Silo Finance STIP.B Bi-Weekly Updates

[Silo Finance] Bi-Weekly Update [07/01/2024]

Recap of the Previous Two Weeks

Silo begun its incentivization at the beggining of last week upon claiming its first batch of ARB incentives. We will be following a similar philosophy to that of our previous grant cycle but with a bigger focus on derivatives such as Pendle PT tokens. In addition to starting rewards we’ve recently released the new September expiry pendle markets for EtherFi, Renzo, Kelp, and Ethena all which are seeing active use now. We look forward to enable more markets - also a big shoutout to Contango, Pendle and FactorDAO who have been streaming STIP-b rewards to our users via their leverage tools.

Below are the initial weights given to each silo aswell as the individual allocation to each asset within a market. We’ve also got a more comprehensive google doc for those that would like a closer look ($ARB STIP Bridge grant distribution (Reports) - Google Sheets)

Silo Rewardeds action Silo’s allocation weight sToken distribution allocation
PT-ezETH (Sep. 26) Deposit ETH 3.50% 2,784.11
PT-eETH (Sep. 26) Deposit ETH 3.50% 2,784.11
PT-rsETH (Sep. 26) Deposit ETH 2.50% 1,988.65
PT-USDe (Aug 29) Deposit USDC.e 8.00% 6,363.68
weETH Deposit ETH 7.00% 5,568.22
ezETH Deposit ETH 7.00% 5,568.22
tBTC Deposit ETH 3.00% 477.28
tBTC Deposit USDC.e 3.00% 1,909.10
RDNT Deposit USDC.e 2.00% 954.55
RDNT Deposit ETH 2.00% 636.37
ARB Deposit USDC.e 15.00% 8,352.33
ARB Deposit ETH 15.00% 3,579.57
GMX Deposit USDC.e 0.50% 397.73
GNS Deposit USDC.e 0.50% 397.73
GRAIL Deposit ETH 4.00% 3,181.84
MAGIC Deposit USDC.e 0.50% 397.73
PENDLE Deposit USDC.e 7.00% 3,340.93
PENDLE Deposit ETH 7.00% 2,227.29
PREMIA Deposit USDC.e 1.00% 795.46
rETH Deposit USDC.e 4.00% 2,545.47
rETH Deposit ETH 4.00% 636.37
SILO Deposit ETH 3.00% 835.23
SILO Deposit USDC.e 3.00% 1,551.15
wBTC Deposit ETH 15.00% 3,579.57
wBTC Deposit USDC.e 15.00% 8,352.33
wstETH Deposit ETH 13.00% 3,102.29
wstETH Deposit USDC.e 13.00% 7,238.69
79,546.00

We look forward to bringing you more updates - thank you so much.

ARB Received Last Disbursement: 83,334
ARB Utilized as Incentives in the Last Two Weeks: 79,546 (Still streaming for another week)
Contracts incentivized over the last 2 weeks: $ARB STIP Bridge grant distribution (Reports) - Google Sheets
Contract address label Form completed for all addresses: Yes
ARB left over: 3,788
Plan for leftover ARB: ARB will be rolled back in to incentives in the next rebalancing
Summary of incentives: We’ve put a major focus on PT derivatives this time around, focusing the majority of our resources to target LRTs. We are actively researching top derivatives and vaults in the ecosystem to see what would warrant a highly scalable market. That being said small projects dont be discouraged - if we can enable it we will just reach out on our discord.

STATS

Average daily TVL: $107,792,937
Average daily transactions: 940
Average daily volumes: $12,501,183
Number of unique user addresses: 2,421
Link to Dashboard showing metrics:

Plan For the Next Two Weeks

Amount of ARB to be distributed: 87,122
Contracts that will be incentivized: $ARB STIP Bridge grant distribution (Reports) - Google Sheets
Contract address label completed for all addresses: Yes
Mechanism for distribution incentives: All incentives are being distributed via a custom set of contracts with an offchain component built by our friends at Angle utilizing their Merkl system. The integration is also open to everyone so if protocols wish to stream rewards to their own markets they can do so completely permisionless although as always we are happy to help.
Summary of incentives plan: We will follow the plan we’ve mentioned above, following through on new markets with great agility and rebalancing between markets to find where capital is most sticky. We will also be gradually reducing rewards slightly to see if we can get to a
Summary of changes to the original plan: No changes as of yet this being the first week of streaming.

2 Likes

[Silo Finance] Bi-Weekly Update [07/15/2024]

Recap of the Previous Two Weeks

The last two weeks saw a generally neutral change in stats across the protocol. To counter this we will be trying some new things in the coming weeks by listing some stablecoin wrappers and RWAs. We think this is a greatly scalable space and could prove to be massively important to arbitrum DeFi. We are in the process of trying to list more and more RWAs as oracles and liquidity become available but we are starting with wUSDM, USD+, and GYD - with sGYD to be follow. In addition to these we also plan to list our friends over at RAM with the help of DIA adding in another arbitrum native protocol to the list of silo markets.

ARB Received Last Disbursement: 83,334

ARB Utilized as Incentives in the Last Two Weeks: 83,334

Contracts incentivized over the last 2 weeks: $ARB STIP Bridge grant distribution (Reports) - Google Sheets

Contract address label Form completed for all addresses: Yes

ARB left over: 0

Plan for leftover ARB: any leftover ARB will be rolled back in to incentives in the next rebalancing

Summary of incentives: We’ve slightly altered the original allocation and attempted to grow the USDC supply in some PT markets but did not see a massive uptick in borrowing as of yet. In the coming two weeks we plan to list new markets for wUSD+, wUSDM, RAM, uniETH, and GYD now that suitable oracles are available. General metrics staying stable.

STATS

Average daily TVL: $97,055,831

Average daily transactions: 410~ (This is a rough estimate, exact dated numbers can be found here: https://dune.com/queries/3499581/5884982)

Average daily volumes: $3,437,030

Number of unique user addresses: 2,444

Link to Dashboard showing metrics:

Plan For the Next Two Weeks

Amount of ARB to be distributed: 87,122

Contracts that will be incentivized: $ARB STIP Bridge grant distribution (Reports) - Google Sheets

Contract address label completed for all addresses: Yes

Mechanism for distribution incentives: All incentives are currently being distributed via a custom set of contracts with an offchain component built by our friends at Angle utilizing their Merkl system. However we will be migrating the bulk of our incentives back to our regular onchain mechanism as it has proven to be easier to maintain for integrators.

Summary of incentives plan: We plan to continue to strengthen our PT silos as Pendle launches more pools. In the shorter term we have found a couple RWA and stablecoin wrappers we’d like to integrate and grow including Mountain Protocol, Overnight, Gyroscope, and others that now have oracles available allowing for markets to be enabled.

Summary of changes to the original plan: Silo will switch its distribution infrastructure instead opting to use the SiloIncentivesController contract over the current Merkl system.