Premia Bi-Weekly Update 2023-12-01
Recap
STIP Proposal
Program Start Date: 2023-11-15
Objective: To reduce friction solving the cold start problem for the Premia Blue Options Exchange.
600k to Vaults (Natural Options Sellers) - Live
200k to Trading and Market Making (Natural Options Buyers) - To Start 2023-12-08
100k to Partners looking to integrate Options Liquidity Mining - Discussions Ongoing
Other Obligations:
- 500k Self-Funded ARB Vault Deposit - Complete
- Premia matching 550k PREMIA to Vaults during STIP Period - Complete
- Premia Academy Incentives - Quest 1 of 8 to start 2023-12-04 (Funded by ARB Deposit)
Tracking:
- Dune Dashboard - In Progress
- OpenBlock Labs Dashboard - In Progress
Previous Two Weeks
ARB Received Last Disbursement: [128,572 x2 = 257,144]
ARB Utilized as Incentives in the Last Two Weeks: [83,636 x2 = 167,272]
Contracts incentivized over the last 2 weeks: 0xBCDBE71CA6475c3bE9f05E75bbDff7C3979Fdc52
0x9a0A6f6F7F704ef9319dA2B2a8b9D714a62cb9e3
0xeCD0E29f5B74830cE05B1342A3979b878EBa18cf
0x35cBF452957Abd321CfFcCE0b95E0eE0C4425cE7
0xf9De6BDd2023f3139c92f38D7148D19db79f1DF6
0xF675B6808211F15901D71d73f1917Ff1Cd759cCd
0x37B9Faa3E19c548d8176d9805f9b3eDc9A498fE1
Contract address label Form 12 completed for all addresses: [Yes]
ARB left over: [89,872]
Plan for leftover ARB:
Phase 2 begins next week 2023-12-04
To follow the in depth plan including vaults, rates, dates, and status please reference our Premia STIP Tracking document which is updated regularly.
Summary of incentives:
To ensure that emission rates remain constant during the STIP period (2023-11-15 to 2024-01-31), we deployed rewards to only six primary vaults, ARB, WETH, & WBTC, both put and call vaults. This would allow 2 weeks for deposits to come in before launching the next phase of the STIP campaign. TVL within vaults has doubled in this time, but there is still room to grow. Phase 2 of the STIP campaign begins next week 2023-12-04, where academy, trading, and market making components will be folded in. In addition, the remaining 12 vaults will also be incentivized to showcase the features that Premia Blue can offer.
Additional Info / Disclosures to Multisig:
Other Notable Events relevant to STIP Campaign
- Hidden Hand coordinated Launch with STIP beginning
- Cross Partnership with Camelot, Silo, Dolomite, Redacted, Frax (more to come)
- Spaces with Dolomite, Redacted, and The Rollup
- Layer3 graciously surprises with STIP Quest
- Launched SOL/USDCe Vault during STIP Period
- Launched FRAX/FXS Vault during STIP Period
- Launched GMX, MAGIC, LINK, & wstETH vaults to be incentivized during STIP period.
- Deployed Options Liquidity Mining for PREMIA to allow for Dual Mining (ARB) and to showcase for partner integrations
Statistics
Metrics below will be according to the initial phase being the six vaults that were incentivized since the start of the STIP period (15 days from 2023-11-15 to 2023-12-01). The Dune dashboard is still in progress, however I have created some views specific to the STIP period that can be found at the bottom of the page. Dashboard: https://dune.com/premia/premia-blue
Average daily TVL:
TVL Today 4.1mm in USD
TVL Average 3.9mm in USD
Beginning TVL ~2mm in USD
Average daily transactions:
3525/15 = 235 Daily Transactions
Average daily volumes:
488k WBTC + 236k ARB + 994K WETH
115k USD Daily Notional
Note: This value has dropped significantly during the STIP period, likely due to trading campaigns across the options sector. We do not anticipate this volume to pick up until we have started our active participation (Trading Competition) on 2023-12-08
Number of unique user addresses:
886 - (Since 2023-11-15)
Transaction fees:
3.4 eth
Link to Dashboard showing metrics: [https://dune.com/premia/premia-blue]
Dashboard development remains in progress, however significant strides have been made. For those interested in tracking the requirements document (as well as the details sharing with OpenBlock Labs) please find the dashboard requirements document. We will continue to advance the dashboard over the coming days, and expect completion in December.
Plan For the Next Two Weeks
Amount of ARB to be distributed:
118,022 ARB to Vault LPs (rate of 59k/week)
25,000 ARB to Traders (To Start 2023-12-8 rate of 25k/week)
Once Phase Two is live we expect to distribute 168,022 ARB every two weeks for the remainder of the STIP period (2024-01-31)
Contracts that will be incentivized:
In addition to the previous contracts, the remaining are yet to be deployed, once complete the Premia STIP Tracking will be updated.
Contract address label Form 12 completed for all addresses: [Will complete upon deployment]
Mechanism for distribution incentives:
- Dual Mining Smart Contracts for Vaults
- Simple Claiming Contract for Trading & Market Making Incentives (offchain tracking, however a leaderboard will be produced)]
Summary of incentives plan:
- Weekly Quests via Galaxe starting 2023-12-04 (1 per week)
- All Dual Mining rewards for Vault Deposits 2023-12-05 (12 additional vaults)
- Trading Competition begins 2023-12-08
- Marketing Events with partner protocols ongoing (will ramp up 2023-12-11)
Summary of changes to the original plan:
Initially, the trading incentives were to be explicitly used for Range Order types; this has been revised to allow any order type that facilitates a secondary market purchase of an option held till expiration (excludes vault sourced trades), and distribution of ARB will be pro-rata of all eligible trades by time-weighted notional over the option’s life. The other behavior to be incentivized will be determined by a wallet’s Options PnL during the trading competition; we will be self-funding these trading rewards.
