Radiant Capital STIP.B Bi-Weekly Report 1 [7/1/2024]

Radiant Capital STIP.B Bi-Weekly Update 1 [07/01/2024]

Recap of the Previous Two Weeks

Radiant has started STIP with strong TVL results, in large part thanks to collaborations with Ether Fi, Magpie, GMX, and Lido. Radiant has the highest 7d TVL growth among top-ranking protocols on Arbitrum at 18%, followed by Magpie, which utilizes Radiant money markets. Radiant is thankful to the Arbitrum DAO for providing the grant. Radiant will strive to achieve the most optimal results while being efficient with grant incentive usage.

ARB Received Last Disbursement: 1,426,022

ARB Utilized as Incentives in the Last Two Weeks: 164,573

Contracts incentivized over the last 2 weeks:

Merkl distributor: 0x3ef3d8ba38ebe18db133cec108f4d14ce00dd9ae

Radiant receipt tokens incentivized via Merkl:

Ether Fi rweETH [lenders]: 0xb11A56DA177c5532D5E29cC8363d145bD0822c81

**Ether Fi vdweETH [borrowers]:**0x2D7d510Dc21F5384C9efd30811D0366F8b4269DF

GMX v2 rgmBTC: 0x876f38f474e48a104c4af4f06ca488099c436c93

GMX v2 rgmETH: 0xd15a6568dc891fd04aa2f64af56c66c2bede59d6

Magpie Incentive multisig (wstETH & USDC Incentives): 0x294a419eb4c5ddd2dd7fb3161489afc5eed9780a

Contract address label Form 45 completed for all addresses: YES

ARB left over: 1,261,449

Plan for leftover ARB:

1. weETH (416,666 ARB)

The weETH market incentives have been live for the past two weeks and have shown remarkable performance. To date, Radiant has received over 5,790 weETH in deposits, equivalent to $20.85 million at the time of writing, and over 2,780 weETH in borrows, valued at $10 million.

Since the initiation of STIP rewards, the total value locked (TVL) for weETH has surged from 1.79k weETH to 3.04k weETH, marking a significant increase of approximately 70% in TVL.

Source: https://defillama.com/protocol/radiant-v2#tvl-charts

Beyond the STIP incentives allocated to the market, Radiant’s collaboration with EtherFi has introduced a 3x multiplier for both lenders and borrowers in EtherFi points. This collaboration has significantly enhanced the market’s incentive structure, offering attractive yields and additional rewards from EtherFi and EigenLayer.

As a result of these efforts, the Radiant weETH contract is the third-largest holder of weETH on Arbitrum in a matter of weeks, following only Aave and Pendle.

Source: https://arbiscan.io/token/0x35751007a407ca6feffe80b3cb397736d2cf4dbe#balances

Following a thorough analysis and recommendations from Chaos Labs, Radiant increased the borrowing capacity from 1,600 weETH to 3,200. Consequently, Radiant will adjust the incentive distribution from an 80-20 split to a 75-25 split between lenders and borrowers. This adjustment should enhance borrowing incentives without penalizing or discouraging deposits.

2. Radpie wstETH vault (104,166 ARB)

The wstETH market incentives have been running for the past week, initially supported solely by Radiant’s incentives. Thanks to an upcoming collaboration with Lido, who will match Radiant’s incentives for the market, Radiant expects a substantial increase in market participation.

This wstETH initiative is carried out on Radpie due to its unique ability to create vaults with automatic 3.46x looping, which was desired by Lido to co-incentivize the market.

Since the introduction of these incentives, there has been a clear increase in TVL, bolstering our confidence that the market will perform exceptionally well once the total planned incentives from both Radiant and Lido are in full effect. Prior to the initiative, the TVL stood at approximately $408k, and as of now, it has surged to $2.4M, marking an impressive growth of 490%.

Source: https://dune.com/radiant/arbitrum-stip-bridge

Radiant and Lido will assess the campaign’s results after 30 days and determine whether to continue as planned or make adjustments.

3. GMX v2 gmBTC & gmETH (346,666 ARB)

Both markets launched two weeks ago as collateral-only, allowing GMX v2 users to unlock the borrowing power of their positions.

Before the STIP rewards initiation, gmBTC and gmETH had a total TVL of $372k and $288k, respectively. Since the incentives went live, gmBTC has increased to $1.17M, and gmETH has increased to $1.9M, resulting in a 365% combined increase in TVL for both markets.

Radiant decided to kick off the campaign by lowering the initial ARB amount stated in the proposal for the first week to assess user behavior.

Collaborating closely with GMX will be crucial for the success of these markets. Therefore, a space on the X social network has been coordinated for Monday, July 1st. Radiant protocol will provide additional incentives before the event to gauge market reaction.

4. Radpie USDC lenders (120,000 ARB)

The recent bull market has led to Radiant users choosing to de-prioritize holding stablecoins such as USDC, preferring leverage and volatile assets. This stance has led to a decrease in USDC lenders, causing USDC borrow rates to spike.

Recognizing the need to stabilize these rates, Radiant is prioritizing efforts to enhance the native USDC market, in alignment with the goals of Arbitrum, Gauntlet, and Circle to foster greater adoption of this asset.

This effort is being carried out through Radpie, leveraging previous STIP initiatives that incentivized stablecoin pools and yielded favorable outcomes. The initiative has already shown outstanding results within the first two days, with an initial TVL of 2.9M growing to 5.3M, reflecting an 82.75% increase. These promising outcomes reinforce Radiant’s confidence in enhancing market stability and promoting broader adoption of native USDC on Arbitrum.

5. Radiant v3 (RIZ): Isolated lending - USDC vault (238,524 ARB)

The incentives are not active yet, as the launch is estimated for July.

6. Radiant v3 (RIZ): Isolated lending - assets (200,000 ARB)

The incentives are not active yet, as the launch is estimated for July.

Check out the Radiant v3 teaser on YouTube!

https://youtu.be/8d4lp17qg_I?si=BQXxzeAta7Zl7Mpl

Summary of incentives:

  1. weETH (416,666 ARB)
  2. Radpie wstETH vault (104,166 ARB)
  3. GMX v2 gmBTC & gmETH (346,666 ARB)
  4. Radpie USDC vault (120,000 ARB)
  5. Radiant v3 (RIZ): Isolated lending - USDC vault (238,524 ARB)
  6. Radiant v3 (RIZ): Isolated lending - assets (200,000 ARB)

Radiant DAO has prepared a detailed document to track the incentives. Check it out here: https://docs.google.com/spreadsheets/d/1EDNd5G4K9u0z6sf5zmERycYff0Pwj9p9Zm0-ostPcrQ/edit?usp=sharing

Additional Info / Disclosures to Multisig: None.

STATS

Average daily TVL: $63.1M

https://defillama.com/protocol/radiant#tvl-charts

Average daily transactions: 21,819

https://dune.com/queries/3888020

Average daily volumes: data pending

Number of unique user addresses: 280,658

https://dune.com/queries/3888010/6535104

Transaction fees: 06/19 - 07/02 $14,053

https://dune.com/queries/3879009/6523815

Link to Dashboard showing metrics: https://dune.com/radiant/arbitrum-stip-bridge

Plan For the Next Two Weeks

Amount of ARB to be distributed: 133,874

Contracts that will be incentivized:

rweETH [lenders]: 0xb11A56DA177c5532D5E29cC8363d145bD0822c81

vdweETH [borrowers]: 0x2D7d510Dc21F5384C9efd30811D0366F8b4269DF

rgmBTC: 0x876f38f474e48a104c4af4f06ca488099c436c93

rgmETH: 0xd15a6568dc891fd04aa2f64af56c66c2bede59d6

Radpie: 0x294a419eb4c5ddd2dd7fb3161489afc5eed9780a

Contract address label Form 45 completed for all addresses: YES

Mechanism for distribution incentives:

  • Angle’s Merkl: 0x3ef3d8ba38ebe18db133cec108f4d14ce00dd9ae \

    • weeth
    • gmBTC
    • gmETH
  • Radpie Treasury Multisig: 0x294a419eb4c5ddd2dd7fb3161489afc5eed9780a \

    • wsteth
    • USDC

Radiant will disclose the incentive mechanism for Riz USDC and Riz assets once they go live.

Summary of incentives plan:

1. weETH (64,102.46 ARB)

This initiative is in progress. As detailed earlier, due to increased borrow capacity, Radiant has adjusted from an 80-20 split between lenders and borrowers to a 75-25 split.

2. Radpie wstETH vault (17,361 ARB)

This initiative is in progress. Lido’s incentives are expected to be active alongside Radiant’s in the coming weeks.

3. GMX v2 gmBTC & gmETH (57,571.80 ARB)

This initiative is in progress. Radiant DAO expect that the collaboration with GMX will promote growth in both markets. Incentives will be adjusted based on observed performance.

4. Radpie USDC vault (60,000 ARB)

This initiative is in progress and will continue until July 24th.

5. Radiant v3 (RIZ): Isolated lending - USDC vault (0 ARB)

No incentives until RIZ launch.

6. Radiant v3 (RIZ): Isolated lending - assets (0 ARB)

No incentives until RIZ launch.

Summary of changes to the original plan:

Reallocation of Isekai & Reduction of GMX V2 Initiatives:

The only changes made to the original proposal involve reallocating tokens originally earmarked for these two initiatives towards the native USDC lending incentive, for the reasons outlined above.

  • Reallocation of Isekai Initiative: Incentives originally allocated to Isekai have been redirected to native USDC lending following Isekai’s decision to cease operations.

  • Reduction of GMX V2: As mentioned earlier, lower-than-expected adoption of GMX markets prompted a decision to reallocate a total of $70,000 (divided equally between gmBTC and gmETH) towards incentivizing USDC on Radpie.

This adjustment includes $50,000 originally allocated for Isekai and $70,000 from the GMX markets, bringing the total reassigned amount to $120,000 for the USDC market.

This STIP program will run until July 24th.

3 Likes

Radiant Capital Bi-Weekly Update 2 [07/15/2024]

Recap of the Previous Two Weeks

ARB Received Last Disbursement: 237,671

ARB Utilized as Incentives in the Last Two Weeks: 150,582

Contracts incentivized over the last 2 weeks:

  • Merkl distributor: 0x3ef3d8ba38ebe18db133cec108f4d14ce00dd9ae

Radiant receipt tokens incentivized via Merkl:

  • Ether Fi rweETH [lenders]: 0xb11A56DA177c5532D5E29cC8363d145bD0822c81

  • Ether Fi vdweETH [borrowers]:**0x2D7d510Dc21F5384C9efd30811D0366F8b4269DF

  • GMX v2 rgmBTC: 0x876f38f474e48a104c4af4f06ca488099c436c93

  • GMX v2 rgmETH: 0xd15a6568dc891fd04aa2f64af56c66c2bede59d6

  • Magpie Incentive multi-sig (wstETH & USDC Incentives): 0x294a419eb4c5ddd2dd7fb3161489afc5eed9780a

Contract address label Form 45 completed for all addresses: YES

ARB left over: 1,110,867

Plan for leftover ARB:

Over the past two weeks, Radiant has followed the detailed plan from the first update and achieved outstanding results across all initiatives.

For the upcoming two weeks, Radiant will make some adjustments to stay in sync with the evolving ecosystem and maximize the grant.

  1. weETH (416,666 ARB)

    Since the last update, the weETH market has experienced a 21% increase in Total Value Locked (TVL), rising from 3.04k weETH to 3.7k weETH. The recent deposit and borrow caps increase was well-timed, and they are now approaching these new limits. As a result, Radiant is collaborating with Chaos Labs to assess further increases. All of these factors have contributed to Radiant maintaining its strategic position as the third-largest smart contract holder of weETH on Arbitrum behind Aave & Pendle.

Source: https://defillama.com/protocol/radiant-v2#tvl-charts

Due to the performance, Ether Fi has agreed to extend the 3x multiplier with Radiant, and additional avenues of collaboration will be explored to continue the positive performance. Radiant plans to increase RDNT emissions to the weETH market, which may result in the potential reallocation of ARB to other campaigns.

  1. Radpie wstETH vault (34,722 ARB)

    The Radpie wstETH campaign will be discontinued. Although the results were promising, with a significant increase in Total Value Locked (TVL) due to user engagement and vault usage, the high usage of the looped vault resulted in spiked borrow rates, which affected the campaign’s effectiveness.


Source: https://dune.com/queries/3913995/6579610/

  1. GMX v2 gmBTC & gmETH (300,548 ARB)

    Since the start of this campaign, Radiant has amassed over $5.5 million in deposits across both markets. As a result, Radiant has established a strong position among the top holders of each GM asset, ranking 12th for gmBTC (0x876F38f474e48A104c4af4F06cA488099C436C93) and 7th for gmETH (0xd15a6568Dc891Fd04Aa2f64aF56C66C2bede59d6).

Source: https://dune.com/radiant/arbitrum-stip-bridge

Radiant believes there is still room for growth. It will continue with the incentives, slightly adjusting the total amount and reallocating some ARB to other promising initiatives detailed below.

  1. Radpie USDC lenders (150,000 ARB)

The main aim of this initiative was to stabilize the utilization rate of USDC at Radiant. After reviewing the metrics, it’s clear that the initiative has had a positive impact. After introducing incentives, the utilization rate has decreased from over 80% to 60%.

Source: https://dune.com/queries/3909163/6570636

Radiant is adding an extra 30,000 ARB to this initiative. The last batch of incentives will go live on July 30th.

  1. Radiant v3 (RIZ): Isolated lending - USDC vault (232,666 ARB)

    The incentives are not active yet; the launch is still estimated for July.

  2. Radiant v3 (RIZ): Isolated lending - assets (200,000 ARB)

    The incentives are not active yet; the launch is still estimated for July.

  3. ezETH & rsETH (43,400 ARB & 48,020 ARB)

    As per RFP-41 and RFP-42 ratifications, Radiant will add ezETH (Renzo Liquid Restaking Token) and rsETH (Kelp DAO Liquid Restaking Token) as core markets. The LRT narrative remains strong, and following the success of the weETH market, Radiant is confident that these new markets will also perform well.

Source: https://defillama.com/protocols/Liquid Restaking

Additionally, Radiant is collaborating closely with both protocols to create positive synergies and maximize incentives. This includes adding points multipliers alongside the ARB incentives.

Furthermore, Radiant will be one of the first lending protocols with substantial TVL to implement these LRTs, which is anticipated to strengthen its competitive position further.

This initiative will go live once the markets are launched, expected by July 30th.

Summary of incentives:

  1. weETH (416,666 ARB)
  2. Radpie wstETH vault (34,722 ARB)
  3. GMX v2 gmBTC & gmETH (300,548 ARB)
  4. Radpie USDC vault (150,000 ARB)
  5. Radiant v3 (RIZ): Isolated lending - USDC vault (232,666 ARB)
  6. Radiant v3 (RIZ): Isolated lending - assets (200,000 ARB)
  7. ezETH (43,400 ARB)
  8. rsETH (48,020 ARB)

** TOTAL 1,426,022 ARB**

Radiant DAO has prepared a detailed document to track the incentives. Check it out here: https://docs.google.com/spreadsheets/d/1EDNd5G4K9u0z6sf5zmERycYff0Pwj9p9Zm0-ostPcrQ/edit?usp=sharing**

Additional Info / Disclosures to Multisig: None.

STATS

Average daily TVL: $55.94M

https://defillama.com/protocol/radiant#tvl-charts

Average daily transactions: 11,918

https://dune.com/queries/3888020

Average daily volumes: N/A

Number of unique user addresses: 289,067

https://dune.com/queries/3888010/6535104

Transaction fees: 07/3 - 07/16 $7,733

https://dune.com/queries/3879009/6523815

Link to Dashboard showing metrics: https://dune.com/radiant/arbitrum-stip-bridge

Plan For the Next Two Weeks

Amount of ARB to be distributed: 155,742.96

Contracts that will be incentivized:

rweETH [lenders]: 0xb11A56DA177c5532D5E29cC8363d145bD0822c81

vdweETH [borrowers]: 0x2D7d510Dc21F5384C9efd30811D0366F8b4269DF

rgmBTC: 0x876f38f474e48a104c4af4f06ca488099c436c93

rgmETH: 0xd15a6568dc891fd04aa2f64af56c66c2bede59d6

rezETH: TBA once the market is live

rrsETH: TBA once the market is live

Radpie: 0x294a419eb4c5ddd2dd7fb3161489afc5eed9780a

Contract address label Form 45 completed for all addresses: YES

Mechanism for distribution incentives:

  • Angle’s Merkl: 0x3ef3d8ba38ebe18db133cec108f4d14ce00dd9ae

    • weeth
    • gmBTC
    • gmETH
    • ezETH
    • rsETH
  • Radpie Treasury Multisig: 0x294a419eb4c5ddd2dd7fb3161489afc5eed9780a

    • USDC

Radiant will disclose the incentive mechanism for Riz USDC and Riz assets once they go live.

Summary of incentives plan:

  1. weETH (64,102.46 ARB)

    This initiative is in progress.

  2. Radpie wstETH vault (8,680.5 ARB)

    This initiative will end after this last batch of incentives.

  3. GMX v2 gmBTC & gmETH (52,960 ARB)

    This initiative is in progress.

  4. Radpie USDC vault (30,000 ARB)

    This initiative is in progress and will continue until July 30th.

  5. Radiant v3 (RIZ): Isolated lending - USDC vault (0 ARB)

    No incentives until RIZ launch.

  6. Radiant v3 (RIZ): Isolated lending - assets (0 ARB)

    No incentives until RIZ launch.

  7. ezETH (0 ARB)

    No incentives until market launch.

  8. rsETH (0 ARB)

    No incentives until market launch.

Summary of changes to the original plan:

Reallocation of ARB: Adjustments to GMX v2, Conclusion of wstETH, and Reduction in RIZ USDC Vault.

Since the last update, the changes introduced to the original plan include the following key details:

  • A reduction of 46,118 ARB from GMX v2 incentives.
  • Conclusion of the wstETH campaign, leaving a total of 69,444 ARB leftover.
  • A cut of 5,858 ARB from the RIZ USDC vault, which initiative hasn’t started yet due to RIZ not being live.

From the changes detailed above, 121,420 ARB have been reallocated: 30,000 ARB will go to the Radpie USDC vault, and the remaining ARB will go to the two new upcoming initiatives - the ezETH market (43,000) and the rsETH market (48,020).

image