Premia Bi-Weekly Update: Final w/ Reflection

Premia Bi-Weekly Update 2023-02-23


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


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):

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

ARB left over: [0]

Plan for leftover ARB:

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


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:
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: []
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.