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.
