Update #1 - Friday 17th Nov
Recap of the Previous Two Weeks
Perennial was one of the first incentives programs to go live, starting on 06/11 at 1200 UTC. The program is distributed weekly via Merkle Drop. We’ve been communicating our updates to the program via Medium articles.
ARB Received Last Disbursement: 125,00 ARB
ARB Utilized as Incentives in the Last Two Weeks: 107,142.85 ARB (12 days of rewards)
Contracts incentivized over the last 2 weeks:
| Name | Assets | Contract |
|---|---|---|
| Ethereum | ETH | 0x90A664846960AaFA2c164605Aebb8e9Ac338f9a0 |
| Bitcoin | BTC | 0xcC83e3cDA48547e3c250a88C8D5E97089Fd28F60 |
| Solana | SOL | 0x02258bE4ac91982dc1AF7a3D2C4F05bE6079C253 |
| Polygon | MATIC | 0x7e34B5cBc6427Bd53ECFAeFc9AC2Cad04e982f78 |
| Celestia | TIA | 0x2CD8651b0dB6bE605267fdd737C840442A96fAFE |
| Rollbit | RLB | 0x708B750f9f5bD23E074a5a0A64EF542585906e85 |
| Vault Alpha | BTC, ETH | 0xF8b6010FD6ba8F3E52c943A1473B1b1459a73094 |
| Vault Bravo | SOL, MATIC | 0x699e37DfCEe5c6E4c5D0bC1C2FFbC2afEC55f6FB |
Contract address label Form completed for all addresses: YES
ARB left over: 17,857.15 ARB
Plan for leftover ARB: To be distributed over the next two days as per our weekly schedule.
Summary of incentives:
Last Monday (November 5th), Perennial began distributing ARB incentives to users on the platform. The program followed the structure we suggested in our initial proposal. We divided the rewards between takers & makers, however in this case we rebalanced the rewards to 60/40 rather than 50/50. As per the proposal we are actively reviewing the data and will be tweaking the distribution to ensure the most effective use of rewards.
Some numbers:
- Volume: hit new 24hr ATH for Perennial V2 ($18mn) & did just over $87mn in aggregate volume
- Open Interest: OI steadily climbed throughout the week and currently sits at an all-time high of $12.6mn.
- Liquidity: Added about $2mn in liquidity to Perennial Vaults, now up to $7mn in total liquidity for protocol.
Week 1:
Week 2:
Additional Info / Disclosures to Multisig:
We’ve also been working to ensuring we identify & nullify rewards from users trying to game the system. This includes wash trading, wallet sybilling etc. These only account for ~5% of the rewards and will be added into the future distributions in the coming weeks.
STATS
Average daily TVL: ~4.2m
Average daily transactions: 607
Average daily volumes: ~6.2m
Number of unique user addresses: 1,019
Transaction fees: $68,076.24
Link to Dashboard showing metrics:
We are working on a Dune dashboard & will ensure it’s available within the timeframe specified in the STIP post by tnorm. In the meantime, our partner Gauntlet has created a dashboard leveraging BigQuery. Check it out here.
Plan For the Next Two Weeks
Amount of ARB to be distributed: 125,00 ARB
Contracts that will be incentivized:
The same list as above + two more markets that have yet to be deployed.
Contract address label Form completed for all addresses: YES
Mechanism for distribution incentives: Merkle Drop
Summary of incentives plan:
We will continue to utilize incentives as described in our proposal with minor changes to the ratio.
Summary of changes to the original plan:
- Adjustment to the ratios outlined to in the original proposal
- Further split the rewards between various markets & vaults