February Participants
A total of 37 participants enrolled, 33 of whom met the base requirements to get Rewards.
You can see the full list here.
Votings Breakdown
During the month, there was 1 Snapshot Vote.
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Off-chain temperature check (non-binding):
As a reminder, the budget for this quarter was set at the time of the vote that approved this program:
Incentive Budget per Quarter
| Proposal type | Incentive Budget | Payout Cap | Minimum voting power |
|---|---|---|---|
| On-chain constitutional quorum | 15,000 USD | 700 USD | 200k ARB |
| On-chain non-constitutional quorum | 7,000 USD | 500 USD | 200k ARB |
| Off-chain decision making (non-constitutional) | 7,000 USD | 500 USD | 200k ARB |
| Off-chain election | 7,000 USD | 500 USD | 200k ARB |
| Off-chain temperature check (non-binding) | 5,000 USD | 300 USD | 200k ARB |
Table 1: Incentive Budget 1st quarter
February Results
You can see the sheets with the results here.
Of all the participating delegates, 25 were eligible to receive rewards.
| Delegate | Proposals Voted | Total Rewards ($) |
|---|---|---|
| DZack23 | 1 | 300.00 |
| Gauntlet | 1 | 300.00 |
| Camelot | 1 | 300.00 |
| L2BEAT | 1 | 300.00 |
| Griff | 1 | 300.00 |
| Reverie | 1 | 300.00 |
| Olimpio | 1 | 300.00 |
| GMX | 1 | 300.00 |
| GFXLabs | 1 | 300.00 |
| MaxLomu | 1 | 300.00 |
| Areta | 1 | 300.00 |
| MerlynLabs | 1 | 300.00 |
| Cornell Blockchain | 1 | 276.62 |
| whizwang | 1 | 240.94 |
| Jojo | 1 | 227.94 |
| Karpatkey | 1 | 195.06 |
| Uniswap Delegation | 1 | 118.45 |
| Layer3 | 1 | 115.76 |
| TodayInDeFi | 1 | 94.65 |
| Michigan | 1 | 36.85 |
| Zeptimus | 1 | 21.23 |
| cp0x | 1 | 18.38 |
| Mikael Bondum | 1 | 18.33 |
| Axia Network | 1 | 17.91 |
| Sov | 1 | 17.89 |
| TOTAL | 5.000 |
Rewards in USD: $5,000.00
Metrics
Participation
Participation reached 78.38% across the 37 participating delegates. Of these 37, five had a monthly participation rate below 75%, and as a result, these delegates were not eligible for rewards.
We will reach out to them privately to better understand the reasons behind the missed votes and offer support going forward, with the goal of enabling them to meet the requirements in future periods.
Voting Power
Delegates participating in the program contributed the following average voting power (for the purposes of this analysis, broken down by voting category):
- Off-chain temperature check (non-binding): 117,823,771 ARB
Economics
As previously established, a budget equivalent to USD 5,000 per vote was allocated for Off-chain temperature check (non-binding) proposals.:
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For Off-chain temperature check (non-binding) votes, USD 0.000089362was allocated per vote on average (or, viewed differently, 23,564.75 ARB per dollar allocated).
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Note that this ratio does not match the one used for reward calculations in the shared sheets. This is expected due to the reward cap. The ratio used in the sheets is purely a mathematical construct intended to redistribute the remaining budget among delegates who do not reach the cap, ensuring that 100% of the originally allocated budget is distributed.
Conclusions
We’ve seen a small reduction in Participation compared to previous months. This is something expectable considering that we had only one non-binding vote that does not have quorum requirements and historically the participation in this type of vote is less than on on-chain votes.
While it is true that February brought a smaller number of proposals to analyze, we believe it is important to highlight the significant contribution of Voting Power to the Snapshot Vote (140,078,832 ARB) from RAD participants, as 29 registered delegates cast their votes in this case.
It is also true that some of these delegates will not receive rewards, as they did not meet the requirements. As noted in previous results, we will continue working 1:1 with these delegations to help ensure they become eligible in subsequent months.