aUSDC-27JUN24
GLP-28MAR2024
wstETH-28MAR24
gDAI-28MAR2024
rETH-26JUN2025

In addition, a total of 40k ARB incentives are given per epoch as swap fee rebates. 50% of the swap fees will be given as rebates.

Finally, we’ve continued to incentivize ecosystem integrations. In the last 2 epochs, the following PT/LP integrations were incentivized:

Protocol	Pool	ARB Amount
Stella	LP-wstETH-27JUN2024-Penpie	2000
Stella	LP-rETH-26JUN2025-Penpie	2000
Stella	LP-wstETH-26MAR2024-Penpie	2000
Dolomite	PT-wstETH-27JUN2024	1000
Dolomite	PT-rETH-26JUN2025	1000
Dolomite	PT-GLP-28MAR2024	1000
Timeswap	PT-GLP-28MAR2024 (borrow USDC.e)	1000

To date, ~925k of our 2M ARB allocation from the STIP have been distributed.

ARB Received Last Disbursement:

285,715 ARB

ARB Utilized as Incentives in the Last Two Weeks:

227,154 ARB

Contracts incentivized over the last 2 weeks:

Pendle Merkle Distributor: 0x23a102e78D1FF1645a3666691495174764a5FCAF

• Jan. 18: 117,000 ARB transferred to this contract from multisig
• Jan. 18: Merkle root set for LP, trading, and ecosystem integration incentives
• Jan. 25: 125,729 ARB transferred to this contract from multisig
• Jan. 25: Merkle root set for LP, trading, and ecosystem integration incentives

Contract address label Form completed for all addresses:

Yes.

ARB left over:

1,074,758 ARB

Plan for leftover ARB:

We will continue following the plan as outlined in our STIP proposal and the leftover ARB will be rolled over to the next batch of incentives.

Summary of incentives:

Overall Summary:

• 55% (1,100,000 ARB) will be allocated to the Pendle pools on Arbitrum to deepen liquidity.
• 40% (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.
• Since the confirmation of the extension of STIP to the end of March for all protocols from the DAO, we are reducing incentives across the board in order to stretch the incentives up until the new deadline.

Detailed:

• 11th Jan. Epoch
  • LPs (Pendle pool incentives) — 67,000 ARB
  • Swap fee rebates/Trading incentives (Pendle campaign) — 40,000 ARB
  • Maker Order Campaign — 50,000 ARB
  • Incentives ecosystem integrations — 10,000 ARB
• 18th Jan. Epoch
  • LPs (Pendle pool incentives) — 50,000 ARB
  • Swap fee rebates/Trading incentives (Pendle campaign) — 40,000 ARB
  • Maker Order Campaign — 20,000 ARB
  • Incentives ecosystem integrations — 10,000 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.

Additional Info / Disclosures to Multisig:

No additional info.

STATS (Since 11th Jan)

Average daily TVL:

$118 million

Average daily transactions:

155

Average daily volumes:

$9.4 million

Number of unique user addresses:

61,968

Transaction fees:

$20,296

Link to Dashboard showing metrics:

https://arbitrum.pendle.finance/

Plan For the Next Two Weeks

• We are incentivizing LPs and trading as usual.
• ARB rewards across the board will be reduced starting on 18th Jan. epoch in order to extend the program up until the new deadline of end of March.
• Maker Order incentives for Limit Orders will continue but will be capped at 4k ARB per pool.
• We will continue to give out incentives to users who make use of their Pendle assets in other Pendle ecosystem integrations. No major changes on the allocation (as seen in the tables above) until we see new ecosystem protocols launch their integrations.

Amount of ARB to be distributed:

224k ARB

Contracts that will be incentivized:

0x23a102e78D1FF1645a3666691495174764a5FCAF

Contract address label Form completed for all addresses:

Yes

Mechanism for distribution incentives:

• LP, trading, and ecosystem integration 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.
• The Maker Order rewards will also be distributed with the same Merkle drop contract.

Summary of incentives plan:

• Pendle pool incentives for LPs (per epoch) — 57,000 ARB
• Pendle campaign swap fee rebates/trading incentives (per epoch) — 40,000 ARB
• Pendle incentives for Maker Orders (per epoch) — 20,000 ARB
• Pendle integration incentives (per epoch) — 5,000 ARB

Summary of changes to the original plan:

No major changes to the original plans based on the last changes from the last bi-weekly update.

[EynSoph]

Pendle Bi-Weekly Update #7 (Feb. 9, 2024)

Recap of the Previous Two Weeks

This 7th update is a bit special as we’ve just onboarded on first Liquid Restaking Token (LRT) in the Arbitrum ecosystem! Together with Ether.fi, we are bringing LRTs to Arbitrum! Users can trade the yield (which includes points) for weETH. The pool currently stands at $17M in the span of 2 days. One of our fastest-growing pools on Arbitrum. Expect more LRTs to be supported in the coming weeks.

With the addition of the weETH market on Pendle, our TVL and 30D-MA trading volume has reached a height of $131M and $245M respectively.

More details below:

Biggest TVL growths in the last 2 weeks:

Pool	TVL Change
weETH 25APR2024	23,495,252
mPendle 26SEP2024	2,267,037
rETH 26JUN2025	413,319
wstETH 27JUN2024	379,268
PENDLE-ETH_Camelot 27JUN2024	300,238

Highest Volume pools in the last 2 weeks:

Pool	Trading Volume
weETH 25APR2024	39,890,451
wstETH 28MAR2024	37,910,468
aUSDC 27JUN2024	18,108,761
gDAI 28MAR2024	11,478,707
GLP 28MAR2024	1,904,553
mPendle 26SEP2024	1,779,940

Since the confirmation of the extension of STIP to the end of March, we have reduced incentives across the board in order to stretch the incentives up until the new deadline.

The ARB allocation breakdown for LPs for the last 2 epochs is listed below:
25th Jan. Epoch

Pool	ARB Allocated
aUSDC-27JUN24	30000
wstETH-28MAR24	9000
gDAI-28MAR2024	7000
GLP-28MAR2024	3000
rETH-26JUN2025	1000

1st Feb. Epoch

Pool	ARB Allocated
aUSDC-27JUN24	25000
gDAI-28MAR2024	5000
wstETH-28MAR24	7000
GLP-28MAR2024	3000
rETH-26JUN2025	1000

For Maker Order rewards, ARB incentives have been allocated to the following pools that have their Limit Orders Filled (rewards are determined by their volume %). A total of 10k ARB has been allocated to the following pools:

Pool
aUSDC-27JUN24
GLP-28MAR2024
wstETH-28MAR24
gDAI-28MAR2024
rETH-26JUN2025

A total of 40k ARB incentives are given per epoch as swap fee rebates. 50% of the swap fees will be given as rebates to all pools on Arbitrum

From 1st Feb., the incentives have been reduced by half to stretch the incentives to the new extended STIP deadline. The following PT/LP integrations were incentivized and will be the same figure going forward:

Protocol	Pool	ARB Amount
Stella	LP-wstETH-27JUN2024-Penpie	1000
Stella	LP-rETH-26JUN2025-Penpie	1000
Stella	LP-wstETH-26MAR2024-Penpie	1000
Dolomite	PT-wstETH-27JUN2024	500
Dolomite	PT-rETH-26JUN2025	500
Dolomite	PT-GLP-28MAR2024	500
Timeswap	PT-GLP-28MAR2024 (borrow USDC.e)	500

To date, ~1.1M of our 2M ARB allocation from the STIP have been distributed.

ARB Received Last Disbursement:

285,715 ARB

ARB Utilized as Incentives in the Last Two Weeks:

140,680 ARB

Contracts incentivized over the last 2 weeks:

Pendle Merkle Distributor: 0x23a102e78D1FF1645a3666691495174764a5FCAF

• Feb. 02: 101,000 ARB transferred to this contract from multisig
• Feb. 02: Merkle root set for LP, trading, and ecosystem integration incentives
• Feb. 08: Merkle root set for LP, trading, and ecosystem integration incentives285,710

Contract address label Form completed for all addresses:

Yes.

ARB left over:

934,076 ARB

Plan for leftover ARB:

We will continue following the plan as outlined in our STIP proposal and the leftover ARB will be rolled over to the next batch of incentives.

Summary of incentives:

Overall Summary:

• 55% (1,100,000 ARB) will be allocated to the Pendle pools on Arbitrum to deepen liquidity.
• 40% (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:

• 25th Jan. Epoch
  • LPs (Pendle pool incentives) — 50,000 ARB
  • Swap fee rebates/Trading incentives (Pendle campaign) — 40,000 ARB
  • Maker Order Campaign — 10,000 ARB
  • Incentives ecosystem integrations — 10,000 ARB
• 1st Feb. Epoch
  • LPs (Pendle pool incentives) — 41,000 ARB
  • Swap fee rebates/Trading incentives (Pendle campaign) — 40,000 ARB
  • Maker Order Campaign — 10,000 ARB
  • Incentives ecosystem integrations — 5,000 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.

Additional Info / Disclosures to Multisig:

No additional info.

STATS (Since 25th Jan)

Average daily TVL:

$115 million

Average daily transactions:

375

Average 30D MA volumes:

$244 million

Number of unique user addresses:

62,193

Transaction fees:

$19,902

Link to Dashboard showing metrics:

https://arbitrum.pendle.finance/

Plan For the Next Two Weeks

• We are incentivizing LPs and trading as usual.
• Maker Order incentives for Limit Orders will continue but will be capped at 4k ARB per pool.
• We will continue to give out incentives to users who make use of their Pendle assets in other Pendle ecosystem integrations. No major changes on the allocation (as seen in the tables above) until we see new ecosystem protocols launch their integrations.

Amount of ARB to be distributed:

214k ARB

Contracts that will be incentivized:

0x23a102e78D1FF1645a3666691495174764a5FCAF

Contract address label Form completed for all addresses:

Yes

Mechanism for distribution incentives:

• LP, trading, and ecosystem integration 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.
• The Maker Order rewards will also be distributed with the same Merkle drop contract.

Summary of incentives plan:

• Pendle pool incentives for LPs (per epoch) — 50,000 ARB
• Pendle campaign swap fee rebates/trading incentives (per epoch) — 40,000 ARB
• Pendle incentives for Maker Orders (per epoch) — 10,000 ARB
• Pendle integration incentives (per epoch) — 5,000 ARB

Summary of changes to the original plan:

No major changes to the original plans based on the last changes from the last bi-weekly update.

[EynSoph]

Pendle Bi-Weekly Update #8 (Feb. 23, 2024)

Recap of the Previous Two Weeks

On this bi-weekly update, we have onboarded another LRT onto Arbitrum and we’ve also supported a new market from Silo! The total TVL of LRTs on Pendle on Arbitrum stands at $212M. As more LRTs come to Arbitrum, Pendle will be looking to list them as well.

With the addition of LRT markets and the latest Silo market addition on Pendle, our TVL and 30D-MA trading volume has reached a height of $329M and $517M respectively. We have also achieved our MAU milestone of 14.2k monthly active users! With that, we’ve achieved all milestones as indicated in our STIP proposal.

More details below:

Biggest TVL growths in the last 2 weeks:

Pool	TVL Change
weETH 25APR2024	146M
rsETH 25APR2024	46M
aUSDC 27JUN2024	1.9M
sETH-wstEthSilo 26DEC2024	1.7M
gDAI 28MAR2024	1.6M

Highest Volume pools in the last 2 weeks:

Pool	Trading Volume
weETH 25APR2024	241M
rsETH 25APR2024	68M
aUSDC 27JUN2024	14M
gDAI 28MAR2024	8M
GLP 28MAR2024	2.3M
mPendle 26SEP2024	1.2M
rETH 26JUN2025	1.1M

The ARB allocation breakdown for LPs for the last 2 epochs is listed below:

8th Feb. Epoch

Pool	ARB Allocated
aUSDC-27JUN24	25000
weETH-25APR2024	10000
gDAI-28MAR2024	7000
GLP-28MAR2024	3000
wstETH-28MAR24	2500

15th Feb. Epoch

Pool	ARB Allocated
aUSDC-27JUN24	25000
weETH-25APR2024	10000
rsETH-25APR2024	10000
gDAI-28MAR2024	7000
GLP-28MAR2024	3000
wstETH-28MAR24	2500

Maker Order rewards allocation (15k ARB):

Pool
weETH-25APR2024
rsETH-25APR2024

40k ARB incentives are given per epoch as swap fee rebates as usual as in the previous report.

The following PT/LP integrations were incentivized:

Protocol	Pool	ARB Amount
Stella	LP-wstETH-27JUN2024-Penpie	1000
Stella	LP-rETH-26JUN2025-Penpie	1000
Stella	LP-wstETH-26MAR2024-Penpie	1000
Dolomite	PT-wstETH-27JUN2024	500
Dolomite	PT-rETH-26JUN2025	500
Dolomite	PT-GLP-28MAR2024	500
Timeswap	PT-GLP-28MAR2024 (borrow USDC.e)	500

To date, ~1.2M of our 2M ARB allocation from the STIP have been distributed.

ARB Received Last Disbursement:

All ARB has already been claimed.

ARB Utilized as Incentives in the Last Two Weeks:

156K ARB

Contracts incentivized over the last 2 weeks:

Pendle Merkle Distributor: 0x23a102e78D1FF1645a3666691495174764a5FCAF

• Feb. 15: Merkle root set for LP, trading, and ecosystem integration incentives
• Feb. 22: Merkle root set for LP, trading, and ecosystem integration incentives

Contract address label Form completed for all addresses:

Yes.

ARB left over:

778K ARB

Plan for leftover ARB:

We will continue following the plan as outlined in our STIP proposal and the leftover ARB will be rolled over to the next batch of incentives.

Summary of incentives:

Overall Summary:

• 55% (1,100,000 ARB) will be allocated to the Pendle pools on Arbitrum to deepen liquidity.
• 40% (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:

• 8th Feb. Epoch
  • LPs (Pendle pool incentives) — 47,500 ARB
  • Swap fee rebates/Trading incentives (Pendle campaign) — 40,000 ARB
  • Maker Order Campaign — 10,000 ARB
  • Incentives ecosystem integrations — 5,000 ARB
• 15th Feb. Epoch
  • LPs (Pendle pool incentives) — 57,500 ARB
  • Swap fee rebates/Trading incentives (Pendle campaign) — 40,000 ARB
  • Maker Order Campaign — 15,000 ARB
  • Incentives ecosystem integrations — 5,000 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.

Additional Info / Disclosures to Multisig:

No additional info.

STATS (Since 8th Feb)

Average daily TVL:

$234 million

Average daily transactions:

1.5k

Average 30D MA volumes:

$533 million

Number of unique user addresses:

76.5k

Transaction fees:

$65K

Link to Dashboard showing metrics:

https://arbitrum.pendle.finance/

Plan For the Next Two Weeks

• We are incentivizing LPs and trading as usual.
• Maker Order incentives for Limit Orders will continue but will be capped at 4k ARB per pool.
• We will continue to give out incentives to users who make use of their Pendle assets in other Pendle ecosystem integrations. No major changes on the allocation (as seen in the tables above) until we see new ecosystem protocols launch their integrations.
• The next Leaderboard trading campaign (Season 2) will start sometime in the next two weeks. (Target allocation: 75k ARB)

Amount of ARB to be distributed:

778K ARB

Contracts that will be incentivized:

0x23a102e78D1FF1645a3666691495174764a5FCAF

Contract address label Form completed for all addresses:

Yes

Mechanism for distribution incentives:

• LP, trading, and ecosystem integration 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.
• The Maker Order rewards will also be distributed with the same Merkle drop contract.

Summary of incentives plan:

• Pendle pool incentives for LPs (per epoch) — 51,500 ARB
• Pendle campaign swap fee rebates/trading incentives (per epoch) — 40,000 ARB
• Pendle incentives for Maker Orders (per epoch) — 15,000 ARB
• Pendle integration incentives (per epoch) — 6,000 ARB

Summary of changes to the original plan:

No major changes to the original plans based on the last changes from the last bi-weekly update.

[EynSoph]

Pendle Bi-Weekly Update #9 (Mar. 8, 2024)

Recap of the Previous Two Weeks

We have reached an all-time high of $497M TVL on Arbitrum. This in part was contributed by the recent pools we’ve listed and the growing appetite for LRTs and points. We have onboarded our 3rd LRT on Arbitrum. In addition, Silo has integrated and listed our PT-eETH, allowing users to use PT-eETH as collateral and borrow against it. In turn, we have supported the ETH deposit in the PT-eETH silo on Silo Finance as well! This brings more optionality and strategies to LRT connoisseurs on Arbitrum.

Looking at Pendle’s ecosystem, Timeswap has also created money markets for our PT-eETH and PT-rsETH as collateral and Stella has enabled users to gain leveraged exposure to eETH via Pendle.

Lastly, we have just announced Season 2 of our Yield Trading Competition. The season will last until 28th March when 90k ARB will be given out as rewards

With these additions on Pendle, the 30D-MA trading volume and MAU have reached a height of $809M and 17.5k respectively.

More details below:

Biggest TVL growths in the last 2 weeks:

Pool	TVL Change
weETH 25APR2024	121,826,415
rsETH 25APR2024	48,618,003
sETH-PTeETHSilo 25APR2024	4,873,006
ezETH 27JUN2024	4,665,744
sETH-wstETHSilo 26DEC2024	3,180,929

Highest Volume pools in the last 2 weeks:

Pool	Trading Volume
weETH 25APR2024	240,734,356
rsETH 25APR2024	99,746,605
aUSDC 27JUN2024	13,282,507
GLP 28MAR2024	9,255,526
gDAI 28MAR2024	8,753,937
MUXLP 28MAR2024	6,293,560
sETH-wstETHSilo 26DEC2024	3,948,284
ezETH 27JUN2024	3,015,514

The ARB allocation breakdown for LPs for the last 2 epochs is listed below:

22nd Feb. Epoch

Pool	ARB Allocated
aUSDC 27JUN2024	25,000
GLP 28MAR2024	1,500
wstETH 28MAR2024	1,000
gDAI 28MAR2024	4,000
eETH 25APR2024	5,000
rsETH 25APR2024	7,500
sETH-wstETHSilo 26DEC2024	7,500

29th Feb. Epoch

Pool	ARB Allocated
aUSDC 27JUN2024	25,000
gDAI 28MAR2024	4,000
eETH 25 Apr 2024	2,500
rsETH 25 Apr 2024	7,500
sETH-wstETHSilo 26DEC2024	15,000

Maker Order rewards allocation (15k ARB for 22-Feb Epoch and 25k ARB for 29-Feb Epoch):

Pool
weETH 25APR2024
rsETH 25APR2024
sETH-wstETHSilo 26DEC2024

40k ARB incentives are given per epoch as swap fee rebates as usual as in the previous report.

The following PT/LP integrations were incentivized:

Protocol	Pool	ARB Amount
Silo	PT-eETH-25APR2024	6500
Stella	LP-wstETH-27JUN2024-Penpie	1000
Stella	LP-wstETH-26MAR2024-Penpie	1000
Stella	LP-rETH-26JUN2025-Penpie	1000
Stella	LP-eETH-25APR2024-Penpie	1000
Dolomite	PT-wstETH-27JUN2024	500
Dolomite	PT-rETH-26JUN2025	500
Dolomite	PT-GLP-28MAR2024	500
Timeswap	PT-eETH-25APR2024 (borrow USDC.e)	500
Timeswap	PT-rsETH-25APR2024 (borrow USDC.e)	500
Timeswap	PT-GLP-28MAR2024 (borrow USDC.e)	500

To date, ~1.4mil of our 2M ARB allocation from the STIP has been distributed.

ARB Received Last Disbursement:

All ARB has already been claimed.

ARB Utilized as Incentives in the Last Two Weeks:

173k ARB

Contracts incentivized over the last 2 weeks:

Pendle Merkle Distributor: 0x23a102e78D1FF1645a3666691495174764a5FCAF

• Feb. 29: Merkle root set for LP, trading, and ecosystem integration incentives
• Feb. 29: Transferred 6k ARB to Silo multisig for Silo PT-eETH incentives

Contract address label Form completed for all addresses:

Yes.

ARB left over:

605k ARB

Plan for leftover ARB:

We will continue following the plan outlined in our STIP proposal and the leftover ARB will be rolled over to the next batch of incentives.

Summary of incentives:

Overall Summary:

• 55% (1,100,000 ARB) will be allocated to the Pendle pools on Arbitrum to deepen liquidity.
• 40% (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:

• 22nd Feb. Epoch
  • LPs (Pendle pool incentives) — 51,500 ARB
  • Swap fee rebates/Trading incentives (Pendle campaign) — 40,000 ARB
  • Maker Order Campaign — 15,000 ARB
  • Incentives ecosystem integrations — 6,000 ARB
• 29th Feb. Epoch
  • LPs (Pendle pool incentives) — 54,000 ARB
  • Swap fee rebates/Trading incentives (Pendle campaign) — 40,000 ARB
  • Maker Order Campaign — 25,000 ARB
  • Incentives ecosystem integrations — 13,500 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.

Additional Info / Disclosures to Multisig:

No additional info.

STATS (Since 22nd Feb)

Average daily TVL:

$492 million

Average daily transactions:

1,344

Average 30D MA volumes:

$809 million

Number of unique user addresses:

81k

Transaction fees:

$61k

Link to Dashboard showing metrics:

Default

Plan For the Next Two Weeks

• We are incentivizing LPs and trading as usual.
• Maker Order incentives for Limit Orders will continue but will be capped at 4k ARB per pool.
• We will continue to give out incentives to users who make use of their Pendle assets in other Pendle ecosystem integrations.

Amount of ARB to be distributed:

605k ARB

Contracts that will be incentivized:

0x23a102e78D1FF1645a3666691495174764a5FCAF

Contract address label Form completed for all addresses:

Yes

Mechanism for distribution incentives:

• LP, trading, and ecosystem integration 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.
• The Maker Order rewards will also be distributed with the same Merkle drop contract.
• The Leaderboard campaign rewards will also be distributed with the same Merkle drop contract at the conclusion of Season 2.

Summary of incentives plan:

• Pendle pool incentives for LPs (per epoch) — 46,500 ARB
• Pendle campaign swap fee rebates/trading incentives (per epoch) — 40,000 ARB
• Pendle incentives for Maker Orders (per epoch) — 30,000 ARB
• Pendle integration incentives (per epoch) — 7,000 ARB
• Pendle Season 2 Trading Competition — 90,000 ARB

Summary of changes to the original plan:

No major changes to the original plans based on the last changes from the last bi-weekly update.

[EynSoph]

Pendle Bi-Weekly Update #10 (Mar. 22, 2024)

Recap of the Previous Two Weeks

We are near the end of the STIP. With that, in the last two weeks, we have reached an all-time high of $564M TVL on Arbitrum. LRTs have led the charge here as usual. We’ve also seen more integrations adopting Pendle’s PTs Dolomite allowing users to borrow against their PT-eETH.

We have renewed maturities for GLP, gDAI, and MUXLP as they have historically had the most active yield-trading volume.

Finally, the Pendle Arbitrum Mega Week is upon us. A fitting, explosive end to this wonderful journey we’ve had with the STIP.

And with that, the 30D-MA trading volume and MAU have reached a height of $1.384B and 27.3k respectively.

More details below

Biggest TVL growths in the last 2 weeks:

Pool	TVL Change
ezETH 27JUN2024	37,188,398
aUSDC 27JUN2024	9,904,668
sETH-pteETHSilo 25APR2024	7,671,075
weETH 25APR2024	4,067,062
rsETH 25APR2024	2,208,743

Highest Volume pools in the last 2 weeks:

Pool	Trading Volume
weETH 25APR2024	570,168,129
rsETH 25APR2024	120,834,052
ezETH 27JUN2024	76,924,349
aUSDC 27JUN2024	19,085,078
GLP 28MAR2024	14,118,756

The ARB allocation breakdown for LPs for the last 2 epochs is listed below:

7th Mar. Epoch

Pool	ARB Allocated
sETH-pteETHSilo 25APR2024	15000
aUSDC 27JUN2024	10000
ezETH 27JUN2024	10000
gDAI 28MAR2024	4000
eETH 25APR2024	2500
rsETH 25APR2024	2500
sETH-wstETHSilo 26DEC2024	2500

14th Mar. Epoch

Pool	ARB Allocated
GLP 26SEP2024	20,000
gDAI 26SEP2024	20,000
MUXLP 27JUN2024	20,000
ezETH 27JUN2024	17,500
aUSDC 27JUN2024	12,500
sETH-pteETHSilo 25APR2024	12,500
eETH 25APR2024	2,500
rsETH 25APR2024	2,500
sETH-wstETHSilo 26DEC2024	2,500

Maker Order rewards allocation (30k ARB for both epochs):

Pool
eETH 25APR2024
ezETH 27JUN2024
rsETH 25APR2024
sETH-pteETHSilo 25APR2024
sETH-wstETHSilo 26DEC2024

40k ARB incentives are given per epoch as swap fee rebates as usual as in the previous report.

The following PT/LP integrations were incentivized:

Protocol	Pool	ARB Amount
Silo	PT-eETH-25APR2024	500
Stella	LP-wstETH-27JUN2024-Penpie	1000
Stella	LP-rETH-26JUN2025-Penpie	1000
Stella	LP-eETH-25APR2024-Penpie	2000
Dolomite	PT-eETH-25APR2024	750
Dolomite	PT-rsETH-25APR2024	750
Timeswap	PT-eETH-25APR2024 (borrow USDC.e)	500
Timeswap	PT-rsETH-25APR2024 (borrow USDC.e)	500

To date, ~1.6mil of our 2M ARB allocation from the STIP has been distributed.

ARB Received Last Disbursement:

All ARB has already been claimed.

ARB Utilized as Incentives in the Last Two Weeks:

207k ARB

Contracts incentivized over the last 2 weeks:

Pendle Merkle Distributor: 0x23a102e78D1FF1645a3666691495174764a5FCAF

• Mar. 15: Merkle root set for LP, trading, and ecosystem integration incentives
• Mar. 18: Merkle root updated to include Silo PT integration incentives
• Mar. 20: 10,000 ARB transferred from multisig to Penpie Pendle Rush campaign
• Mar. 22: 100,000 ARB transferred to this contract from multisig
• Mar. 22: Merkle root set for LP, trading, and ecosystem integration incentives

Contract address label Form completed for all addresses:

Yes.

ARB left over:

392k ARB

Plan for leftover ARB:

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

Summary of incentives:

Overall Summary:

• 55% (1,100,000 ARB) will be allocated to the Pendle pools on Arbitrum to deepen liquidity.
• 40% (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:

• 7th Mar. Epoch
  • LPs (Pendle pool incentives) — 46,500 ARB
  • Swap fee rebates/Trading incentives (Pendle campaign) — 40,000 ARB
  • Maker Order Campaign — 30,000 ARB
  • Incentives ecosystem integrations — 7,000 ARB
• 14th Mar. Epoch
  • LPs (Pendle pool incentives) — 66,500 ARB
  • Swap fee rebates/Trading incentives (Pendle campaign) — 40,000 ARB
  • Maker Order Campaign — 30,000 ARB
  • Incentives ecosystem integrations — 7,000 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.

Additional Info / Disclosures to Multisig:

No additional info.

STATS (Since 7th Mar)

Average daily TVL:

$541 million

Average daily transactions:

3,444

Average 30D MA volumes:

$1.25 billion

Number of unique user addresses:

95k

Transaction fees:

$104k

Link to Dashboard showing metrics:

Default

Plan For the Next Two Weeks

• All ARB incentives will be given out as part of our Arbitrum Mega Week

Amount of ARB to be distributed:

392k ARB

Contracts that will be incentivized:

0x23a102e78D1FF1645a3666691495174764a5FCAF

Contract address label Form completed for all addresses:

Yes

Mechanism for distribution incentives:

• LP, trading, and ecosystem integration 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.
• The Maker Order rewards will also be distributed with the same Merkle drop contract.
• The Leaderboard campaign rewards will also be distributed with the same Merkle drop contract at the conclusion of Season 2.

Summary of incentives plan:

• Pendle pool incentives for LPs — 110,000 ARB
• Pendle campaign swap fee rebates/trading incentives — 10,000 ARB
• Pendle incentives for Maker Orders — 55,000 ARB
• Pendle integration incentives — 127,000 ARB
• Pendle Season 2 Trading Competition — 90,000 ARB

Summary of changes to the original plan:

No major changes to the original plans based on the last changes from the last bi-weekly update.