Premia Bi-Weekly Update: Final w/ Reflection

Premia Bi-Weekly Update 2023-12-15


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) - Live
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 2 of 8 to start 2023-12-18


Previous Two Weeks

ARB Received Last Disbursement: [0] 127,572 To Be Claimed (385,716 Total Claimed After)

ARB Utilized as Incentives in the Last Two Weeks: [152,409] (319,681 Allocated)

Contracts incentivized over the last 2 weeks:

Contract address label Form 12 completed for all addresses: [Yes]

ARB left over: [66,035]

Plan for leftover ARB:
Will begin dispersing as part of trading competition & market making rewards on 2023-12-26.

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:
TVL has continued to grow, increasing by ~1mm since the last report.
Phase 2 of the STIP campaign begun on 2023-12-08, where academy, trading, and market making components have now begun. The remaining 12 vaults are also now incentivized.

Additional Info / Disclosures to Multisig:
Other Notable Events relevant to STIP Campaign


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:

Average daily TVL:
TVL Today 5.5mm in USD (Prev: TVL Today 4.1mm in USD)
TVL Average 5.4mm in USD (Prev: TVL Average 3.9mm in USD)
Beginning TVL ~2mm in USD

Average daily transactions:
487 Avg Daily Txns = (Prev: 235 Avg Daily Txns)

Average daily volumes:
214k USD Daily Notional (Prev: 115k USD Daily Notional)
Note: We are seeing volumes increase, with more participants as well, given the trading competition has just begun.

Number of unique user addresses:
1094 (Prev: 886 - Since 2023-11-15)

Transaction fees:
6.3 eth (Prev: 3.4 eth)

Link to Dashboard showing metrics: []
Dashboard development remains in development; however, STIP requirements have been met. For those interested in tracking the requirements document (as well as the details sharing with OpenBlock Labs) please find the dashboard requirements document.

Plan For the Next Two Weeks

Amount of ARB to be distributed:
118,022 ARB to Vault LPs (rate of 59k/week)
50,000 ARB to Traders (To Start 2023-12-26 rate of 25k/week)
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:
All contracts for vaults have been deployed and funded.
The Trading Competition/MM simple claiming contracts will be provided once deployed.

Contract address label Form 12 completed for all addresses: [Yes]

Mechanism for distribution incentives:

  • Dual Mining Smart Contracts for Vaults - Complete
  • Simple Claiming Contract for Trading & Market Making Incentives (offchain tracking, however a leaderboard has been produced)]

Summary of incentives plan:

  • Weekly Quests via Galaxe starting 2023-12-04 (1 per week) - Live
  • All Dual Mining rewards for Vault Deposits 2023-12-05 - Complete
  • Trading Competition begins 2023-12-08 - Live
  • Marketing Events with partner protocols ongoing

Summary of changes to the original plan:
No changes to plan this week, and given the STIP extension, Premia is still prepared to complete the disbursement of Vault, Trading, and MM incentives according to the original timeline. However, we may take the additional time for the Partnership component (100k)