RADIANT STIP Program Updates

RadiantDAO · November 17, 2023, 8:04am

Recap of the Previous Two Weeks

ARB season is in full swing, with favorable market conditions and TVL on the chain rising.

We want to thank the DAO, delegates, community, Foundation, the incentives working group, and Open Block Labs for facilitating this exciting and pivotal process, making waves across Web 3.

Check out Radiant’s fun take on “Starb Wars” pre-STIP announcement on November 2nd:

ARB Received Last Disbursement: 407,435 ARB
ARB Utilized as Incentives in the Last Two Weeks: 14,031
Contracts incentivized over the last 2 weeks: Update disclosed on Radiant’s STIP proposal.
Track every transaction on Radiant’s Transparency Dashboard.

During the initial writing of the proposal, the RDNT/ETH pool was not yet live on Camelot. After discussions with the Camelot team, we decided it would be most efficient to split incentives between Angle’s Merkl Distribution contract for manual v3 LP’ing, & Gamma Strategies vault for automated v3 strategies.

Contract address label form completed for all addresses: Yes
ARB left over: 393,404 ARB

Plan for leftover ARB

1. New Lenders & Dynamic Liquidity Provider Airdrop (0 to 2,060,440 ARB)

Recall that the bulk of Radiant’s STIP proposal (2M ARB) is based on an airdrop to Dynamic Liquidity providers on Arbitrum. Therefore, most ARB tokens received from the first claim are held in the multisig and can be used for the other initiatives below. Future ARB disbursements can remain in Hedgey until closer to the end of the campaign.

The airdrop campaign was announced on Twitter (below) on November 6th and will end at a random duration over the subsequent 30-90 days.

2. GMX v2 BTC & ETH GM Lender’s Airdrop (0 to 483,516 ARB)

It was disclosed within the initial proposal that this initiative can take 30-90 days to implement.

Radiant uses unified lending pools, and security is of the utmost importance. Therefore, the developers are still investigating the feasibility of collateral support for GMX v2 GM tokens within Radiant’s money market.

If this initiative is not implemented before the STIP deadline, the ARB allocated for this part of the proposal will be returned to the Arbitrum DAO.

3. Camelot v3 + Dopex v2 RDNT/ETH Liquidity Incentives (28,062 to 242,154 ARB)

Check out Radiant’s Starb Wars announcement regarding this campaign:

It was disclosed within the initial proposal that this initiative would begin at minimum at Milestone 1 for the first two bi-weekly checkpoints to give time to build demand for the LP, after which the milestones would be enforced.

Dopex v2 went live this week; however, the RDNT/ETH Camelot CLAMM is not yet live.

When writing the initial proposal, the distribution plan was based on receiving ARB incentives earlier.

Because the first bi-weekly epoch was at Milestone 1, there are leftover ARB available for this initiative, and the updated distribution plan is below:

4. PlutusDAO: plsRDNT Incentives (9,890 to 65,934 ARB)

In the initial proposal, we mentioned there would be a deliberation process for Plutus to choose a new Dex to host liquidity for plsRDNT.

We are aware of the decision, but the implementation is not yet complete. Therefore, the new distribution schedule is tentatively as follows:

Summary of incentives:

1. New Lenders & Dynamic Liquidity Provider Airdrop (0 to 2,060,440 ARB)
2. GMX v2 BTC & ETH GM Lender’s Airdrop (0 to 483,516 ARB)
3. Camelot v3 + Dopex v2 RDNT/ETH Liquidity Incentives (28,062 to 242,154 ARB)
4. PlutusDAO: plsRDNT Incentives (9,890 to 65,934 ARB)

Additional Info / Disclosures to Multisig:

None.

STATS

Average daily TVL: $203,278,479
Average daily volumes: $6,000,299
Number of unique user addresses: 1,069
Link to Dashboard showing metrics:
https://dune.com/radiant/arbitrum-stip-data
ttps://www.openblocklabs.com/app/arbitrum/overview/Radiant

Plan For the Next Two Weeks

Amount of ARB to be distributed: Milestone-based, ranging from 16,638-49,010.
Contracts that will be incentivized: Same as above until new contract addresses are available to disclose.

Mechanism for distribution incentives:

1. New Lenders & Dynamic Liquidity Provider Airdrop (0 to 2,060,440 ARB)

Radiant Airdrop Claim Contract Address: 0x64D17Cb7Cc9C7CF709722F19283Ebb666f58cAC8

Users will be able to claim ARB at the end of the campaign here: Radiant

However, whether the original claim contract address will remain the same or needs to be updated is to be determined. This is the airdrop claim used for Radiant’s first ARB token airdrop in July related to the Foundation’s initial allocation to Arbitrum DAOs.

2. GMX v2 BTC & ETH GM Lender’s Airdrop (0 to 483,516 ARB)

A similar distribution mechanism to the above will be used since this would also be an airdrop.

3. Camelot v3 + Dopex v2 RDNT/ETH Liquidity Incentives (28,062 to 242,154 ARB)

As mentioned, this will be incentivized via Angle’s Merkl Distribution contract and Gamma Strategies Vault.

4. PlutusDAO: plsRDNT Incentives (9,890 to 65,934 ARB)

We will disclose the incentive mechanism when the new liquidity pool is live.

Summary of incentives plan:

1. New Lenders & Dynamic Liquidity Provider Airdrop (0 to 2,060,440 ARB)

As mentioned above, this campaign will run for a random duration, and therefore, no incentives will be distributed before the next update. Radiant will continue promotion over the campaign duration.

2. GMX v2 BTC & ETH GM Lender’s Airdrop (0 to 483,516 ARB)

Collateral support is not yet live. Therefore, there will be no change before the next update.

3. Camelot v3 + Dopex v2 RDNT/ETH Liquidity Incentives (28,062 to 242,154 ARB)

Community member “Shogun” has built a Dune query to track the TVL and milestones regarding Camelot’s RDNT/ETH pool, which is currently the only initiative where ARB needs to be distributed.

https://dune.com/queries/3199252/5346575

Since Epoch 2 does not begin until November 28th, it is unknown what milestone will be reached. At the time of writing, TVL is around 1.2M, which is firmly in Milestone 2.

4. PlutusDAO: plsRDNT Incentives (9,890 to 65,934 ARB)

The Plutus plsRDNT pool may be live shortly. If so, the incentive plan has been shared above.

Summary of changes to the original plan:

Internal Incentives

Initially, Radiant proposed up to 2x multiplier for whitespace users within the Dynamic liquidity provider airdrop campaign. However, after discussing with the community, we removed this stipulation for three reasons:

The incentives are attractive enough for both Arbitrum native and new users.
There is potential for gamification and abuse.
Creating a whitespace multiplier detracts from the airdrop amount for native Arbitrum users.

Strategic Ecosystem Initiatives

Radiant DAO will be collaborating with Silo Finance to create a lend/borrow market for the RDNT token on Arbitrum. Radiant will provide Silo Finance with 50,000 ARB from the STIP allocation for the entirety of the STIP duration to bootstrap demand for the market. We think adding this type of utility to the RDNT token will be a net benefit to Radiant and Arbitrum, and Silo Finance is showing impressive execution metrics over the first two weeks of STIP.

The 50,000 ARB will be redirected from the pending GMX v2 initiative. If Radiant can launch this market before the end of the STIP duration, then we will shift ARB from the Camelot/Dopex initiative. Since Radiant’s Camelot/Dopex proposal is milestone-based and Epoch 1 began at Milestone 1, with Epoch 2 tracking for Milestone 2 or 3, there will be leftover ARB that can be attributed to this new initiative in the event the GMX v2 market can be launched.

Radiant will transfer 50,000 ARB to Silo’s Arbitrum Market Making Safe (0x80071b39aA896aa12240c5194E42661D671bDFB2), after which the Silo team will perform the necessary transactions to incentivize the new market. Radiant will update all contracts incentivized on our Transparency dashboard and with Open Block Labs, and provide metrics once they are available.

RadiantDAO · December 1, 2023, 6:58pm

Radiant Bi-Weekly Update #2 [12/1/2023]

Recap of the Previous Two Weeks

Radiant continues working on strategic ecosystem initiatives in tandem with the primary STIP airdrop campaign in efforts to grow the Arbitrum ecosystem.

While Radiant’s money market TVL metrics are lagging behind net TVL metrics on Arbitrum, we are seeing significant dLP locking activity on Arbitrum in anticipation of the STIP airdrop (~4M since the announcement on Nov 6th)

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

Radiant maintains that this approach will garner long-term liquidity in both the money market and dLP (the foundation of the Radiant ecosystem) since these users are locking liquidity for six months to 1 year.

There is significant competition for user attention with the various STIP programs on the chain. We are confident that Radiant is uniquely positioned to retain and grow TVL and users, especially as STIP incentives end.

Additionally, recent spikes in utilization rates created higher-than-expected borrowing interest rates, causing minor TVL attrition.

Utilization curves have been adjusted per the recommendations of the risk committee to reduce borrowing interest and make it cheaper to borrow on Radiant.

This change was enacted less than 24 hours since the time of writing and are already seeing positive results: ~1M money market TVL increase, and 8M market size (including borrowing/loops).

ARB Received Last Disbursement: 407,435 ARB
ARB Utilized as Incentives in the Last Two Weeks: 74,284
Contracts incentivized over the last 2 weeks: See the transactions tab on Radiant Transparency reports - Google Sheets)

Plan for leftover ARB: As mentioned in the 1st STIP update, Radiant provided Silo Finance with 50,000 ARB over the STIP duration to open isolated lending for the RDNT token, which launched on November 22 and has attracted 1.5M TVL.

Source: https://silo.observer/silo/arbitrum-original/RDNT/tvl

Radiant will return any unused ARB to the Arbitrum DAO after the STIP incentive period.

Summary of incentives: See the 1st STIP update for full details.

Additional Info / Disclosures to Multisig: N/A

STATS

Average daily TVL: $242,600,000

Total transactions 11/17-12/1: 22,543
https://dune.com/queries/3209863/5366101

Average daily volumes: $5,003,338

Number of unique user addresses: 182,164

Transaction fees: $45,736
https://dune.com/queries/3209797/5365990

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

Plan For the Next Two Weeks

Amount of ARB to be distributed: Milestone dependent. Anticipating 35,273.

Contracts that will be incentivized:
0x858826f811dd2a4ee037462989f84de8257cadce: Camelot’s RDNT/ETH Nitro incentives (Gamma Strategies automated v3 LM)
0x8bb4c975ff3c250e0ceea271728547f3802b36fd: Merkl distributor for Camelot’s RDNT/ETH v3 market maker incentives.
TBD: Plutus DAO’s plsrdnt/dLP Balancer pool

Contract address label Form completed for all addresses: Yes

Mechanism for distribution incentives: Camelot Nitro, Angle’s Merkl, Aura Finance distribution injector gauge (TBD).

Summary of incentives plan:

1. New Lenders & Dynamic Liquidity Provider Airdrop (0 to 2,060,440 ARB)

Radiant will continue promoting this campaign with the changes detailed below.

2. GMX v2 BTC & ETH GM Lender’s Airdrop (0 to 433,516 ARB)

Radiant developers continue exploring the viability of opening GMX v2 collateral markets. If this is not launched before the end of STIP the funds will be returned.

3. Camelot v3 + Dopex v2 RDNT/ETH Liquidity Incentives (28,062 to 242,154 ARB)

This campaign is currently in Milestone 2.

4. PlutusDAO: plsRDNT Incentives (9,890 to 65,934 ARB)

This campaign is pending but should be launching in December.

5. Silo Finance: RDNT isolated market incentives (50,000 ARB)

This initiative is in progress.

Summary of changes to the original plan:

1. New Lenders & Dynamic Liquidity Provider Airdrop (0 to 2,060,440 ARB)

Radiant’s milestone-based proposal is intended to ensure that ARB is spent efficiently. However, the dual milestone approach of Incremental TVL in addition to incremental dLP has led to complicated campaign terms.

To provide clarity to the community, Radiant will use the below-updated milestones, which are more straightforward and compelling. This update, in combination with decreased borrowing rates in the money market, should lead to more desirable outcomes for the Arbitrum & Radiant ecosystems.

We believe that less complicated milestones will lead to better results while continuing to ensure incentives are distributed efficiently and leaving uncapped upside for results.

4. PlutusDAO: plsRDNT Incentives (9,890 to 65,934 ARB)

With the impending launch of plsRDNT v2, the Balancer pool incentives need to be bootstrapped to account for a significant protocol change- that all plsRDNT users will need to migrate to the LP to continue receiving rewards. We believe it is imperative to begin the 1st two weeks of incentives at Milestone 4 in anticipation of reaching $480,00 TVL and assess the effectiveness at the next STIP update.

There is no change to the total incentives allocated; they will begin at Milestone 4 for the first two weeks (totaling ~11,000 ARB).

hung-vu · December 15, 2023, 6:38pm

Radiant Bi-Weekly Update 3 [12/15/2023]

Recap of the Previous Two Weeks

Radiant remains steadfast in our plan of deploying strategic ecosystem initiatives alongside our STIP airdrop campaign that work to grow the Arbitrum ecosystem as outlined in our proposal.

New dLP locks on Arbitrum continue to climb, pushing the airdrop campaign into Milestone 4 over the past 2 weeks.

Total amount of new dLP locked is up 35% compared to December 1st.

Source: https://dune.com/radiant/arbitrum-stip-data 2

For Radiant, new dLP locks on a longer time frame translates to a more positive outlook for long-term money market liquidity growth.

Plutus has recently launched their plsRDNT V2 Aura pool and Radiant has begun streaming STIP incentives to this pool. For the first two weeks, this pool will receive incentives at Milestone 4.

Total TVL of the pool is currently sitting at $377,000.

Source: https://app.aura.finance/#/42161/pool/40

In the 1st STIP update, Radiant provided Silo Finance with 50,000 ARB over the duration of the STIP program to open an isolated lending market for the RDNT token. This market launched on November 22.

So far, it has attracted 1.79M TVL, a 15% increase over last epoch.

Source: https://silo.observer/silo/arbitrum-original/RDNT/tvl 1

We’ve also observed very solid growth of the Camelot rDNT / ETH V3 liquidity pool. The campaign to incentivize liquidity in this pool has now advanced to Milestone 3.

Total value of liquidity in this pool grew by 45% since the last epoch.

Source: https://dune.com/radiant/arbitrum-stip-data 2

Recent spikes in utilization rates created higher-than-expected borrowing interest rates, causing minor TVL attrition. The team at Radiant is actively working on a solution that balances the interests of all parties on our platform.

Since Radiant’s STIP distribution approach is milestone-based, the incentive campaign becomes more attractive over time. Towards the end of the STIP program, if all strategic initiatives have reached their final milestone, it is estimated that more users and TVL will come to Radiant to participate in a larger STIP airdrop.

ARB Received Last Disbursement: 407,435 ARB

ARB Utilized as Incentives in the Last Two Weeks: 30,689

Contracts incentivized over the last 2 weeks: See the transactions tab on Radiant Transparency reports - Google Sheets 3)

Plan for leftover ARB:

Radiant will return any unused ARB to the Arbitrum DAO after the STIP incentive period.

Summary of incentives:

New Lenders & Dynamic Liquidity Provider Airdrop (0 to 2,060,440 ARB)
GMX v2 BTC & ETH GM Lender’s Airdrop (0 to 483,516 ARB)
Camelot v3 + Dopex v2 RDNT/ETH Liquidity Incentives (28,062 to 242,154 ARB)
PlutusDAO: plsRDNT Incentives (9,890 to 65,934 ARB)

Additional Info / Disclosures to Multisig: N/A

STATS

Average daily TVL: $193,625,162

Source: https://www.openblocklabs.com/app/arbitrum/grantees/Radiant

Total transactions 12/2 -12/15: 19,578
https://dune.com/queries/3209863/5366101

Average daily volumes: $5,859,322

Number of unique user addresses: 183,710

Transaction fees: $54,846
https://dune.com/queries/3209797/5365990

Link to Dashboard showing metrics: https://dune.com/radiant/arbitrum-stip-data 2

Plan For the Next Two Weeks

Amount of ARB to be distributed: Milestone dependent: Anticipating 36,183.

Contracts that will be incentivized:

Camelot’s RDNT/ETH Nitro incentives (Gamma Strategies automated v3 LM): 0x858826f811dd2a4ee037462989f84de8257cadce

Merkl distributor for Camelot’s RDNT/ETH v3 market maker incentives: 0x8bb4c975ff3c250e0ceea271728547f3802b36fd

Plutus Multisig for plsRDNT V2 incentives on Aura: 0xa23a6d7B6E124e9e3f1A8d82E758E8fF21f798f4

Contract address label Form completed for all addresses: Yes

Mechanism for distribution incentives:

Camelot Nitro
Angle’s Merkl
Plutus Multisig → Aura Finance RewardHelper

Summary of incentives plan:

New Lenders & Dynamic Liquidity Provider Airdrop (0 to 2,060,440 ARB)

Radiant will continue promoting this campaign alongside the changes detailed below.

GMX v2 BTC & ETH GM Lender’s Airdrop (0 to 433,516 ARB)

Radiant developers continue exploring the viability of opening GMX v2 collateral markets. If this is not launched before the end of STIP the funds will be returned.

Camelot v3 + Dopex v2 RDNT/ETH Liquidity Incentives (28,062 to 242,154 ARB)

This initiative is currently in Milestone 3. Camelot incentives were extended to March 19th.

PlutusDAO: plsRDNT Incentives (9,890 to 65,934 ARB)

This initiative is in progress and was extended until March 24th. The first two weeks will be bootstrapped at Milestone 4, then the true milestone will be followed for the rest of the campaign. STIP incentives began streaming December 12th.

Silo Finance: RDNT isolated market incentives (50,000 ARB)

This initiative is in progress.

Summary of changes to the original plan:

New Lenders & Dynamic Liquidity Provider Airdrop (0 to 2,060,440 ARB)

Radiant’s milestone-based proposal is intended to ensure that ARB is spent efficiently. However, the dual milestone approach of Incremental TVL in addition to incremental dLP has led to complicated campaign terms.

To provide clarity to the community, Radiant will use the below-updated milestones, which are more straightforward and compelling. This update, in combination with decreased borrowing rates in the money market, should lead to more desirable outcomes for the Arbitrum & Radiant ecosystems.

We believe that less complicated milestones will lead to better results while continuing to ensure incentives are distributed efficiently and leaving uncapped upside for results.

PlutusDAO: plsRDNT Incentives (9,890 to 65,934 ARB)

With the impending launch of plsRDNT v2, the Balancer pool incentives need to be bootstrapped to account for a significant protocol change- that all plsRDNT users will need to migrate to the LP to continue receiving rewards. We believe it is imperative to begin the 1st two weeks of incentives at Milestone 4 in anticipation of reaching $480,00 TVL and assess the effectiveness at the next STIP update.

There is no change to the total incentives allocated; they will begin at Milestone 4 for the first two weeks (totaling ~11,000 ARB).

Extended Timelines

Due to the recent approval of the Timeline Extension for STIP and Backfund Grantees proposal on Snapshot, two timelines for Radiant STIP campaigns have been adjusted.

Plutus:

Extended to March 24th and shifted 16,483 ARB from GMX V2 incentive allocation. No change to weekly distribution amounts, only to duration.

Camelot:

Extended to March 19th - No change in total amount with less ARB per epoch over a longer campaign.

These extended timelines will allow Radiant to have active STIP campaigns throughout the duration of the Backfunded Grantees proposal.

There are no changes to Lenders & dLP Airdrop, GMX V2, or Silo incentive timelines at this time.

hung-vu · December 29, 2023, 10:37pm

Radiant Bi-Weekly Update 4 [12/29/2023]

Recap of the Previous Two Weeks

Welcome to another bi-weekly STIP update Explorers!

Radiant’s proposal and associated campaigns continue to bring growth to Arbitrum in a unique and strategic way. We have a few exciting updates from the past two weeks, so let’s jump right into it.

New dLP locks on Arbitrum climb once more, pushing the airdrop campaign to its final destination - Milestone 5!

Total amount of new dLP grew again by 32% over the last 2 weeks.

Source: https://dune.com/radiant/arbitrum-stip-data 2

For Radiant, new dLP locks on a longer time frame translates to a more positive outlook for long-term money market liquidity growth.

Last epoch, Radiant began bootstrapping the plsRDNT V2 Aura pool by providing STIP incentives at the Milestone 4 rate. We’re proud to update that the pool now sits comfortably above the Milestone 4 TVL threshold of $480,000.

Total TVL of the pool is almost double the Milestone 4 requirement, at $833,000.

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

We’ve continued to observe solid traction of the Camelot rDNT / ETH V3 liquidity pool. The campaign to incentivize liquidity in this pool remains at Milestone 3.

Source: https://dune.com/radiant/arbitrum-stip-data 2

Radiant’s STIP distribution approach is milestone-based, leading to the incentive campaign becoming more attractive over time. Towards the end of the STIP program, if all strategic initiatives have reached their final milestone, it is estimated that more users and TVL will come to Radiant to participate in a larger STIP airdrop.

ARB Received Last Disbursement: 0 ARB

ARB Utilized as Incentives in the Last Two Weeks: 36,183

Contracts incentivized over the last 2 weeks: See the transactions tab on Radiant Transparency reports - Google Sheets 3)

Plan for leftover ARB:

Radiant will return any unused ARB to the Arbitrum DAO after the STIP incentive period.

Summary of incentives:

New Lenders & Dynamic Liquidity Provider Airdrop (0 to 2,060,440 ARB)
GMX v2 BTC & ETH GM Lender’s Airdrop (0 to 483,516 ARB)
Camelot v3 + Dopex v2 RDNT/ETH Liquidity Incentives (28,062 to 242,154 ARB)
PlutusDAO: plsRDNT Incentives (9,890 to 65,934 ARB)

Additional Info / Disclosures to Multisig: N/A

STATS

Average daily TVL: $17,613,955

Source: https://www.openblocklabs.com/app/arbitrum/grantees/Radiant

Total transactions 12/16 -12/29: 21,319
https://dune.com/queries/3209863/5366101

Average daily volumes: $11,223,965

Number of unique user addresses: 185,306

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

Transaction fees: $41,090
https://dune.com/queries/3209797/5365990

Link to Dashboard showing metrics: https://dune.com/radiant/arbitrum-stip-data 2

Plan For the Next Two Weeks

Amount of ARB to be distributed: Milestone dependent: Anticipating 36,183.

Contracts that will be incentivized:

Camelot’s RDNT/ETH Nitro incentives (Gamma Strategies automated v3 LM): 0x858826f811dd2a4ee037462989f84de8257cadce

Merkl distributor for Camelot’s RDNT/ETH v3 market maker incentives: 0x8bb4c975ff3c250e0ceea271728547f3802b36fd

Plutus Multisig for plsRDNT V2 incentives on Aura: 0xa23a6d7B6E124e9e3f1A8d82E758E8fF21f798f4

Contract address label Form completed for all addresses: Yes

Mechanism for distribution of incentives:

Camelot Nitro
Angle’s Merkl (for Camelot incentives)
Plutus Ops Multisig → Plutus AuraRewardsHelper → Aura ExtraStashV3 → Aura StashToken

Summary of incentives plan:

New Lenders & Dynamic Liquidity Provider Airdrop (0 to 2,060,440 ARB)

Radiant will continue promoting this campaign alongside the changes detailed below.

GMX v2 BTC & ETH GM Lender’s Airdrop (0 to 433,516 ARB)

Radiant developers continue exploring the viability of opening GMX v2 collateral markets. If this campaign is not launched before the end of STIP the funds will be returned.

Camelot v3 + Dopex v2 RDNT/ETH Liquidity Incentives (28,062 to 242,154 ARB)

This initiative is currently in Milestone 3. Camelot incentives were extended to March 19th.

PlutusDAO: plsRDNT Incentives (9,890 to 65,934 ARB)

This initiative is in progress and was extended until March 24th. STIP incentives began streaming December 12th. The first two weeks were bootstrapped at Milestone 4, and the pool is now past the Milestone 4 threshold.

Silo Finance: RDNT isolated market incentives (50,000 ARB)

This initiative is in progress.

Summary of changes to the original plan:

New Lenders & Dynamic Liquidity Provider Airdrop (0 to 2,060,440 ARB)

Radiant’s milestone-based proposal is intended to ensure that ARB is spent efficiently. However, the dual milestone approach of Incremental TVL in addition to incremental dLP has led to complicated campaign terms.

To provide clarity to the community, Radiant will use the below-updated milestones, which are more straightforward and compelling. This update, in combination with decreased borrowing rates in the money market, should lead to more desirable outcomes for the Arbitrum & Radiant ecosystems.

We believe that less complicated milestones will lead to better results while continuing to ensure incentives are distributed efficiently and leaving uncapped upside for results.

PlutusDAO: plsRDNT Incentives (9,890 to 65,934 ARB)

With the impending launch of plsRDNT v2, the Balancer pool incentives need to be bootstrapped to account for a significant protocol change- that all plsRDNT users will need to migrate to the LP to continue receiving rewards. We believe it is imperative to begin the 1st two weeks of incentives at Milestone 4 in anticipation of reaching $480,00 TVL and assess the effectiveness at the next STIP update.

There is no change to the total incentives allocated; they will begin at Milestone 4 for the first two weeks (totaling ~11,000 ARB).

Extended Timelines

Due to the recent approval of the Timeline Extension for STIP and Backfund Grantees proposal on Snapshot, two timelines for Radiant STIP campaigns have been adjusted.

Plutus:

Extended to March 24th and shifted 16,483 ARB from GMX V2 incentive allocation. No change to weekly distribution amounts, only to duration.

Camelot:

Extended to March 19th - No change in total amount with less ARB per epoch over a longer campaign.

These extended timelines will allow Radiant to have active STIP campaigns throughout the duration of the Backfunded Grantees proposal.

There are no changes to Lenders & dLP Airdrop, GMX V2, or Silo incentive timelines at this time.

hung-vu · January 12, 2024, 10:56pm

Radiant Bi-Weekly Update 5 [01/12/2024]

Recap of the Previous Two Weeks

Back again with another bi-weekly STIP update!

Radiant’s proposal and associated campaigns continue to bring growth to Arbitrum in a unique and strategic way. Let’s recap the progress over the last 2 weeks.

New dLP locks on Arbitrum continue to increase, keeping the airdrop campaign safely in Milestone 5 - the full airdrop campaign amount!

Here’s a tweet we released this week outlining the impact of reaching this achievement.

Total amount of new dLP grew again by 12% over the last 2 weeks.

Source: https://dune.com/radiant/arbitrum-stip-data 2

For Radiant, new dLP locks on a longer time frame translates to a more positive outlook for long-term money market liquidity growth.

Now for a quick update on our new Plutus campaign. The pool is well above the Milestone 4 TVL threshold of $480,000 with a current TVL of $1,050,000.

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

Our Silo STIP campaign has been performing very well since inception. Total market size for the Silo RDNT market has reached all time highs!

Total amount of TVL & Borrows is approximately $2,200,000.

Source: https://silo.observer/silo/arbitrum-original/RDNT/tvl

Radiant’s STIP distribution approach is milestone-based, leading to the incentive campaign becoming more attractive over time. Towards the end of the STIP program, if all strategic initiatives have reached their final milestone, it is estimated that more users and TVL will come to Radiant to participate in a larger STIP airdrop.

Over the last two weeks, Radiant experienced an exploit which may contribute to lower TVL values depicted in this report. We have already begun to put into motion a Recapitalization and Debt Resolution Plan via RFP-27.

ARB Received Last Disbursement: 0

ARB Utilized as Incentives in the Last Two Weeks: 27,900.5

Contracts incentivized over the last 2 weeks: See the transactions tab on Radiant Transparency reports - Google Sheets 3)

Plan for leftover ARB:

Radiant will return any unused ARB to the Arbitrum DAO after the STIP incentive period.

Summary of incentives:

New Lenders & Dynamic Liquidity Provider Airdrop (0 to 2,060,440 ARB)
GMX v2 BTC & ETH GM Lender’s Airdrop (0 to 483,516 ARB)
Camelot v3 + Dopex v2 RDNT/ETH Liquidity Incentives (28,062 to 242,154 ARB)
PlutusDAO: plsRDNT Incentives (9,890 to 65,934 ARB)

Additional Info / Disclosures to Multisig: N/A

STATS

Average daily TVL: $133,172,131

Source: https://www.openblocklabs.com/app/arbitrum/grantees/Radiant

Total transactions: 12/29 -01/12: 18,439
https://dune.com/queries/3209863/5366101

Average daily volumes: $11,266,172

Number of unique user addresses: 186,518

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

Transaction fees: $48,793
https://dune.com/queries/3209797/5365990

Link to Dashboard showing metrics: https://dune.com/radiant/arbitrum-stip-data 2

Plan For the Next Two Weeks

Amount of ARB to be distributed: Milestone dependent; anticipating 20,342.

Contracts that will be incentivized:

Camelot’s RDNT/ETH Nitro incentives (Gamma Strategies automated v3 LM): 0x858826f811dd2a4ee037462989f84de8257cadce

Merkl distributor for Camelot’s RDNT/ETH v3 market maker incentives: 0x8bb4c975ff3c250e0ceea271728547f3802b36fd

Plutus Ops Multisig for plsRDNT V2 incentives on Aura: 0xa23a6d7B6E124e9e3f1A8d82E758E8fF21f798f4

Contract address label Form completed for all addresses: Yes

Mechanism for distribution of incentives:

Camelot Nitro
Angle’s Merkl (for Camelot incentives)
Plutus Ops Multisig → Plutus AuraRewardsHelper → Aura ExtraStashV3 → Aura StashToken

Summary of incentives plan:

New Lenders & Dynamic Liquidity Provider Airdrop (0 to 2,060,440 ARB)

Radiant will continue promoting this campaign alongside the changes detailed below.

GMX v2 BTC & ETH GM Lender’s Airdrop (0 to 433,516 ARB)

Radiant developers continue exploring the viability of opening GMX v2 collateral markets. If this campaign is not launched before the end of STIP the funds will be returned.

Camelot v3 + Dopex v2 RDNT/ETH Liquidity Incentives (28,062 to 242,154 ARB)

This initiative is currently in Milestone 1. Camelot incentives were extended to March 19th.

PlutusDAO: plsRDNT Incentives (9,890 to 65,934 ARB)

This initiative is in progress and was extended until March 24th. STIP incentives began streaming December 12th. The first two weeks were bootstrapped at Milestone 4, and the pool is now past the Milestone 4 threshold.

Silo Finance: RDNT Isolated Market Incentives (50,000 ARB)

This initiative is in progress.

Magpie: Radpie lending strategies incentives (ARB Incentives TBD)

Radiant DAO is seeking to work with Magpie on a STIP campaign to further deposits into their lending strategies on Radpie. This campaign will seek to increase yield to lenders, while helping to lower interest rates for borrowers. Radiant DAO is currently determining incentive amounts with the Magpie team and will provide an outline in the next STIP recap.

ARB is planned to be redirected from the Camelot & GMX initiatives. The Camelot campaign has dropped from Milestone 3 → Milestone 1, freeing up some ARB, and the GMX initiative is still pending at this time.

Summary of changes to the original plan:

1. New Lenders & Dynamic Liquidity Provider Airdrop (0 to 2,060,440 ARB)

Radiant’s milestone-based proposal is intended to ensure that ARB is spent efficiently. However, the dual milestone approach of Incremental TVL in addition to incremental dLP has led to complicated campaign terms.

To provide clarity to the community, Radiant will use the below-updated milestones, which are more straightforward and compelling. This update, in combination with decreased borrowing rates in the money market, should lead to more desirable outcomes for the Arbitrum & Radiant ecosystems.

We believe that less complicated milestones will lead to better results while continuing to ensure incentives are distributed efficiently and leaving uncapped upside for results.

2. Silo Finance: RDNT Isolated Market Incentives (50,000 ARB)

Radiant DAO will be collaborating with Silo Finance to create a lend/borrow market for the RDNT token on Arbitrum. Radiant will provide Silo Finance with 50,000 ARB from the STIP allocation for the entirety of the STIP duration to bootstrap demand for the market. We think adding this type of utility to the RDNT token will be a net benefit to Radiant and Arbitrum.

The 50,000 ARB will be redirected from the pending GMX v2 initiative. If Radiant can launch this market before the end of the STIP duration, then we will shift ARB from the Camelot/Dopex initiative.

Radiant will transfer 50,000 ARB to Silo’s Arbitrum Market Making Safe, after which the Silo team will perform the necessary transactions to incentivize the new market. Radiant will update all contracts incentivized on our Transparency dashboard and with Open Block Labs, and provide metrics.

3. PlutusDAO: plsRDNT Incentives (9,890 to 65,934 ARB)

With the impending launch of plsRDNT v2, the Balancer pool incentives need to be bootstrapped to account for a significant protocol change- that all plsRDNT users will need to migrate to the LP to continue receiving rewards. We believe it is imperative to begin the 1st two weeks of incentives at Milestone 4 in anticipation of reaching $480,00 TVL and assess the effectiveness at the next STIP update.

There is no change to the total incentives allocated; they will begin at Milestone 4 for the first two weeks (totaling ~11,000 ARB).

4. Extended Timelines

Due to the recent approval of the Timeline Extension for STIP and Backfund Grantees proposal on Snapshot, two timelines for Radiant STIP campaigns have been adjusted.

Plutus:

Extended to March 24th and shifted 16,483 ARB from GMX V2 incentive allocation. No change to weekly distribution amounts, only to duration.

Camelot:

Extended to March 19th - No change in total amount with less ARB per epoch over a longer campaign.

An official announcement from the Radiant DAO will be provided soon.

These extended timelines will allow Radiant to have active STIP campaigns throughout the duration of the Back-Funded Grantees proposal.

There are no changes to Lenders & dLP Airdrop, GMX V2, or Silo incentive timelines at this time.

0xEliana · January 26, 2024, 7:54pm

This week’s update incoming! Stay tuned, and let’s not forget the exceptional work of Radiant’s DAO administrator. Thanks, Hung, for keeping us posted!

hung-vu · January 26, 2024, 7:58pm

Radiant Bi-Weekly Update 6 [01/26/2024]

Recap of the Previous Two Weeks

This week’s bi-weekly STIP update is full of excellent new updates! Let’s get right into it.

New Radpie Initiative

The first and most exciting update is a new Arbitrum growth initiative alongside Magpie and their Radiant-focused SubDAO Radpie!

By incentivizing Radpie’s Arbitrum lending pools, Radiant can support Radpie by growing its global market and support users by organically reducing borrow utilization rates in constrained Radiant money markets.

This initiative has a 3-tier Milestone Approach, and as of the writing of this update, 2 of the 3 pools are already within the Milestone 3 threshold. If this campaign remains at Milestone 3, each lending pool will receive 11,700 ARB weekly incentives until March 29th.

Check out the STARB Wars campaign rollout tweet: https://twitter.com/RDNTCapital/status/1749564798042546188

Incentivized markets currently live are USDC.e, USDT.e, with native USDC soon to follow. The active pools have already seen a combined $9M in new TVL. This has helped normalize borrow rates and made looping feasible again for these markets.

Source: https://www.radiant.magpiexyz.io/stat

Continued dLP Growth

New dLP locks on Arbitrum continue to increase, new dLP lockers can look forward to the full Milestone 5 airdrop amount!

The total amount of new dLP has now passed $10M and has grown by 7% over the last 2 weeks.

Source: https://dune.com/radiant/arbitrum-stip-data 2

New dLP locks translate to long-term money market liquidity growth. More users than ever are receiving protocol revenue + RDNT emissions on their lending & borrowing positions with dLP.

Temporary Camelot Milestone Increase

The total TVL of the Camelot RDNT-ETH pool has dropped over the last 2 weeks due to the Gamma exploit, which has lowered the incentive rewards from Milestone 3 to Milestone 1.

To re-engage interest in the pool, we will temporarily boost ARB incentives from Milestone 1 to Milestone 2 for 1 epoch.

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

Radiant’s STIP distribution approach is milestone-based, making the incentive campaign more attractive over time. Towards the end of the STIP program, if all strategic initiatives have reached their final milestone, it is estimated that more users and TVL will come to Radiant to participate in a larger STIP airdrop.

ARB Received Last Disbursement: 0

ARB Utilized as Incentives in the Last Two Weeks: 55,636

Contracts incentivized over the last 2 weeks: See the transactions tab on Radiant Transparency reports - Google Sheets 3)

Plan for leftover ARB:

Radiant will return any unused ARB to the Arbitrum DAO after the STIP incentive period.

Summary of incentives:

New Lenders & Dynamic Liquidity Provider Airdrop (0 to 2,060,440 ARB)
GMX v2 BTC & ETH GM Lender’s Airdrop (0 to 483,516 ARB)
Camelot v3 + Dopex v2 RDNT/ETH Liquidity Incentives (28,062 to 242,154 ARB)
PlutusDAO: plsRDNT Incentives (9,890 to 65,934 ARB)
Magpie: Radpie Lending Market Incentives (70,650 to 353,100 ARB)

Additional Info / Disclosures to Multisig: N/A

STATS

Average daily TVL: $120,442,286

Source: https://www.openblocklabs.com/app/arbitrum/grantees/Radiant

Total transactions: 01/12 -01/26: 14,087
https://dune.com/queries/3209863/5366101

Average daily volumes: $34,804,088

Number of unique user addresses: 187,539

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

Transaction fees: $31,225
https://dune.com/queries/3209797/5365990

Link to Dashboard showing metrics: https://dune.com/radiant/arbitrum-stip-data 2

Plan For the Next Two Weeks

Amount of ARB to be distributed: Milestone dependent; anticipating 72,132.

Contracts that will be incentivized:

Camelot’s RDNT/ETH Nitro incentives (Gamma Strategies automated v3 LM): 0x858826f811dd2a4ee037462989f84de8257cadce

Merkl distributor for Camelot’s RDNT/ETH v3 market maker incentives: 0x8bb4c975ff3c250e0ceea271728547f3802b36fd

Plutus Ops Multisig for plsRDNT V2 incentives on Aura: 0xa23a6d7B6E124e9e3f1A8d82E758E8fF21f798f4

Radpie Treasury Multisig for Radpie Incentives: 0x294A419eb4c5ddd2dd7Fb3161489AFc5EeD9780A

Contract address label Form completed for all addresses: Yes

Mechanism for distribution of incentives:

Camelot Nitro
Angle’s Merkl (for Camelot incentives)
Plutus Ops Multisig → Plutus AuraRewardsHelper → Aura ExtraStashV3 → Aura StashToken
Radpie Treasury Multisig → USDC.e/USDT.e/USDC Pool Rewarder Contract

Summary of incentives plan:

New Lenders & Dynamic Liquidity Provider Airdrop (0 to 2,060,440 ARB)

Radiant will continue promoting this campaign alongside the changes detailed below.

GMX v2 BTC & ETH GM Lender’s Airdrop (0 to 433,516 ARB)

Radiant developers continue exploring the viability of opening GMX v2 collateral markets. If this campaign is not launched before the end of STIP the funds will be returned.

Camelot v3 + Dopex v2 RDNT/ETH Liquidity Incentives (28,062 to 242,154 ARB)

This initiative is currently in Milestone 2. Camelot incentives were extended to March 29th.

PlutusDAO: plsRDNT Incentives (9,890 to 65,934 ARB)

This initiative is in progress and was extended until March 29th. STIP incentives began streaming December 12th. The first two weeks were bootstrapped at Milestone 4, and the pool is now past the Milestone 4 threshold.

Silo Finance: RDNT Isolated Market Incentives (50,000 ARB)

This initiative is in progress.

Magpie: Radpie lending strategies incentives (70,650 to 353,100 ARB)

Radiant DAO has begun a STIP campaign with Magpie to encourage deposit into their lending strategies on Radpie. This campaign will seek to increase yield to lenders, while helping to lower interest rates for borrowers on Radiant.

This STIP program began on Jan 18th and will run until March 29th.

The initiative is active on 3 pools: USDC.e, USDT.e, and Arbitrum-native USDC. USDC.e & USDT.e are at Milestone 3 and USDC is at Milestone 1.