[Perennial] Bi-Weekly Updates

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
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Recap of the Previous Two Weeks

Season 2 concludes on Monday and has been yet another success. In Season 2, rewards helped grow Large Cap Vault liquidity and bootstrap trading activity of non-ETH/BTC markets, and since beginning the STIP incentive program, Perennial has seen consistent trader demand and market growth.

ARB Received Last Disbursement: 107,143 ARB

ARB Utilized as Incentives in the Last Two Weeks: 107,143 ARB

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
Chainlink LINK 0xD9c296A7Bee1c201B9f3531c7AC9c9310ef3b738
BNB BNB 0x362c6bC2A4EA2033063bf20409A4c5E8C5754056
Vault Alpha ETH, LINK 0xF8b6010FD6ba8F3E52c943A1473B1b1459a73094
Vault Bravo BTC, SOL, MATIC 0x699e37DfCEe5c6E4c5D0bC1C2FFbC2afEC55f6FB

Contract address label Form completed for all addresses: YES

ARB left over: ~4,000 ARB

Plan for leftover ARB: The ARB is from reward allocations that would cost more to claim that is worth. We will look to roll these back into future rewards.

Summary of incentives:
In addition to standard rewards for OI & fee rebates, we have opted to incentivise behaviour that is harder to farm/game. This includes a portion of the rewards over the last two weeks being utilized for the top PnL & volume users on the platform.

Full Overview here:

Additional Info / Disclosures to Multisig: n/a

STATS

Average daily TVL: ~7.2m

Average daily transactions: ~311

Average daily volumes: ~3.1m

Number of unique user addresses: 570

Transaction fees: $ 45,178.74
Note: like last update, this is gas fees paid on Arbitrum, as Perennial takes no protocol fees

Link to Dashboard showing metrics: Gauntlet Dashboard

Plan For the Next Two Weeks

Amount of ARB to be distributed: 107,143 ARB

Contracts that will be incentivized: Same as prior

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. This fortnight we are focusing on user acquisition focusing on pulling users from other chains into the Arbitrum ecosystem.

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