Premia Bi-Weekly Update: Final w/ Reflection

Premia Bi-Weekly Update 2023-02-23

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) - Live
100k to Partners looking to integrate Options Liquidity Mining - Repurposed

Other Obligations:

  • 500k Self-Funded ARB Vault Deposit - Complete
  • Premia matching 550k PREMIA to Vaults during STIP Period - Complete
  • Premia Academy/Competition Incentives - Quest 12 of 8 - Live - To Conclude 2024-03-01

Tracking:

Previous Two Weeks

ARB Received Last Disbursement: [385,712] Claimed 2024-01-27

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

Contracts incentivized over the last 2 weeks (No Change):
0xBCDBE71CA6475c3bE9f05E75bbDff7C3979Fdc52
0x9a0A6f6F7F704ef9319dA2B2a8b9D714a62cb9e3
0xeCD0E29f5B74830cE05B1342A3979b878EBa18cf
0x35cBF452957Abd321CfFcCE0b95E0eE0C4425cE7
0xf9De6BDd2023f3139c92f38D7148D19db79f1DF6
0xF675B6808211F15901D71d73f1917Ff1Cd759cCd
0x37B9Faa3E19c548d8176d9805f9b3eDc9A498fE1
0x25EDea507B31550792feB5C0c8906db1A2A1a462
0x1D81c268B8dFb17DcfFDff4620357C601f25EaAf
0xd6Be33D8d6f39C8c2783262e696f27f7565cE4CC
0xF7DFf579E9B715c1Dc3414CeD3f40c4dC28E2E08
0x4C1EF78fe6C77E05dD93052b246FAB9839D9b307
0xb626f929b412ac52C95330fc55330EeC51a6214b
0xE398ef557b4A91EF3b32B00d6A55e65C31a1def5
0xC4117377104aD15041ACE1e2B47e9BCb1efF9d60
0x3a2bd0CFD8320bFB2Cf45ff12E90A31AcE884C6D
0x96459876A7F36788cB8926A2f55ADAE7Fc385184
0x3561f9AB9C0E180FABF1127CB44a410306c17182
0xF42b0faBbB187Af5eE56C888de0672cA562AA9AC
0xd3c1f1adf2e6d1c001bc7ef8a31daf37d2495b4c

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

ARB left over: [0]

Plan for leftover ARB:
N/A

To follow the in depth plan including vaults, rates, dates, and status please reference our Premia STIP Tracking document which is updated regularly or now the live updated STIP Specific Section of the Dashboard

Summary of incentives:
TVL continues to grow, reaching a peak over 12mm on 2024-02-17.
Market Making incentives are starting to show impact now we are seeing RFQ and Orderbook Activity picking up on the bid and ask side. Orderbook volume at the beginning of STIP was nil and now has done upwards of 4mm in volume and continues to outpace range order volume.

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

  • Trading Competition to Conclude on 2024-03-01

Statistics

The Dune dashboard is always being enhanced, however I have created some views specific to the STIP period that can be found at the bottom of the page.
Overall Dashboard: https://dune.com/premia/premia-blue
Trading Competition: https://dune.com/premia/premia-blue-trading-competition

Average daily TVL:
TVL Today 11.5mm in USD
TVL Average 11.5mm in USD
Beginning TVL ~2mm in USD

Average daily transactions:
583 Avg Daily Txns

Average daily volumes:
225k USD Daily Notional

Number of unique user addresses:
2002 (Since 2023-11-15)

Transaction fees:
24 eth

Link to Dashboard showing metrics: [https://dune.com/premia/premia-blue]
For those interested in tracking the requirements document (as well as the details sharing with OpenBlock Labs) please find the dashboard requirements document. A Trading competition document has also now been added to Dune

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 (Began 2023-12-26 rate of 12.5k/week) - (Shown on TC Dash)
We expect to distribute 143,022 ARB every two weeks for the remainder of the STIP period (2024-03-05)

Contracts that will be incentivized:
All contracts for vaults have been deployed and funded.
The Trading Competition/MM simple claiming contracts have been 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 - Complete

Summary of incentives plan:

  • All Dual Mining rewards for Vault Deposits 2023-12-05 - Complete
  • Trading Competition begins 2023-12-08 - Live - Ends 2024-03-05
  • Marketing Events with partner protocols ongoing

Summary of changes to the original plan:
As mentioned last week all incentivized contracts have been fully funded for the remainder of the program which will end on 2024-03-05. Trading Competition rewards have been paid out through week 8, with the remainder of the 4 weeks to be paid out on 2024-03-05. After including the 100k partnership allocation repurposed for this extension, Premia will have matched with ~84k ARB from the treasury. We will prepare one last update in March to highlight success areas, and areas for self-reflection.

Overall, we will continue to track this extension in the dashboard as % Committed is now shown over 100% from the original plan in the name of transparency.