Radiant Bi-Weekly Update 10 [03/22/2024]
Recap of the Previous Two Weeks
We’re at our last Bi-Weekly update Starfleet; what a ride it’s been since November!
Let’s jump right into what’s been going on over the last two weeks.
dLP Locker Airdrop: Snapshot 2
https://twitter.com/RDNTCapital/status/1771261994743877662
Radiant has taken the second snapshot for the 6-12 month dLP locker airdrop today, March 22nd, at [x time]. That means that 2M $ARB is coming at any moment!
Claims for the dLP locker airdrop will be live on or before March 29th per the STIP guidelines.
If you locked your dLP during this campaign, please refer to the chart below to help you understand how much you might expect to receive:
Radpie Growth
In the last few weeks, the USDC lending pool on Radpie has become the top Radiant lending pool overall! This performance is thanks to our STIP campaign incentives as well as Gauntlet’s campaign to incentivize native USDC TVL on Arbitrum.
At over $12.5M in TVL, there is still $1.5M quota left up for grabs:
Source: https://www.radiant.magpiexyz.io/stake
Highest DAU
In the past two weeks, Radiant has experienced its highest number of Daily Active Users since the beginning of the STIP program.
Over 4,000 users visited and interacted with Radiant on March 20th and our number of total unique users is approaching 200,000!
Source: https://dune.com/radiant/arbitrum-stip-data
ARB Received Last Disbursement: 0
ARB Utilized as Incentives in the Last Two Weeks: 81,608
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)
- ARB reallocated to Magpie & Silo initiatives
- Camelot v3 + Dopex v2 RDNT/ETH Liquidity Incentives (28,062 to 242,154 ARB)
- These incentives only went towards Camelot V3. Review the summary of changes for more info.
-
PlutusDAO: plsRDNT Incentives (9,890 to 65,934 ARB)
-
Magpie: Radpie USDC, USDT, & USDC.e Lending Market Incentives (70,650 to 353,100 ARB)
-
OKX: Radpie Integration wBTC Incentives (12,000 ARB)
Additional Info / Disclosures to Multisig: N/A
STATS
Average daily TVL: $145,014,954
Source: https://www.openblocklabs.com/app/arbitrum/grantees/Radiant
Total transactions: 03/08 - 03/22: 18,453
https://dune.com/queries/3209863/5366101
Average daily volumes: $7,016,287
Number of unique user addresses: 191,960
Source: https://dune.com/radiant/arbitrum-stip-data
Transaction fees: $55,241
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: 2,060,440 ARB
Contracts that will be incentivized:
STIP Airdrop Contract: Will deploy after Snapshot 2 is taken.
Contract address label Form completed for all addresses: Yes
Mechanism for distribution of incentives:
STIP Airdrop Contract: To be deployed as soon as possible after snapshot 2 is taken. Will update here when it is available.
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.
** GMX V2 markets have been determined to not be feasible within the timelines of the STIP campaign. These incentives have been reallocated to Magpie & Silo initiatives.
- 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.
**Dopex V2 integrations could not happen since Dopex cannot support Radiant’s RDNT-WETH Camelot LP. These incentives have been reallocated to Magpie & Camelot initiatives.
- 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.
- OKX DeFi: Radpie Integration wBTC Incentives (12,000 ARB)
Radiant will be incentivizing OKX’s Radpie integration to increase user interaction through a Bonus Event.
This Bonus Event delivers extra ARB incentives to OKX users who deposit in the Radpie wBTC lending pool through the OKX platform.
This campaign will run until March 29th.
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.
5. Magpie: Radpie 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. The campaign began on January 18th and will run until March 29th. This campaign will seek to increase yield to lenders, while helping to lower interest rates for borrowers on Radiant.
This initiative has a 3-tier Milestone approach. At Milestone 3, each lending pool will receive 11,700 ARB incentives per week until March 29th.
Incentivized markets currently live are USDC.e, USDT.e, and the brand new Arbitrum-native USDC. This campaign will help normalize borrow rates and make looping possible again for these markets.
** On Feb. 16th, Incentive amounts were adjusted for the USDC & USDC.e pools. USDC.e incentives have been reduced and USDC incentives have been increased.
The total amount of rewards stays the same, only the split has been adjusted. This chance was made to support a joint Gauntlet & Offchain Labs campaign that Radiant is a part of; to increase native USDC liquidity on Arbitrum.
6. New Lenders & Dynamic Liquidity Provider Airdrop Extension
In accordance with the Timeline Extension for STIP and Backfund Grantees, Radiant has extended the deadline of the New dLP Airdrop campaign from its original deadline of Feb. 16th to a new deadline of March 29th.
7. OKX DeFi: Radpie Integration wBTC Incentives
OKX DeFi added Radiant’s Arbitrum lending pools to their platform via an integration with Radpie. During the months of February and March, Radiant will be incentivizing users, alongside OKX, to interact with their integration through a Bonus Event.
This Bonus Event delivers extra ARB incentives to OKX users who deposit in the Radpie wBTC lending pool through the OKX platform.
This campaign will run until March 29th.
8. Reallocation of Dopex & GMX V2 Initiatives
Over the duration of the STIP campaign, Radiant set forth two initiatives that were intended to be built out, but were ultimately not within scope before March 29th. Those were the Dopex V2 RDNT-WETH liquidity incentives & GMX V2 GM-ETH & GM-BTC lending airdrop.
Dopex V2 Initiative: Dopex was not able to spin up support for our existing RDNT-WETH Camelot LP to plug into their upgraded Dopex V2 architecture. In order to enable support for the RDNT options market, Radiant would have had to construct & incentivize a new Uniswap pool; further fractionalizing liquidity on a DEX that is not Arbitrum native.
**GMX V2 Initiative: **Over the duration of STIP, the Radiant development team did their best to research GM token architecture, but concluded that there was too much uncertainty around their relative infancy for a unified Radiant lending market to be rushed to market.
Instead, the ARB tokens that were earmarked for these integrations went to other immensely successful campaigns with Silo, Magpie, and Camelot. The Radiant team plans to support gm token collateral within RIZ, coming with Radiant V3.